Asterasys아스테라시스

Asterasys reported strong 2025 growth and still-profitable trailing results, but its share price has fallen about 67% over the past year.

Asterasys makes aesthetic devices such as HIFU and radiofrequency skin treatment systems, selling mainly to clinics in Korea and abroad. Filings show revenue of ₩37.9B in 2025 with operating income of ₩10.4B, and trailing results to H1 2026 remain profitable at ₩39.6B revenue, though free cash flow was negative. At ₩5,050 the shares trade well below their 52-week high of ₩17,240.

What stands out

• Revenue grew 31.6% in 2025 to ₩37.9B, and the operating margin was 27.4% for the year.
• Trailing operating margin to H1 2026 fell to 10.8%, down sharply from the 2025 level, while net income of ₩7.6B was boosted relative to operating income.
• Trailing free cash flow was negative at about -₩0.5B, although cash of ₩4.3B exceeds borrowings of ₩1.0B.
• The DCF fair value model gives a base value of ₩4,294, which is below the current price of ₩5,050; the bear and bull values are ₩2,863 and ₩6,640.
• Foreign ownership is low at 0.8% and unchanged over 60 days, and 20-day flows show foreign and institutional net selling with retail net buying.

What to watch

• The next quarterly and annual results, to see whether the margin decline from 2025 levels continues and whether free cash flow turns positive.
• Further 5%+ holding reports, which have been filed frequently in 2026, and any changes in major shareholdings.
• Progress on planned U.S. FDA certification for new devices, which the company says is needed to enter North America; the data does not give a timeline.