Wonik IPS원익IPS

Wonik IPS returned to strong profitability over the past year, but its share price has fallen sharply in the last month.

Wonik IPS makes semiconductor, display and solar production equipment, largely built to order for customers. Trailing results to H1 2026 show revenue of ₩925B and net income of ₩173B, well above its 2025 levels, while the share price closed at ₩89,400, down 33.1% over one month and up 45.4% over one year. The data does not include analyst ratings or price targets.

What stands out

• Trailing revenue of ₩925B is up from ₩910B in 2025, and trailing operating margin of 8% is roughly in line with 2025's 8.1%.
• Trailing net income of ₩173B is more than double 2025's ₩84B, which is larger than operating income would suggest, so the filings may include non-operating items worth checking.
• 2023 was a loss year with operating income of -₩18B, so results have been volatile across the cycle.
• The 52-week range is wide, from ₩55,400 to ₩187,800, and the close sits well below the high.
• Net cash position is supported by cash of ₩136B against borrowings of only ₩0.5B, and the trailing P/E of 25.4 is below the 2025 year-end figure of 39.7.
• The DCF fair value model gives a base of ₩16,665, far below the current price of ₩89,400; the data gives no explanation for this gap.

What to watch

• Full-year 2026 results and the half-year report details, including whether net income is driven by operating performance.
• Treasury share disposal results and the 5%+ holding reports, which may affect share supply.
• Short-term flows: the 20-day data shows foreign and institutional net selling against net retail buying, and foreign ownership rose to 15.1%.