Lindeman Asia Investment린드먼아시아

Lindeman Asia's profits and revenue have fallen sharply from 2021 peaks, while the share price is down about 40% over the past year.

Lindeman Asia Investment is a Korean venture capital firm that manages investment funds, with ₩957.8B in assets under management across 10 funds at the end of 2025. Trailing results to H1 2026 show revenue of ₩7.9B and net income of ₩691M, well below the 2021 level, and free cash flow is negative at about -₩12.5B. At ₩3,310 the shares trade near 0.8 times book value, but the price is far from its 52-week high of ₩5,590.

What stands out

• Revenue fell from ₩16.2B in 2021 to ₩7.4B in 2025, and trailing revenue to H1 2026 is ₩7.9B.
• Trailing operating margin is 12.7% and net margin is 8.7%, against roughly 45% operating margins in 2021 to 2025.
• The data shows a 7.6% dividend yield and a trailing P/E of 65.6, which reflects the sharp drop in recent earnings.
• The company filed a series of share buyback trust contracts in 2026, then a termination report in July, and a liquidity provision agreement in September.
• Foreign ownership is 1.1%, and 20-day net flows were negative for foreign and retail investors and positive for institutions.
• The company's own fair value model gives a range of ₩846 to ₩3,544 per share, with a base case of ₩2,020; the data does not explain how that model is built beyond its stated inputs.

What to watch

• Upcoming results and whether revenue and operating income recover from the trailing H1 2026 levels.
• Cash flow: the trailing free cash flow of about -₩12.5B and whether it reverses, given that cash is ₩1.45B and no borrowings are listed.
• Follow-up filings on the buyback trust, the liquidity provision agreement and the value-up plan, as the news feed in the data contains no recent headlines.