Asia Technology아세아텍

Asia Technology's profits fell sharply in 2025 on lower sales, though its balance sheet looks conservative and it pays a dividend.

Asia Technology, a KOSDAQ-listed maker of agricultural machinery such as tractors, combines and sprayers, reported 2025 revenue of ₩113B, down 8.5% on the year, with operating income of ₩4.0B and a 3.5% operating margin. At ₩1,730 the shares sit well below their 52-week high of ₩2,165, and the data shows a trailing P/E of 14.1 and P/B of 0.3.

What stands out

• Revenue fell from ₩123.8B in 2024 to ₩113.3B in 2025, and operating income dropped from ₩6.4B to ₩4.0B, so margins compressed from 5.2% to 3.5%.
• Profitability has declined steadily from the 2022 peak, when operating income was ₩13.9B and ROE was 10.5%; 2025 ROE was 2.1%.
• Cash of ₩24.5B is well below borrowings of ₩42.7B, so the company is net-indebted on this data, though liabilities to equity is 51.5%.
• Free cash flow for 2025 was ₩13.2B, which is well above net income of ₩2.8B.
• Recent filings show a cash dividend decision and an interim dividend record date set on 13 October 2026; the dividend yield is listed at 2.9%. The data shows no recent news headlines.
• The discounted cash flow model gives a base value of ₩2,674 against the current price of ₩1,730, but the bear case is ₩668 and the bull case is ₩6,451, a very wide range.

What to watch

• Upcoming interim results and whether revenue and margins recover after two years of weak trading.
• The timing and amount of the interim dividend, as noted in the recent filings.
• Foreign investors held about 1% of shares and recorded net selling over the last 20 days, and the data does not explain the reasons.