Ajin Extec (059120) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Ajin Extec makes motion-control semiconductors and design assets (IP) used to move factory-automation equipment precisely, with chips and modules that are central when industrial machinery controls a motor to an exact position and speed forming the axis of its business. A February 3, 2026 filing disclosed full-year 2025 results (revenue of ₩24.6 billion, operating profit of ₩1.0 billion and net profit of ₩0.8 billion) as it swung from loss to profit, Q1 2026 revenue rose 42.7% year over year as the earnings recovery continued, and with a January bonus issue (one new share allotted per share), the ex-rights adjustment and a broader pullback have combined to leave the price -70.6% from its 52-week high and the RSI down at 26.2. What stands out lately is that if the earnings recovery continues and the revenue run-rate holds or expands, the P/E of 110x - built on the thin earnings of a first profitable year - naturally comes down, a strong setup; on the other side, if automation-equipment demand turns down again or the swing to profit turns out to have owed much to one-off factors, the position weakens.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Fabless, Design & IP” (Semiconductors & IT Components · Semiconductors), a type typically read first through forward P/E.
Fabless design and IP firms earn from design know-how and intellectual property rather than factories, so future profits hinge on new-product adoption and royalty flows. That makes forward P/E — reflecting expected earnings — the first lens rather than past results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 2.2% year over year (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 42.7% higher than a year earlier.
- ROE is 2.0% (total-net basis). It is above the sector average.
- Operating margin is 3.9%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Chang-ho 19.31% (individual)
Controlling bloc incl. related parties 33.94%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis Reading
Ajin Extec is classified in the semiconductor sector and makes motion-control semiconductors and related design assets (IP) used to move factory-automation equipment and machinery precisely. Chips and modules that are central when industrial machinery controls a motor to an exact position and speed form the main axis of its business. With a market capitalization of ₩92.3 billion it is on the smaller side, so it is worth watching not only the underlying business trend but also how recent filings such as the bonus issue affect the share count and per-share metrics.
The latest close is ₩7,020 and the market capitalization is ₩128.5 billion. The price sits above its 20-day moving average (₩5,569) and above its 60-day moving average (₩6,912). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.2, a neutral level. The one-month change is +39.6%, the three-month change is -39.8%, and the position relative to the 52-week high is -59.0%. Relative strength versus the KOSDAQ is 55 (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 56% of all stocks. Over the past three months it lagged the index by 16.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Full-year 2025 revenue was ₩24.6 billion, with operating profit of ₩1.0 billion and net profit of ₩0.8 billion. The operating margin of 3.9% and ROE (how much is earned in a year on equity) of 2.0% are, by the diagnostic, above the peer average. The debt ratio (debt relative to equity) is 109.7%, but with a current ratio of 9.4x and interest coverage of 24.7x, short-term payment capacity and interest burden are ample, so financial soundness is seen as stable. The current P/E (how many times one year's earnings the price represents) of 153.61x and P/B (how many times book value the price represents) of 3.10x look high on the numbers alone. But this P/E uses as its denominator the thin earnings (₩0.8 billion) of 2025, just after the swing from a 2024 loss to profit, so it looks exaggerated relative to the company's real earning power. For a stock that has just passed an earnings inflection point, a multiple set on last year's confirmed earnings alone can look inflated versus reality, so the trend of the following quarters' earnings needs to be looked at together for the picture to come into proper focus.
Revenue fell from ₩41.6 billion in 2021 to ₩24.6 billion in 2025, but on the earnings side there are clear recovery signals. Operating profit swung from -₩4.2 billion in 2024 to +₩1.0 billion in 2025, and net profit swung from -₩2.8 billion in 2024 to +₩0.8 billion, turning positive. The recovery became clearer this year: Q1 2026 revenue of ₩7.4 billion was up 42.7% from the same period a year earlier, and both operating and net profit stayed positive (₩0.2 billion each). The Q1 cumulative revenue of ₩7.4 billion is equivalent to 30% of the prior year's ₩24.6 billion, so alongside recovering automation-equipment demand, the quarterly revenue run-rate has stepped up a level. This year's revenue naturally trends to around ₩27.3 billion, above the prior year, supporting the possibility that the profit base from the swing out of loss lasts beyond a single year.
Recent filings concentrate on the bonus issue and the confirmation of results. On January 14, 2026 the company resolved a bonus issue allotting one new common share per share (new shares expected to list on February 13, 2026), and a trading halt the same day and the ex-rights date on January 27, 2026 followed. A bonus issue is an event where the per-share price and metrics adjust mechanically as the share count rises, so this part should be separated out when interpreting the price change. On February 3, 2026 a filing on a change in revenue and profit-and-loss structure disclosed full-year 2025 results (revenue of ₩24.6 billion, operating profit of ₩1.0 billion and net profit of ₩0.8 billion) on a confirmed or provisional basis. The key is to check via IR and quarterly reports whether the swing to profit came from the core business without one-off factors and whether it continues in the following quarters.
