Atinum Investment (021080) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Atinum Investment is a venture capital firm that invests its own and fund capital in promising small and mid-sized ventures at home and abroad, then earns a profit by recovering its stakes when those companies list or are acquired; its income comes from recovery gains and management and performance fees, and its earnings swing widely from year to year depending on the timing of recoveries. In March 2026 it made a voluntary disclosure of a corporate value-up plan, in February its change-in-profit-structure disclosure of full-year revenue of ₩70.6 billion, operating profit of ₩32.0 billion, and net profit of ₩25.1 billion confirmed an earnings rebound, and in March it resolved a cash and in-kind dividend. What stands out is a two-sided setup: even though profit roughly doubled and that momentum carried into the most recent quarter, the stock trades at a P/E of 4.05x and a P/B of 0.50x, only half of book value, so asset value and dividends support the downside; on the other hand, there is the volatility particular to venture capital, in which recoveries concentrated in a given year can make the next year's profit look smaller, and the valuations of invested companies can wobble with market conditions.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Venture Capital” (Financials), a type typically read first through P/B.
Venture-capital firms book gains when investments are realized, so profit can cluster in some years and vanish in others, making current earnings a poor guide. That is why price-to-book (P/B) — the price against the book value of the investment holdings — is the first lens rather than reported profit.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 36.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 25.5% higher than a year earlier.
- ROE is 13.3% (total-net basis). It is above the sector average.
- Operating margin is 47.3%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Atinum Partners 33.08% (corporate)
Controlling bloc incl. related parties 33.46%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis Reading
Atinum Investment is a venture capital firm (VC, a company that supplies capital to early-stage companies and later resells its stakes for a gain) that invests in promising small and mid-sized ventures at home and abroad. Using its own capital and fund (partnership) money raised externally, it invests in early-stage companies and then earns a profit by recovering its stakes when those companies list or are acquired. Income comes along two lines: recovery gains from selling the stakes of invested companies, and management and performance fees from running the funds. A hallmark of this business is that earnings swing widely from year to year depending on the timing of recoveries.
The latest close is ₩2,305 and the market capitalization is ₩110.6 billion. The price sits above its 20-day moving average (₩2,135) and below its 60-day moving average (₩2,537). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.2, a neutral level. The one-month change is +9.0%, the three-month change is -29.8%, and the position relative to the 52-week high is -39.1%. Relative strength versus the KOSDAQ is 57 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 58% of all stocks. Over the past three months it outpaced the index by 5.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the most recent full year (2025), revenue was ₩70.6 billion, operating profit was ₩32.0 billion, and net profit was ₩25.1 billion. With an operating margin of 45.3% and a net margin of 35.6%, the share of earnings kept relative to what is made is high, and ROE (how much is earned in a year on equity) of 12.3% is above the peer average. On valuation, the P/E (how many times a year's earnings the price is) is 4.41x and the P/B (how many times book value the price is) is 0.55x, so the price is only half of book assets. The forward P/E on this year's earnings is still low as well, so it reads as an undervalued state where the stock did not follow through even after profit jumped sharply. The dividend yield is in the 6% range and the payout ratio (the share of earnings paid out as dividends) is 23.8%, leaving room for further returns.
The earnings trend has clearly revived. In 2025, revenue rose 36.4% year on year, operating profit rose 136.8%, and net profit rose 131.4%. The most recent quarter (Q1 2026) continued the increase, with revenue up 25.5%, operating profit up 101.0%, and net profit up 107.1%. Venture capital earnings fluctuate with the timing of recoveries from invested companies, and as recoveries have picked up and assets under management have grown, the earnings base has stepped up a level. As long as the recovery cycle holds up, this year's profit scale is not an unreasonable assumption, though, given the nature of the business in which recoveries concentrate in particular years, some year-to-year variation is possible.
On March 19, 2026, the company made a voluntary disclosure of a corporate value-up plan. As material presented directly by the company on its return and growth direction, if it contains specific figures it serves as a first-tier basis for the outlook, and if it shows only direction it reads as policy intent. On February 3, 2026, a change-in-profit-structure disclosure of full-year revenue of ₩70.6 billion, operating profit of ₩32.0 billion, and net profit of ₩25.1 billion confirmed the earnings rebound. On March 31 there was a resolution to pay a cash and in-kind dividend, which is worth viewing together with whether earnings and cash flow support the dividend.
The strengths are clear. Profit roughly doubled and that momentum carried into the most recent quarter, yet with a P/E of 4.05x and a P/B of 0.50x the stock remains at half of book value, a cheap range against earnings and assets. In other words, as long as the recovery cycle is alive and assets under management are maintained, asset value and dividends support the downside. On the other hand, the point to watch is the volatility particular to venture capital: recoveries concentrated in a given year can make the next year's profit look smaller, and the valuations of invested companies can wobble with market conditions. In short, when recoveries are steady and the scale of assets under management is maintained, the appeal of undervaluation and a high dividend is strongly highlighted, while when recoveries concentrate in one year or the venture market freezes, earnings volatility grows.
