KOSDAQChemicals065690

Pakers

₩1,885▲ 1.02%2026-10-02 close

Market Cap

₩22.6B

Turnover

₩27,111,460

Volume

10,000 shares

Shares out.

12M

PER

23.3×

PBR

0.4×

EPS

₩80

Dividend Yield

0.00%

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

Report overview

Pakers Shifts Beyond Printers Into Optoelectronics and K-Beauty

Pakers, long centered on printer components, has added optoelectronics and K-beauty businesses through its acquisition of optical semiconductor firm Elphoton, while net income attributable to owners has stayed positive since 2025 even as operating losses persist.

1
2025 consolidated revenue was KRW 53.5 billion and the operating loss widened to KRW 12.7 billion, yet net income attributable to owners turned positive at KRW 6.7 billion.
2
Both 1Q26 (KRW 1.25 billion) and 2Q26 (KRW 2.2 billion) posted positive net income attributable to owners, while operating profit remained in the red both quarters.
3
Pakers completed the acquisition of a 58.53% stake in optical semiconductor firm Elphoton on September 3, 2026, launching UVC-LED, Micro-LED and photosensor businesses.
4
The company decided on two rounds of treasury share buybacks and retirements in December 2025 and July 2026, with the retirement reducing total shares outstanding by about 14%.
5
The debt ratio fell sharply from 147.6% in 2024 to 60.7% in 2025, marking an improvement in the balance sheet.

Business structure

Founded in 1970 and listed on KOSDAQ in 2002, Pakers (formerly known as Daejin DMP) operates overseas sites in China and Hong Kong.

Its core business supplies consumable printer and multifunction-device parts such as rubber rollers, blades and cartridges, with performance closely tied to demand for parts destined for its key customer HP.

The company is reported to have supplied core components to Foxconn as well, leveraging differentiated rubber compounding technology.

A second pillar is LED lighting, where Pakers supplies self-developed LED packages and lighting fixtures under the Obright brand domestically and abroad, expanding into IoT smart lighting and light-based medical devices.

More recently, the company secured management control of optical semiconductor specialist Elphoton, acquiring a 58.53% stake and adding an optoelectronics platform business spanning UVC-LED, Micro-LED and photosensors.

Elphoton, founded in 2023, holds 51 domestic and international patents, has already launched UVC-LED products, and is reported to be preparing sequential rollouts of Micro-LED and photosensor products.

Pakers stated its plan is to combine existing LED manufacturing and business capabilities with Elphoton's optical semiconductor technology to build an integrated structure spanning product development, mass production and market supply.

Media reports have also framed a "three-pillar" growth strategy of printer parts, K-beauty and optoelectronics, though the specific revenue contribution or product lineup of the K-beauty business has not yet been confirmed through disclosures.

Overall, Pakers is in a transition period, diversifying from a mature printer-parts business into LED lighting and, more recently, next-generation optoelectronics and beauty platforms.

Earnings trend

Quarterly revenue · Operating profit

₩14.3B₩800M25Q2₩12.6B-₩900M25Q3₩13.1B-₩2.9B25Q4₩11.7B-₩87,655,93426Q1₩13.3B-₩600M26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩73.1B-₩15.2B2022₩63.6B-₩9.5B2023₩63.7B-₩1.4B2024₩53.5B-₩12.7B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩14.3B	₩800M	5.8%
2025Q3	₩12.6B	-₩900M	−7.3%
2025Q4	₩13.1B	-₩2.9B	−22.4%
2026Q1	₩11.7B	-₩87,655,934	−0.7%
2026Q2	₩13.3B	-₩600M	−4.8%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩73.1B	-₩15.2B	-₩9.6B	−20.8%	−14.4%	116.5%
2023	₩63.6B	-₩9.5B	-₩12.6B	−15.0%	−23.4%	143.0%
2024	₩63.7B	-₩1.4B	-₩2.2B	−2.2%	−4.1%	147.6%
2025	₩53.5B	-₩12.7B	₩6.7B	−23.8%	11.4%	60.7%

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

Earnings analysis

Annual revenue contracted for four straight years, from KRW 73.1 billion in 2022 to KRW 63.6 billion in 2023, KRW 63.7 billion in 2024 and KRW 53.5 billion in 2025.

Operating losses had been narrowing from KRW -15.2 billion in 2022 to KRW -9.5 billion in 2023 and KRW -1.4 billion in 2024, but that trend reversed in 2025 as the loss widened again to KRW -12.7 billion.

In contrast, net income attributable to owners moved from losses of KRW -9.6 billion in 2022, KRW -12.6 billion in 2023 and KRW -2.2 billion in 2024 to a profit of KRW 6.7 billion in 2025—a divergence from the deteriorating operating result that suggests non-operating items played a significant role.

