CoAsia CM코아시아씨엠

CoAsia CM remains loss-free on a trailing basis but is thin-margin, cash-flow negative, and its shares have fallen sharply over the past year.

CoAsia CM makes optical lenses and camera modules, mainly for smartphone cameras, with Samsung Electronics and Powerlogics among its main customers. Trailing results to H1 2026 show revenue of ₩244B, operating income of ₩4.4B and net income of ₩13.1B, after a loss-making 2022 to 2024 period and a near break-even 2025. The share price is ₩3,260, down 33.5% over one year, and the data shows no news headlines for the period.

What stands out

• Trailing operating margin is 1.8% and net margin 5.4%, so profit is thin and net income is higher than operating income, which the data does not explain.
• Annual revenue fell in 2025 (-3.4%) and 2024 (-9.1%) after a 2023 decline of 23.3%, though 2022 revenue rose 113.7%.
• Trailing free cash flow is about -₩8.5B, while cash is ₩23.2B against borrowings of ₩0.75B.
• Liabilities are 91.1% of equity, and the stock trades at 2.3x trailing earnings and 0.4x book value, with no dividend.
• Foreign ownership is 1.5%, down from 1.6% sixty days earlier, and the 20-day flows show institutions net sellers.

What to watch

• The amended half-year report filed on 2026-10-08 and any changes it brings to the H1 2026 figures.
• The 5%+ holding report and insider shareholding filings from September 2026, which may show ownership changes.
• Whether trailing free cash flow turns positive, and whether revenue stabilises after the recent declines.