F&FF&F

F&F's trailing profits remain high, but the share price has fallen sharply over the past three months and sits near its 52-week low.

F&F, a Korean apparel company known for licensed brands such as MLB and DISCOVERY, reported trailing twelve-month revenue of about ₩2.01T and operating income of about ₩501B to H1 2026, with a 24.9% operating margin. The shares closed at ₩60,200, down 22.6% over three months and close to the 52-week low of ₩58,000. The data does not explain the full reason for the decline.

What stands out

• Revenue has been roughly flat over recent years: ₩1.93T in 2025 after ₩1.90T in 2024, with growth of 2% in 2025 and operating margin easing from 29.6% in 2021 to 24.2% in 2025.
• Trailing net income of about ₩523B and free cash flow of about ₩480B compare with borrowings of only about ₩32B against ₩471B of cash, and liabilities at 26.7% of equity.
• The shares trade at a P/E of 4.4 and P/B of 1.1 with a 4.5% dividend yield, well below the 2021 to 2023 multiples.
• The company's internal DCF model gives a base value of ₩190,454 per share, with a bear case of ₩131,473 and a bull case of ₩285,965; these are model outputs, not forecasts.
• Recent headlines cite brokers pointing to a China slowdown offset by strong MLB inbound sales, with the pending TaylorMade deal described as a share price variable.

What to watch

• The Q3 2026 results and any update on China subsidiary sales, which brokers mention in recent headlines.
• The 'Major management matter relevant to investors' filing from 13 August 2026, whose details are not in the data provided.
• Progress on the TaylorMade transaction and the 'Acquisition of shares in another company' filed in April 2026, as the data does not show its status.