AP Satellite is a telecom and broadcasting equipment company that makes and sells satellite-based communication terminals and related gear, and as a small-cap with a market cap of ₩123.8 billion, a single order or disclosure has a relatively large effect on its revenue and results. It announced single sales and supply contracts of ₩6.3 billion in May 2026 (13.0% of recent revenue) and ₩5.2 billion each (8.8%) in January 2026 and December 2025, a run of meaningfully sized contracts for a company with ₩22.6 billion in revenue. The point worth watching lately is that the shares sit -61% from their 52-week high, a 1.19x P/B is not expensive versus peers, and a current ratio of 470% gives a solid short-term cushion; against that, operating and net profit both turned to losses last year and the operating loss continued in Q1, so it needs checking through quarterly results whether new orders feed through to actual revenue and profit and pull the company out of the red.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 10.2% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.8% lower than a year earlier.
- ROE is -2.7% (total-net basis).
- Operating margin is -19.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Contec 24.73% (corporate)
Controlling bloc incl. related parties 25.37%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- AP Satellite is a company in the telecom and broadcasting equipment sector that earns its keep by making satellite-based communication terminals and related gear.
- As a small-cap with a market cap of ₩123.8 billion, its business scale itself is not large, and by the same token a single order or disclosure has a relatively large effect on its revenue and results.
- So which products drive its revenue, and whether a newly won contract is a recurring transaction or a one-off, is the starting point for understanding the company.
- The latest close is ₩7,910 and the market cap is ₩119.3 billion.
- The price sits below its 20-day line (₩9,620) and below its 60-day line (₩13,927).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 28.2, close to depressed territory.
- The one-month change is -33.2%, the three-month change is -48.0%, and the position relative to the 52-week high is -62.8%.
- Relative strength versus the KOSDAQ is 45 (on a 1-99 scale, converting the past year's return against the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 55% of all stocks by strength.
- Over the past three months it has lagged the index by 32.9%.
- Chart reading is best done alongside volume and the dates of disclosures.
- The most recent annual (2025) revenue is ₩22.6 billion, with an operating loss of ₩4.3 billion and a net loss of ₩2.8 billion, turning to a loss last year.
- The operating margin is -19.0% and the ROE (how much the company earns on its equity in a year) is -2.7%.
- On valuation, because profit is in the red the P/E (how many times a year's earnings the share price is) cannot be computed, so we look at the asset-based P/B (how many times book value the share price is).
- The current P/B is 1.15x, similar to or slightly above peers Ubiquoss (0.72x) and IDIS (0.64x), and below Genohco (2.31x).
- What is worth noting financially is liquidity.
- The current ratio (assets convertible to cash within a year against debt due within a year) is 470%, leaving room in short-term funding.
- The debt ratio (debt against equity) of 121.6% is not an excessive level.
- In other words, the loss is a clear weakness, but the cushion to weather that loss is comparatively solid, and the two read together.
- Revenue rose from ₩16.1 billion in 2023 to ₩25.2 billion in 2024, then fell to ₩22.6 billion in 2025, so the three-year flow reads as mixed.
- Operating profit swung from a ₩7.3 billion profit in 2024 to a ₩4.3 billion loss in 2025, and net profit also went from ₩10.4 billion to a ₩2.8 billion loss over the same period.
- In the latest quarter, Q1 2026, revenue was ₩4.2 billion, down 1.8% from the same period a year earlier, and the operating loss was ₩2.6 billion.
- This year's revenue is gauged at about ₩24.0 billion, a picture of roughly last year's level or a slight recovery.
- But whether profit swings back to positive alongside a revenue recovery is a separate matter, so on the growth side the key is less the 'revenue scale' than the 'timing of exiting the red.' Whether a clue to an operating-profit turnaround shows up in quarterly results is the point to watch going forward.
- Recent disclosures concentrate on new supply contracts.
- On May 4, 2026 a single sales and supply contract was signed with a contract value of ₩6.3 billion (13.0% of recent revenue), and on January 30, 2026 and December 15, 2025 it announced contracts of ₩5.2 billion each (8.8% of revenue).
- For a company with ₩22.6 billion in revenue, a run of 13% and 8.8% contracts makes the amounts themselves meaningful.
- The key is when these contracts are recognized as revenue, and whether they are one-off transactions or repeatable ones.
- Once that is confirmed, the picture of exiting the red becomes clearer.
- This is a stock where the strong and cautionary parts divide clearly.
