DUK SAN Neolux덕산네오룩스

Duksan Neolux is profitable and cash-rich, but its shares have fallen sharply over the past year despite strong recent revenue.

Duksan Neolux makes organic materials for OLED displays and, since 2025, also owns Hyundai Doosan Turbo Machinery, which makes pumps, compressors and steam turbines. On trailing twelve-month figures to H1 2026 it reports revenue of ₩393B, operating income of ₩76B and cash of ₩166B against borrowings of only ₩1.4B. The share price closed at ₩27,100 on 2026-10-16, down 40.1% over one year and near its 52-week low of ₩24,500.

What stands out

• Revenue rose 62.2% in 2025 to ₩344B, and trailing figures to H1 2026 are higher still at ₩393B, though 2024 revenue growth was 29.7% and 2022 and 2023 both declined.
• Operating margin was 19.4% on a trailing basis, down from 24.7% in 2024 and 17.6% in 2025, so profitability has been volatile across years.
• The company reports ₩166B of cash against ₩1.4B of borrowings and a liabilities-to-equity ratio of 53.4%, with trailing free cash flow of ₩86B.
• Valuation metrics are P/E 9.4 and P/B 1.4 with no dividend; the filing-based DCF model gives a base value of ₩64,831, which is well above the current price, but this is a model output and not a forecast.
• Recent filings are mainly 5%+ holding reports, an acquisition of shares in another company, a rights offering decision and amendments to property and share acquisitions; the data has no news headlines and does not explain the share price fall.

What to watch

• The next half-year or full-year results and whether margins recover from the trailing 19.4% level.
• Details and effects of the September 2026 rights offering (paid-in capital increase) and the share acquisition, which are not explained in the data.
• Ongoing 5%+ holding reports, which show changes in major shareholdings; the data does not include foreign ownership or short-selling figures.