ASICLAND is a design-solution company that bridges fabless customers, who only design chips, and foundries, which actually fabricate them. It earns fees and sales margins across design support, prototyping and production-mask work (NRE), and turnkey mass production, in which it takes wafers and finishes them into delivered chips, and it has established itself as the Korean design partner of a Taiwanese foundry. Production orders continued to flow in through single-supply contracts signed on May 14 and March 26 (both amended filings), the surge in revenue was confirmed by the May 15 Q1 report, and an investor briefing on May 26 and the results of a second convertible-bond issue on March 23 were also disclosed. What stands out recently is that Q1 revenue jumped more than threefold year on year; because the business steps up in stair-like fashion once a customer's chip enters mass production, further production ramps can grow the top line quickly, and its forward P/B of 4.27x sits below that of comparable peer Gaonchips (8.78x). On the cautionary side, operating losses persisted through Q1 2026, and with a debt-to-equity ratio of 399.7% and a current ratio of 88.0%, its financial headroom is tight.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 399.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.0%).
- The most recent full-year net result was a loss.
- Revenue fell 22.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 242.4% higher than a year earlier.
- ROE is -48.0% (controlling-interest basis). It is below the sector average.
- Operating margin is -37.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Common stock 23.67% (individual)
Controlling bloc incl. related parties 40.31%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis
- ASICLAND is not a company that makes and sells chips itself; it is a 'design-solution' company that connects fabless customers, who only design chips, with foundries (contract semiconductor fabrication plants) that actually produce them.
- It refines a customer's design to fit the foundry's process (design support), builds prototypes and production masks (NRE), and in the mass-production stage takes wafers and finishes them into chips for delivery (turnkey mass production), earning fees and sales margins along the way.
- Because the design-support stage carries small amounts while the mass-production stage is large, revenue steps up like climbing a staircase the moment a customer's chip enters mass production, which is the defining feature of this business.
- The company has established itself as the Korean design partner of a Taiwanese foundry, and this partnership is the key asset underpinning its order flow and access to advanced processes.
- The latest close is 21,400 won and the market cap is 233.8 billion won.
- The price sits below both the 20-day line (24,606 won) and the 60-day line (27,790 won).
- Trading below both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 43.5, a neutral level.
- The one-month change is -17.4%, the three-month change is -21.0%, and the position versus the 52-week high is -37.7%.
- Relative strength against KOSDAQ is 57 (1-99, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 43% of all stocks by strength.
- Over the past three months it has led the index by 3.4%.
- It is best to read the chart alongside trading volume and disclosure dates.
- Based on confirmed 2025 results, net profit was in the red, so the trailing P/E (how many times a year's net profit the share price is) cannot be calculated, and the P/B (how many times the company's net assets the share price is) is 4.23x.
- ROE (how much is earned in a year on shareholders' equity) is -48.0% and the operating margin is -37.9%, so the company is not yet turning a profit; its debt-to-equity ratio (debt relative to equity) is 399.7% and its current ratio (assets quickly convertible to cash against debt due within a year) is 88.0%, leaving tight financial headroom.
- That said, this company is at an inflection where it is moving from losses to profit, so measuring its value on last year's confirmed figures alone misses the picture.
- The truer yardstick is the forward side, which reflects this year's earnings, and the forward P/E implies that a previously loss-making net profit swings back into the black.
- The forward P/B of 4.27x, too, is a mid-range level among peers rather than expensive against net assets, so rather than reading the high-looking trailing metrics as a 'burden,' the right question is whether the earnings recovery actually continues.
- Annual revenue rose from 74.2 billion won in 2023 to 94.1 billion won in 2024, then dipped for a year to 72.8 billion won in 2025, making the three-year trend 'mixed.' Operating profit fell from a profit in 2023 (about 3.9 billion won) to -17.0 billion won in 2024 and -27.6 billion won in 2025, a deepening loss that can be seen as a period in which front-loaded costs went out ahead of the production ramp.
- Then the picture changed as Q1 2026 revenue hit 54.0 billion won, up 242% from 15.8 billion won a year earlier.
- In the design-solution business, revenue jumps in stair-like fashion the moment a customer's chip enters mass production, and the Q1 surge is exactly the signal that this production volume has been booked in earnest.
- This is where the basis for a positive forward profit this year lies.
- With production demand stacking up each quarter and a once-secured production line generating revenue for the life of the chip, the top-line jump confirmed in Q1 is set to translate into full-year profit.
- That said, Q1 operating profit is still a loss of -3.0 billion won, so how quickly the added revenue hardens into profit is something to confirm in the next quarter.
- The recent disclosures tie directly to the production ramp.
- The single-supply contracts signed on May 14, 2026 and March 26 (both amended filings) are official evidence that production orders did not stop at one but actually continued; how the contract sizes and revenue-recognition timing feed into results from Q2 onward is the key point.
- The May 15 quarterly report (Q1 2026) is the document that confirmed the Q1 revenue surge, and the May 26 disclosure of an investor briefing (IR) is an occasion for the company itself to explain its production progress and order status.
- Meanwhile, the March 23 disclosure of the results of a second convertible-bond (CB) issue shows the funding flow that could finance production investment, and an early-June large-holding report shows changes in a major shareholder's stake.
- The strengths are clear.
