Dongwoon Anatech (094170) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Dongwoon Anatech is a fabless semiconductor company that only designs chips without owning a fab; OIS (optical image stabilization) and AF driver ICs for smartphone cameras make up most of its revenue, and in 2025 OIS driver-chip revenue grew sharply to lead growth, while it pursues automotive haptic drivers and a needle-free saliva glucose monitor called 'D-Sula Life' as new businesses. In its March 2026 corporate-value-up plan it presented a push for product approval of the glucose monitor and share cancellation, held an investor briefing in April, and its May Q1 report confirmed that revenue recovered slightly but operations were still in the red. What stands out lately is that only a handful of companies worldwide make OIS driver chips and it is growing its share within Samsung, so recovery would have strong leverage if this high-margin product grows, and it has a net-cash cushion, but last year's profit hit bottom and Q1 was still an operating loss, so until recovery is confirmed in the numbers the valuation carries a big burden, and the glucose monitor is an option still facing approval and commercialization.
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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 “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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 7.7% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 2.4% higher than a year earlier.
- ROE is 1.5% (total-net basis). It is above the sector average.
- Operating margin is 1.9%.
- 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 Kim Dong-chul 13% (individual)
Controlling bloc incl. related parties 16.77%
With the controlling bloc holding 17%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Dongwoon Anatech is a fabless (a company that only designs semiconductors without owning a fab) semiconductor company. Its mainstay is the OIS (optical image stabilization) driver IC and AF (autofocus) driver IC that go into smartphone cameras. These camera driver chips generate most of its revenue. In 2025, OIS driver-chip revenue grew sharply and this product group led growth. On top of this, it is growing an automotive haptic (vibration/tactile feedback) driver chip into the automotive-electronics market, and separately runs a new business developing a needle-free glucose monitor called 'D-Sula Life' that measures glucose from saliva, for which it is preparing domestic product approval.
The latest close is ₩32,450 and the market capitalization is ₩678.5 billion. The price sits above its 20-day moving average (₩28,950) and below its 60-day moving average (₩35,167). 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 55.9, a neutral level. The one-month change is -1.7%, the three-month change is -34.6%, and the position relative to the 52-week high is -41.1%. Relative strength versus the KOSDAQ is 85 (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 85% of all stocks. Over the past three months it lagged the index by 0.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times a year's earnings the share price is) on the surface is 622.95x, very high. But this number is inflated because 2025 net profit plunged to ₩1.0 billion, so it should not be read at face value. In 2025 the operating margin was 1.9% and ROE (how much a company earns in a year on its equity) was 1.5%, a year in which earnings power hit rock bottom. The current ratio is 5.6x, so short-term solvency is ample. Net debt (total borrowings minus cash) is negative, that is, a net-cash position with more cash than debt. There is a financial safety net. On the other hand, the interest-coverage ratio is below 1x, so at present the thin operating profit barely covers interest. The P/B ratio (how many times net assets the share price is) is 10.16x, which is high and means expectations are loaded relative to book value.
Over five years, revenue grew sharply from ₩50.7 billion in 2021 to ₩138.3 billion in 2024, then dipped slightly to ₩127.6 billion in 2025. Revenue itself has a trajectory of 26% average annual growth over five years. Profit is volatile. In 2023-2024, net profit (₩26.2 billion and ₩24.7 billion) exceeded operating profit (₩25.1 billion and ₩17.5 billion), years in which non-operating gains were large. In 2025, as demand slowed, operating profit was squeezed to ₩2.4 billion and net profit plunged to ₩1.0 billion. In other words, last year's low profit has a strong cycle-trough character. Q1 2026 revenue turned back up, at +2.4% year over year. However, Q1 was still an operating loss (-₩1.85 billion). The key going forward is whether operating profit revives into positive territory toward the second half as the share of the high-margin OIS driver chip grows. If Dongwoon's share of OIS driver-chip supply within Samsung Electronics improves and adoption in foldables and high-spec cameras increases, this year's profit has room to recover sharply from last year's trough.
The weightiest disclosure is the March 2026 corporate-value-up plan. In it the company presented shareholder-return directions such as a push for product approval of the glucose monitor and share cancellation. In April it held an investor briefing (IR) to share progress on its business. The earnings trend is confirmed by the Q1 report filed in May. Revenue recovered slightly, but operations were still in the red, showing that a profit recovery remains a task for the second half. Disclosures related to treasury-share acquisition also followed, so the will to return value to shareholders is showing up in action.
