Anapass아나패스

Anapass is far less profitable than in 2024 and 2025, with TTM revenue and earnings sharply lower and the shares down heavily over the past year.

Anapass is a fabless chip designer whose display driver ICs (T-Con and TED) are mostly used in OLED panels, with about 91% of 2025 sales from OLED-related products. Trailing results to H1 2026 show revenue of ₩93.5B, operating income of ₩8.9B and net income of only ₩0.4B, after a much stronger 2024 and 2025. The share price is ₩10,850, close to its 52-week low of ₩10,480 and well below its high of ₩22,900.

What stands out

• Revenue fell from ₩182.2B in 2024 to ₩108.2B in 2025 (down 40.6%), and TTM revenue to H1 2026 is ₩93.5B.
• Net income dropped from ₩18.9B in 2024 to ₩2.7B in 2025 and ₩0.4B on a TTM basis, so the net margin is about 0.4%.
• The operating margin is still positive at 9.5% TTM, but it is well below the 18.6% reported for 2025.
• Liabilities are 95% of equity, with borrowings of ₩17.9B against cash of ₩42.1B; TTM free cash flow is ₩10.3B.
• The one-year share return is -38.7%. The DCF-based fair value model gives a base of ₩22,969, but this is a model output, not a forecast, and the valuation multiples (P/E 370.8 TTM) are distorted by the low earnings.

What to watch

• Upcoming results and whether revenue and margins recover from the H1 2026 levels; the data does not include forward estimates.
• Recent filings include a change of largest shareholder, 5%+ holding reports, and a voluntary disclosure on a loan provision and a loan period extension; the data does not explain their details.
• Foreign ownership fell from 4.7% to 3.8% over about 60 days, and the data shows no recent news headlines to explain the trend.