CoAsia코아시아

CoAsia remains loss-making on an operating basis, with revenue steady near ₩427B over the last twelve months but a shares-price swing and a rights offering in view.

CoAsia, a Korean maker of smartphone camera modules, LED products and system semiconductor design services, reported trailing twelve-month revenue of ₩426.5B to H1 2026 but an operating loss of ₩12.8B and a net loss of ₩6.0B. Its share price is ₩3,330, down 52.2% over one year but up 32.1% over three months, and the company has a rights offering decision on file from August 2026.

What stands out

• Revenue has moved around ₩360B to ₩460B a year since 2021, and 2025 revenue rose 4.8% to ₩375.1B, but operating income has been negative in every year shown.
• Trailing net loss is ₩6.0B against a ₩14.0B loss in 2025 and a ₩46.9B loss in 2024, so losses have narrowed from the 2024 peak.
• Liabilities are 228.9% of equity, with ₩30.9B of borrowings against ₩96.5B of cash, and trailing free cash flow is slightly negative at about ₩2.0B.
• Filings include a rights offering (paid-in capital increase) decision dated 13 August 2026 and an acquisition of exchangeable bonds before maturity on 31 July 2026; the data does not give their terms or size.
• Samsung Electronics is the main customer and Vietnam the largest sales region, so the business is concentrated; no recent news headlines are in the data.

What to watch

• Terms, size and timing of the rights offering and whether the exchangeable bond activity affects the share count.
• Whether operating income moves back toward break-even in the next annual or quarterly filings, given the ongoing operating losses.
• Continued 5%+ holding reports and recent foreign ownership of 5.5%, which is close to the level 60 days earlier.