Asia Pacific Satellite lncAP위성

AP위성 is loss-making on a trailing basis after profits in 2023 and 2024, though its cash balance is large relative to its market value.

On trailing twelve months to H1 2026, revenue was about ₩32.1B with an operating loss of ₩6.5B and a net loss of ₩2.0B, after revenue fell 18.5% in 2025. The company makes satellite phone terminals, mostly sold overseas, and satellite components for domestic customers, and reports ₩40.8B in cash and no borrowings. The shares closed at ₩9,130 on 2026-10-26, down 25.5% over one year but up 22.2% over three months.

What stands out

• Trailing operating margin is -20.3% and net margin is -6.2%, versus a 12.5% operating margin in 2024 and 20.4% in 2023.
• Reported cash of ₩40.8B is well above the ₩32.1B trailing revenue, and trailing free cash flow was positive at ₩5.7B.
• The DCF-based fair value model gives a base of ₩5,429, below the current price of ₩9,130; this is a model output, not a forecast or recommendation.
• Recent filings include several major sales or supply contracts (May, June and an amendment in July 2026), but the data does not state their values or counterparties.
• Foreign ownership fell from 1.9% to 0.6% over about 60 days, while retail investors were net buyers over the last 20 days; the data gives no reason for these flows.
• The June 2026 convertible bond issue decision is listed, but the data does not give its size or terms.

What to watch

• The Q3 2026 quarterly report and any change in the loss trend, since the data has no forward guidance.
• Terms and timing of the convertible bond issue and any dilution it may cause, which the data does not provide.
• Concentration on overseas satellite terminal sales, notably the THURAYA relationship, as named in the company profile; the data does not show customer share of revenue.