LS Eco EnergyLS에코에너지

LS Eco Energy's trailing profits have grown strongly, but the shares have fallen about 15% over the past month and the stock remains far below its 52-week high.

LS Eco Energy is a holding company whose income comes mainly from its Vietnamese cable and wire subsidiaries. For the twelve months to H1 2026 it reported revenue of ₩1.12T, operating income of ₩73B and net income of ₩44B, up from ₩42B net income in 2025. Free cash flow was negative at about -₩2.6B, and the company announced several acquisition, investment and rights-offering filings on 26 October 2026.

What stands out

• Trailing operating margin is 6.6% and net margin 4.0%, both higher than the 2025 full-year levels of 7.0% operating and roughly 4.4% net.
• Revenue has risen from ₩731B in 2023 to ₩960B in 2025, and the company's 2025 net income of ₩42B compares with a loss in 2022.
• On 26 October the company announced a ₩65B Vietnam investment to produce ultracapacitors for AI data center use, plus a rights offering (paid-in capital increase) decision and an acquisition of shares in another company.
• Foreign ownership fell from 7.0% to 5.6% over the last 60 days, and foreign investors were net sellers over the past 20 days, while institutions were net buyers.
• At ₩54,200 the shares trade at about 37.5 times trailing earnings and 6.6 times book value, well above the peer group, and a DCF base-case value of ₩22,400 sits below the current price.

What to watch

• The rights offering and the share acquisition filings: the size, pricing and dilution effect are not yet clear from the data.
• Free cash flow was negative on a trailing basis, so the timing of the Vietnam investment and the company's funding needs are worth following.
• The next periodic results and any updates to the preliminary earnings figures, since the trailing numbers depend on H1 2026 filings.