🔎 Valuation vs peers Fairly valued
A peer set within banking and finance that is adjacent in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SV Investment | — | 1.70x | -7.40% |
| NAU IB Capital | 23.76x | 1.34x | -0.94% |
| Haesung Industrial | — | 0.29x | -3.36% |
We looked first at a public-data peer set within banking and finance that is close in market capitalization. The current P/E (how many times a year's earnings the price is) is 4.41x and the P/B (how many times book value the price is) is 0.55x. That said, smaller-cap names are heavily affected by earnings swings and fundraising disclosures, so we did not draw a firm conclusion from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩94.0 billion | ₩27.2 billion | ₩14.6 billion |
| Next quarter | Q2 2026 | ₩17.7 billion | ₩8.1 billion | ₩4.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩2,305 and the market capitalization is ₩110.6 billion. The price sits above its 20-day moving average (₩2,135) and below its 60-day moving average (₩2,537). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.2, a neutral level. The one-month change is +9.0%, the three-month change is -29.8%, and the position relative to the 52-week high is -39.1%. Relative strength versus the KOSDAQ is 57 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 58% of all stocks. Over the past three months it outpaced the index by 5.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +5.77% / 6M +0.58% / 12M -5.30%
Key metrics Computed vs sector median
Valuation
The P/E of 4.41x is below the sector median (12.88x). The P/B of 0.55x is in line with the sector median (0.64x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Profitability & financials
Return on equity (ROE) is 13.3%, above the sector average (6.0%). The operating margin is 47.3%. The debt ratio is 8.4%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $95.4M | $36.3M | $49.6M | +36.42% ↑ faster |
| Operating profit | $17.4M | $9.5M | $22.5M | +136.81% ↑ faster |
| Net profit | $14.1M | $7.6M | $17.6M | +131.41% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $82.6M | $70.9M | $95.4M | $36.3M | $49.6M |
| Operating profit | $58.5M | $24.7M | $17.4M | $9.5M | $22.5M |
| Net profit | $46.4M | $19.8M | $14.1M | $7.6M | $17.6M |
| Revenue CAGR | 4-yr avg -11.99% | ||||
Revenue rose 36.4% year over year (2023 ₩135.8 billion → 2024 ₩51.7 billion → 2025 ₩70.6 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 136.8% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -12.0%. The two-year revenue CAGR is -27.9%. In the most recent quarter (Q1 2026), revenue was 25.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 5.6%, is on the high side.
- ROE of 13.3% points to solid profitability.
- Revenue grew 36.4% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-19UpdateCorporate value-up plan (voluntary disclosure): check the company's plan (original text)Material presented directly by the company as a plan. If it has figures, treat it as a first-tier basis for the outlook box; if not, treat it only as directional material. Source
- 2026-02-03EarningsChange of 30% or more in revenue or profit structure (15% or more for large corporations): full-year revenue ₩70.6 billion, operating profit ₩32.0 billion, net profit ₩25.1 billionRecent confirmed or preliminary results. View whether it points in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-03-31Update[Amended] Resolution on cash and in-kind dividend: check the return termsA disclosure tied to cash returns or a change in the share count. Confirm whether earnings capacity and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩2,305 | ₩2,305 | Confirmed | link |
| Latest quarterly results | revenue ₩8.4 billion, operating profit ₩4.3 billion | revenue ₩8.4 billion, operating profit ₩4.3 billion | Confirmed | link |
| Annual results | revenue ₩70.6 billion, operating profit ₩32.0 billion | revenue ₩70.6 billion, operating profit ₩32.0 billion | Confirmed | link |
| Outlook/plan disclosure (original text) | — | — | Confirmed | link |
| Results disclosure (original text) | revenue30%: revenue ₩70.6 billion · operating profit ₩32.0 billion · net profit ₩25.1 billion | revenue30%: revenue ₩70.6 billion · operating profit ₩32.0 billion · net profit ₩25.1 billion | Confirmed | link |
| Shareholder-return disclosure (original text) | [amended] cash/stock dividend declared: check the payout terms | [amended] cash/stock dividend declared: check the payout terms | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-14PeriodicQuarterly report
- 2026-03-31DividendCash/stock dividend decision (amended)
- 2026-03-19Disclosure
- 2026-03-18Disclosure
- 2026-03-18Disclosure
- 2026-03-18Shareholders' meeting notice
- 2026-03-18DividendCash/stock dividend decision (amended)
- 2026-03-10PeriodicAnnual business report
- 2026-03-10Audit report
- 2026-03-03Disclosure
- 2026-03-03Shareholders' meeting notice
- 2026-02-26Amended filing
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.