{
  "@context": "https://frontierpicks.com/schemas/dossier.v1.json",
  "ticker": "WYHG",
  "name": "",
  "url": "https://frontierpicks.com/dossiers/WYHG/",
  "json_url": "https://frontierpicks.com/dossiers/WYHG.json",
  "status": "DORMANT",
  "current_conviction": "LOW",
  "archetype": {
    "code": "a6",
    "n": 6
  },
  "current_thesis": "Wing Yip Food's Nasdaq shares are more likely to lag the S&P 500 over three months: 2025 profit fell, 23 million new shares were issued, and the price has swung with no company news. The third-quarter 2026 report, expected around 14 November 2026, shows whether earnings have stabilised.",
  "invalidation_trigger": "A daily close above $4.48, which is above the 50-day average and the highest level since the August spike faded, would show the shares leading the S&P 500 and prove this call wrong. Third-quarter 2026 net income above the year-earlier quarter would also point that way.",
  "catalyst_date": null,
  "portfolio": null,
  "pick": null,
  "themes": [],
  "tags": [],
  "sources": [],
  "caveats": [],
  "source_links": [
    {
      "title": "Wing Yip Food Files Interim Regulatory Update With Korea Exchange",
      "url": "https://www.panabee.com/news/wing-yip-food-earnings-q3-2026",
      "date": null
    },
    {
      "title": "vcpscanner.com",
      "url": "https://vcpscanner.com/stock/wyhg/financials/quarterly",
      "date": null
    }
  ],
  "evidence": [
    {
      "claim": "Fiscal 2025 revenue was $135.2 million and net income $7.9 million, with operating cash flow of minus $13.2 million.",
      "source": "StockTitan financial summary of company fiscal 2025 results",
      "as_of": "2025-12-31"
    },
    {
      "claim": "Fiscal 2024 revenue was $144.6 million and net income $11.25 million.",
      "source": "Company fiscal 2024 results, reported 2025-05-01",
      "as_of": "2024-12-31"
    },
    {
      "claim": "Nine-month 2025 revenue fell to $102.2 million from $105.7 million; net income fell to $4.7 million from $11.0 million.",
      "source": "TipRanks company announcement summary",
      "as_of": "2025-09-30"
    },
    {
      "claim": "First-half 2026 gross margin was 28.92% and net margin 4.71%.",
      "source": "MarketScreener, first-half 2026 results filed with the Korea Exchange",
      "as_of": "2026-06-30"
    },
    {
      "claim": "The placement issued 23 million new shares at KRW 1,600 for about KRW 36.8 billion, taking shares outstanding to 35.58 million; proceeds are earmarked for working capital.",
      "source": "Panabee summary of company filing",
      "as_of": "2026-09-08"
    },
    {
      "claim": "The Nasdaq shares jumped 582% to $22.79 intraday from a $3.3406 close, trading 27.2 times above the converted KOSDAQ close of KRW 1,196.",
      "source": "ts2.tech report",
      "as_of": "2026-08-06"
    },
    {
      "claim": "SEC Form 4 filings report awards of 13,000,000 shares to CEO Wang Tingfeng (on 2026-09-07) and 131,743 shares to director Wang Xiantao (on 2026-10-06).",
      "source": "SEC Form 4 filings dated 2026-09-09 and 2026-10-08",
      "as_of": "2026-10-08"
    },
    {
      "claim": "Closes were $3.37 on 2026-11-05, $3.84 on 2026-11-06 and $3.41 on 2026-11-12.",
      "source": "Split-adjusted daily closes",
      "as_of": "2026-11-12"
    }
  ],
  "view_changes": [],
  "frame": null,
  "filed_numbers": {
    "as_of": "2026-11-13",
    "sector": "Consumer Defensive",
    "financials": {
      "status": "not available",
      "reason": "no quarterly report in US GAAP with the SEC (a foreign filer reports on Form 20-F or 40-F)",
      "close_date": "2026-11-13",
      "latest_quarter": null,
      "figures": {}
    },
    "short_interest": {
      "status": "ok",
      "settlement": "2026-10-15",
      "published": "2026-10-26",
      "short_pct_of_outstanding": null,
      "days_to_cover": 1,
      "change_pct": -35
    },
    "insiders": {
      "status": "ok",
      "as_of": "2026-11-15",
      "windows": [
        {
          "days": 90,
          "status": "ok",
          "from": "2026-08-18",
          "bought_usd": 0,
          "sold_usd": 0,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        },
        {
          "days": 365,
          "status": "ok",
          "from": "2025-11-16",
          "bought_usd": 0,
          "sold_usd": 0,
          "bought_unpriced": 0,
          "sold_unpriced": 0
        }
      ]
    }
  },
