KOSDAQ · 050860 · Machinery · ₩050860

Asia Technology아세아텍

050860 · KOSDAQ · ₩050860 · 아세아텍

₩1,700▼ ₩14 (0.82%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩2,565

vs the current price (₩1,700)

Enterprise value: ₩69B
Equity value: ₩58B
WACC: 6.6%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 51% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩1,700, the model needs an operating margin of 4.7% every year (it uses 6.0%).
Or revenue growth −21.7 points a year higher than assumed in each of the 5 years.
Today's P/E is 13.8× against a typical 7.9× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩923; −45.7%
Base: ₩2,565; +50.9%
Bull: ₩5,795; +240.9%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (6.0%).

Revenue growth

Revenue growth, year 1-6.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation1.5%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital40%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.11, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.58%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (FY 2025): ₩113B
Net debt (borrowings and leases − cash and deposits): ₩12B
+ Stakes and investments: ₩1.1B; Associates, long-term financial assets and deposits (book value)
Shares: 22,500,000
Share price: ₩1,700
Market cap: ₩38B

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩124B	₩124B	₩113B	₩106B	₩102B	₩100B	₩101B	₩104B
Growth	−10.2%	0.2%	−8.5%	−6.3%	−4.0%	−1.6%	0.7%	3.0%
EBIT	₩12B	₩6.4B	₩4B	₩6.4B	₩6.1B	₩6B	₩6.1B	₩6.2B
EBIT margin	9.6%	5.2%	3.5%	6.0%	6.0%	6.0%	6.0%	6.0%
After-tax EBIT	₩8.6B	₩4.6B	₩2.9B	₩4.6B	₩4.4B	₩4.4B	₩4.4B	₩4.5B
+ Depreciation	₩1.8B	₩1.8B	₩1.7B	₩1.6B	₩1.5B	₩1.5B	₩1.5B	₩1.6B
− Capital spending	—	—	—	₩4.2B	₩4.1B	₩4B	₩4B	₩4.2B
− Working capital	₩14B	₩26B	−₩8.9B	−₩2.9B	−₩1.7B	−₩652M	₩281M	₩1.2B
Free cash flow	—	—	—	₩4.8B	₩3.6B	₩2.5B	₩1.6B	₩712M
Discount factor	—	—	—	0.938	0.881	0.826	0.775	0.728
Present value	—	—	—	₩4.5B	₩3.2B	₩2.1B	₩1.2B	₩518M

Terminal value ₩79B, worth ₩58B today: 83% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩5,762 a share)Now 0.30×	₩1,8840.33×	₩2,3090.40×	₩3,4480.60×
Price / earnings (last 12 months: ₩123 a share)Now 13.8×	₩6004.87×	₩9787.94×	₩1,83714.9×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
5.6%	₩2,984	₩3,189	₩3,450	₩3,794	₩4,269
6.1%	₩2,624	₩2,771	₩2,953	₩3,183	₩3,487
6.6%	₩2,329	₩2,436	₩2,565	₩2,723	₩2,925
7.1%	₩2,083	₩2,161	₩2,254	₩2,365	₩2,502
7.6%	₩1,875	₩1,933	₩1,999	₩2,078	₩2,172

Now (TTM)

Market cap: ₩38B
Enterprise value: ₩51B
P/E: 13.8×
P/B: 0.3×
P/S: 0.3×
EV/EBITDA: 8.9×
Dividend yield: 2.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,888	₩2,025	₩2,495	₩2,505	₩2,760
Market cap	₩42B	₩46B	₩56B	₩56B	₩62B
P/E	15.3×	9.9×	5.9×	4.8×	13.0×
P/B	0.3×	0.3×	0.4×	0.5×	0.6×
P/S	0.4×	0.4×	0.5×	0.4×	0.6×
EV/EBITDA	9.6×	7.8×	3.6×	2.9×	6.6×
Dividend yield	2.6%	2.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Asia Technology	13.8×	0.3×	0.3×	8.9×	2.9%
Doosan Enerbility	200.6×	4.5×	2.0×	—	0.0%
Hanmi Semiconductor	84.5×	25.1×	34.0×	76.1×	0.4%
Jusung Engineering	1,135.2×	13.9×	36.4×	2,185.7×	0.0%
Rainbow Robotics	4,308.5×	55.2×	162.6×	—	0.0%
EO Technics	47.1×	6.8×	11.5×	—	0.0%
Doosan Bobcat	13,805.1×	923.8×	743.7×	—	3.5%
Similar companies (median)	667.9×	19.5×	35.2×	1,130.9×	0.0%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Asia Technology / 아세아텍 / 050860 / KRX:050860

Source: KRX statistical information