126340 KR · VINATechMW GOBLIN RESEARCH
VINATech (126340) — After order growth, earnings and cash are next
Analysis date
Published
Order growth is confirmed, but the investment case at KRW 93,400 depends on cash conversion. First-half consolidated revenue rose sharply, but an operating loss and cash outflow after investment remain. While distinguishing disaster and valuation losses from operating losses, it is necessary to confirm whether revenue from capacity expansion can outweigh financing and dilution burdens.
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- Order size and recognized revenue are different
- Distinguish the large net loss from operating results
- Financing to cover the cash shortfall also has a cost