A-Jin Industry아진산업

A-Jin Industry's 2025 profit fell sharply from 2023 peak, and trailing results show thin margins and heavy debt.

A-Jin Industry is a Korean auto parts maker whose revenue depends heavily on Hyundai Motor, with over 90% of sales tied to that customer. Trailing twelve-month results to H1 2026 show revenue of ₩946B but operating margin of only 3.5% and net margin of 1.3%, with borrowings of ₩939B against cash of ₩150B. The share price has fallen 32.6% over the past year and trades near its 52-week low.

What stands out

• Revenue reached ₩1.01T in 2025, up 29.9%, but operating income of ₩64B was well below the ₩84B earned in 2023.
• Trailing free cash flow is negative at about -₩284B, and liabilities are 349% of equity.
• Valuation metrics are low: P/E about 6.9 and P/B about 0.2, with a 4.5% dividend yield shown in the data.
• The filings list a debt guarantee for another party (July and September 2026), a rights offering decision, and a share acquisition in another company, all in July 2026.
• Foreign ownership fell from 3.5% to 3.0% over the last 60 days, and a change of largest shareholder was filed on 31 July 2026.

What to watch

• The amended half-year report filed on 20 October 2026 and any changes it reveals versus the original 14 August filing.
• Details and timing of the rights offering, which could dilute existing shareholders.
• Terms and exposure of the debt guarantees given to other parties, given the high leverage and negative free cash flow.