AL Tech is a small-cap company classified in the semiconductor sector, with a business base that generated ₩48.4 billion in revenue over the most recent year and a market capitalization of about ₩84.0 billion. At that size, each individual disclosure has an outsized effect on revenue, profit, and share count. Disclosures in February and March 2026 confirmed a loss-making year, with annual revenue of ₩48.4 billion, an operating loss of ₩7.4 billion, and a net loss of ₩9.0 billion, and a September 2025 filing extended the timeline of a new facility investment because of site-preparation delays. The strengths here are clear revenue growth, running at 31.9% for the year and 37.0% for the quarter, together with an asset-based discount: at a P/B of 0.91x, the share price sits well below book value, the 60-day moving average, and the 52-week high. The cautions are equally clear: operating and net income are still in the red, so the point at which rising revenue turns into profit has yet to be confirmed, and with a debt ratio of 221.4% and a current ratio of 53.3%, short-term financial flexibility is tight.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 221.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 53.3%).
- The most recent full-year net result was a loss.
- Revenue rose 31.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 37.0% higher than a year earlier.
- ROE is -9.7% (controlling-interest basis). It is below the sector average.
- Operating margin is -15.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Cheon Byeong-tae 18.64% (individual)
Controlling bloc incl. related parties 29.61%
With the controlling bloc holding 30%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- AL Tech is a company classified in the semiconductor sector.
- As a small-cap with a market capitalization of ₩84.0 billion, it is worth watching not only the underlying business but also how each individual disclosure affects revenue, profit, and share count, since that effect is relatively large at this size.
- Recent annual revenue came in at ₩48.4 billion, and the revenue base itself appears to be steadily taking hold.
- The latest close is ₩8,620 and market capitalization is ₩77.2 billion.
- The price sits below both the 20-day line (₩10,750) and the 60-day line (₩14,054).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward against downward pressure over the past 14 days on a 0-100 scale) is 30.5, a neutral level.
- The one-month change is -26.3%, the three-month change is -18.8%, and the position versus the 52-week high is -56.7%.
- Relative strength versus the KOSDAQ is 69 (on a 1-99 scale that converts return against the index over the past year, weighted toward recent performance; higher means stronger than the market).
- That places it in roughly the top 31% of all stocks by strength.
- Over the past three months it lagged the index by 1.4 points to the upside, edging ahead.
- Chart readings are best interpreted alongside trading volume and the dates on which disclosures occur.
- Recent annual revenue was ₩48.4 billion, with an operating loss of ₩7.4 billion and a net loss of ₩9.0 billion, so the company is still loss-making.
- ROE (how much is earned in a year on equity) is -9.7% and the operating margin is -15.3%, while the debt ratio (debt against equity) is 221.4% and the current ratio (assets readily convertible to cash against debt due within a year) is 53.3%.
- With debt somewhat exceeding equity and short-term liquidity on the tight side, financial soundness rates as a point of caution.
- On the other hand, the P/B (how many times book value the share price is) is 0.83x, below 1x.
- That means the market prices the company below the net assets recorded on its books, which is less a burden than a signal that the price is cheap relative to assets.
- With earnings in the red, a P/E cannot readily be calculated, so the key to valuation is the point at which rising revenue converts into profit.
- The revenue trajectory is this company's clearest strength.
- Annual revenue rose 31.9% year over year, and the pace of growth has been gradually accelerating.
- The latest quarterly revenue was ₩13.8 billion, up 37.0% from the same period a year earlier, an even steeper recovery than the annual figure.
- This year's revenue is seen stepping up further to around ₩55.1 billion, a figure derived by applying the past three years' quarterly weightings to the confirmed first-quarter results.
- The top line is clearly trending upward, which reads as a sign that demand is intact.
- That said, operating profit remains in loss-making territory, so it is too early to say that top-line growth has already translated into profit growth.
- The accurate summary is therefore "growth is under way, but the turn to profit is still being confirmed." There is no basis in the data to expect next year and beyond to come in below this year, so there is no reason to declare this a cycle top.
- The disclosure flow centers on earnings revisions.
- On 2026-03-16 and 2026-02-06, filings on "a change of 30% or more (15% for large corporations) in revenue or profit structure" were released, showing annual revenue of ₩48.4 billion, an operating loss of ₩7.4 billion, and a net loss of ₩9.0 billion.
- Since these confirm the loss-making period, it is worth checking whether the figures point in the same direction as the annual trend and whether any one-off factors are mixed in.
- On 2025-09-03 there was a revised disclosure on a new facility investment, in which the investment period was extended because of a change in the investment environment, including site-preparation delays.
- As material the company itself put forward, it serves as a directional clue for gauging future capacity and the progress of the investment.
- This is a stock in which the strengths and cautions are relatively sharply divided.
- The strengths are revenue growth and valuation position.
- The top line is clearly rising, at 31.9% for the year and 37.0% for the quarter, and the price sits well below book value (P/B 0.91x), the 60-day line, and the 52-week high.
- Growing scale together with a cheap asset price is a clear draw.