This is a company priced on its future inflection and new-business expectations rather than current profit. The strengths are clear. Only a handful of companies worldwide make OIS driver chips, and the company holds one pillar of that market and is growing its share within Samsung. If this high-margin product grows, the leverage on a profit recovery is strong. Being in a net-cash structure, it also has the cushion to weather new-business investment. The cautions are just as clear. Last year's profit was at bottom and Q1 was also an operating loss, so until the recovery is confirmed from 'expectation' to 'numbers,' the valuation burden is large. The needle-free glucose monitor could be a game-changer if it succeeds, but it is an option that still faces the gates of product approval and commercialization. In sum, it is strong if the camera-chip profit recovery is confirmed in the second half and the glucose-monitor approval process advances. Conversely, if the profit recovery is delayed, the high valuation comes back as a burden.
🔎 Valuation vs peers Inconclusive
We take the camera-module and camera-driver value chain and automotive fabless semiconductors as the real peer set. Jahwa Electronics makes OIS actuators (driver components) and is in the same camera value chain, while Telechips is a leading domestic fabless semiconductor company (automotive SoC design).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jahwa Electronics | 11.28x | 1.05x | 15.54% |
| Telechips | — | 1.03x | -43.11% |
The 633x P/E on the surface is a distorted number that comes from 2025 net profit plunging to ₩1.0 billion. As an earnings-inflection stock, it is hard to gauge actual value from multiples based on last year's results. Compared on simple multiples with peers whose earnings are stable, such as Jahwa Electronics (camera actuators, P/E 12x) or Telechips (fabless, P/B 1x), it certainly looks expensive. But Dongwoon Anatech is in a state where camera driver-chip profit is set to recover in the second half and a separate expectation for glucose-monitor approval is layered on, so both axes are unconfirmed. If the profit recovery is confirmed in the numbers and the new business advances, the current multiple can be justified. Conversely, if the recovery is delayed, the high multiple becomes a burden. As it is too early to declare either way, we view it as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩32,450 and the market capitalization is ₩678.5 billion. The price sits above its 20-day moving average (₩28,950) and below its 60-day moving average (₩35,167). 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 55.9, a neutral level. The one-month change is -1.7%, the three-month change is -34.6%, and the position relative to the 52-week high is -41.1%. Relative strength versus the KOSDAQ is 85 (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 85% of all stocks. Over the past three months it lagged the index by 0.7%. 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 -0.74% / 6M +44.35% / 12M +81.43%
Key metrics Computed vs sector median
Valuation
The P/E of 664.96x is above the sector median (26.76x). The P/B of 10.16x 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 1.9%. The debt ratio is 70.1%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $78.3M | $97.1M | $89.7M | -7.69% ↓ slower |
| Operating profit | $17.6M | $12.3M | $1.7M | -86.15% ↓ slower |
| Net profit | $18.4M | $17.4M | $717,270 | -95.87% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $35.6M | $35.2M | $78.3M | $97.1M | $89.7M |
| Operating profit | -$11.1M | -$4.4M | $17.6M | $12.3M | $1.7M |
| Net profit | -$10.4M | -$5.9M | $18.4M | $17.4M | $717,270 |
| Revenue CAGR | 4-yr avg 25.99% | ||||
Revenue fell 7.7% year over year (2023 ₩111.5 billion → 2024 ₩138.3 billion → 2025 ₩127.6 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 86.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 26.0%. The two-year revenue CAGR is 7.0%. In the most recent quarter (Q1 2026), revenue was 2.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue fell 7.7% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-26FilingCorporate-value-up plan disclosed. Presented shareholder-return directions such as a push for glucose-monitor product approval and share cancellation.Formalized a medium-term new-business roadmap and the will to return value to shareholders. A core basis for share-price expectations. Source
- 2026-04-27IRInvestor briefing (IR) held. Shared the state of the camera driver-chip business and progress on the new business.Investor communication. Provides the latest information on the direction of the business. Source
- 2026-05-11EarningsQ1 2026 report filed. Revenue recovered +2.4% year over year, but operating profit was in the red (-₩1.85 billion).A sign that revenue has passed its trough, but confirmed that the profit recovery remains a task for the second half. Source
- 2026-04-09FilingTreasury-share acquisition results report (trust) disclosed. Shareholder returns carried out through treasury-share purchases.Actual execution of the will to return value to shareholders. Favorable for supply-demand and sentiment. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-11PeriodicQuarterly report
- 2026-04-27Disclosure
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-13Amended filing
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-03-06OwnershipOwnership-change filing
- 2026-02-12Shareholders' 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.