Ajin Electronic Components아진전자부품

Ajin Electronic Components is back to a thin profit on trailing numbers, but its share price has fallen over the past year and it carries heavy debt.

Ajin Electronic Components makes automotive electronic parts such as EV heaters and battery warming heaters, selling to Korean and overseas automakers and their suppliers. On trailing twelve-month figures to H1 2026 it reports revenue of ₩152B, operating income of ₩4.6B and net income of ₩1.9B, well below its 2025 full-year net income of ₩4.4B. The share price closed at ₩922 on 2026-10-26, down 10.7% over one year and well below its 52-week high of ₩1,382.

What stands out

• Trailing net income of ₩1.9B is far below 2025's ₩4.4B, and trailing free cash flow is negative at about -₩2.4B.
• Liabilities are 243% of equity and borrowings are about ₩47B against cash of ₩1.2B, so leverage is high.
• The company's DCF-based fair value model gives a base value of ₩1,045, above the current price, but the bear case is ₩0 and the bull case ₩4,780, a very wide range.
• Trailing P/E is 23.4 and P/B is 1.3, higher than most listed peers such as Hyundai Mobis (P/E 8.1) and HL Mando (P/E 10.2), while the dividend yield is 0%.
• Recent filings are mostly shareholding reports and changes in largest shareholder holdings; foreign ownership fell from 0.9% to 0.6% over about 60 days. No recent news headlines are in the data.

What to watch

• Upcoming full-year and quarterly results, to see whether margins recover from the trailing 3% operating margin and free cash flow turns positive.
• Progress in winding down the capacitor business after 2025 inventory is sold, and any effect on revenue.
• Debt levels and interest costs, given borrowings of about ₩47B against limited cash, and any further changes to largest shareholder holdings or management.