- The strengths are that the shares have been heavily pushed down over the short term, sitting -61% from their 52-week high; the price versus book (a 1.19x P/B) is not expensive versus peers; and a 470% current ratio gives a solid short-term cushion.
- Add that meaningfully sized new contracts relative to revenue have kept coming, which is also positive.
- On the cautionary side, operating and net profit both turned to losses last year, and the operating loss continued in Q1, so a profitability recovery is not yet proven in the numbers.
- In short, if new orders connect to actual revenue and profit and a pattern of exiting the red shows up in quarterly results, the lowered valuation can work as a strength; conversely, if orders prove one-off or the turnaround is delayed, the loss burden could loom larger.
🔎 Valuation vs peers Fairly valued
Telecom and broadcasting equipment names close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ubiquoss | 5.77x | 0.71x | 12.29% |
| IDIS | 9.38x | 0.67x | 7.19% |
| Genoray | — | 2.56x | -4.10% |
We looked first at public-data comparables close in market cap within telecom and broadcasting equipment. The current P/E (how many times a year's earnings the share price is) cannot be confirmed, and the P/B (how many times book value the share price is) is 1.15x. That said, for lower-market-cap names, earnings swings and funding disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The forecast box is based on DART seasonality approximations.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩24.0 billion | — | — |
| Next quarter | Q2 2026 | ₩6.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,910 and the market capitalization is ₩119.3 billion. The price sits below its 20-day moving average (₩9,620) and below its 60-day moving average (₩13,927). 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 28.2, near oversold territory. The one-month change is -33.2%, the three-month change is -48.0%, and the position relative to the 52-week high is -62.8%. Relative strength versus the KOSDAQ is 45 (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 45% of all stocks. Over the past three months it lagged the index by 32.9%. 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 -32.94% / 6M -34.32% / 12M -37.28%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.15x is in line with the sector median (1.32x).
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 -2.7%. The operating margin is -19.0%. The debt ratio is 121.6%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $10.6M | $16.7M | $15.0M | -10.24% ↓ slower |
| Operating profit | $6.7M | $4.8M | -$2.9M | -158.92% ↓ slower |
| Net profit | $7.0M | $6.9M | -$1.8M | -126.56% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.6M | $35.5M | $10.6M | $16.7M | $15.0M |
| Operating profit | $558,187 | $3.0M | $6.7M | $4.8M | -$2.9M |
| Net profit | $929,037 | $2.7M | $7.0M | $6.9M | -$1.8M |
| Revenue CAGR | 4-yr avg -13.40% | ||||
Revenue fell 10.2% year over year (2023 ₩16.1 billion → 2024 ₩25.2 billion → 2025 ₩22.6 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 158.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -13.4%. The two-year revenue CAGR is 18.6%. In the most recent quarter (Q1 2026), revenue was 1.8% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 10.2% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-04ContractSingle sales and supply contract signed: contract value ₩6.3 billion, 13.0% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction shapes the medium-term reading. Source
- 2026-01-30Contract[Correction] Single sales and supply contract signed (voluntary disclosure): contract value ₩5.2 billion, 8.8% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction shapes the medium-term reading. Source
- 2025-12-15Contract[Correction] Single sales and supply contract signed (voluntary disclosure): contract value ₩5.2 billion, 8.8% of recent revenueThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction shapes the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,910 | ₩7,910 | Confirmed | link |
| Latest quarterly results | revenue ₩4.2 billion, operating profit -₩2.6 billion | revenue ₩4.2 billion, operating profit -₩2.6 billion | Confirmed | link |
| Annual results | revenue ₩22.6 billion, operating profit -₩4.3 billion | revenue ₩22.6 billion, operating profit -₩4.3 billion | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩6.3 billion · revenue 13.0% | ㆍapprox. : approx. ₩6.3 billion · revenue 13.0% | Confirmed | link |
| Contract disclosure source text | []ㆍapprox. : approx. ₩5.2 billion · revenue 8.8% | []ㆍapprox. : approx. ₩5.2 billion · revenue 8.8% | Confirmed | link |
| Contract disclosure source text | []ㆍapprox. : approx. ₩5.2 billion · revenue 8.8% | []ㆍapprox. : approx. ₩5.2 billion · revenue 8.8% | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-05-04Single supply/sales contract
- 2026-03-20Shareholders' meeting notice
- 2026-03-19TreasuryMaterial-fact report (amended)
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-04Amended filing
- 2026-03-04Amended filing
- 2026-03-03TreasuryMaterial-fact report
- 2026-03-03Amended filing
- 2026-03-03Amended filing
- 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.