Yunsung F&C윤성에프앤씨

Yunsung F&C returned to a trailing half-year profit on revenue of ₩123.2B...

Yunsung F&C, a KOSDAQ-listed maker of mixing equipment for battery manufacturing, reported trailing twelve-month revenue of ₩123.2B and a net income of ₩6.7B to H1 2026, but operating income remained negative at about -₩9.8B. Revenue fell sharply in 2025 and the share price has moved widely over the past year, with the stock down 51.2% over 12 months and up 65.3% over three months.

What stands out

• Trailing operating margin is -8% while net margin is 5.4%, so the net profit is not explained by core operations in the data given.
• Revenue dropped 63.1% in 2025 to ₩100.2B after a 48.8% rise in 2023 and a 13.3% fall in 2024, showing a volatile top line.
• At ₩20,600 the market cap is about ₩164.4B, with a P/E of 24.6, P/B of 0.8 and a dividend yield of 0.4%; the in-house DCF base value is ₩7,633, below the current price, and the model's bull case is ₩12,138.
• Filings in October 2026 include two major sales or supply contracts, and the company has filed several such contracts this year.
• Cash of ₩40.9B against borrowings of ₩24.1B, with trailing free cash flow of ₩46.9B and a liabilities-to-equity ratio of 52.5%.
• Foreign ownership fell from 1.8% to 1.4% over 60 days, while retail investors were net sellers of about ₩125M over 20 days.

What to watch

• Whether operating income turns positive in the next full-year or quarterly filings, since the trailing figure is negative despite the net profit.
• Further major sales or supply contract filings and whether they are amended, as one May contract was already amended.
• The Adjustment of Conversion Price (1st Series) filed in June 2026, which the data does not explain further; check the filing for dilution details.