Yjlink와이제이링크

Yjlink shows a turnaround to profit on a trailing basis, but the share price has fallen 17% over the past month and free cash flow is negative.

Yjlink makes smart-factory equipment for the SMT process used in printed circuit board assembly, with customers that include Tesla, Apple and Bosch. Its trailing twelve-month figures to H1 2026 show revenue of about ₩61.4B, operating income of ₩3.5B and net income of ₩8.1B, after losses in 2025. Its trailing net income appears to be lifted by items the data does not explain, and the shares trade at ₩3,120, well below their 52-week high of ₩10,350.

What stands out

• Trailing revenue is ₩61.4B and operating margin is 5.7%, compared with an operating loss of ₩3.5B on ₩46.1B of revenue in 2025.
• Trailing net income of ₩8.1B is well above operating income of ₩3.5B, a gap the data does not explain, so it may reflect one-off or non-operating items.
• Borrowings are ₩30.4B against cash of ₩14.1B, and trailing free cash flow is negative at about ₩7.8B.
• Foreign ownership fell from 4.5% to 2.3% over the past 60 days, while retail investors were net buyers over the last 20 days.
• Filings in 2026 include a convertible bond issue, a share buyback trust that was later terminated, and a cash dividend decision, but the data gives no dividend amount and the dividend yield is 0%.

What to watch

• The full-year 2026 results and the Q3 quarterly report, to see whether operating profit holds up outside the trailing period.
• Progress on the convertible bond and any further dilution, given the company's ₩30.4B of borrowings and negative free cash flow.
• The 5%+ holding report filed on 2026-10-19 and continued foreign selling, since the data does not say who the new holder is or why.