LIG Acuve earns money along two broad lines: its core mobile-communications measurement and test equipment business (measurement gear for 5G and LTE wireless networks, small cells, defense communications) and an automotive division that handles automotive-semiconductor distribution and V2X. More than 70% of its staff are R&D personnel, making this a technology-centered business. In March the company changed its name from Innowireless to LIG Acuve, and a swing to a loss was confirmed; the May quarterly report showed a recovery signal, with Q1 revenue up 20% and the loss narrowing. The notable points are that the technology-based core business, solid financials (debt ratio 36%, current ratio 262%), and Q1 revenue up 20% with a smaller loss are strengths, while nearly half of revenue comes from thin-margin automotive-semiconductor distribution, so profit follows only if the core-business margin recovers alongside, which is worth watching.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 1.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 20.0% higher than a year earlier.
- ROE is -0.7% (controlling-interest basis).
- Operating margin is -0.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder LIG 30% (corporate)
Controlling bloc incl. related parties 30.1%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis
- LIG Acuve earns money along two broad lines.
- The first is its core mobile-communications measurement and test equipment business.
- It makes gear for carriers to measure and optimize the quality of 5G and LTE wireless networks (OPTis, E2ES and others), device test equipment, small cell base stations and defense communications products, selling to carriers and manufacturers at home and abroad.
- With more than 70% of staff being R&D personnel, it is a business where technology and patents are central, giving it high entry barriers and making it the core that drives profitability.
- The second is the automotive division, which handles automotive-semiconductor distribution and vehicle-to-everything (V2X) solutions.
- As of 2025, automotive-division revenue was about ₩88.7 billion, or roughly 48% of the total, a share that has grown large; being distribution-heavy, it lifts the revenue top line but has thin margins.
- In short, understand it as a company where the revenue top line is pulled up by semiconductor distribution while the core of actual profit is set by the measurement-equipment business.
- The recent close is ₩23,150 and the market cap is ₩176.0 billion.
- The price sits below the 20-day line (₩28,642) and below the 60-day line (₩40,393).
- Being under both the short- and medium-term moving averages, the trend looks pressured.
- The RSI (a supplementary gauge that weighs recent up-moves against down-moves over the last 14 days on a 0-100 scale) is 26.9, close to a depressed zone.
- The one-month change is -28.8%, the three-month change is -42.6%, and the position versus the 52-week high is -59.7%.
- Relative strength versus the KOSDAQ is 77 (1-99, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That puts it in roughly the top 22% of all stocks by strength.
- Over the last three months it lagged the index by 25.1%.
- Chart reading is best done alongside volume and disclosure dates.
- On a 2025 consolidated basis, revenue was ₩186.1 billion, operating profit -₩1.1 billion and net profit -₩1.2 billion, a thin loss.
- ROE (how much it earns on equity in a year) was -0.7% and the operating margin was -0.6%, and because earnings are in a loss zone, a P/E based on past results (the multiple on the past year's earnings) cannot be calculated.
- That said, the loss itself is shallow, under 1% of revenue, so it is more accurate to view this as near the break-even point just before an inflection than as structural distress.
- The P/B (the multiple on net assets) is 1.05x, not heavy against net assets, and the forward P/B looking a year ahead is similar at 1.20x.
- Financial strength is fairly solid: the debt ratio (debt against equity) is a low 36% and the current ratio is 262%, leaving ample short-term liquidity.
- Book value per share (BPS) is ₩21,991.
- The key point is that the absence of a past P/E is not because the stock is expensive but because it was briefly in the red, and for a stock at an inflection where earnings turn positive, future earnings (forward) show the real picture more than past figures.
- Over five years, revenue more than doubled: ₩90.7 billion (2021) → ₩132.9 billion → ₩137.4 billion → ₩189.7 billion (2024) → ₩186.1 billion (2025).
- Over the same span net profit fell, from ₩15.2 billion (2021), ₩13.5 billion (2022), ₩10.8 billion (2023), ₩2.5 billion (2024) to -₩1.2 billion (2025), which reads not as a collapse of the core but as the rapid rise of the thin-margin automotive and semiconductor-distribution share diluting the overall margin.
- And this is the inflection point where that trend turns.
- The latest quarter (Q1 2026) had revenue of ₩45.5 billion, up 20% year on year, and a quarterly net loss of -₩0.27 billion, narrowing quickly against the full-year 2025 loss (-₩1.2 billion).
- The combination of double-digit revenue growth returning while the loss shrinks is a signal that a swing to profit is drawing near.
- In other words, this is a case where the price reflects 'early earnings just turning positive' rather than 'a high multiple because it is expensive,' and as core demand recovers and revenue grows, the earnings base widens and the multiple falls quickly.
- In 2026 the company saw a string of external changes.
- It changed its name from 'Innowireless' to 'LIG Acuve' (a March name-change disclosure) and replaced its CEO at the regular AGM, clarifying its intent to unify its identity as part of the LIG Group and expand into areas such as AI and satellite communications.
- On the periodic-reporting side, the 2025 business report (March) confirmed the swing to a loss, and the most notable change followed in the Q1 2026 quarterly report (May), where revenue rose 20% year on year and the loss narrowed.
- In April there was a disclosure on share-holding changes by officers and major shareholders.
- That said, specific guidance such as a single-supply contract (order) or an official annual results target has not yet been disclosed, so it is natural to confirm the pace of recovery through subsequent quarterly results.
- This is a recovery-type stock with clear strengths.