  "body_markdown": "## Current Thesis\n\nWing Yip Food's Nasdaq shares remain more likely to lag the S&P 500 than lead it over the next three months. Earnings fell in 2025, the share count rose when 23 million new shares were issued in Korea, and the price has moved sharply with no company announcement behind it. The third-quarter 2026 report, expected around 2026-11-14 on the Korea Exchange, shows whether profit has stabilised.\n\nThe shares closed at $3.84 on 2026-11-06 and at $3.41 on 2026-11-12, after a close of $3.81 on 2026-11-09. Searches of company news and filings found no third-quarter results, guidance or financing announcement dated after 2026-11-06. The three-month change is minus 34.2%, from a close of $5.18 on 2026-08-14.\n\n## Bull Case\n- **The business still makes money.** StockTitan's summary of company results shows fiscal 2025 revenue of $135.2 million and net income of $7.9 million. MarketScreener data for the first half of 2026 show a gross margin of 28.92% and a net margin of 4.71%.\n- **Placement priced above the Korean market.** Panabee's 2026-09-08 summary of the company's filing says the 23 million placement shares were sold at KRW 1,600 each. ts2.tech reported a KOSDAQ close of KRW 1,196 on 2026-08-06. Wang Tingfeng took 13 million of the shares.\n- **Insiders took shares, not sold them.** SEC Form 4 filings dated 2026-09-09 and 2026-10-08 report awards of 13,000,000 shares to Wang Tingfeng and 131,743 shares to Wang Xiantao. No Form 4 reports an insider sale.\n- **New shares are locked up.** The placement shares carry a one-year lock-up ending 2027-09-06, per Panabee, so they cannot be resold into the market before then.\n\n## Bear Case\n- **Earnings are shrinking.** Net income fell from $11.25 million in fiscal 2024 to $7.9 million in fiscal 2025, per company results. Nine-month 2025 net income fell to $4.7 million from $11.0 million, per TipRanks.\n- **Margins narrowed early in 2026.** VCP Scanner lists a first-quarter 2026 operating margin of 5.8%, against 16.7% in the first quarter of 2025.\n- **Cash flow ran negative.** StockTitan reports fiscal 2025 operating cash flow of minus $13.2 million, even though the company reported a profit.\n- **The share count rose steeply.** Panabee reports the placement brought shares outstanding to 35.58 million. Profit per share now has to be earned across a much larger base.\n- **The Nasdaq price sits far from the Korean price.** On 2026-08-06 ts2.tech reported the Nasdaq quote at 27.2 times the converted KOSDAQ close. A rebound in the US line without a matching move in Korea would widen that gap again.\n\n## Setup & Price Structure\nThe shares closed at $3.41 on 2026-11-12. That is below the 50-day average of $3.61 and above the 200-day average of $3.32, both from adjusted daily closes. The close is 87.0% below the 52-week intraday high of $26.17 set on 2026-08-06, and above the 52-week closing low of $1.59 on 2026-04-22.\n\nThe week before showed how fast the price moves without news. A close of $3.37 on 2026-11-05 was followed by $3.84 on 2026-11-06, then $3.81 on 2026-11-09, $3.52 on 2026-11-10 and $3.50 on 2026-11-11. The 200-day average and the $3.37 close of 2026-11-05 are the nearest levels beneath the last close.\n\nAttention peaked in August, when the Nasdaq line traded at 27.2 times the converted Korean price. Nothing reported since then shows the same volume of buying returning.\n\n## Catalyst Calendar\n\n- **~2026-12-05 (est.):** US Form 6-K with third-quarter 2026 results; last year's arrived 2025-12-05 per Fintool. This is the first US-filed set of results after the 23 million-share placement and the August price spike.\n\n## Elapsed catalysts\n\n- **~2026-11-14 (est.):** Third-quarter 2026 quarterly report filed with the Korea Exchange. Net income and operating cash flow against the year-earlier quarter show whether profit has stopped falling now that the share count is much larger. *(passed)*\n\n## What Would Change Our Mind\n\nA daily close above $4.48, which is above the 50-day average and the highest level since the August spike faded, would show the shares leading the S&P 500 and prove this call wrong. Third-quarter 2026 net income above the year-earlier quarter would also point that way.\n\n## Correlation Notes\nThe Nasdaq shares link more closely to the KOSDAQ price of 900340 and to Korean small-cap sentiment than to US consumer-staples or food indices. Chinese regulatory and yuan exposure come through the Zhongshan operations. The August 2026 spike and the following decline moved independently of broad US equity indices.",
  "first_seen": "2026-11-10",
  "last_analyzed": "2026-11-13T00:46:57+00:00",
  "last_synthesized": "2026-11-13",
  "date_modified": "2026-11-13",
  "license": "Content © FrontierPicks. Cite the canonical URL."
}