Ask Warren

JONBUR Research · Initiation

You're reading an earlier report from Oct 19, 2026. See the latest report

Gaonchips · 399720 · Semiconductors

Gaonchips: Revenue Recovering in 2026 but Losses Persist and Shares Sit Near 52-Week Lows

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Gaonchips closed at ₩37,400 on 2026-10-16, down 36.3% over one year and close to its 52-week low of ₩34,500. Trailing twelve-month revenue is ₩86.1B, but the company still reports an operating loss of ₩9.1B.

Written Oct 19, 2026 · Data as of Oct 16, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

XfWATGr/in@

Thesis

The data shows a business whose sales rebounded from a weak 2025 but is not yet profitable. Trailing revenue of ₩86.1B is above 2025's ₩68.5B, and free cash flow is positive at ₩27.2B, which is a supportive sign. Against that, operating margin is -10.6%, net margin is -6.4%, and return on equity is -7.7%.

The share price has fallen 24.8% in three months and 6.6% in one month, so the market has not rewarded the revenue recovery so far. The valuation model's estimate is far below the current price. Recent filings show a buyback trust signed on 2026-09-03 and terminated on 2026-10-02, and several 5%+ holding reports, but the data does not explain the reasons behind them. One news item mentions participation in Samsung 8nm design for a domestic AI semiconductor, but no financial impact is available.

Business overview

Gaonchips is a KOSDAQ-listed semiconductor company founded on 2012-08-06 and listed on 2022-05-20, with 11,858,844 listed shares and a market capitalization of ₩443.5B. Revenue grew from ₩43.3B in 2022 to ₩63.6B in 2023 (+46.8%) and ₩96.5B in 2024 (+51.7%), then fell 29.0% to ₩68.5B in 2025. Profitability moved from an operating margin of 9.0% in 2022 to 3.7% in 2024 and -24.4% in 2025. The data does not give a product or customer breakdown. Recent filings include a major sales or supply contract on 2026-10-08 and an amended one on 2026-10-01, but the contract values are not in the data.

Every earlier JONBUR Research report and update note on Gaonchips, with Pro.

Unlock with Pro

Model estimate of fair value

Bear
₩0
-100%
Base
₩782
-98%
Bull
₩3,337
-90%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 8.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeGaonchips: Model Fair Value Estimate Rises to ₩1,225 per Share, Still Far Below Market Price
  2. Oct 19, 2026InitiationStart of coverage (reader request)Gaonchips: Revenue Recovering in 2026 but Losses Persist and Shares Sit Near 52-Week Lows

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information