PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
CoAsia is seeing both revenue growth and narrowing losses through its system semiconductor design subsidiary built on Samsung Foundry and Arm partnerships and its camera module unit, though operating losses have resurfaced in the most recent quarters, leaving earnings quality still unsettled.
2025 consolidated revenue reached KRW375.1bn, up slightly year over year, while the operating loss narrowed sharply to KRW2.24bn from KRW39.6bn in 2024
Net income attributable to owners turned positive for two straight quarters in 2026 (KRW2.23bn in Q1, KRW0.37bn in Q2), even as operating profit remained negative in both quarters
Subsidiary CoAsia SEMI is jointly developing a data-center AI chiplet with Rebellions, targeting completion of development and verification by the end of 2026
Subsidiary CoAsia CM has maintained quarterly profitability on the back of Samsung Galaxy camera module supply, though Q2 2026 profitability softened temporarily due to downstream inventory adjustments
The price-to-book ratio sits below 1x, placing the stock in a discount range relative to net asset value, and the company has not paid dividends in the most recent fiscal years
CoAsia is an operating holding company engaged in system semiconductors, electronic component manufacturing, and new-technology business financing, running its business through multiple subsidiaries.
Its core subsidiary, CoAsia SEMI, is a Design Solution Partner (DSP) within Samsung Electronics' Foundry SAFE ecosystem and holds the highest-tier Approved Arm Design Partner (AADP) status, providing system semiconductor design and advanced packaging services.
Affiliate CoAsia NEXELL is an official partner for Samsung's Exynos processors, specializing in customized SoCs and automotive application processors built to the ISO 26262 safety standard.
CoAsia CM, which handles camera modules and optical lenses, holds a primary supplier position for lenses and camera modules across Samsung Galaxy smartphones from mid-tier to flagship models, and has recently been expanding its share of premium optics such as telephoto, wide, and ultra-wide lenses.
The group also runs automotive and home-appliance LED businesses, IT component distribution, and a new-technology investment arm targeting high-growth areas such as AI, system semiconductors, and automotive solutions.
In terms of revenue mix, the group carries considerable dependence on the Samsung Electronics ecosystem, which links CoAsia's performance closely to Samsung's foundry and mobile business cycles.
Competitively, CoAsia SEMI contends with other domestic foundry design houses, while CoAsia CM competes in the optical module market against both domestic and overseas rivals.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩98.5B | ₩3.7B | 3.8% |
| 2025Q3 | ₩90.7B | -₩1.2B | −1.3% |
| 2025Q4 | ₩81.9B | -₩6.6B | −8.0% |
| 2026Q1 | ₩121.8B | -₩2B | −1.7% |
| 2026Q2 | ₩132.1B | -₩3B | −2.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩459.7B | -₩22.6B | -₩27.2B | −4.9% | −47.2% | 151.5% |
| 2023 | ₩377.6B | -₩25.5B | -₩26.4B | −6.8% | −28.0% | 154.0% |
| 2024 | ₩357.8B | -₩39.6B | -₩46.9B | −11.1% | −51.5% | 176.4% |
| 2025 | ₩375.1B | -₩2.2B | -₩14B | −0.6% | −18.1% | 195.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
CoAsia's consolidated revenue declined from KRW459.7bn in 2022 to KRW377.6bn in 2023 and KRW357.8bn in 2024, before turning back up to KRW375.1bn in 2025.
Operating losses widened from KRW22.6bn in 2022 to KRW25.5bn in 2023 and KRW39.6bn in 2024, but the loss narrowed sharply to just KRW2.24bn in 2025, marking a turning point in earnings trend. Net income attributable to owners also improved markedly, from a loss of KRW46.9bn in 2024 to a loss of KRW14.0bn in 2025.
On a quarterly basis, operating profit briefly turned positive at KRW3.70bn in Q2 2025 before reverting to losses of KRW1.18bn in Q3 and KRW6.58bn in Q4, and operating losses persisted into 2026 at KRW2.03bn in Q1 and KRW3.04bn in Q2.
By contrast, net income attributable to owners posted two consecutive profitable quarters in 2026 — KRW2.23bn in Q1 and KRW0.37bn in Q2 — a divergence from operating results that suggests non-operating factors such as equity-method gains, financial income, or minority-interest adjustments played a meaningful role in the swing to net profit.
Revenue scale continued to expand, reaching KRW121.8bn in Q1 2026 and KRW132.1bn in Q2 2026, both showing clear year-over-year growth. Even so, the recurring gap between top-line growth and operating profitability means the quality and durability of earnings still require further confirmation.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative net income attributable to owners stood at a loss of KRW6.01bn, indicating the company remained in a net loss position on an annualized basis.
The system semiconductor design house market in which CoAsia SEMI operates carries structural growth drivers from rising demand for low-volume, high-mix production among foundry customers and the spread of AI semiconductor and chiplet architectures.
Rising demand for data-center AI semiconductors in particular has increased interest in chiplet and advanced packaging technologies that combine multiple smaller chips, and CoAsia SEMI holds related capabilities such as 2.5D silicon interposer technology while positioned within the Samsung Foundry and Arm ecosystems.
That said, this market involves ongoing competition from large global OSAT and design house players, and carries execution and verification risk before commercialization is reached.
The camera module and optical lens business is affected by the maturation and premiumization trend in the smartphone market, and CoAsia CM has been responding by reducing its exposure to low-margin models and shifting its portfolio toward higher value-added optics such as telephoto and wide-angle lenses.
More recently, "physical AI" applications such as robotics, automotive, and 3D cameras have emerged as new addressable markets for the optical module industry, driving diversification away from a traditionally mobile-centric revenue base.
