KOSDAQ · 136410 · Rubber & plastics · ₩136410

Assems아셈스

136410 · KOSDAQ · ₩136410 · 아셈스

₩3,310▲ ₩5 (0.15%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩11,089

vs the current price (₩3,310)

Enterprise value: ₩150B
Equity value: ₩122B
WACC: 6.0%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 235% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩3,310, the model needs an operating margin of 8.2% every year (it uses 16.1%).
Or revenue growth −22.1 points a year higher than assumed in each of the 5 years.
Today's P/E is 5.6× against a typical 18.0× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩5,802; +75.3%
Base: ₩11,089; +235.0%
Bull: ₩21,105; +537.6%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (16.1%).

Revenue growth

Revenue growth, year 14.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin16.1%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation5.8%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending7.3%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital40%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.16, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.58%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩54B
Net debt (borrowings and leases − cash and deposits): ₩25B
− Minority interests: ₩2.2B
Shares: 11,019,106
Share price: ₩3,310
Market cap: ₩36B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩48B	₩57B	₩60B	₩57B	₩59B	₩61B	₩63B	₩65B
Growth	−10.0%	19.8%	5.4%	4.3%	4.0%	3.7%	3.3%	3.0%
EBIT	₩6B	₩9.2B	₩12B	₩9.1B	₩9.5B	₩9.9B	₩10B	₩10B
EBIT margin	12.6%	16.1%	19.9%	16.1%	16.1%	16.1%	16.1%	16.1%
After-tax EBIT	₩4.4B	₩6.7B	₩8.7B	₩6.6B	₩6.9B	₩7.1B	₩7.4B	₩7.6B
+ Depreciation	—	—	—	₩3.3B	₩3.4B	₩3.6B	₩3.7B	₩3.8B
− Capital spending	₩7.6B	₩1.9B	₩1.5B	₩4.1B	₩4.3B	₩4.5B	₩4.6B	₩4.8B
− Working capital	−₩9.2B	₩4.6B	₩5.2B	₩936M	₩909M	₩874M	₩808M	₩759M
Free cash flow	—	—	—	₩4.8B	₩5.1B	₩5.4B	₩5.6B	₩5.9B
Discount factor	—	—	—	0.943	0.890	0.839	0.792	0.747
Present value	—	—	—	₩4.6B	₩4.5B	₩4.5B	₩4.5B	₩4.4B

Terminal value ₩170B, worth ₩127B today: 85% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩6,596 a share)Now 0.50×	₩5,8320.88×	₩9,2221.40×	₩16,3892.48×
Price / earnings (last 12 months: ₩590 a share)Now 5.61×	₩4,8388.20×	₩10,63818.0×	₩16,55428.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩366 a share)Now 9.04×	₩3,0018.20×	₩6,59918.0×	₩10,26928.0×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
5.0%	₩12,056	₩13,632	₩15,727	₩18,653	₩23,027
5.5%	₩10,386	₩11,565	₩13,078	₩15,089	₩17,896
6.0%	₩9,051	₩9,958	₩11,089	₩12,540	₩14,469
6.5%	₩7,959	₩8,673	₩9,543	₩10,628	₩12,019
7.0%	₩7,049	₩7,621	₩8,306	₩9,140	₩10,179

Now (TTM)

Market cap: ₩36B
Enterprise value: ₩62B
P/E: 5.6×
P/B: 0.5×
P/S: 0.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022
Price	₩9,990	₩6,940	₩6,810	₩9,850
Market cap	₩110B	₩76B	₩75B	₩109B
P/E	12.5×	12.7×	24.0×	15.0×
P/B	1.5×	1.2×	1.3×	1.9×
P/S	1.8×	1.3×	1.6×	2.0×
EV/EBITDA	—	—	—	—
Dividend yield	0.0%	0.0%	—	—

Loading data for this company — check back soon

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Assems	5.6×	0.5×	0.7×	—	0.0%
Hankook Tire & Technology	5.8×	0.5×	0.3×	—	4.0%
Kumho Tire	3.1×	0.6×	0.3×	—	0.0%
Pum-Tech Korea	19.8×	2.5×	2.1×	—	0.7%
Dongwon Systems	9.7×	0.7×	0.4×	5.7×	2.8%
Nexen Tire	3.6×	0.3×	0.2×	—	3.5%
PI Advanced Materials	12.4×	1.2×	1.7×	5.0×	2.3%
Similar companies (median)	7.7×	0.6×	0.4×	5.4×	2.6%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Assems / 아셈스 / 136410 / KRX:136410

Source: KRX statistical information