SGA SolutionsSGA솔루션즈

SGA Solutions posted strong trailing profits in H1 2026, but its share price has fallen sharply over the past year and trades well below its DCF base value.

SGA Solutions is a Korean security software and IT infrastructure company listed on KOSDAQ. On trailing twelve-month figures to H1 2026 it reports revenue of ₩118B, operating income of ₩19.8B and net income of ₩18.3B, after a loss-making 2024. The share price closed at ₩1,959 on 2026-10-20, down 44.3% over one year, and the data includes a DCF base value of ₩10,369 and a bear-to-bull range of ₩6,046 to ₩17,236.

What stands out

• TTM revenue of ₩118B is well above 2025's full-year ₩61.6B, while TTM operating margin is 16.7% versus 24.1% for 2025, so margins have narrowed in 2026 on the data given.
• 2024 was a loss year (net income about -₩9.3B), but 2025 returned to a net profit of ₩17.5B.
• Balance sheet leverage is high: liabilities are 212% of equity and borrowings are ₩25.1B against cash of ₩11.0B.
• Trailing free cash flow is about ₩28.7B, and the dividend yield is 0%.
• Foreign ownership is 0% now and was 0% 60 days ago; the 20-day flows shown are net foreign buying of about ₩138M and net retail selling of about ₩156M.
• Recent filings are mostly corporate housekeeping: conversion price adjustments, a merger completion report, a share cancellation decision and several 5%+ holding reports. The news headline list is empty, so there is no press coverage in the data.

What to watch

• The next half-year or annual results, to see whether operating margin holds near the TTM 16.7% level or keeps falling from 2025's 24.1%.
• Further conversion price adjustments and the share cancellation, since these can change the share count and dilution.
• Leverage and borrowings relative to cash, given liabilities of 212% of equity; the data does not include any detail on repayment terms.