Winners Elec위너스일렉

Winners Elec remains profitable on trailing results, but its shares have fallen about 53% over the past year and trade near the low end of their 52-week range.

Winners Elec makes switches, outlets and smart wiring devices for Korean homes and is expanding into EV chargers. Trailing results to H1 2026 show revenue of about ₩32.2B... more precisely ₩32.2B is incorrect in scale, so reading the data as stated: revenue is ₩32.2B-scale in won terms, with a 15% operating margin, and the company holds more cash (₩5.8B) than borrowings (₩3.0B). The share price is ₩5,820, well below its 52-week high of ₩15,300.

What stands out

• Full-year 2025 revenue rose 18.5% to about ₩31.2B, but operating income and net income both fell from the 2025 level in the trailing H1 2026 figures, which show operating income of about ₩4.8B and net income of about ₩4.2B.
• The trailing operating margin of 15% and net margin of 12.9% are above the 2024 operating margin of 11.1%, though below the 2025 operating margin of 16.9%.
• The DCF model in the data gives a base value of ₩8,847 per share, a bear value of ₩5,368 and a bull value of ₩14,612, using a 7.5% discount rate; these are model outputs, not forecasts.
• Valuation looks low on the numbers given: P/E of 10, P/B of 1 and a dividend yield of 8.6%, compared with much higher multiples for the listed electrical equipment peers in the data.
• Foreign ownership fell from 1.9% to 1.4% over about 60 days, and foreign investors were net sellers over the last 20 trading days.

What to watch

• The next quarterly or annual results, to see whether margins hold after the drop in operating income seen in the trailing figures.
• Follow-up on the amended major sales or supply contract filed in June 2026, including any changes to its size or timing.
• Progress of the EV charger business and the corporate value-up plan filed in April 2026, since the data gives no detail on either.