DYC디와이씨

DYC's first-half 2026 profits recovered sharply from 2025, but the shares are down 9.9% over the past month.

DYC, a Korean auto drivetrain parts maker that also makes defense parts through a subsidiary, reported trailing twelve-month revenue of ₩128.9B and operating income of ₩8.5B to H1 2026, up from full-year 2025 figures of ₩111.0B revenue and ₩5.1B operating income. The stock closed at ₩1,436 on 2026-10-16, well below its 52-week high of ₩2,490 but above its low of ₩1,123.

What stands out

• Trailing operating margin is 6.6% and net margin 5.7%, versus 4.6% and 0.8% implied for full-year 2025 operating margin and a much weaker 2024 net income of ₩0.6B.
• The valuation data shows a P/E of 4.2, P/B of 0.5 and a 1.4% dividend yield, while the company's own DCF model gives a base value of ₩5,167 (bear ₩2,803, bull ₩9,188), which is a model output, not a forecast.
• Liabilities are 141.4% of equity, and cash is ₩4.4B with no borrowings reported in the data.
• Filings in 2026 show a share buyback under a trust agreement, which was terminated in October, followed by a decision to cancel 468,573 treasury shares worth about ₩580M.
• Foreign ownership rose slightly from 1.3% to 1.6% over 60 days, while the 20-day flows show institutions net buyers and retail net sellers.

What to watch

• The next results release and whether margins hold near the trailing levels, since the data shows large swings in past years.
• Completion of the treasury share cancellation and any further capital return filings.
• Liquidity and debt levels, as the data reports high liabilities to equity and no short-interest figure.