Apact에이팩트

Apact has swung back to a small profit on higher revenue, but its shares have run up sharply and it carries heavy debt and negative free cash flow.

Apact provides outsourced chip packaging and final testing in Korea, with SK hynix and Samsung Electronics among its named customers. For the trailing twelve months to H1 2026 it reported revenue of about ₩136.6B, operating income of ₩5.9B and net income of ₩10.8B, after large losses in 2023 and 2024. The share price is ₩10,530, up 107.3% over one year, and the valuation (P/E 42.6, P/B 5.7) is well above the peers listed in the data.

What stands out

• Revenue rose to ₩111.0B in 2025 (up 28%) and to ₩136.6B on a trailing basis, while operating margin recovered to 4.3% trailing from deep losses in 2023 and 2024.
• Trailing net income of ₩10.8B is higher than operating income, but the data does not explain the gap, so it should be checked in the filings.
• Balance sheet is leveraged: liabilities are 212.4% of equity, with borrowings of ₩35.5B against cash of ₩42.3B.
• Trailing free cash flow is negative at -₩28.2B, and the company pays no dividend.
• Recent filings include several conversion-right exercises and a decision to increase short-term borrowings, and the data contains no news headlines.

What to watch

• The decision to increase short-term borrowings (filed 29 Sep 2026): the size and purpose are not in the data, and it adds to a debt load already above equity.
• Further conversion-right exercises, which could change the share count; the data does not show the dilution impact.
• The next results release and the full-year 2026 outlook, since the data does not include any analyst forecasts.