DAP디에이피

DAP swung to a large TTM operating loss in H1 2026, though a big net profit and a very low valuation stand out.

DAP makes printed circuit boards and, through subsidiary AeroK Air, runs a low-cost airline. On trailing twelve months to H1 2026 it reported revenue of ₩321.8B and an operating loss of ₩14.4B, while net income was ₩95.3B, a gap the data does not explain. The shares closed at ₩1,745 on 2026-10-23, with a market cap of ₩39.7B and trading well below the 52-week high of ₩2,305.

What stands out

• Trailing operating margin is -4.5%, after a small positive operating margin of 0.6% in 2025, so the core operations weakened in 2026 on these figures.
• Net income of ₩95.3B is far above operating income, and the data does not say what drove the difference, so the profit should be read with care.
• Free cash flow was -₩7.7B and borrowings are ₩54.9B against cash of ₩6.9B, with liabilities at 142.8% of equity.
• Reported PE of 0.4 and PB of 0.4 are very low, but the data gives no analyst view on whether this reflects risk or value; the DCF base figure of ₩1,567 sits below the current price.
• Recent filings include the half-year report for Jun 2026, an amended annual report for Dec 2025, and a share sale in another company in March 2026; the news list is empty.

What to watch

• The next quarterly or half-year filings, to see whether the operating loss continues and what explains the gap with net income.
• Debt levels and cash flow, given borrowings above cash and negative free cash flow.
• Foreign ownership is 0.3% and recent 20-day flows were mixed, so any change in holder activity is worth checking in future filings.