Abko앱코

Abko remains small and thinly profitable, with H1 2026 operating margin near 0.8% and a share price well below its 52-week high.

Abko is a small KOSDAQ electronics maker selling gaming peripherals, small home appliances and public education equipment. Trailing twelve-month revenue is about ₩81.8B, down from ₩83.4B in 2025 and ₩93.4B in 2024, with operating income of only about ₩0.7B. Net income is well above operating income, and free cash flow is negative at roughly -₩8.7B.

What stands out

• Revenue has fallen for three straight years, from ₩101.8B in 2021 to ₩81.8B on a trailing basis, while 2025 net income of ₩6.4B was far above operating income of ₩3.2B.
• Trailing operating margin is 0.8% versus 3.8% in 2025, and the filings do not explain the gap in the data provided.
• Valuation is low on the given figures: P/E 7.7, P/B 0.8, P/S 0.5, and the shares closed at ₩928 against a 52-week range of ₩835 to ₩1,375.
• Balance sheet shows cash of ₩6.1B against borrowings of ₩5.7B, liabilities at 72.5% of equity, and no dividend yield.
• Recent filings include a Korea Exchange notice that the company is under management designation over a share price below ₩1,000, and the shares were around that level on the data date.

What to watch

• The next half-year or quarterly results and whether operating margin recovers from the trailing 0.8% level.
• Whether the company resolves the under-management designation concern noted in the October 2026 filing, and any follow-up filings on the value-up plan.
• Free cash flow, which is negative on the trailing data; the data does not say how it will be funded. News coverage in the data is empty, so no recent press reports are available to check.