Selvas Healthcare셀바스헬스케어

Selvas Healthcare's profit has swung sharply: H1 2026 trailing results show a large net income figure driven by non-operating items, while operating income is thin and the share price has fallen about 38% over the past year.

Selvas Healthcare makes medical diagnostic devices and assistive technology for visually impaired people, selling through direct and distributor channels with US and China subsidiaries. On trailing figures to H1 2026, revenue is about ₩31.7B with a 4.9% operating margin, but net income of ₩8.7B is far above operating income, and the data does not explain its source. At ₩2,180, the stock trades near its 52-week low of ₩2,130 after a 37.9% one-year decline.

What stands out

• Trailing operating income is about ₩1.6B, versus full-year 2025 operating loss of about ₩0.2B, so operating performance has recovered from a weak 2025.
• Trailing net income (₩8.7B) is roughly five times operating income, which suggests large non-operating or one-off items; the data does not break these down.
• Balance sheet looks light: liabilities are 12.4% of equity, cash is about ₩3.0B against borrowings of about ₩2.0B.
• Valuation metrics are low on trailing earnings (P/E about 6.5, P/B about 0.7), and the internal DCF base value is ₩2,045 against a ₩2,180 close, with a bear-to-bull range of ₩1,498 to ₩3,008.
• Recent filings include an amended half-year report (September 2026) and two 5%+ holding reports, and foreign ownership fell from 4.8% to 3.5% over 60 days. No recent news headlines were in the data.

What to watch

• The amended half-year report (September 2026): check what drives the gap between operating income and net income.
• Whether operating margin holds above zero in the next reported quarter, given the 2025 operating loss.
• Ongoing foreign and retail selling in the 20-day flow data, and any further 5%+ holding reports.