Asflow (159010) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Asflow makes gas- and fluid-transfer components used in semiconductor processes, centered on high-purity tubing it was the first in Korea to localize away from Japanese imports, and it also supplies fittings, valves, regulators, and filters, recently broadening into higher-value parts such as integrated gas supply modules (IGS), so demand tracks fab utilization and new investment. A February disclosure of a change in the revenue and profit-and-loss structure confirmed the 2025 loss (revenue ₩67.9 billion, operating loss ₩7.0 billion, net loss ₩9.9 billion), and after a January treasury-share disposal and a May 7 IR, the May 11 Q1 report confirmed a return to profit, though no large supply contract or annual results target driving the recovery has yet been confirmed. What stands out lately is that it hit a loss bottom and turned to profit in Q1, and with a structure where a recovery in memory utilization feeds straight through to component demand it catches the industry tailwind; but the profit is only one quarter old and a debt ratio of 155% leaves limited financial headroom, so the durability of the recovery needs further confirmation in the next quarter.
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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 “Semiconductor Materials & Components” (Semiconductors & IT Components · Semiconductor Components), a type typically read first through forward P/E.
Semiconductor materials and components are growth-tilted businesses whose future results move with the downstream chip investment cycle and new design wins, so expected profits explain the share price better than past earnings. That's why forward P/E — reflecting projected net income — comes before the trailing figure.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- The most recent full-year net result was a loss.
- Revenue fell 18.8% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 8.9% higher than a year earlier.
- ROE is -21.4% (total-net basis). It is below the sector average.
- Operating margin is -10.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Kang Doo-hong 54.54% (individual)
Controlling bloc incl. related parties 55%
With the controlling bloc holding 55%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Asflow makes gas- and fluid-transfer components that go into the processes for building semiconductors. At its core is the high-purity tubing (ultra-precise metal tubes through which gas passes) it was the first in Korea to localize away from reliance on Japanese imports, together with the fittings that join the tubes, the valves and regulators that control gas flow, and the filters that screen out impurities. A large share of revenue comes from installation components for laying the gas piping of a semiconductor fab, and it is building up revenue from parts that go directly inside the equipment. Recently it has been expanding into higher-value parts such as integrated gas supply modules (mounted on top of semiconductor equipment to feed several gases precisely into a vacuum chamber, called IGS in the industry). In a word, it is a business where component demand rises as fab utilization and new investment grow.
The latest close is ₩19,000 and the market capitalization is ₩253.4 billion. The price sits above its 20-day moving average (₩14,578) and above its 60-day moving average (₩17,110). 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 60.0, a neutral level. The one-month change is +1.9%, the three-month change is +62.4%, and the position relative to the 52-week high is -16.3%. Relative strength versus the KOSDAQ is 93 (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 94% of all stocks. Over the past three months it outpaced the index by 106.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
In 2025, results were a loss, with revenue of ₩67.9 billion, an operating loss of ₩7.0 billion, and a net loss of ₩9.9 billion. ROE (how much is earned on equity in a year) was -21.4% and the operating margin -10.3%, so last year profitability was at a bottom. The debt ratio (debt against equity) is somewhat high at 255%, while a current ratio of 114% keeps short-term solvency intact. On valuation, because last year was a loss the P/E based on past results (how many years of profit the price represents) cannot be calculated, and the P/B (how many times net assets the price represents) is 4.97x. But this is a stock at a profit inflection that has just turned from loss to gain, so judging cheap or expensive by finished last-year numbers distorts the picture. Rather than declaring the burden from the single loss-year's metrics alone, it is right to also watch whether the recovery track continues quarter by quarter.
Looking at the top line alone, revenue fell for three years from a peak of ₩88.7 billion in 2022 to ₩67.9 billion in 2025 (down 18.8% year on year in 2025), and profit also sank into consecutive losses in 2024 and 2025. But in Q1 2026 the flow shifted clearly. Revenue was ₩28.3 billion (up 8.9% year on year), and with operating profit of ₩1.38 billion and net profit of ₩1.23 billion it turned to profit, with the quarterly net margin rising to 4.4%. This normalization of profit is exactly why a forward P/E now takes shape. As memory and semiconductor utilization recovers, orders for fab gas piping and components pick up again, and as the utilization and unit prices depressed during the loss period regain normal levels, this year's profit is structured to jump sharply from last year's loss. Add the share it has cemented through high-purity tubing localization and its expansion into higher-value parts such as IGS, and this can be seen as a phase where the profit base itself steps up a level, beyond merely making up last year's loss. Since the profit recovery has only just begun, there is as yet no basis to declare this year's earnings outlook a cyclical top or peak.
Recent disclosures center on the profit inflection and on shareholder returns and governance. In January it decided and completed a treasury-share disposal, changing shareholder returns and supply-demand, and in February a disclosure of a change in the revenue and profit-and-loss structure effectively confirmed the 2025 loss (revenue ₩67.9 billion, operating loss ₩7.0 billion, net loss ₩9.9 billion). The March business report then hardened the loss bottom, and the May 11 Q1 report confirmed the return to profit. On May 7 it held an investor briefing (IR) to communicate with investors. That said, no large single sale or supply contract driving this quarter's recovery, and no official annual results target from the company, has yet been confirmed, so the speed and durability of the recovery are areas to confirm from the next quarter's results and further disclosures.
