Novarex노바렉스

Novarex's shares have fallen sharply over the past year, while the filed numbers show solid profitability on a trailing basis.

Novarex makes health functional foods and ingredients, mainly on an ODM/OEM basis, selling through large retail chains, direct selling and overseas B2B exports. Trailing results to H1 2026 show revenue of ₩436B, operating income of ₩48B and net income of ₩43B, with cash of ₩48B against borrowings of ₩31B. The share price is ₩9,560, down 46.3% over one year and near its 52-week low of ₩9,480.

What stands out

• Trailing operating margin is 11% and net margin is 9.8%, above the 2025 full-year operating margin of 10.4%.
• Full-year 2025 revenue rose 36.1% to ₩403B, but 2024 revenue had fallen 1.7%, so growth has been uneven.
• At ₩9,560 the shares trade at a P/E of 4.1 and P/B of 0.7 on the data given, with a stated dividend yield of 4.2%.
• A DCF-based fair value model gives a base of ₩37,015, bear ₩21,750 and bull ₩63,016; these are model outputs, not forecasts or targets.
• Foreign ownership fell from 10.1% to 6.8% over about 60 days, and the 20-day flows show institutions net selling while retail was net buying.

What to watch

• The next quarterly or annual results, and whether margins hold near the trailing levels.
• Further 5%+ holding reports and insider shareholding filings, which have been frequent in 2026.
• The corrected new facility investment filing from July 2026 and any details on how it is funded, given the company's borrowings.