Alphachips알파칩스

Alphachips is back in the black on a trailing basis after years of losses, but its valuation and share-price run-up are far ahead of its thin profits.

Alphachips is a Korean chip design and design-services firm working mainly within Samsung's foundry ecosystem. Over the trailing twelve months to H1 2026 it reported revenue of about ₩86.9B, a small operating loss of about ₩0.4B and a small net profit of about ₩0.1B, with cash of about ₩21.3B and no borrowings listed. The share price has risen sharply over the past year, to ₩6,440 from a 52-week low of about ₩3,170.

What stands out

• Trailing revenue of ₩86.9B is above the 2025 full-year figure of ₩82.3B, but the trailing operating result is still slightly negative at about -0.4% margin.
• The 2025 full year showed an operating loss of ₩2.0B and a net loss of ₩1.5B, and the company posted large net losses in 2021 to 2024.
• The stock is at a P/E of about 421 on trailing earnings, while the P/B is about 1.0, and the company pays no dividend.
• The DCF-based fair value model gives a base of ₩4,051, below the current ₩6,440 price, with a bear case of ₩2,659 and a bull case of ₩6,282.
• Recent filings include a bonus share issue with an ex-rights date on 2026-10-20 and a stock purchase option grant, and a subsidiary, Postech, reported a first mass-production order from a US quantum computing company.

What to watch

• Whether the bonus share issue changes the share count and trading price after the ex-rights date, and how the market reacts.
• Full-year 2026 results, to see whether operating profit turns consistently positive rather than just slightly negative on a trailing basis.
• Foreign ownership is only about 1%, and recent 20-day flows were net foreign selling, so watch for changes in investor interest; the data does not include analyst ratings or forecasts.