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JONBUR Research · Initiation

Alux · 475580 · Consumer goods

Alux: Revenue Growing but Losses Persist, Shares Down 41.7% Over One Year

Why this report

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

Alux, a KOSDAQ consumer goods company, has grown revenue but swung from a profit in 2024 to losses in 2025 and the first half of 2026. The shares closed at ₩6,220 on 2026-10-23, 41.7% lower than a year earlier and near the lower end of the 52-week range.

Written Oct 26, 2026 · Data as of Oct 23, 2026 · 0 views

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

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Thesis

The data supports a picture of rising sales without profitability. Trailing revenue is ₩76.3B, up from ₩63.0B in 2025 and ₩55.0B in 2024, but the operating margin has been negative at -11.4% on a trailing basis. The data does not explain why costs have outpaced sales, and no news headlines are available. Filings show repeated rights offering decisions, share acquisitions and sales, and a loan extension, which point to active capital raising and portfolio changes, though the data gives no details of their size or purpose. Foreign investors were small net buyers over 20 days (₩325.6M) while retail investors were net sellers (₩259.8M), amounts that are small relative to the ₩84.7B market cap. Short balance is 0.7% of shares.

Business overview

Alux is listed on KOSDAQ in the consumer goods sector. It was founded on 2015-11-18 and listed on 2024-11-01, with 13,624,900 shares outstanding and a market cap of ₩84.7B. Revenue was ₩55.0B in 2024 and ₩63.0B in 2025 (up 14.5%). A major sales or supply contract was filed on 2026-07-30; the data gives no terms. Foreign ownership is 1.8%, unchanged over 60 days. Product lines and customers are not described in the data.

Financial analysis

These figures come from filed financial statements. In 2024 the company earned an operating profit of ₩3.0B (5.5% margin) and net income of ₩2.8B, with ROE of 5.0%. In 2025 it recorded an operating loss of ₩10.5B (-16.6% margin) and a net loss of ₩9.4B, with ROE of -18.3%. For the trailing twelve months to H1 2026, revenue was ₩76.3B, operating loss ₩8.7B (-11.4%), net loss ₩7.4B (-9.8%) and ROE -14.7%. Free cash flow was -₩8.6B. Cash is ₩14.2B against borrowings of ₩31.2B, and liabilities to equity is 158.4%. Losses are narrowing slightly from 2025 but remain large relative to cash.

Valuation

Price-to-earnings is not meaningful because earnings are negative. Price-to-book is 1.9 and price-to-sales 1.1; enterprise value is ₩97.6B, and EV/EBITDA is not available. The year-end P/B was 3.3 for 2025 and 2.9 for 2024, so the current multiple is lower than at those year-ends. Peers show P/B of 0.3 (Spigen Korea, Samick Musical Instruments, E-World), 0.7 (Novatech) and 2.8 (Xplus), so Alux trades above most listed peers on book value. Several peers have P/E of 2.3 to 3.5, while Alux has none. The valuation model produced no fair value estimate (fair_value_model is null), so there is no model estimate to compare with the ₩6,220 share price. The dividend yield is 0.0%.

Catalysts

  • Amended filings on 2026-08-18 for a rights offering decision could change the share count and funding position, though details are not in the data.
  • Filings on share acquisitions and sales in other companies (May to August 2026) point to changes in the company's holdings.
  • The major sales or supply contract filed on 2026-07-30 could affect revenue if its size is disclosed.
  • The H1 2026 half-year report and its amendment (2026-08-14) show whether losses continue to narrow.
  • The loan extension decision on 2026-06-05 bears on near-term financing of the ₩31.2B borrowings.

Risks

  • Operating and net losses in 2025 and the trailing period reduce equity and lead to negative ROE.
  • Free cash flow of -₩8.6B against cash of ₩14.2B limits the cushion if losses continue.
  • Borrowings of ₩31.2B and liabilities to equity of 158.4% add financial leverage and refinancing dependence.
  • A rights offering could dilute existing shareholders, and the terms are not in the data.
  • The shares have fallen 16.6% in one month and 41.7% in one year, showing weak market sentiment and price volatility.

Closing view

The evidence is mixed. Revenue has grown for two years, but the company moved from a small profit in 2024 to sustained losses, with negative free cash flow and meaningful borrowings. The P/B of 1.9 is above most peers' while earnings are negative, and no model estimate is available. Frequent capital and shareholding filings add uncertainty about the funding path. Whether margins recover is the key question, and the data does not answer it.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 26, 2026InitiationStart of coverage (reader request)Alux: Revenue Growing but Losses Persist, Shares Down 41.7% Over One Year

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