APS InnovationAPS이노베이션

APS Innovation's trailing profit is driven by a large non-operating gain, while operating margin stays thin and the share price has fallen sharply over the past year.

APS Innovation makes display inspection equipment and secondary battery manufacturing equipment, including laser notching systems. On a trailing basis to H1 2026 it reports revenue of about ₩69.6B and operating income of about ₩4.3B, but net income of about ₩12.1B is far above operating income, so the filings suggest non-operating items are a major contributor. Revenue fell 49.5% in 2025 and the share price is down 48.2% over one year, though it is up 19.4% over three months.

What stands out

• Trailing operating margin is 6.2%, but net margin is 17.3%, which points to non-operating income rather than core operations driving reported profit; the data does not break this down.
• 2025 net income was only about ₩0.09B on revenue of ₩74.0B, showing how volatile earnings have been year to year.
• Trailing cash of about ₩101.3B exceeds borrowings of about ₩15.5B, and trailing free cash flow is about ₩25.0B.
• The DCF-based fair value model gives a base of ₩5,387 against a close of ₩3,350, with bear and bull cases of ₩4,454 and ₩7,116; these are model outputs, not forecasts.
• Recent filings include a major sales or supply contract (Sep 2026) and a decision on acquiring equity securities of another company (Aug 2026), but the data does not describe their terms or size.
• Foreign ownership fell slightly to 2.3% from 2.5% over 60 days, and the data shows no recent news headlines.

What to watch

• The H1 2026 half-year report and its amendment, to confirm the source of the large gap between operating and net income.
• Details of the equity acquisition decision and the supply contract, which the data does not describe.
• Whether revenue recovers after the 2025 decline; the data contains no forward guidance or consensus estimates.