KOSDAQMachinery089140

NEXTURN&ROLLKOREA

₩2,165▲ 2.61%2026-10-02 close

Market Cap

₩33.1B

Turnover

₩89,901,815

Volume

40,000 shares

Shares out.

15.3M

PER

—

PBR

0.2×

EPS

-₩958

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

Group Realignment Continues, Core Business Still Turning

Consolidated results have improved sharply on the addition of affiliates such as Migoo Industry and Lumens, but the standalone CNC lathe and heavy-equipment parts business has yet to escape losses.

1
2025 consolidated revenue rose 122.6% year over year to KRW 70.4 billion, with operating profit turning positive.
2
First-half 2026 consolidated operating profit rose sharply year over year, driven by earnings improvement at affiliates Migoo Industry and EV Advanced Materials.
3
On September 2, 2026, the company secured controlling ownership of micro-LED and automotive-electronics firm Lumens, expanding the Loa&Co Group affiliate portfolio.
4
Owners' net income remained in the red in 2025, and the trailing four-quarter window (Q3 2025–Q2 2026) also shows a net loss.
5
On a standalone basis, the operating loss actually widened in the first half even as revenue grew, leaving core-business profitability as an unresolved issue.

Business structure

Nexturn & Roll Korea was established in 2000 to manufacture and sell CNC automatic lathes, listed on KOSDAQ in 2006, and changed to its current name in 2025.

Its core products are moving-headstock CNC automatic lathes and construction heavy-equipment parts such as cylinder parts for excavators and wheel loaders, supplied to the automotive, telecom-equipment, medical-device, and consumer-electronics industries.

The company develops proprietary 24-hour unmanned automated processing equipment, is expanding exports through overseas trade shows, and is diversifying into medical robotics.

As a new business line, it is running a government-funded cardiovascular intervention-assist robot project, having completed phase one and received clearance to proceed to phase two.

Structurally, the firm is a key subsidiary of Loa&Co Holdings (Loa&Co Group), and it holds a 40.4% stake in semiconductor back-end test equipment maker Migoo Industry, making it that company's largest shareholder; other group affiliates include EV Advanced Materials, Atlas Link (formerly Alloyeus), and Dynamic Design.

On September 2, 2026, it acquired control of micro-LED and automotive-electronics firm Lumens, becoming its largest shareholder and extending the group's portfolio into semiconductors, advanced materials, LEDs, and automotive electronics.

The company has also announced entry into semiconductor injection-molding and mold-part manufacturing by combining its own precision machining capability with Migoo Industry's equipment technology.

In sum, the business structure is in transition from a traditional machine-tool and heavy-equipment parts manufacturer toward a group-level semiconductor, advanced-materials, and automotive-electronics value chain.

Earnings trend

Quarterly revenue · Operating profit

₩14B₩1.1B25Q2₩28.4B₩3.9B25Q3₩21.7B-₩2B25Q4₩25.5B₩3.6B26Q1₩37.1B₩8.2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩29B-₩3.4B2022₩41.3B₩1.3B2023₩31.6B-₩1.2B2024₩70.4B₩2.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩14B	₩1.1B	8.0%
2025Q3	₩28.4B	₩3.9B	13.6%
2025Q4	₩21.7B	-₩2B	−9.4%
2026Q1	₩25.5B	₩3.6B	13.9%
2026Q2	₩37.1B	₩8.2B	22.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩29B	-₩3.4B	-₩4.7B	−11.9%	−4.3%	85.0%
2023	₩41.3B	₩1.3B	₩9.7B	3.1%	7.0%	76.8%
2024	₩31.6B	-₩1.2B	-₩13B	−3.9%	−9.5%	70.6%
2025	₩70.4B	₩2.3B	-₩9.7B	3.2%	−7.2%	53.2%

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

Consolidated revenue for 2025 came to KRW 70.4 billion, up 122.6% from KRW 31.6 billion in 2024, while operating profit turned positive at KRW 2.28 billion versus an operating loss of KRW 1.25 billion the prior year, implying a 3.2% operating margin.

Owners' net income, however, remained negative at -KRW 9.69 billion, reflecting the split between total net loss (-KRW 2.35 billion) and the portion attributable to non-controlling interests.

Looking back, 2023 delivered revenue of KRW 41.3 billion, operating profit of KRW 1.27 billion, and owners' net income of KRW 9.68 billion, before a 23.3% revenue decline in 2024 pushed the company back into loss, making the 2025 top-line recovery notable.

On a quarterly basis, revenue of KRW 28.4 billion and operating profit of KRW 3.85 billion in Q3 2025 were followed by a sharp reversal in Q4 2025 — revenue of KRW 21.7 billion, an operating loss of -KRW 2.04 billion, and an owners' net loss of -KRW 19.6 billion — underscoring significant quarter-to-quarter volatility.

