Spigen Korea슈피겐코리아

Spigen Korea shows steady trailing profits and a light debt load, but its shares have fallen 6.8% over the past month and sit well below their 52-week high.

Spigen Korea sells smartphone accessories, mainly cases and screen protectors, largely through online marketplaces such as Amazon and mostly to export markets. On trailing twelve-month figures to H1 2026 it reported revenue of about ₩482B, operating income of about ₩46.8B and net income of about ₩52.2B, with liabilities at 7.9% of equity. The shares closed at ₩27,500 on 2026-10-30, well below the 52-week high of ₩34,950.

What stands out

• Trailing revenue of ₩482B is higher than the ₩464B reported for 2025, and the operating margin of 9.7% is above the 7.2% for 2025.
• Net income of ₩52.2B on the trailing basis exceeds operating income, which the filings do not explain in the data provided.
• Cash of ₩90B against borrowings of ₩9.2B suggests a net cash position on the reported figures.
• Market valuation is low, with a trailing P/E of 3.3 and P/B of 0.3, though the data includes no analyst views on whether this is fair.
• Recent filings include a share cancellation decision and a treasury share sale, and news reports ₩8.55B of treasury shares were retired.

What to watch

• The next half-year or full-year results, to see whether margins hold after the 2025 decline in operating income.
• Follow-up on the shareholders' meeting and the share cancellation, which the filings describe but whose effects the data does not quantify.
• News of the Kim Dae-young stake acquisition through a foreign-owned vehicle, as the data does not give details of its terms or impact.