AUK광전자

AUK's trailing profit rests on a one-off-looking net income gap, with operating profit near zero and the shares down sharply over the past month.

AUK, a Korean maker of discrete semiconductors, optical sensors and LEDs, reported trailing twelve-month revenue of about ₩133.9B to H1 2026 but operating income of only about ₩224M. Its trailing net income of about ₩11.1B is far above operating profit, and the data does not explain the gap. The shares closed at ₩7,370, down 25.4% over one month but up 271.1% over one year.

What stands out

• Trailing operating margin is 0.2% and net margin is 8.3%, so most reported net income is not coming from core operations according to the data provided.
• Free cash flow over the trailing period is negative at about -₩5.7B, while cash is about ₩3.7B against borrowings of only about ₩17M.
• The company-built DCF fair value is ₩1,689 base (bear ₩1,404, bull ₩2,230), well below the ₩7,370 close.
• Foreign ownership fell from 19.1% to 18.2% over about 60 days, and retail investors were net sellers of about ₩2.1B over 20 days while foreign investors were net buyers.
• Two exchange inquiries about news reports or price moves were filed in August 2026, and no news headlines were included in the data.

What to watch

• The next filings on the H1 2026 results and whether the gap between operating and net income is explained.
• Any response to the exchange inquiries and any further disclosures on the price move.
• Whether free cash flow turns positive, given the negative trailing figure and the sharp one-month share price decline.