Pentastone ElectronicsPS일렉트로닉스

Pentastone's shares have fallen sharply over the past month, while trailing results show a thin operating margin but a large net profit.

Pentastone Electronics makes power amplifier and RF front-end modules for phones, plus automation and inspection equipment. Trailing results to H1 2026 show revenue of ₩165.6B, operating income of ₩4.5B and net income of ₩36.4B, so reported profit is far above operating profit. The share price closed at ₩6,580 on 23 October 2026, down 25.5% over one month and up 8% over one year.

What stands out

• Trailing operating margin is 2.7%, while net margin is 22%, so the net profit figure is much larger than operating profit and the data does not explain the gap.
• Revenue has been volatile: 2024 rose 79.2% to ₩122.1B, then 2025 grew only 2.7% to ₩125.5B, and 2025 net income was ₩17.2B.
• Net income was negative in 2021, 2022 and 2024, so profitability has been inconsistent over the years shown.
• Debt is significant: liabilities are 141.6% of equity and borrowings are ₩66.2B against cash of ₩18.0B.
• Foreign ownership rose from 0% to 1.1% over 60 days, while institutions were net sellers of ₩4.0B over the past 20 days.
• Several 5%+ holding reports were filed between August and October 2026, and a share cancellation decision was filed on 18 August 2026.

What to watch

• The next half-year or annual results, to see whether the gap between operating and net income persists and whether margins hold.
• Further 5%+ holding reports and the outcome of the share cancellation decision, which the filing titles do not explain in detail.
• The company's own DCF fair value range is wide (₩0 to ₩3,555, base ₩1,205, well below the current price); the data does not say what drives it, and no news headlines were available.