This is a stock with clear strong and weak phases. Its strengths are that it hit a 2025 loss bottom and turned to profit in Q1 2026 alongside rising revenue, and that its business structure, where a recovery in memory and semiconductor utilization feeds straight through to gas- and fluid-component demand, catches the industry tailwind directly. The past P/E is not visible because of last year's loss, but the fact that a forward P/E has normalized means the profit base that the loss year's metrics obscured is starting to reappear. The share cemented through high-purity tubing localization and the expansion into higher-value parts such as IGS are factors widening the recovery. On the other side, the points to weigh are that the quarterly profit is still only one quarter old, so whether this recovery is a trend or temporary needs further confirmation from the next quarter, and that a debt ratio of 155% leaves financial headroom that is not ample. In short, if the memory-market recovery carries through into quarterly results, profit fills in quickly and it is strong; if the recovery is slow or the market wavers, recovery expectations cool and it can shake.
🔎 Valuation vs peers Overvalued
Compared against stocks close in business character within the semiconductor materials-components-equipment space. Hana Materials makes silicon and material parts for semiconductors, FST makes semiconductor process components, and Jusung Engineering makes semiconductor equipment, all sharing the same fab-utilization and investment cycle as Asflow (gas- and fluid-transfer parts).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hana Materials | 28.40x | 2.25x | 10.28% |
| FST | 0.00x | 1.71x | -5.10% |
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
A P/B of 6.5x is more than double that of profitable peer component stocks (Hana Materials 2.9x, FST 2.8x). As an early-recovery loss-making company, last year's trailing P/E is not calculable, and even the forward P/E is in a burdensome zone. Since the price has already priced in the turn to profit and expectations of an industry recovery, the premium can be justified if quarterly profit hardens into a trend, but the pullback risk is large if it stops at a single-quarter rebound. Rather than flatly declaring cheap or expensive, it is more apt to view the current price as a position that already reflects the premise that the recovery continues.
Price history Close · MA20 · MA60
The latest close is ₩19,000 and the market capitalization is ₩253.4 billion. The price sits above its 20-day moving average (₩14,578) and above its 60-day moving average (₩17,110). 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 60.0, a neutral level. The one-month change is +1.9%, the three-month change is +62.4%, and the position relative to the 52-week high is -16.3%. Relative strength versus the KOSDAQ is 93 (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 94% of all stocks. Over the past three months it outpaced the index by 106.0%. 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 +105.95% / 6M +395.84% / 12M +405.91%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.97x is above the sector median (1.01x).
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 -21.4%, below the sector average (2.0%). The operating margin is -10.3%. The debt ratio is 154.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $61.0M | $58.7M | $47.7M | -18.76% ↓ slower |
| Operating profit | $4.5M | -$1.3M | -$4.9M | — |
| Net profit | $2.5M | -$1.7M | -$7.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $41.4M | $62.3M | $61.0M | $58.7M | $47.7M |
| Operating profit | $2.8M | $7.4M | $4.5M | -$1.3M | -$4.9M |
| Net profit | $2.8M | $6.4M | $2.5M | -$1.7M | -$7.0M |
| Revenue CAGR | 4-yr avg 3.63% | ||||
Revenue fell 18.8% year over year (2023 ₩86.9 billion → 2024 ₩83.6 billion → 2025 ₩67.9 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.6%. The two-year revenue CAGR is -11.6%. In the most recent quarter (Q1 2026), revenue was 8.9% 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
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 18.8% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-11EarningsFiling of the Q1 2026 report. Revenue ₩28.3 billion, operating profit ₩1.38 billion, net profit ₩1.23 billion, a return to profit versus the prior-year loss.Short term: confirms the exit from loss as a profit-inflection signal. Mid term: the durability of the quarterly profit is the key to justifying the high valuation. Source
- 2026-05-07IRHeld an investor briefing (IR). A venue set up to explain the business and results to investors.Short term: stronger company communication in a recovery phase. Mid term: a chance to review the business direction and demand outlook. Source
- 2026-03-16EarningsFiling of the 2025 business report. Annual revenue ₩67.9 billion, operating loss ₩7.0 billion, net loss ₩9.9 billion, confirming the loss.Short term: confirms the loss bottom. Mid term: a baseline against which the subsequent quarterly recovery is measured. Source
- 2026-02-09FilingDisclosure of a 30%-plus change in revenue or profit-and-loss structure. Disclosed deteriorating results for 2025 with annual revenue ₩67.9 billion, operating loss ₩7.0 billion, and net loss ₩9.9 billion.Short term: officially confirms the size of the loss. Mid term: a reference point just before the inflection, contrasting with the Q1 turn to profit. Source
- 2026-01-16DividendDecision to dispose of treasury shares. A subsequent January 19 result report reflected changes in shareholder returns and supply-demand.Short term: a treasury-share disposal is a variable for circulating volume and supply-demand. Mid term: it needs confirming whether cash flow and profit base support the returns. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩67.9 billion | (2025.12) | Confirmed | link |
| Q1 2026 net profit (return to profit) | ₩1.2 billion | (2026.03) | Confirmed | link |
| 2025 deterioration in profit and loss (change in revenue/profit-and-loss structure) | ₩7.0 billion· ₩9.9 billion | revenue 30% | Confirmed | link |
| This year's forward P/E | approx. 60x(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-05-11PeriodicQuarterly report
- 2026-05-07Disclosure
- 2026-05-06OwnershipOwnership-change filing
- 2026-05-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24Disclosure
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-18Amended filing
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-16Disclosure
📖 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.