Nepes Ark네패스아크

Nepes Ark returned to a modest profit over the trailing twelve months to H1 2026, but its shares have fallen sharply over the past month and three months.

Nepes Ark provides semiconductor post-process testing, mainly wafer and package testing for chips such as PMICs, display driver ICs and RF chips, largely for Naepa Group customers and mostly for export. Trailing twelve-month revenue was about ₩113B with operating income of about ₩11B and net income of about ₩11B, a clear improvement on the losses reported in 2023 and 2024. The shares closed at ₩23,700 on 2026-10-23, well below their 52-week high of ₩63,500 but above the 52-week low of ₩14,880.

What stands out

• Trailing twelve-month revenue was about ₩113B, with a 9.8% operating margin, compared with a 4.2% margin for full-year 2025 and losses in 2023 and 2024.
• Revenue has declined for three straight years in the annual data, from ₩154B in 2022 to ₩114B in 2025.
• Borrowings of about ₩92B exceed cash of about ₩67B, and liabilities are 66.2% of equity.
• The DCF-based fair value model gives a base value of ₩12,969 per share, below the current price, with a bear-to-bull range of ₩10,583 to ₩16,279; this is a model output, not a forecast.
• Foreign ownership rose from 5.3% to 10.3% over about 60 days, while foreign investors were net sellers over the last 20 days by a small amount.

What to watch

• Upcoming results: the data includes the H1 2026 half-year report, but no next earnings date is given.
• Repeated 5%+ holding reports filed in July, September and October 2026, which may indicate shareholder changes; the filings themselves are not described in the data.
• Dependence on Naepa Group customers and exports, and the higher borrowings relative to cash, are risks named in the profile and balance sheet data.