WYHG
Conviction · Low · more likely to lag the S&P 500 over the next three months
Wrong if: a daily close above $4.48
Note written ·
Price against the kill line
25.7% clear of its kill line on the 13 November 2026 close.
How to read this
This note expects the shares to lag the market, so its kill line sits above the price: a close above the red mark would prove the view wrong. Prices run from low on the left to high on the right. The dot is where the stock closed on 13 November 2026, left of the mark while it is below the line; a dot right of the mark has closed through it.
The scale is stretched near the line, so close calls are easy to see. More than 8% from the line, the stock reads well clear, with a hollow dot to show the figure is off the drawn scale.
The kill line is the research note's own test. The portfolio sells on business facts, not on a price. How the portfolio decides
Three months against the kill line
Daily closes, to . Red: the kill line, a daily close above $4.48, on record since 11 November 2026. The shares are down 37.4% since the close; the S&P 500 is down 2.1% over the same sessions. Figures in the note can cover a different window.
Kill line
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.
Research onlyNot in the portfolio.
Key figures from the filings · Consumer Staples
Filed figures are not available: no quarterly report in US GAAP with the SEC (a foreign filer reports on Form 20-F or 40-F).
All filed numbers
What WYHG reports to the SEC in its quarterly and annual filings. Each group states its period and filing date once; a figure dated otherwise says so. Built from the filings known on .
Short interest (FINRA, settled 15 October 2026, published 26 October 2026): the share of shares outstanding is not available, 1.0 days of average trading to cover, −35.0% since the previous report.
| Window | Bought | Sold |
|---|---|---|
| 90 daysfrom | $0 | $0 |
| 12 monthsfrom | $0 | $0 |
The thesis
Wing 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 14 November 2026 on the Korea Exchange, shows whether profit has stabilised.
The shares closed at $3.84 on 6 November 2026 and at $3.41 on 12 November 2026, after a close of $3.81 on 9 November 2026. Searches of company news and filings found no third-quarter results, guidance or financing announcement dated after 6 November 2026. The three-month change is minus 34.2%, from a close of $5.18 on 14 August 2026.
Bullish and bearish views on WYHG
The bull case on WYHG, in brief: the business still makes money. The bear case: earnings are shrinking.
Bull case
- 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%.
- Placement priced above the Korean market. Panabee's 8 September 2026 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 6 August 2026. Wang Tingfeng took 13 million of the shares.
- Insiders took shares, not sold them. SEC Form 4 filings dated 9 September 2026 and 8 October 2026 report awards of 13,000,000 shares to Wang Tingfeng and 131,743 shares to Wang Xiantao. No Form 4 reports an insider sale.
- New shares are locked up. The placement shares carry a one-year lock-up ending 6 September 2027, per Panabee, so they cannot be resold into the market before then.
Bear case
- 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.
- 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.
- Cash flow ran negative. StockTitan reports fiscal 2025 operating cash flow of minus $13.2 million, even though the company reported a profit.
- 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.
- The Nasdaq price sits far from the Korean price. On 6 August 2026 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.
Price setup
The shares closed at $3.41 on 12 November 2026. 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 6 August 2026, and above the 52-week closing low of $1.59 on 22 April 2026.
The week before showed how fast the price moves without news. A close of $3.37 on 5 November 2026 was followed by $3.84 on 6 November 2026, then $3.81 on 9 November 2026, $3.52 on 10 November 2026 and $3.50 on 11 November 2026. The 200-day average and the $3.37 close of 5 November 2026 are the nearest levels beneath the last close.
Attention 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.
Catalysts ahead
- ~5 December 2026 (est.): US Form 6-K with third-quarter 2026 results; last year's arrived 5 December 2025 per Fintool. This is the first US-filed set of results after the 23 million-share placement and the August price spike.
Elapsed catalysts
- ~14 November 2026 (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)
What would change the view
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.
What it trades with
The 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.
The evidence, claim by claim (8)
- Fiscal 2025 revenue was $135.2 million and net income $7.9 million, with operating cash flow of minus $13.2 million. StockTitan financial summary of company fiscal 2025 results · as of
- Fiscal 2024 revenue was $144.6 million and net income $11.25 million. Company fiscal 2024 results, reported 1 May 2025 · as of
- Nine-month 2025 revenue fell to $102.2 million from $105.7 million; net income fell to $4.7 million from $11.0 million. TipRanks company announcement summary · as of
- First-half 2026 gross margin was 28.92% and net margin 4.71%. MarketScreener, first-half 2026 results filed with the Korea Exchange · as of
- 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. Panabee summary of company filing · as of
- 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. ts2.tech report · as of
- SEC Form 4 filings report awards of 13,000,000 shares to CEO Wang Tingfeng (on 7 September 2026) and 131,743 shares to director Wang Xiantao (on 6 October 2026). SEC Form 4 filings dated 9 September 2026 and 8 October 2026 · as of
- Closes were $3.37 on 5 November 2026, $3.84 on 6 November 2026 and $3.41 on 12 November 2026. Split-adjusted daily closes · as of
Sources