Spigen Korea슈피겐코리아

Spigen Korea remains profitable on a trailing basis, but its share price has fallen 8% over the past month and sits well below its 52-week high.

Spigen Korea sells smartphone accessories under the Spigen brand, mostly through online marketplaces and exports to North America, Europe and Asia. For the twelve months to H1 2026 it reported revenue of ₩482B, operating income of ₩47B and net income of ₩52B, with low debt and a net cash position. The share price of ₩27,300 is near the lower half of its 52-week range of ₩21,000 to ₩34,950.

What stands out

• Trailing operating margin of 9.7% is up from 7.2% in 2025 and 4.7% in 2024, though still below the 11.5% reported in 2021.
• Revenue has been roughly flat for several years, moving from ₩385B in 2021 to ₩465B in 2024 and ₩464B in 2025, with 2025 down 0.3%.
• Liabilities are 7.9% of equity and cash of ₩90B exceeds borrowings of ₩9B, based on the filed figures.
• The company pays no dividend, and the filings include a share cancellation decision and a shareholders' meeting notice dated 20 October 2026.
• Foreign ownership rose from 10.3% to 12.1% over about 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• The shareholders' meeting and the share cancellation decision, including the timing and size of any cancellation.
• The next periodic filing, since results to date show margin recovery that has not yet been confirmed over a full year.
• The DCF base value of ₩99,830 is a model output, not a forecast; the data includes no analyst ratings or price targets, and recent news coverage is absent from the data.