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 259.1%, and convertible-bond dilution is possible, so if the industry cools the burden comes to the fore.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 259.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 61.2%).
- 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
- 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 ₩5,240 and the market cap is ₩222.0 billion.
- The price sits below its 20-day line (₩8,850) and below its 60-day line (₩8,648).
- 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 momentum over the past 14 days on a 0-100 scale) is 28.4, close to oversold territory.
- The price is down 42.7% over one month and down 17.0% over three months, and stands 57.8% below its 52-week high.
- Its relative strength versus the KOSDAQ is 83 (on a 1-99 scale that converts return against the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 16% of all stocks by strength.
- Over the past three months it outpaced the index by 3.9%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On 2025 booked results, the P/E (price divided by earnings per share) is 42.46x and the P/B (price divided by net asset value per share) is 3.16x, 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 259.1% 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 259.1% 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 | 26.13x | 2.16x | 8.28% |
| SFA Semicon | — | 1.73x | -4.05% |
| Eugene Technology | 79.34x | 7.33x | 9.24% |
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 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 ₩5,240 and the market capitalization is ₩222.0 billion. The price sits below its 20-day moving average (₩8,850) and below its 60-day moving average (₩8,648). 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 28.4, near oversold territory. The one-month change is -42.7%, the three-month change is -17.0%, and the position relative to the 52-week high is -57.8%. Relative strength versus the KOSDAQ is 83 (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 84% of all stocks. Over the past three months it outpaced the index by 3.9%. 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 +3.94% / 6M -19.12% / 12M +123.74%
Key metrics vs sector median
Valuation
The P/E of 42.46x is above the sector median (27.09x). The P/B of 3.16x is above 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 4.8%. The debt ratio is 259.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $62.1M | $57.5M | $73.6M | +27.99% ↑ faster |
| Operating profit | -$15.2M | -$14.3M | $3.5M | — |
| Net profit | -$11.0M | -$33.6M | $3.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $31.3M | $48.8M | $62.1M | $57.5M | $73.6M |
| Operating profit | $2.7M | $3.0M | -$15.2M | -$14.3M | $3.5M |
| Net profit | $1.8M | $2.0M | -$11.0M | -$33.6M | $3.5M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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
- 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.