The downstream smartphone market remains exposed to short-term demand swings such as customer inventory adjustments, and CoAsia CM's quarterly results are affected by this volatility.
Overall, CoAsia is structurally exposed to two distinct industry cycles simultaneously: the foundry/AI semiconductor cycle and the mobile optics cycle.
CoAsia SEMI jointly secured a government-backed development project with Rebellions in April 2025 for a multi-petaflops PIM server semiconductor chiplet, followed in July of the same year by a contract to develop and supply data-center AI chiplets and software solutions, with both companies setting a target of completing development and verification by the end of 2026 and supplying mass-production volumes to domestic and overseas AI data centers. CoAsia SEMI also unveiled its proprietary chiplet platform, "CoAsia Chiplet Solution (CoCs),
CoAsia's price-to-book ratio sits below 1x, meaning the stock trades at a discount to its book net asset value. The company has not paid dividends in recent fiscal years, so any assessment tends to center less on dividend appeal and more on the trajectory of earnings recovery.
Per-share earnings-based valuation metrics are constrained given the trailing four-quarter net loss position, underscoring that earnings stabilization has not yet been completed.
Looking at the multi-year trend, annual losses have persisted from 2022 through 2025, though the scale of those losses has clearly narrowed over time.
Whether the market re-rates the stock going forward appears tied to whether quarterly operating profitability can sustain a turnaround and whether new initiatives such as the AI chiplet business translate into actual revenue.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Operating losses shrank sharply from KRW39.6bn in 2024 to KRW2.24bn in 2025, and net losses attributable to owners also narrowed substantially from KRW46.9bn to KRW14.0bn over the same period. This appears to reflect a combination of improved cost structure, reduced SG&A, and a growing mix of higher-value products.
Revenue also turned upward, rising from KRW357.8bn in 2024 to KRW375.1bn in 2025, showing simultaneous improvement in scale and profitability.
CoAsia SEMI signed a contract with Rebellions to jointly develop a data-center AI chiplet, targeting completion of development and verification by the end of 2026.
Backed by its top-tier Approved Arm Design Partner status and 2.5D silicon interposer technology, the company participates in the advanced packaging ecosystem. Unveiling its own chiplet platform at Arm Unlocked Seoul 2025 was also a positive signal of its technical capability.
CoAsia CM has maintained quarterly profitability on the strength of its primary supplier position for Samsung Galaxy camera modules, while upgrading its portfolio toward premium optics and reducing exposure to low-margin models.
Expansion into physical AI applications such as robotics, automotive, and 3D cameras is also underway, diversifying the business away from a purely mobile-centric revenue base.
After briefly turning positive in Q2 2025, operating profit reverted to losses starting in Q3 2025 and remained negative through Q1 and Q2 2026. Revenue has grown, but the failure to translate that growth into operating profit improvement recurs, leaving questions about the sustainability of earnings.
Net income attributable to owners was positive in both Q1 and Q2 2026, even though operating profit was negative in the same periods.
This divergence suggests non-operating factors — such as equity-method gains, financial income, or minority-interest adjustments — may have played a significant role in the swing to net profit, and such items may not be recurring.
CoAsia's revenue carries considerable dependence on the Samsung Electronics group, making its results sensitive to shifts in Samsung's foundry and mobile business cycles. As a relatively small-cap KOSDAQ stock, liquidity and demand-supply volatility can also be comparatively pronounced.
Both CoAsia SEMI and CoAsia CM carry high revenue dependence on the Samsung Electronics group. Changes in Samsung's foundry utilization or Galaxy smartphone sales and inventory policies can directly affect CoAsia's results. Progress on customer diversification warrants ongoing monitoring.
The joint AI chiplet development with Rebellions targets completion by the end of 2026, but the project remains at the development and verification stage, with the actual timing and scale of mass production and revenue generation still unconfirmed.
The advanced packaging and chiplet market is highly competitive globally, and the possibility of commercialization delays or contract changes cannot be ruled out.
CoAsia has recorded a net loss attributable to owners every year from 2022 through 2025, and non-controlling interests make up a substantial portion of its equity structure.
Cases where operating profit and net income move in opposite directions have recurred on a quarterly basis, making the predictability of the earnings structure relatively low.
Watch the Q3 2026 preliminary earnings disclosure to check whether operating profit turns positive and whether revenue growth continues.
Check whether the CoAsia SEMI-Rebellions AI chiplet development and verification target is met and whether any mass-production supply contract disclosures follow.
Track quarterly results to verify whether CoAsia CM's expected second-half improvement in mobile optics profitability and revenue contribution from new physical AI applications materialize.
Confirm the finalized annual results and whether the loss-narrowing trend persisted, through the 2026 annual business and audit report filings.
CoAsia has shown an improving trend as it works to break out of the annual loss structure that persisted from 2022 through 2025, with the sharp narrowing of the 2025 operating loss and two consecutive quarters of positive net income attributable to owners in Q1 and Q2 2026 standing out as positive signals.
However, operating profit remained negative over the same period, so further confirmation is needed on whether the net income improvement reflects genuine operational progress or non-operating factors.
The AI chiplet and advanced packaging business at subsidiary CoAsia SEMI, along with premium optics and physical AI expansion at CoAsia CM, support a medium- to long-term growth narrative, but both remain at an early commercialization stage with uncertain timing for revenue contribution.
High revenue dependence on the Samsung Electronics group remains a structural factor that amplifies earnings volatility.
On valuation, the stock trades with a price-to-book ratio below 1x, and its future direction appears likely to hinge on whether quarterly operating profit turnarounds prove sustainable and whether new businesses translate into actual revenue.
Investors will want to monitor both upcoming quarterly earnings disclosures and the progress of the AI chiplet project.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.