Asterasys (450950) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Asterasys makes medical devices used in aesthetic skin treatment, with its mainstays being 'Liftera,' a HIFU device that heats deep skin layers with ultrasound, and 'Cool Sonic' and 'Cool Phase,' which pair radiofrequency with cooling; it sells devices to clinics and repeatedly sells the cartridges and tips consumed with each procedure in a razor-and-blade structure, with exports growing meaningfully as well. On March 24, 2026 it voluntarily disclosed a corporate value-up plan and confirmed 2025 revenue of ₩37.9 billion, operating profit of ₩10.4 billion, and net profit of ₩9.2 billion in its business report, but the May 15 Q1 quarterly report revealed a swing to an operating loss, and as a first-year listee it sees frequent disclosures of changes in major shareholders' stakes. What stands out is that a recurring-consumables structure, an ROE of 19.7%, an operating margin in the 27% range, ample liquidity, and a track record of export and new-product growth are strengths, whereas against Classys and Wontech its profitability is similar or slightly lower while its multiple is higher, so whether the Q1 loss proves temporary in the next quarter tips the balance.
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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 “Aesthetic Medical Devices” (Biotech & Pharmaceuticals · Medical Devices & Healthcare), a type typically read first through forward P/E.
Aesthetic medical-device makers often grow quickly as new products launch and consumable sales expand, so trailing profits can understate the pace of growth. That is why forward P/E — the share price against expected future earnings — is the first lens.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 31.6% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 11.7% higher than a year earlier.
- ROE is 19.7% (total-net basis). It is above the sector average.
- Operating margin is 27.4%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Seo Eun-taek 34.53% (individual)
Controlling bloc incl. related parties 46.97%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis Reading
Asterasys makes medical devices used in aesthetic skin treatment. Its mainstays are 'Liftera,' a HIFU device that heats deep skin layers with ultrasound to firm the skin, and the 'Cool Sonic' and 'Cool Phase' lines, which combine radiofrequency (monopolar RF) with cooling technology. How it earns money is closer to the relationship between a razor and a blade: it sells a device once to a clinic and then repeatedly sells the cartridges and tips consumed with each procedure to generate steady revenue. Alongside domestic sales, exports are growing meaningfully, so expanding overseas accounts and launching new products are the two axes of top-line growth.
The latest close is ₩6,250 and the market capitalization is ₩235.2 billion. The price sits above its 20-day moving average (₩5,922) and below its 60-day moving average (₩7,285). 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 50.8, a neutral level. The one-month change is -7.5%, the three-month change is -43.2%, and the position relative to the 52-week high is -61.2%. Relative strength versus the KOSDAQ is 17 (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 17% of all stocks. Over the past three months it lagged the index by 13.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
As of 2025, profitability is good. ROE (how much is earned per year on equity) is 19.7%, the operating margin is 27.4%, and the net margin is 24.3%, so margins are thick. The current ratio (liquid assets against debt due within a year) is 8.8x, giving very ample short-term coverage, and with current liabilities of just ₩5.3 billion, the actual repayment burden is lighter than the stated debt ratio (11.7%) suggests. On valuation, the P/E ratio (how many times one year of earnings the price represents) is 25.53x and the P/B (how many times net assets the price represents) is 5.33x. As a company whose profit had been growing fast, it is too early to call it expensive on the trailing numbers alone, but this year the picture is of profit pausing rather than growing further, so the forward multiple is set similar to or slightly above the trailing one. In other words, this is not a setup where surging future profit rapidly compresses the multiple, so easing the valuation burden depends on the pace of profit recovery more than on the price.
Growth over the past three years was steep. Revenue went from ₩17.5 billion in 2023 to ₩28.8 billion in 2024 to ₩37.9 billion in 2025 (+31.6%), and net profit from ₩0.87 billion to ₩5.35 billion to ₩9.21 billion (+72.1%), with profit growing faster than revenue as the leverage of recurring-consumables revenue worked well. The growth rate itself is naturally slowing off a high base (revenue 65%→32%, net profit 514%→72%), but the absolute growth is still large. This year, however, started differently. Cumulative Q1 2026 revenue rose +11.7%, but operating profit of -₩1.78 billion and net profit of -₩0.96 billion swung to a loss. Aesthetic-device businesses have large quarterly variance depending on export shipment and cost-execution timing, but this loss is not light enough to attribute to seasonality alone. The forward P/E being set similar to last year's trailing (26.7x) reflects a picture in which annual profit, rather than leaping far above last year, recovers to a similar level by making up the Q1 weakness in the remaining quarters. So the key to this year's growth is not the top line but whether profit returns to a black-ink track through the quarters.
The disclosure flow centers on regular reports and stake changes (large-holding reports). On March 24, 2026 the company voluntarily disclosed a 'corporate value-up plan (fair disclosure)' setting out a direction of enhancing shareholder value, and on the same day held its regular shareholder meeting and filed a report on voting-rights exercise related to treasury shares. In mid-to-late March, the 2025 business report and audit report were filed, confirming annual revenue of ₩37.9 billion, operating profit of ₩10.4 billion, and net profit of ₩9.2 billion, and the May 15 Q1 quarterly report revealed a swing to an operating loss. As befits a first-year listee, disclosures of changes in major shareholders' stakes are relatively frequent, so it is good to watch the supply/demand side alongside results.
