JK Synapse제이케이시냅스

JK Synapse remains loss-making with heavy share-price declines, while a rights offering and bond retirement filings land in the same month.

JK Synapse, a KOSDAQ-listed maker of semiconductor and display materials, RFID tags and related products, reported trailing twelve-month revenue of ₩89.3B but an operating loss of ₩4.4B and a net loss of ₩7.0B for the period to H1 2026. Its share price closed at ₩1,024 on 2026-10-28, down about 71% over one year, with a market capitalisation of about ₩20.0B. Recent filings center on a rights offering, a small public offering and a decision to retire convertible bonds the company holds.

What stands out

• Revenue has been volatile: ₩76.9B in 2022, ₩49.5B in 2023, ₩48.9B in 2024 and ₩61.9B in 2025, with 2025 growth of 26.8%.
• Losses have been large relative to sales, with 2025 operating margin at -13.3% and net loss of ₩18.6B; liabilities are 123.3% of equity.
• Trailing borrowings of about ₩10.5B exceed cash of about ₩4.8B, and free cash flow over the period was about -₩3.4B.
• Semiconductor process materials posted ₩5.03B of first-half sales, with second-quarter sales reported up 90%, according to news reports.
• Valuation metrics show price-to-book of 0.3 and price-to-sales of 0.2, but there is no earnings-based P/E because earnings are negative; the company pays no dividend.

What to watch

• Whether the rights offering and small public offering completed in October change the share count and dilution; the filings give the results but the full terms are not in this data.
• Next periodic results and whether losses narrow from the H1 2026 trend, since the data does not include forecasts.
• Ongoing shareholder meeting and filing activity, including the retirement of ₩4.42B of held convertible bonds, which news reports say aims to remove about 1.14M shares of potential overhang.