Avacoco아바코

Avacoco's trailing earnings have shrunk sharply from 2025 levels, though the shares are cheap on current earnings and asset value.

Avacoco makes display and secondary battery manufacturing equipment, with newer moves into semiconductor, glass-substrate and other equipment. Trailing twelve-month revenue to H1 2026 is about ₩239B with an operating margin of only 1.5%, far below the 8.8% reached in 2025 on ₩393B of revenue. The stock closed at ₩12,140, roughly 31% below its 52-week high of ₩17,500 and 33% above the low of ₩9,110.

What stands out

• Trailing revenue of about ₩239B is well below the ₩393B reported for 2025, and operating income of about ₩3.6B is much lower than 2025's ₩34.6B.
• Trailing net income of about ₩15.6B is far above operating income, so the gap between the two is something to read in the full filings rather than assume.
• Valuation metrics are modest on reported figures: P/E about 11.4, P/B 0.9, dividend yield 4.1%, but EV/EBITDA is 31.
• Liabilities are about 103% of equity and borrowings are about ₩19.1B against cash of about ₩27.2B; free cash flow is about ₩8.7B on a trailing basis.
• Filings in recent months include a amended major sales contract, change of largest shareholder, and 5%+ holding reports; the news feed had no headlines in the data.

What to watch

• The next results and any updated filings, since the trailing margin has fallen sharply from 2025 and the reasons are not explained in the data.
• The amended major sales contract filed on 13 October 2026 and any further contract disclosures for new equipment lines.
• The discounted cash flow model gives a wide range, from ₩3,593 (bear) to ₩26,697 (bull) against the current price, so results and order flow will matter for the outcome.