Apact (200470) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Apact earns its money in the semiconductor back end, the stage after chips are made: 71.7% of revenue comes from packaging, which attaches chips to a substrate and protects them, and 23.7% from test, which checks that finished packages work. With its 2022 acquisition of a packaging business it built a turnkey system, serving domestic memory and system-semiconductor customers such as SK Hynix and Samsung Electronics. In April 2026 its largest shareholder changed to Ainavi Group Cis through a transfer of a 55.33% stake (₩123.0 billion), and in May it issued a ₩25.0 billion convertible bond for facility funds (new shares would rise about 5.77% on conversion). What stands out lately is that, on the strength of its turnkey system and memory customers, core-business revenue has more than doubled in four years, and after a 2024 loss it swung to profit in 2025 with Q1 revenue up more than 30%, pushing the forward P/E below the trailing P/E - a strength. The caution is that, as the first year of the turnaround, the operating margin (4.8%) is thin, the debt ratio is 159.1%, and convertible-bond dilution is possible, so if the industry cools the burden comes to the fore.
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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 “Back-End & Packaging (OSAT)” (Semiconductors & IT Components · Semiconductors), a type typically read first through EV/EBITDA.
OSAT packaging carries a heavy capital-spending burden, with depreciation weighing on profit and debt often in the mix. So EV/EBITDA — enterprise value, including debt, against operating cash generation — captures the reality of this equipment-intensive business better than net-income measures.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 56.1%).
- Revenue rose 28.0% year over year, and the pace is quickening (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 30.3% higher than a year earlier.
- ROE is 7.4% (total-net basis). It is above the sector average.
- Operating margin is 4.8%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Mutual Growth 55.33% (individual)
Controlling bloc incl. related parties 55.38%
With the controlling bloc holding 55%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Apact earns its money in the back end, the last stage after chips are made (packaging and testing finished chips). 71.7% of revenue is semiconductor packaging (attaching chips to a substrate to connect them electrically and protect them from external shock), and 23.7% is semiconductor test (electrically checking that finished packages work properly). By acquiring the packaging business from Advanced Tech in 2022, it built a turnkey system (a single-request, handle-it-through-to-the-end approach) that handles packaging and testing in one place. Major customers are domestic memory companies including SK Hynix and Samsung Electronics, and system-semiconductor design firms such as LX Semicon and Magnachip, and it can test a broad range of memory such as DDR5, LPDDR and GDDR as well as system ICs. In other words, its results are heavily governed by demand for finished semiconductors and by customers' production and inventory flows.
The latest close is ₩5,280 and the market capitalization is ₩223.7 billion. The price sits above its 20-day moving average (₩4,934) and below its 60-day moving average (₩7,550). 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 46.3, a neutral level. The one-month change is -7.7%, the three-month change is -45.9%, and the position relative to the 52-week high is -57.5%. Relative strength versus the KOSDAQ is 73 (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 73% of all stocks. Over the past three months it lagged the index by 18.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On 2025 booked results, the P/E (price divided by earnings per share) is 42.79x and the P/B (price divided by net asset value per share) is 3.35x, which look high on the absolute figures alone. The biggest reason this P/E is elevated is that this is the first year of a swing from loss in 2024 to profit in 2025, so earnings (net profit of ₩5.2 billion) are still thin. For a company passing a profit inflection, the forward P/E that reflects this year's expected profit is closer to the real picture than a P/E calculated on past results. The forward P/E steps down one level below the booked P/E, because this year's profit is seen rising above last year's. ROE (the return earned on equity in a year) is 7.4% and the operating margin is 4.8%, so given the outsourced-back-end nature the margin is not thick. The debt ratio is 159.1% and the current ratio is 61.2%, so financial room is not ample, making it worth watching whether profit thickens further and cash builds up.
Revenue more than doubled in four years, from ₩47.2 billion in 2021 to ₩111.0 billion in 2025 (about 24% average annual growth), and grew 28.0% year on year in 2025 alone. The more important change is the bottom line: from a ₩21.5 billion operating loss and ₩50.7 billion net loss in 2024 (including a ₩24.8 billion asset impairment) to a ₩5.3 billion operating profit and ₩5.2 billion net profit in 2025, a swing to profit. It climbed out of the loss and began to earn. The trend continues in 2026: Q1 revenue was ₩30.5 billion, up 30.3% year on year. The Q1 operating loss reflects a recurring seasonal pattern, as this company's back end runs at low utilization early in the year, and the key signal is that core-business revenue is growing more than 30%. This year's forward P/E falling below the booked P/E means that, as memory demand recovers and line utilization rises, the back end's nature - where additional revenue beyond fixed costs converts quickly to profit (operating leverage) - is expected to show up in this year's results. It is the early stage of a recovery in which margins improve as revenue rises.
The biggest change over the past year is in governance. In April 2026 the largest shareholder changed from Intergrow Cis to Ainavi Group Cis, with a transfer contract for a 55.33% stake (₩123.0 billion). This is a deal in which the new parent, Ainavi Group Cis - which had first acquired the vehicle-navigation specialist Thinkware - secured management control. It is a phase in which the change of hands that began in October 2025 with a 30.1% stake handed over from Glowmay is smoothly wrapping up under the new owner. Also, in May 2026 the company issued a fifth series of convertible bonds worth ₩25.0 billion to raise facility funds (0% coupon, 3% yield to maturity, maturing 2031); if fully converted, new shares could rise 5.77% (about 2.59 million shares). The point to watch is confirming, through the quarterly and business reports, how these changes flow into the revenue and profit trend.