- Q1 revenue jumped more than threefold year on year, backed by the production-supply contract disclosures.
- Because design-solution revenue steps up in stair-like fashion at the point of entering mass production, if this momentum leads to further production ramps the top line grows quickly.
- The forward P/E embeds the picture of a previously loss-making profit swinging back into the black this year, and the forward P/B of 4.27x is a mid-range level, below that of fellow foundry design partner Gaonchips (8.78x), so it is not expensive against net assets versus peers.
- This is not a spot where recovery expectations are excessively priced in.
- Stated just as plainly, the cautions remain: even as revenue grows, operating losses persist through Q1 2026, and with a debt-to-equity ratio of 399.7% and a current ratio of 88.0%, financial headroom is tight.
- In sum, if production revenue hardens into profit and cash flow, the stock moves strongly as the forward picture implies; if the top line grows while the turn to profit is delayed, it weakens accordingly.
- The fork lies in the next quarter's operating result and further orders.
🔎 Valuation vs peers Inconclusive
The peer set was chosen not by a simple industry code but by the actual business of 'design solution / design house (design support that carries a fabless chip all the way to mass production)': Gaonchips is the closest in business structure as a fellow foundry design partner, and ADTechnology also runs a design-solution business, while FADU is a fabless maker that sells its own chips and serves only as a reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Gaonchips | — | 12.04x | -26.27% |
| AD Technology | 132.33x | 3.52x | 2.66% |
| FADU | — | 186.30x | -391.69% |
Because this company is loss-making, it cannot be valued on last year's confirmed (trailing) P/E, and many comparable design-solution firms are also loss-making or carry extremely high P/Es, making earnings-based comparison difficult. On a P/B basis, then, ASICLAND's 5.83x sits in the middle - below fellow foundry design partner Gaonchips (12.45x) and above ADTechnology (4.02x). Against net assets it is neither extremely expensive nor cheap versus peers. However, since the P/B embeds expectations of a future earnings recovery from a loss-making state, it is justified if the Q1 revenue surge leads to a turn to profit and becomes a burden if losses drag on. With no official company guidance, the forward view can only be gauged from a DART seasonality approximation (2026 revenue of about 241.7 billion won), which is an unverified estimate. Ultimately, until a turn to profit is confirmed, it is hard to conclude either way, so the verdict is Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩39.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩21,400 and the market capitalization is ₩233.8 billion. The price sits below its 20-day moving average (₩24,606) and below its 60-day moving average (₩27,790). 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 43.5, a neutral level. The one-month change is -17.4%, the three-month change is -21.0%, and the position relative to the 52-week high is -37.7%. Relative strength versus the KOSDAQ is 56 (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 57% of all stocks. Over the past three months it outpaced the index by 3.4%. 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 +3.43% / 6M -11.91% / 12M -35.01%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 4.23x 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 -37.9%. The debt ratio is 399.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $49.1M | $62.3M | $48.3M | -22.55% ↓ slower |
| Operating profit | $2.6M | -$11.2M | -$18.3M | — |
| Net profit | $2.4M | -$9.3M | -$17.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $49.1M | $62.3M | $48.3M |
| Operating profit | — | — | $2.6M | -$11.2M | -$18.3M |
| Net profit | — | — | $2.4M | -$9.3M | -$17.6M |
| Revenue CAGR | 2-yr avg -0.88% | ||||
Revenue fell 22.6% year over year (2023 ₩74.2 billion → 2024 ₩94.1 billion → 2025 ₩72.8 billion), and the three-year trend is 'mixed'. 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 3 years on record, revenue compound annual growth (CAGR) is -0.9%. The two-year revenue CAGR is -0.9%. In the most recent quarter (Q1 2026), revenue was 242.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 399.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.0%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 22.6% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-14UpdateSingle-supply contract signed (amended filing) - officially confirming a production-supply orderThis is the contract underpinning production-stage revenue. Whether the contract amount and delivery/revenue-recognition timing feed into results from Q2 onward is the key short- to mid-term point. Source
- 2026-05-15UpdateQuarterly report (Q1 2026) - Q1 revenue of 54.0 billion won, +242% year on yearThis document confirmed the revenue surge driven by production volumes ramping in earnest. That said, the operating result is still a loss, so whether the revenue growth translates into profit needs confirmation in the next quarter. Source
- 2026-05-26IRInvestor briefing (IR) held - the company explains its business status directlyThis is an occasion to confirm production progress and order status through the company's official position. Whether official guidance figures are presented will change the reliability of the forward reading. Source
- 2026-03-26UpdateSingle-supply contract signed (amended filing) - additional production orderA production-supply contract was also confirmed in March, showing that orders did not stop at one. Whether cumulative orders translate into top-line growth is the mid-term point to watch. Source
- 2026-03-23FilingSecurities-issue results (voluntary disclosure) - second convertible-bond (CB) issueThis shows that external funding was raised while losses continue. It can finance production investment, but the potential increase in share count upon future conversion is a point to note. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-26Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Single supply/sales contract (amended)
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-13OwnershipOwnership-change filing
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-27Shareholders' meeting notice
- 2026-03-26Single supply/sales contract (amended)
- 2026-03-23Disclosure
- 2026-03-19PeriodicAnnual business report
📖 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.