The strengths are clear. A consumables-revenue structure of installing devices and repeatedly selling cartridges and tips, a 19.7% ROE and an operating margin in the 27% range, ample liquidity reaching 8.8x, and a track record of growing the top line through exports and new products are all positives. At the same time, there are points to note. Against comparables Classys (P/E in the 23x range, ROE 23.9%) and Wontech (P/E in the 14x range, ROE 22.4%), its profitability is similar or slightly lower while its multiple is higher, a position where growth expectations are priced ahead. In sum, if the next quarter's results confirm the Q1 loss was temporary and export and consumables revenue grow again, the current valuation earns its footing. Conversely, if the loss continues or competition erodes margins, the high multiple weighs correspondingly. Ultimately, a balanced view sees it as strong under conditions where profit recovery is confirmed and weak where it is not.
🔎 Valuation vs peers Overvalued
Compared against fellow KOSDAQ aesthetic-medical-device companies (HIFU / RF energy-based skin-treatment devices plus consumables).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Classys | 22.52x | 5.69x | 25.94% |
| Wontech | 13.22x | 2.84x | 20.65% |
Against Classys (P/E 22.7x, P/B 5.4x, ROE 23.9%) and Wontech (P/E 15.7x, P/B 3.5x, ROE 22.4%), which are in the same business substance, Asterasys at a P/E of 31.7x and a P/B of 6.2x carries the highest multiple among peers while its ROE (19.7%) is in fact lower. In other words, profitability is lower than peers but the valuation is more expensive — a premium position. This P/E is on 2025 confirmed (trailing) earnings, and normally larger profit would justify it, but the company swung to a loss in Q1 2026, so on a forward basis the burden actually grows in an inflection phase. Thus the current valuation is judged to carry an excessive premium versus peers and read as overvalued, though this judgment could ease if profit recovers quickly in the second half.
Price history Close · MA20 · MA60
The latest close is ₩6,250 and the market capitalization is ₩235.2 billion. The price sits above its 20-day moving average (₩5,922) and below its 60-day moving average (₩7,285). 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 50.8, a neutral level. The one-month change is -7.5%, the three-month change is -43.2%, and the position relative to the 52-week high is -61.2%. Relative strength versus the KOSDAQ is 17 (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 17% of all stocks. Over the past three months it lagged the index by 13.0%. 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 -13.03% / 6M -41.19% / 12M -39.87%
Key metrics Computed vs sector median
Valuation
The P/E of 25.53x is above the sector median (21.36x). The P/B of 5.33x is above the sector median (1.23x).
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 19.7%, above the sector average (2.0%). The operating margin is 27.4%. The debt ratio is 18.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $12.3M | $20.3M | $26.7M | +31.60% ↓ slower |
| Operating profit | $1.1M | $4.7M | $7.3M | +55.94% ↓ slower |
| Net profit | $612,467 | $3.8M | $6.5M | +72.09% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $12.3M | $20.3M | $26.7M |
| Operating profit | — | — | $1.1M | $4.7M | $7.3M |
| Net profit | — | — | $612,467 | $3.8M | $6.5M |
| Revenue CAGR | 2-yr avg 47.26% | ||||
Revenue rose 31.6% year over year (2023 ₩17.5 billion → 2024 ₩28.8 billion → 2025 ₩37.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 55.9% year over year. The pace of that profit growth is gradually easing. Over the 3 years on record, revenue compound annual growth (CAGR) is 47.3%. The two-year revenue CAGR is 47.3%. In the most recent quarter (Q1 2026), revenue was 11.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 19.7% points to solid profitability.
- Revenue grew 31.6% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-24FilingVoluntary disclosure of a corporate value-up plan (fair disclosure) — presenting, as a listee, a direction for enhancing shareholder valueFormalizes an intent to improve shareholder returns and capital efficiency in the mid term. Whether the specific figures are carried out is the key. Source
- 2026-05-15EarningsQ1 2026 quarterly report — cumulative revenue +11.7%, but operating profit of -₩1.78 billion and net profit of -₩0.96 billion swung to a lossA near-term earnings inflection (to the downside). Directly affects the annual profit estimate and the forward valuation. Source
- 2026-03-27Filing2025 business report (attachment correction) — annual revenue of ₩37.9 billion, operating profit of ₩10.4 billion, and net profit of ₩9.2 billion confirmedSets the mid-term earnings baseline. Confirms both the three-year high-growth track and the slowing trend at once. Source
- 2026-06-08UpdateLarge-holding report (general) — continuing stake changes in the first year of listingA near-term supply/demand variable. Changes in major shareholders' stakes affect the free float and volatility. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-08OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-15OwnershipOwnership-change filing
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-02OwnershipOwnership-change filing
- 2026-03-27PeriodicAnnual business report (amended)
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-17OwnershipOwnership-change filing
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit 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.