AceBed에이스침대

AceBed is profitable and lightly indebted, but revenue has been flat-to-down and the shares trade near the lower part of their 52-week range.

AceBed, a Korean bed and furniture maker, reported trailing twelve-month revenue of about ₩329B and operating income of about ₩54.5B to H1 2026, with a 16.6% operating margin and low leverage (liabilities at 9.4% of equity, no borrowings listed). Revenue fell 2.7% in 2025 after a 6.4% rise in 2024, and operating income has trended down from its 2021 peak. The shares closed at ₩31,750, about 20% below the 52-week high of ₩39,850.

What stands out

• Trailing operating margin of 16.6% and net margin of 18.6% are healthy, though both are below the 2021 to 2024 levels (operating margin 18.6% to 22.2% in those years).
• Cash of about ₩68.7B against no listed borrowings, and TTM free cash flow of about ₩40.9B, point to a conservative balance sheet.
• Valuation is low on the data given: P/E of 5.8, P/B of 0.5, and a 0% dividend yield; the filings include a cash dividend decision dated 2026-02-02, but the yield data shows none.
• The DCF fair value model gives a base of ₩67,382 against a close of ₩31,750, with a bear case of ₩46,468 and a bull case of ₩102,053; these are model outputs, not forecasts, and rest on the stated 7.4% discount rate.
• Recent news is marketing-focused (advertising views and sales-campaign launches); the data does not include sales volumes or market share.

What to watch

• Full-year 2026 results and the next quarterly report, to see whether revenue and operating margin keep declining from 2025 levels.
• Foreign ownership has slipped to 1.7% from 1.8% over 60 days, and foreign investors were net sellers over the last 20 days; the 1-year return of 16.9% contrasts with a 3-month decline of 2.5%.
• The corporate value-up plan filed 2026-03-24 and any follow-up on shareholder returns; the data does not specify the plan's targets.