Ajinextek아진엑스텍

Ajinextek has swung back to profit on a trailing basis, but the shares are well below their 52-week high and the stock is priced above the DCF base value.

Ajinextek makes motion control chips and modules used in semiconductor, smartphone and battery equipment. Trailing twelve-month results to H1 2026 show revenue of ₩30.4B... more precisely ₩30.4B is shown as ₩30.4B, with operating income of ₩5.2B and net income of ₩3.8B, after losses in 2024 and a thin profit in 2025. At ₩6,170, the shares trade at about 29.8 times earnings and 2.6 times book, with a market value of about ₩113B.

What stands out

• Trailing revenue is about ₩30.4B and operating margin is 17.1%, well above the 3.9% reported for full-year 2025 and the losses in 2024 and 2023.
• Revenue has fallen from ₩41.6B in 2021 to ₩24.6B in 2025, so the recent margin recovery is not yet matched by a sustained sales recovery.
• The filed balance sheet shows cash of about ₩18.5B against borrowings of ₩0.5B, and liabilities at 10.2% of equity.
• The company's own DCF model gives a base value of ₩1,537 with a range of ₩1,281 to ₩1,985, well below the current ₩6,170 price.
• Over the past month the shares fell 16.1%, though they are up 57.1% over one year and sit about 57% below their 52-week high of ₩14,500.
• Foreign ownership rose from 1.3% to 2.3% over 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• The Q3 2026 quarterly report, due after the half-year filing, will show whether the H1 margin improvement holds.
• The February 2026 filing on a 30% or more change in revenue or profit structure has no detail in the data, so its cause is worth checking in the full filing.
• The data contains no recent news headlines and no analyst coverage, so the outlook beyond the filings is not clear.