Assems아셈스

Assems remains profitable on a trailing basis, but its shares have fallen sharply over the past year despite low valuation multiples.

Assems makes solvent-free hot-melt film adhesives used mainly in footwear, apparel and automotive sunroof fabrics, supplying global sportswear brands and Hyundai and Kia. On trailing figures to H1 2026 it reports revenue of ₩54.4B...

What stands out

• Trailing revenue is about ₩54.4B and operating income about ₩9.5B, an operating margin of 17.5%, compared with 19.9% for full-year 2025.
• Full-year 2025 revenue rose 5.4% to ₩60.3B and net income reached ₩8.8B, but trailing net income of ₩6.5B is below that level.
• The shares closed at ₩3,465 on 2026-10-21, down 66% over one year and near the 52-week low of ₩3,305, while the 52-week high was ₩11,940.
• Trailing P/E is 5.9 and P/B is 0.5, but the company pays no dividend and the data shows a discounted DCF base value of ₩10,751 against the current price.
• Borrowings of ₩31.4B exceed cash of ₩6.3B, with liabilities at 55% of equity; foreign ownership rose slightly to 2.7% over the past 60 days.

What to watch

• The next half-year or quarterly results, to see whether margins hold after the drop in trailing net income.
• Further 5%+ holding reports, which have appeared several times in 2026 and show ownership changes.
• Trust contract termination and debt levels; the data does not explain the reason for the termination or any repayment plans.