- The cautions are profitability and finances.
- Operating and net income are still in the red, so the point at which rising revenue turns into profit needs to be confirmed, and with a debt ratio of 221.4% and a current ratio of 53.3%, short-term financial flexibility is tight.
- In short, in a phase where the revenue recovery carries through to a profit turn and short-term liquidity stabilizes, the strength of an undervalued asset comes to the fore; conversely, in a phase where losses drag on or funding issues pile up, the financial burden surfaces first.
🔎 Valuation vs peers Undervalued
A peer set within the semiconductor sector drawn from companies of adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nextchip | — | 3.96x | -87.90% |
| Ajin Extec | 102.41x | 2.08x | 2.03% |
| KRM | — | 1.52x | -19.96% |
Within the semiconductor sector, priority was given to a public-data peer set of adjacent market capitalization. The current P/E (how many times a year's earnings the share price is) cannot be determined, and the P/B (how many times book value the share price is) is 0.83x. That said, for lower-cap names, swings in earnings and funding disclosures carry a large effect, so no firm conclusion is drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩55.1 billion | — | — |
| Next quarter | Q2 2026 | ₩13.7 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩8,620 and the market capitalization is ₩77.2 billion. The price sits below its 20-day moving average (₩10,750) and below its 60-day moving average (₩14,054). 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 30.5, a neutral level. The one-month change is -26.3%, the three-month change is -18.8%, and the position relative to the 52-week high is -56.7%. Relative strength versus the KOSDAQ is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 1.4%. 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 +1.39% / 6M -19.17% / 12M +9.72%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.83x is below the sector median (2.10x).
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 -15.3%. The debt ratio is 221.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $31.6M | $24.3M | $32.1M | +31.88% ↑ faster |
| Operating profit | $3.2M | -$8.1M | -$4.9M | — |
| Net profit | $3.4M | -$6.2M | -$5.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $27.7M | $29.4M | $31.6M | $24.3M | $32.1M |
| Operating profit | $3.7M | $5.3M | $3.2M | -$8.1M | -$4.9M |
| Net profit | $3.3M | $9.8M | $3.4M | -$6.2M | -$5.9M |
| Revenue CAGR | 4-yr avg 3.68% | ||||
Revenue rose 31.9% year over year (2023 ₩47.7 billion → 2024 ₩36.7 billion → 2025 ₩48.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened 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 3.7%. The two-year revenue CAGR is 0.7%. In the most recent quarter (Q1 2026), revenue was 37.0% 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.
- Revenue grew 31.9% year over year, a sign of growth.
Points to watch
- Debt is somewhat higher than equity (debt ratio 221.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 53.3%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-03-16Earnings[Correction] Change of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩48.4 billion, operating loss ₩7.4 billion, net loss ₩9.0 billionThis is recent confirmed or preliminary results material. It is read alongside whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-02-06EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩48.4 billion, operating loss ₩7.4 billion, net loss ₩9.0 billionThis is recent confirmed or preliminary results material. It is read alongside whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2025-09-03Update[Correction] New facility investment, etc.: New facility investment, etc./(2025.09.03) revised filing of new facility investment, etc. Date of correction 2025-09-03. 1. Filing subject to correction: new facility investment, etc. 2. Filing date of the corrected document 2024-04-11. 3. Reason for correction: extension of the investment period and correction of clerical errors due to a change in the investment environment, including site-preparation delays. 4. Items corrected: item corrected beforeThis is planning material the company itself put forward. If it contains figures, it is treated as a primary basis for the outlook box; if not, it is treated only as directional material. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,620 | ₩8,620 | Confirmed | link |
| Latest quarterly results | revenue ₩13.8 billion, operating profit -₩0.9 billion | revenue ₩13.8 billion, operating profit -₩0.9 billion | Confirmed | link |
| Annual results | revenue ₩48.4 billion, operating profit -₩7.4 billion | revenue ₩48.4 billion, operating profit -₩7.4 billion | Confirmed | link |
| Original text of the results disclosure | []revenue30%: revenue ₩48.4 billion · operating profit -₩7.4 billion · net profit -₩9.0 billion | []revenue30%: revenue ₩48.4 billion · operating profit -₩7.4 billion · net profit -₩9.0 billion | Confirmed | link |
| Original text of the results disclosure | revenue30%: revenue ₩48.4 billion · operating profit -₩7.4 billion · net profit -₩9.0 billion | revenue30%: revenue ₩48.4 billion · operating profit -₩7.4 billion · net profit -₩9.0 billion | Confirmed | link |
| Original text of the outlook/plan disclosure | []: /(2025.09.03) 2025-09-03 1. 2. 2024-04-11 3. 4. | []: /(2025.09.03) 2025-09-03 1. 2. 2024-04-11 3. 4. | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-05-04OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Amended filing
- 2026-03-23Amended filing
- 2026-03-19Audit report
- 2026-03-16EarningsAmended filing
- 2026-02-27Disclosure
- 2026-02-27Shareholders' meeting notice
- 2026-02-27Shareholders' 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.