This is a recovery-phase stock with clear strengths. It has a turnkey system that handles packaging and testing in one place, and on the strength of memory customers its core-business revenue has more than doubled in four years. Above all, it climbed out of a large 2024 loss to swing to profit in 2025, and in Q1 2026 revenue grew more than 30%, so the recovery continues. The forward P/E falling below the booked P/E signals that this year's profit is seen thickening, and given the back end's nature, operating leverage can kick in as utilization rises. Meanwhile, there are points to view with caution. As the first year of the turnaround, the margin (operating 4.8%) is still thin, and with a debt ratio of 159.1% financial room is not large. If the convertible bonds are all converted to stock, shares outstanding could rise about 5.77%, so existing holders' share can be partly diluted. In short, in a phase where a memory-industry recovery and rising utilization feed into profit, operating leverage makes it strong; if the industry cools or margins are pressed again, the thin margin and debt burden can come to the fore.
🔎 Valuation vs peers Overvalued
Compared with semiconductor back-end (packaging/test) and materials names whose business character is adjacent and whose data is verifiable. That said, Apact has a large share of outsourced processing, so its margin structure differs from pure materials or equipment makers.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hana Materials | 28.40x | 2.25x | 10.28% |
| SFA Semicon | — | 1.75x | -4.05% |
| Eugene Technology | 63.25x | 5.62x | 11.96% |
Compared with back-end peer SFA Semicon (2.0x P/B, negative ROE) or materials maker Hana Materials (30.3x P/E, 2.5x P/B), Apact's 66.1x P/E and 4.9x P/B are clearly a premium zone. However, this P/E is a value divided by the thin first-year turnaround profit (net profit of ₩5.2 billion), and at a profit inflection it is prone to overstatement. This year's revenue on a seasonality approximation (about ₩110.7 billion) is at a level similar to last year, so to justify the valuation the profit leverage from rising utilization must actually be confirmed. Top-line growth is fast but the margin is thin and there is debt and dilution burden, so the current price is seen as a spot where expectations run ahead.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩26.3 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩5,280 and the market capitalization is ₩223.7 billion. The price sits above its 20-day moving average (₩4,934) and below its 60-day moving average (₩7,550). 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 46.3, a neutral level. The one-month change is -7.7%, the three-month change is -45.9%, and the position relative to the 52-week high is -57.5%. Relative strength versus the KOSDAQ is 73 (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 73% of all stocks. Over the past three months it lagged the index by 18.1%. 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 -18.15% / 6M -5.19% / 12M +111.30%
Key metrics Computed vs sector median
Valuation
The P/E of 42.79x is above the sector median (26.76x). The P/B of 3.35x 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 4.8%. The debt ratio is 180.3%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $65.9M | $60.9M | $78.0M | +27.99% ↑ faster |
| Operating profit | -$16.1M | -$15.1M | $3.7M | — |
| Net profit | -$11.7M | -$35.6M | $3.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $33.2M | $51.7M | $65.9M | $60.9M | $78.0M |
| Operating profit | $2.8M | $3.2M | -$16.1M | -$15.1M | $3.7M |
| Net profit | $1.9M | $2.2M | -$11.7M | -$35.6M | $3.7M |
| Revenue CAGR | 4-yr avg 23.82% | ||||
Revenue rose 28.0% year over year (2023 ₩93.7 billion → 2024 ₩86.7 billion → 2025 ₩111.0 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 23.8%. The two-year revenue CAGR is 8.8%. In the most recent quarter (Q1 2026), revenue was 30.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 28.0% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-06UpdateTransfer contract for a 55.33% stake (23,440,780 shares at ₩5,249 per share, ₩123.0 billion total) changing the largest shareholder from Mutual Growth to Dynamic Growth. Chemical maker Unid exercised a preemptive right and designated Dynamic Growth as the acquirer.A major change altering governance and management direction, raising uncertainty over new-business and capital policy. Because it is premised on meeting closing conditions, the actual timing of the change is fluid. Source
- 2026-05-29UpdateDecision to issue a fifth series of ₩25.0 billion unguaranteed private-placement convertible bonds (100% facility funds, 0% coupon, 3% yield to maturity, maturing 2031-06-10, conversion price ₩9,635). On conversion, 5.77% of shares outstanding (2,594,706 shares) could be newly issued.It carries the positive of securing funds to expand back-end facilities alongside the burden that, on conversion, the share count rises and existing holders' stakes are diluted. Conversion requests begin in June 2027. Source
- 2026-05-15UpdateQ1 2026 report. Revenue of ₩30.5 billion (up 30.3%) grew the top line, but an operating loss of ₩1.9 billion and a net loss of ₩3.3 billion continued the off-season loss pattern.Confirms the seasonality in which top-line growth and a Q1 loss coexist. Whether annual profit is sustained depends on Q2-Q4 utilization. Source
- 2026-03-23Update2025 business report (unqualified opinion from Samjong Accounting). Revenue of ₩111.0 billion, operating profit of ₩5.3 billion and net profit of ₩5.2 billion confirmed a swing to profit from the large 2024 loss that accompanied a ₩24.8 billion asset impairment.The core material officially confirming the turnaround. The disappearance of the asset-impairment burden is a major driver of the swing to profit. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩111.0 billion | 110,999 | Confirmed | link |
| Business revenue mix | — | 79,540(71.66%)· 26,249(23.65%) | Confirmed | link |
| Convertible-bond issuance size | ₩25.0 billion· 5.77% | ₩25,000,000,000· 2,594,706(5.77%) | Confirmed | link |
| 2026 approximate annual revenue | approx. ₩110.7 billion | — | Unverified | link |
Recent filings Source
- 2026-05-29Material-fact report
- 2026-05-20OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-13OwnershipOwnership-change filing
- 2026-04-13OwnershipOwnership-change filing
- 2026-04-06OwnershipLargest-shareholder ownership change report
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-02-24Shareholders' 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.