The strengths are clear. In addition to the swing from loss to profit, Q1 2026 revenue rose 42.7% year over year, so the earnings recovery is not ending in a single quarter but continuing, and the financial structure seen through the debt ratio, current ratio and interest coverage is stable. The share price, with the bonus-issue ex-rights adjustment and a pullback combining, has fallen to the depressed zone at -70.6% from its 52-week high and an RSI of 26.2. The P/E of 110x is based on the thin earnings of the first profitable year, so as the earnings recovery stacks up quarter by quarter, the multiple naturally comes down even at the same share price. Accordingly, this is a strong stock while the earnings recovery continues and the revenue run-rate holds or expands, and one that weakens if automation-equipment demand turns down again or the swing to profit turns out to have owed much to one-off factors. The center of gravity for judgment should rest not on the price or last year's multiple but on whether quarterly earnings keep up the recovery trend.
🔎 Valuation vs peers Overvalued
A peer set of semiconductor names adjacent in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wavice | 51.39x | 1.52x | 3.51% |
| AL Tech | — | 1.09x | -9.67% |
| Nextchip | — | 4.70x | -87.90% |
Within semiconductors, the peer set of publicly available data closest in market capitalization was looked at first. The current P/E (how many times one year's earnings the price represents) is 153.61x and the P/B (how many times book value the price represents) is 3.10x. Because smaller-cap names are heavily affected by earnings swings and fundraising filings, no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the forecast box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩27.3 billion | — | — |
| Next quarter | Q2 2026 | ₩6.3 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,020 and the market capitalization is ₩128.5 billion. The price sits above its 20-day moving average (₩5,569) and above its 60-day moving average (₩6,912). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.2, a neutral level. The one-month change is +39.6%, the three-month change is -39.8%, and the position relative to the 52-week high is -59.0%. Relative strength versus the KOSDAQ is 55 (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 56% of all stocks. Over the past three months it lagged the index by 16.4%. 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 -16.39% / 6M +1.14% / 12M +7.61%
Key metrics Computed vs sector median
Valuation
The P/E of 153.61x is above the sector median (26.76x). The P/B of 3.10x is above the sector median (1.63x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
The operating margin is 3.9%. The debt ratio is 11.9%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $17.5M | $17.7M | $17.3M | -2.19% ↓ slower |
| Operating profit | -$641,170 | -$2.9M | $676,318 | — |
| Net profit | $347,200 | -$2.0M | $588,102 | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $29.3M | $25.1M | $17.5M | $17.7M | $17.3M |
| Operating profit | $3.6M | $1.4M | -$641,170 | -$2.9M | $676,318 |
| Net profit | $3.0M | $1.1M | $347,200 | -$2.0M | $588,102 |
| Revenue CAGR | 4-yr avg -12.32% | ||||
Revenue fell 2.2% year over year (2023 ₩24.9 billion → 2024 ₩25.2 billion → 2025 ₩24.6 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is -12.3%. The two-year revenue CAGR is -0.5%. In the most recent quarter (Q1 2026), revenue was 42.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 2.2% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-03EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: full-year revenue ₩24.6 billion · operating profit ₩1.0 billion · net profit ₩0.8 billionThis is recent confirmed or provisional earnings data. Read it alongside whether it points in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-01-27FilingEx-rights (bonus issue)This is a recent change confirmed in the official filing. It needs checking whether it carries through to actual results and financial metrics. Source
- 2026-01-14FilingReport on material matters (bonus-issue resolution): 5. New shares allotted per share: common 1, other -; 6. Dividend-accrual date January 1, 2026; 7. Share-certificate delivery date -; 8. Expected listing date of new shares February 13, 2026; 9. Board resolution date January 14, 2026 - outside directors present: 1, absent: 0This is a recent change confirmed in the official filing. It needs checking whether it carries through to actual results and financial metrics. Source
- 2026-01-14FilingTrading halt (bonus issue)This is a recent change confirmed in the official filing. It needs checking whether it carries through to actual results and financial metrics. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,020 | ₩7,020 | Confirmed | link |
| Latest quarterly results | revenue ₩7.4 billion, operating profit ₩0.2 billion | revenue ₩7.4 billion, operating profit ₩0.2 billion | Confirmed | link |
| Annual results | revenue ₩24.6 billion, operating profit ₩1.0 billion | revenue ₩24.6 billion, operating profit ₩1.0 billion | Confirmed | link |
| Earnings filing (original text) | revenue30%: revenue ₩24.6 billion · operating profit ₩1.0 billion · net profit ₩0.8 billion | revenue30%: revenue ₩24.6 billion · operating profit ₩1.0 billion · net profit ₩0.8 billion | Confirmed | link |
| Disclosure filing (original text) | — | — | Confirmed | link |
| Disclosure filing (original text) | 5. 1 1 - 6. 2026 01 01 7. - 8. 2026 02 13 9. 2026 01 14 - 1 0 | 5. 1 1 - 6. 2026 01 01 7. - 8. 2026 02 13 9. 2026 01 14 - 1 0 | Confirmed | link |
| Basis for the forecast box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-03-03Shareholders' meeting notice
📖 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.