Amotech아모텍

Amotech's share price has roughly doubled over the past year, but the business is still loss-making on a trailing basis and the stock trades at a steep premium to its earnings.

Amotech makes ceramic chip components, antenna parts and small motors, and is starting mass production of MLCC capacitors. For the twelve months to H1 2026 it reported revenue of about ₩233.6B, a small operating profit of ₩0.3B and a net loss of ₩3.5B, with borrowings of ₩126.6B against cash of ₩33.0B. The share price closed at ₩18,120 on 2026-10-28, up 90.9% over three months and 90.3% over one year, though down 4.9% over one month.

What stands out

• Full-year 2025 looked better than prior years: revenue rose 10.6% to ₩253.8B and net income was ₩7.9B, with a 2.2% operating margin, after losses in 2021 to 2024.
• The trailing twelve-month figures have slipped back into a net loss and negative free cash flow of about ₩8.5B, so the 2025 profit has not carried into 2026 on these numbers.
• Liabilities are 129% of equity and debt is large relative to cash, which leaves the balance sheet sensitive to earnings.
• Valuation is high: enterprise value is about ₩431.6B and EV/EBITDA is 407, while P/B is 2.1 and there is no dividend.
• Recent filings and news centre on a Marvell link and MLCC supply for data centers, plus a rights offering and bonus issue in August 2026. Foreign ownership fell from 11.8% to 7.6% over the last 60 days, while institutions were net buyers over 20 days.

What to watch

• The next half-year or quarterly results, to see whether operating profit and free cash flow turn positive on a sustained basis.
• Whether the MLCC and data center business described in news reports shows up in revenue, and whether the company files any supply agreements.
• Further 5%+ holding and insider shareholding filings, given the recent flow of these reports and the falling foreign stake.