Subsequently, both revenue and operating profit expanded each quarter, reaching KRW 25.5 billion and KRW 3.55 billion in Q1 2026 and KRW 37.1 billion and KRW 8.21 billion in Q2 2026.

Over the trailing four quarters (Q3 2025–Q2 2026), cumulative owners' net income stood at -KRW 14.69 billion; despite the operating-profit improvement, the net-income metric remains in loss territory due to the large Q4 2025 shortfall.

According to press reports, cumulative first-half 2026 consolidated revenue reached KRW 62.5 billion and operating profit KRW 11.9 billion, sharply higher year over year, which the company attributed to growth at affiliate Migoo Industry, the swing to profit at EV Advanced Materials, and proceeds from real-estate disposals.

On a standalone basis, however, first-half revenue rose to KRW 11.4 billion but the operating loss widened, indicating that profitability improvement in the core business itself has yet to materialize based on disclosed figures.

Industry analysis

Demand for CNC automatic lathes and precision machine tools is growing amid a broader shift toward unmanned automated equipment, while the heavy-equipment parts segment is benefiting from expanding global infrastructure investment and rising orders tied to the spread of electric forklifts.

Migoo Industry, in which the company holds a controlling stake, has repeatedly signed semiconductor test-equipment supply contracts with domestic and overseas chipmakers, demonstrating competitiveness in the back-end test equipment market, with favorable semiconductor-industry conditions feeding through positively to results.

That said, the machine-tool and heavy-equipment parts business itself is a cyclically sensitive parts industry tied to order cycles at automakers and construction-equipment makers, and it competes against numerous domestic and overseas precision-machining firms.

At the group level, the business scope has broadened to cover semiconductor equipment (Migoo Industry), advanced materials (EV Advanced Materials), FPCB and tire molds (Atlas Link, Dynamic Design), and micro-LED/automotive electronics (Lumens), meaning the direction of the group's consolidated results now carries more weight for financial metrics than the standalone performance of Nexturn & Roll Korea alone.

This exposes the company simultaneously to the cycles of several downstream industries — semiconductors, electric vehicles, and displays — rather than a single sector.

Outlook

During its first-half 2026 earnings disclosure, the company said it had secured financial stability through growth at affiliate Migoo Industry, the swing to profit at EV Advanced Materials, and real-estate disposals, and stated a policy of completing the group's advanced-industry portfolio through cooperation with newly acquired Lumens.

For the standalone business, management has stated a goal of achieving revenue growth and an operating-profit turnaround at the standalone level by 2027 through expansion of high-value-added semiconductor parts and cost-structure innovation.

The newly announced semiconductor injection-molding and mold-parts business aims for vertical integration by combining the company's own parts-manufacturing capability with Migoo Industry's semiconductor equipment technology.

Lumens launched a new CEO-led management structure following an extraordinary shareholders' meeting on September 2, 2026, and outlined plans to cultivate micro-LED, automotive electronics, defense, and next-generation optical semiconductors as growth businesses.

The cardiovascular intervention-assist robot system is currently in phase two of a government-funded project, with clinical commercialization and global market entry set as goals following development completion.

Most of these new ventures remain at an early stage, however, and the timing and scale of their revenue contribution have not yet been specified.

Valuation

PER

—

PBR

0.2×

ROE

-9.9%

EPS

-₩958

BPS

₩9,689

Dividend per share

₩0

The stock appears to trade at a meaningful discount to net asset value, which can be read as reflecting both the fact that owners' net income has remained in loss territory even as consolidated operating results turned positive, and concerns over share dilution from frequent capital raises.

With no track record of dividend payments, shareholder-return considerations currently play little role in valuation assessment.

Given that profitability swung from a profit in 2023 back to a loss in 2024 and then to an operating profit again in 2025, market assessment of earnings stability appears to be a factor weighing on valuation as well.

The expanding consolidation scope from acquiring group affiliates such as Migoo Industry and Lumens increases the size of assets and equity, but it also needs to be weighed against the corresponding increase in net-income volatility stemming from non-operating items such as equity-method gains and valuation adjustments.

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

Semiconductor Affiliate Driving Results

Affiliate Migoo Industry posted first-half 2026 revenue of KRW 51.5 billion and operating profit of KRW 15.2 billion, an increase of roughly 1,047% year over year, driving group-level earnings improvement.

As the controlling shareholder with a 40.4% stake in Migoo Industry, Nexturn & Roll Korea captures this growth in its consolidated results. Continued signing of test-equipment supply contracts with domestic and overseas chipmakers suggests this trend could persist for some time.

Profitability Spreading Across Affiliates

Loa&Co Group's five key listed affiliates recorded combined first-half 2026 revenue of KRW 233.1 billion and operating profit of KRW 35.6 billion, with EV Advanced Materials and Dynamic Design among those swinging to profit.

