Haesung DS해성디에스

Haesung DS's first-half 2026 profit is well below its 2022 peak, and the shares have fallen over the past month and three months.

Haesung DS makes lead frames and package substrates for chipmakers, mostly for export. Trailing twelve-month revenue is about ₩758B with operating income of about ₩74B and net income of about ₩54B, all below its 2022 level. The share price is ₩48,600, about 55% below its 52-week high of ₩108,500 but well above its 52-week low of ₩36,450.

What stands out

• Trailing revenue of about ₩758B is above the 2025 full-year figure of ₩653B, and the operating margin is 9.7% on a trailing basis versus 7.1% in 2025.
• Net income of about ₩54B on a trailing basis is far above 2025's ₩24B, but the 2024 figure was also boosted in the same way, so the trend is uneven.
• Borrowings of about ₩244B exceed cash of about ₩114B, and liabilities are 60.7% of equity; trailing free cash flow is small at about ₩8B.
• Valuation shows a trailing P/E of 15.4, P/B of 1.4 and a 1.9% dividend yield; the data does not include an enterprise EBITDA multiple.
• Foreign ownership rose from 19.9% to 20.7% over 60 days, although foreign investors were net sellers over the last 20 days while retail investors were net buyers.

What to watch

• Third-quarter results, which the data does not yet show; the half-year report was filed on 2026-08-14.
• Facility investment and property, plant and equipment filings from September 2026, which could affect future capital spending and borrowings.
• The DCF fair value model gives a base of ₩24,542, bear of ₩12,199 and bull of ₩44,258, which is well below the current price; the data does not explain this gap, and the model is not a forecast.