On a quarterly basis, after posting revenue of KRW 14.3 billion and an operating profit of KRW 0.8 billion in 2Q25, the company recorded consecutive operating losses in 3Q25 (revenue KRW 12.6 billion, operating loss KRW 0.9 billion) and 4Q25 (revenue KRW 13.1 billion, operating loss KRW 2.9 billion).

Yet in 1Q26 (revenue KRW 11.7 billion, operating loss KRW 0.1 billion) and 2Q26 (revenue KRW 13.3 billion, operating loss KRW 0.6 billion), net income attributable to owners still turned positive at KRW 1.25 billion and KRW 2.2 billion respectively despite continued operating losses.

Over the most recent four quarters (3Q25-2Q26), cumulative net income attributable to owners stood at around KRW 1.1 billion, showing quarter-to-quarter volatility while maintaining a net profit trend overall.

On the balance sheet, the debt ratio rose from 116.5% in 2022 to 143.0% in 2023 and 147.6% in 2024 before falling sharply to 60.7% in 2025, while equity attributable to owners increased from KRW 52.9 billion in 2024 to KRW 58.9 billion in 2025.

Operating cash flow remained negative at KRW -7.4 billion in 2022 and KRW -3.8 billion in 2023, rebounded to a positive KRW 4.1 billion in 2024, then reverted to KRW -3.6 billion in 2025—illustrating diverging signals among operating profit, net income and cash flow.

Industry analysis

The printer parts market appears to have entered a mature phase with flat-to-declining demand centered on laser printers and multifunction devices, and as printers themselves are expected to evolve toward mobile and cloud-connected systems, structural softness in consumable parts demand could persist.

The LED lighting market shows a bifurcated pattern: intensifying low-price competition has pressured profitability in general-purpose lighting, while demand for premium products and IoT smart lighting has held up relatively better.

The optical semiconductor segment is viewed as a growth area with diversifying applications including UVC-LED (sterilization, water treatment), Micro-LED (displays, AR/VR, automotive headlamps) and photosensors (fire detection, radiation sensing), with emerging demand from optical communication for AI data centers (CPO) as well.

However, this market involves numerous specialized optical semiconductor and LED competitors both domestically and abroad, and the Pakers-Elphoton combination remains at an early commercialization stage, making competitive intensity and barriers to entry key variables.

The K-beauty industry has reportedly maintained steady export growth in recent years, but Pakers' initiative in this area remains at an early stage, making it difficult to assess its competitive position relative to established players.

Overall, Pakers is in a transition phase, expanding from a maturing printer parts business and a highly competitive general LED lighting business into the growth industries of optoelectronics and K-beauty.

Outlook

The company completed Elphoton's incorporation as a subsidiary on September 3, 2026, formally launching its optoelectronics platform business, and stated plans to sequentially bring Micro-LED and photosensor products to market following its UVC-LED launch.

It is confirmed that a total of KRW 5 billion, including asset transfer and cash investment, was deployed for this acquisition. Management outlined plans to expand into applications including AI, next-generation communications, advanced displays, industrial light sources, and air/water sterilization.

On shareholder returns, following a KRW 3 billion treasury stock trust agreement in December 2025, the company decided on an additional KRW 3 billion treasury stock purchase in July 2026, with the acquired shares intended for full retirement.

It has been confirmed that a retirement equivalent to roughly 14% of total shares outstanding was completed, and attention now turns to whether further capital policy announcements will follow.

The company stated that it believes its "corporate value does not sufficiently reflect its technology and future growth potential" and said it would continue responsible shareholder returns.

However, the timing and scale at which these new businesses and capital policies will translate into actual revenue and profit have not yet been specifically confirmed through disclosures, warranting confirmation through future quarterly results and business reports.

Valuation

PER

23.3×

PBR

0.4×

ROE

1.8%

EPS

₩80

BPS

₩5,022

Dividend per share

₩0

The price-to-book ratio, on a self-calculated basis, trades below net asset value, indicating the share price sits at a discount to owners' equity book value.

The price-to-earnings ratio, by contrast, only became calculable following the return to net profit in 2025, and it is worth noting that the comparable historical band is short given several preceding years of net losses.

There have been no recent dividend payments, so dividend-related metrics are not formed, with shareholder returns currently centered on treasury stock buybacks and retirements.

The gap between the book-value-based price level and earnings-based metrics should be interpreted alongside the recent earnings pattern, in which net profit turned positive largely on non-operating items even as operating losses continued.

The early-stage investment phase of the new optoelectronics and K-beauty businesses is also an important variable in assessing the future stability of earnings and the durability of valuation metrics.

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

Bull factors

Expansion into an Optoelectronics Platform Business

Pakers secured management control of optical semiconductor specialist Elphoton, entering higher value-added product lines including UVC-LED, Micro-LED and photosensors.