Multiple affiliates showing simultaneous earnings improvement points to a strengthening of the group's overall financial capacity, which also contributes to stabilizing Nexturn & Roll Korea's consolidated financial structure.

Business Diversification via Lumens Acquisition

Lumens, over which the company gained controlling ownership on September 2, 2026, had roughly KRW 60 billion in cash and equivalents and about KRW 110 billion in total equity as of the first quarter, providing a stable financial base.

The company plans to use this to advance diversification into micro-LED, automotive electronics, defense, and next-generation optical semiconductors, with potential synergies flagged from linkage to its existing semiconductor equipment and advanced-materials businesses.

Bear factors

Standalone Core Business Remains Weak

First-half 2026 standalone revenue rose to KRW 11.4 billion, but the standalone operating loss actually widened to KRW 2.5 billion versus the prior year.

This shows that consolidated earnings improvement depends heavily on the effect of affiliate consolidation, while profitability in the core CNC lathe and heavy-equipment parts business has yet to improve. Management has set a 2027 target for a standalone turnaround, but this remains an unachieved goal.

Net Income Volatility

In Q4 2025, revenue was KRW 21.7 billion while the owners' net loss reached KRW 19.6 billion, and the trailing four-quarter sum of owners' net income also remains negative at -KRW 14.7 billion.

In contrast to the quarter-on-quarter improvement in operating profit, the net-income figure has swung sharply due to equity-method valuation effects and other non-operating items, a pattern that reduces the predictability of results.

Frequent Capital Raises and Complex Governance Structure

In May 2026, the company decided on a KRW 4 billion third-party-allotment rights offering for operating funds, and inter-affiliate capital transactions, such as participation in Migoo Industry's rights offering, have continued.

Within a short period, the group has successively absorbed multiple affiliates — Migoo Industry, EV Advanced Materials, Atlas Link, Dynamic Design, and Lumens — rapidly increasing governance complexity.

This entails both potential share dilution from new issuances and a heavier burden of managing transparency in inter-affiliate transactions.

Risk factors

Governance and Affiliate Risk

The group's governance structure has expanded rapidly with the successive absorption of multiple affiliates within a short period.

Cross-holdings among affiliates (for example, EV Advanced Materials holding a stake in Nexturn & Roll Korea) add structural complexity, and pricing fairness and internal controls around inter-affiliate transactions remain an ongoing management focus.

Earnings Volatility Risk

Consolidated net income has swung sharply quarter to quarter due to non-operating factors such as equity-method valuation gains and losses, and asset disposals or impairments. The large Q4 2025 net loss is a representative example, and similar non-operating factors could affect results going forward.

New Business Execution Risk

Multiple new businesses — semiconductor injection-molded parts, the cardiovascular robotics project, and micro-LED, automotive-electronics, defense, and optical-semiconductor businesses via Lumens — are being pursued simultaneously but remain at an early stage.

With the timing and scale of revenue contribution not yet specified, running several new ventures in parallel could strain resource allocation and execution capacity.

What to watch next

Mid-November 2026
The Q3 2026 earnings disclosure should be checked to gauge progress toward a standalone profit turnaround and the consolidation effects from Migoo Industry and Lumens.
During Q4 2026
This is a point to check the actual scale of revenue and profit contribution from Lumens reflected in consolidated financials, and the progress of inter-affiliate business linkages such as semiconductor injection-molded parts and automotive-electronics components.
Second half of 2026 through early 2027
It is worth monitoring whether the company's stated goal of a standalone profit turnaround by 2027 is achieved, and when the new semiconductor injection-molded parts business begins to show up in revenue.
From Q4 2026 disclosures onward
Additional disclosures on the progress of phase two of the cardiovascular intervention-assist robot government project, and any clinical or commercialization timeline updates, should be monitored.

Overall view

Nexturn & Roll Korea is in the process of transforming from a traditional CNC automatic lathe and heavy-equipment parts manufacturer into a platform holding semiconductor, advanced-materials, and automotive-electronics affiliates under the Loa&Co Group.

Consolidated revenue grew 122.6% year over year in 2025 and operating profit turned positive, with the improvement in consolidated results continuing into a sharply expanded first-half 2026 operating profit.

That said, owners' net income has remained in loss through the recent period, the trailing four-quarter sum also shows a net loss with significant quarterly volatility, and standalone core-business profitability actually deteriorated — factors that warrant equal attention.

The September 2026 acquisition of Lumens extended the group's portfolio into semiconductors, materials, LEDs, and automotive electronics, but the governance complexity and new-business execution risk from absorbing numerous affiliates have grown in tandem.

Going forward, the Q3 earnings release, progress toward the standalone profit-turnaround goal, and the tangible business linkage results with Lumens and Migoo Industry will likely be key variables in assessing the quality of earnings. This report is for informational purposes only and does not constitute a buy or sell recommendation.

Sources

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

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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.