ASTech에이에스텍

ASTech's revenue and profits have fallen sharply, with the first half of 2026 showing large losses and the share price down about 59% over the past year.

ASTech makes UV-filter raw materials for sunscreens and cosmetics, plus a pharmaceutical intermediate. Trailing results to H1 2026 show revenue of about ₩19.5B, an operating loss of about ₩8.3B and a net loss of about ₩6.7B, with cash of ₩13.4B against borrowings of ₩42.9B. The share price closed at ₩6,830 on 2026-10-20, near the lower end of its 52-week range of ₩6,000 to ₩17,300.

What stands out

• Revenue fell from ₩47.3B in 2023 and ₩42.6B in 2024 to ₩24.6B in 2025, and trailing revenue to H1 2026 is about ₩19.5B.
• Operating margin moved from about 20% in 2024 to -0.4% in 2025 and -42.9% on a trailing basis, so the business is now loss-making at the operating level.
• Free cash flow is about -₩17.7B on a trailing basis, and borrowings of ₩42.9B are well above cash of ₩13.4B.
• The data shows a price-to-book ratio of 0.7 and a 7.3% dividend yield, but earnings-based valuation ratios are not meaningful because earnings are negative.
• Filings in 2026 include a corporate value-up plan (April), a half-year report (August) and several treasury stock disposal corrections. No news headlines were in the data.

What to watch

• The next quarterly and annual results, to see whether losses narrow and whether revenue stabilises after the 2025 decline.
• Whether the dividend is maintained given the trailing losses and negative free cash flow; the data does not show a dividend policy.
• Details of the corporate value-up plan and treasury stock disposals, which the data does not describe in full.