Elphoton holds 51 domestic and international patents and is targeting diverse applications such as optical communication for AI data centers, automotive and displays. The company is combining this with its existing LED manufacturing capability to build an integrated development-to-supply structure.

Active Shareholder Returns via Buybacks and Retirements

Pakers decided on two rounds of KRW 3 billion treasury stock acquisitions in December 2025 and July 2026, with the shares intended for full retirement. A retirement equivalent to roughly 14% of total shares outstanding has been confirmed as completed.

The company stated it would continue responsible shareholder returns based on its view that corporate value is not fully reflected.

Turn to Net Profit and Improved Balance Sheet

Net income attributable to owners turned positive at KRW 6.7 billion in 2025, breaking a three-year streak of net losses, and remained positive in both 1Q26 and 2Q26.

The debt ratio dropped sharply from 147.6% in 2024 to 60.7% in 2025, improving financial stability, while equity attributable to owners rose from KRW 52.9 billion in 2024 to KRW 58.9 billion in 2025.

Bear factors

Structural Decline in the Core Business

Annual revenue fell for four straight years, from KRW 73.1 billion in 2022 to KRW 53.5 billion in 2025.

Declining demand for printer parts destined for key customer HP has been cited as a core factor behind the slowdown, and structural stagnation in consumables demand may persist as the printer industry shifts toward mobile and cloud-connected systems.

Persistent and Widening Operating Losses

The operating loss, which had narrowed to KRW -1.4 billion in 2024, widened sharply again to KRW -12.7 billion in 2025. Operating losses continued in both 1Q26 (KRW -0.1 billion) and 2Q26 (KRW -0.6 billion), and a clear recovery in core business profitability has not yet been confirmed. Intensifying low-price competition in the LED lighting market has also been cited as a margin pressure factor.

Non-Operating Nature of the Net Profit Turnaround

The fact that net income attributable to owners turned positive while operating profit remained negative suggests non-operating factors played a significant role.

This pattern—simultaneous operating losses and net profit—recurred in both 1Q26 and 2Q26, so it remains to be confirmed whether the profit trend is grounded in core business improvement. If the underlying one-off factors fade, the net profit trend could become volatile again.

Risk factors

New Business Execution Risk

The optoelectronics business via the Elphoton acquisition remains at an early stage, and it is uncertain whether commercialization and revenue generation for Micro-LED and photosensor products beyond UVC-LED will proceed as planned.

The K-beauty business also lacks a confirmed concrete business model or revenue contribution. A lag between new business investment and realized results could create financial strain.

Financial Soundness and Cash Flow Volatility

Operating cash flow was negative in three of the four years from 2022 to 2025, showing high volatility. The debt ratio improved significantly in 2025, but whether this improvement continues amid ongoing operating losses requires further confirmation. The need for additional financing to fund new business investments cannot be ruled out.

Small-Cap Liquidity and Trading Volatility

As a small-cap KOSDAQ stock, trading volume and price volatility tend to be relatively high, and short-term supply-demand dynamics can shift significantly around events such as treasury stock buybacks and retirements. The potential for short-term sharp price swings tied to new business news is also worth noting.

What to watch next

Mid-November 2026
The 3Q26 quarterly report is expected around this time, providing an opportunity to check whether the operating loss narrows and whether the optoelectronics and K-beauty businesses begin contributing to actual revenue.
Sequential Launch of Elphoton's Micro-LED and Photosensor Products
Following the UVC-LED launch, it will be important to confirm the launch timing and initial revenue contribution of the planned Micro-LED and photosensor products.
Timing of Any Further Capital Policy Announcements
After completion of the existing retirement plan, it is worth monitoring whether additional treasury stock buybacks, retirements, or dividend policy changes are announced.
Concretization of the K-Beauty Business
It will be important to check whether concrete product plans and revenue targets for the K-beauty business, cited as one of the three growth pillars, are disclosed.

Overall view

Pakers is attempting a business transformation, layering an optoelectronics platform via the Elphoton acquisition and a K-beauty business onto its maturing printer parts operation and highly competitive LED lighting business.

Financially, net income attributable to owners turned positive from 2025 and remained positive through the first half of 2026, but operating profit stayed negative throughout the same period, warranting further scrutiny of earnings quality.

Improvement in the debt ratio and strengthened shareholder returns through two rounds of treasury stock buybacks and retirements stand out as positive signals, though the timing and scale at which new businesses will generate revenue have not yet been confirmed via disclosures.

The core printer parts business has seen revenue decline for four consecutive years, and low-price competition in the LED lighting market remains a burden. A key point to watch will be how and when the optoelectronics and K-beauty businesses begin contributing to actual results in upcoming quarterly reports.

Investors should monitor forthcoming quarterly reports and new-business-related disclosures to check whether these trends continue.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

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.