- First, a technology-based core in wireless-network measurement is combined with the LIG Group's defense and communications assets, and with more than 70% of staff being R&D personnel, the core's competitiveness is solid.
- Second, with a debt ratio of 36% and a current ratio of 262%, the financials are sturdy enough to weather the recovery phase.
- Third, Q1 2026 revenue up 20% and a narrower loss have shown, in the results, a signal at the doorstep of a swing to profit, and a P/B of 1.24x is not heavy against net assets.
- The point to watch is that nearly half of revenue comes from thin-margin automotive-semiconductor distribution, so even as the top line grows, profit follows only if the core-business margin recovers alongside.
- In short, if a recovery in core measurement-equipment demand and new businesses feed through to profit, the stock is re-valued quickly along with the swing to profit; if the expanding distribution share does not translate into profit, the recovery lags.
- For now it is a recovery phase in which one gauges the swing to profit by confirming whether revenue growth and a narrowing loss continue each quarter.
🔎 Valuation vs peers Inconclusive
In line with the core business of wireless-network measurement and communications equipment, the peer set is listed communications and broadcasting-equipment peers. Solid (in-building relay and network equipment) and Ubiquoss (network switches) are the closest in business flavor.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SOLiD | 16.19x | 1.67x | 10.33% |
| Ubiquoss | 5.77x | 0.71x | 12.29% |
(a) Position versus peers: a P/B of 1.5x is below profitable, high-ROE peer Solid (2.13x) and above Ubiquoss (0.87x), putting it in the middle on a net-asset basis. (b) That said, Solid and Ubiquoss are profitable firms with ROE above 10%, whereas LIG Acuve posted a loss in 2025, so even at the same P/B there is a big difference of 'an asset valuation not backed by earnings.' (c) A trailing P/E (the multiple on the past year's actual earnings) cannot be produced at all because of the loss, and the forward figure (assuming this year's recovery) depends entirely on the pace of the swing to profit, making a call at this point difficult. So rather than declaring it 'cheap or expensive,' inconclusive is appropriate until the swing to profit is confirmed. The low-margin distribution division, which makes up half of revenue, acts as a multiple-discount factor.
Price history Close · MA20 · MA60
The latest close is ₩23,150 and the market capitalization is ₩176.0 billion. The price sits below its 20-day moving average (₩28,642) and below its 60-day moving average (₩40,393). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 26.9, near oversold territory. The one-month change is -28.8%, the three-month change is -42.6%, and the position relative to the 52-week high is -59.7%. Relative strength versus the KOSDAQ is 77 (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 78% of all stocks. Over the past three months it lagged the index by 25.1%. 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 -25.06% / 6M +12.16% / 12M +9.11%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.05x is below the sector median (1.32x).
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
Return on equity (ROE) is -0.7%. The operating margin is -0.6%. The debt ratio is 36.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $91.0M | $125.7M | $123.3M | -1.91% ↓ slower |
| Operating profit | $6.8M | $1.6M | -$742,477 | -145.95% ↓ slower |
| Net profit | $7.2M | $1.7M | -$794,371 | -147.31% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $60.1M | $88.1M | $91.0M | $125.7M | $123.3M |
| Operating profit | $8.9M | $9.5M | $6.8M | $1.6M | -$742,477 |
| Net profit | $10.0M | $8.9M | $7.2M | $1.7M | -$794,371 |
| Revenue CAGR | 4-yr avg 19.69% | ||||
Revenue fell 1.9% year over year (2023 ₩137.4 billion → 2024 ₩189.7 billion → 2025 ₩186.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 145.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 19.7%. The two-year revenue CAGR is 16.4%. In the most recent quarter (Q1 2026), revenue was 20.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 1.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-26FilingChanged its name from 'Innowireless' to 'LIG Acuve' (name-change notice). Aimed at unifying its LIG Group identity and expanding its business scope.In the medium term, an identity change carrying expectations of group synergy and business expansion. Not directly connected to short-term results. Source
- 2026-03-26FilingCEO replaced at the regular AGM (CEO-change disclosure).A management change may bring shifts in the direction of business restructuring and new-business initiatives. A source of transitional uncertainty. Source
- 2026-05-13EarningsQ1 2026 quarterly report. Quarterly revenue ₩45.5 billion (+20% year on year), operating loss -₩0.28 billion, net loss -₩0.27 billion, a narrower loss.A recovery-doorstep signal with revenue recovery and a narrowing loss appearing together. Whether it swings to profit needs confirmation in subsequent quarters. Source
- 2026-03-18Filing2025 business report. Consolidated revenue ₩186.1 billion, operating profit -₩1.1 billion, net profit -₩1.2 billion, confirming the swing to a loss.Confirms that the expanding share of thin-margin automotive distribution led to margin dilution. A reference point for the valuation. Source
- 2026-04-30FilingReport on holdings of specified securities by officers and major shareholders filed (share-holding change).An insider share-holding change. A factual disclosure worth noting for short-term supply and demand. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩186.1 billion | ₩186.1 billion | Confirmed | link |
| 2025 net profit | -₩1.2 billion | -₩1.2 billion | Confirmed | link |
| Q1 2026 revenue | ₩45.5 billion | ₩45.5 billion | Confirmed | link |
| Name change (Innowireless to LIG Acuve) | LIG | LIG | Confirmed | link |
| 2026 estimated net profit (forward) | self-estimate | — | Unverified | link |
Recent filings
- 2026-05-29Large-business-group status disclosure
- 2026-05-13PeriodicQuarterly report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27Disclosure
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-25PeriodicAnnual business report (amended)
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' 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.