APSAPS

APS remains loss-making at the operating level, though its latest half-year net profit was positive and the shares have fallen sharply over the past year.

APS is a Korean holding company with subsidiaries in equipment control software, skin-care devices, semiconductor and display components, and semiconductor equipment. On trailing twelve months to H1 2026 it reported revenue of ₩84.4B, an operating loss of ₩6.0B, and a net profit of ₩10.4B, while the share price closed at ₩3,405, near its 52-week low of ₩3,280. The data does not explain what drove the net profit given the operating loss.

What stands out

• Trailing operating margin is -7.1%, and operating income has been negative in each year shown from 2021 to 2025, so the net profit is not coming from core operations as shown in the data.
• Annual revenue fell 9.7% in 2025 to ₩84.9B after a large jump in 2024, and net income was negative at -₩3.5B in 2025.
• Borrowings of ₩101.0B exceed cash of ₩25.0B, and trailing free cash flow is -₩9.3B; liabilities are 67.8% of equity.
• The stock trades at about 6x trailing earnings and 0.3x book value, and the data shows no dividend. The fair value model gives a base of ₩3,553 with a bear case of ₩2,369 and a bull case of ₩4,975; this is a model output, not a forecast.
• Recent filings are mostly shareholding reports from 5%+ holders and insider reports, plus the H1 2026 half-year report and a convertible bond issue decision in August 2026. Foreign ownership fell from 3.1% to 2.6% over the past 60 days.

What to watch

• The next periodic results and whether operating income moves back toward profit, since the data shows losses at the operating level in every recent year.
• The terms and any dilution from the August 2026 convertible bond issue, which the data does not detail.
• Further 5%+ holding or insider filings, and the level of borrowings relative to cash, which the data flags as a financing risk.