PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩250 per share · Prices as of the 2026-10-02 close
Anapass, a supplier of OLED T-Con and TED chips centered on Samsung Display, saw sharp revenue decline alongside improved operating margin in 2025, but shifted back to an operating loss in the first half of 2026 amid continued high earnings volatility.
2025 revenue fell roughly 41% year-on-year to KRW 108.2bn, yet operating margin improved to 18.6% from 11.0% in 2024
2025 operating profit stayed solid at KRW 20.15bn, but net income was only KRW 2.71bn, reflecting large swings in non-operating items relative to sales
1Q26 posted a net profit despite sharply lower revenue and operating profit, while 2Q26 revenue of KRW 18.15bn came with an operating loss of KRW 4.19bn
The gap between the controlling shareholder (CEO and related parties) and the second-largest shareholder (I-Best Investment) remains narrow, keeping ownership-related disclosures under continued attention
Expansion of IT OLED (tablet/notebook) demand and Samsung Display's 8.6-generation fab investment are cited as medium-term demand variables
Anapass, founded in 2002 and listed on KOSDAQ in 2010, is a fabless semiconductor company that designs Timing Controller (T-Con) and TED (T-Con Embedded Driver) ICs for display driving and supplies them to customers, outsourcing production to foundries such as TSMC in a typical fabless structure that avoids capital-intensive manufacturing.
Its core revenue comes from OLED panel T-Con/TED products, with Samsung Display as its key customer, developing products optimized for mobile, tablet, notebook, automotive, TV, monitor, and XR applications.
In the OLED DDI/T-Con market, Samsung Electronics' System LSI division holds the dominant share, while Anapass has reportedly secured a position as a second vendor amid Samsung Display's supply-chain diversification strategy.
Competitors include Taiwan's Novatek, and more recently Himax's OLED touch ICs have been entering the IT display market, intensifying value-chain competition.
Separately, affiliate GCT Semiconductor, a US-based designer and manufacturer of 5G/4G communication chips, listed on Nasdaq in March 2024, and Anapass holds a stake in it, making the affiliate's performance and equity-method gains or losses a non-operating variable in Anapass's consolidated results.
Some brokerage analysis has also noted that the company's mobile revenue growth has been relatively constrained after failing to join a certain flagship smartphone supply chain.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩25.8B | ₩4B | 15.5% |
| 2025Q3 | ₩32.5B | ₩9.5B | 29.3% |
| 2025Q4 | ₩27.7B | ₩3.1B | 11.0% |
| 2026Q1 | ₩15.2B | ₩500M | 3.2% |
| 2026Q2 | ₩18.1B | -₩4.2B | −23.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩43.3B | -₩7B | -₩13.1B | −16.2% | −34.7% | 172.8% |
| 2023 | ₩71.5B | ₩4.5B | ₩2.7B | 6.3% | 5.0% | 107.9% |
| 2024 | ₩182.2B | ₩20B | ₩18.9B | 11.0% | 26.0% | 61.8% |
| 2025 | ₩108.2B | ₩20.2B | ₩2.7B | 18.6% | 3.6% | 63.7% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
On an annual basis, the company posted revenue of KRW 43.29bn with an operating loss of KRW 7.02bn and a net loss of KRW 13.12bn in 2022, before turning profitable in 2023 with revenue of KRW 71.47bn, an operating margin of 6.3%, and net income of KRW 2.68bn.
Revenue then surged to KRW 182.21bn in 2024, with operating profit of KRW 20.04bn (11.0% margin) and net income of KRW 18.90bn, marking a substantial improvement.
In 2025, however, revenue fell roughly 40.6% year-on-year to KRW 108.17bn, yet operating profit actually rose slightly to KRW 20.15bn with the operating margin climbing to 18.6%, which appears to reflect an improved revenue mix and more efficient cost structure.
Net income for 2025 was only KRW 2.71bn, notably below the operating profit level, suggesting significant volatility in non-operating items.
On a quarterly basis, 3Q25 showed clear strength with revenue of KRW 32.46bn, operating profit of KRW 9.53bn, and net income of KRW 7.57bn, but 4Q25 recorded an operating profit of KRW 3.06bn on revenue of KRW 27.71bn while still posting a net loss of KRW 8.04bn, again showing a large gap between operating and net results.
Moving into 2026, 1Q revenue dropped sharply to KRW 15.20bn with operating profit of only KRW 0.48bn, yet net income came in positive at KRW 3.90bn, while 2Q26 revenue of KRW 18.15bn came with an operating loss of KRW 4.19bn and a net loss of KRW 2.87bn, marking a return to an overall loss-making quarter.
This recent five-quarter pattern shows a continuous decline in revenue scale alongside recurring, large divergences between operating and net results, suggesting that any single quarter's profit surprise or shortfall should be read in the context of the broader trend rather than in isolation.
On the balance sheet side, the debt ratio, which had risen to 172.8% in 2022, declined to the low-to-mid 60% range between 2023 and 2025, and 2025 annual operating cash flow of KRW 28.88bn indicated cash generation capacity well above the net income figure.
In the display-oriented system semiconductor market, the OLED T-Con/TED segment in which Anapass operates is dominated by Samsung Electronics' System LSI division, while Anapass has reportedly maintained its position as a second vendor amid Samsung Display's supply-chain diversification strategy.
Recent industry commentary from brokerages has suggested that power-efficiency demands from the spread of on-device AI PCs are driving greater adoption of OLED panels in notebooks and tablets.
Market researcher Omdia has forecast the IT OLED panel market to grow from 7.1 million units in 2023 to 23.7 million units by 2026, pointing to potential upside for related T-Con demand.
Samsung Display has reportedly completed the installation of key equipment for its 8.6-generation IT OLED production line with a mass-production target set for 2026, making the timing of ramp-up and initial yield/utilization a variable that could affect demand for Anapass's large-panel T-Con products.
On the competitive front, Taiwan's Novatek remains a key rival, and analysis suggests Himax's entry into the IT OLED touch IC market is intensifying value-chain competition.
In the mobile T-Con/TED segment, whether the company joins certain flagship smartphone supply chains has been flagged as a key growth determinant, meaning the overall earnings structure appears to lean on mix improvement centered on IT OLED.
The company has indicated an expectation that affiliate GCT Semiconductor's 5G communication chip business could contribute to improved profitability in the coming year, a factor that could also affect Anapass's consolidated net income through equity-method gains or losses.
On the business side, the company has stated that as the revenue share of IT OLED-oriented T-Con/TED products rises, it has succeeded in developing and beginning supply of products for premium OLED notebooks and AI PC/notebook applications, and has also been adopted by a major smartphone maker, contributing to improved gross and operating margins.
However, the renewed revenue contraction seen in the 1Q26 and 2Q26 results shows that this growth narrative has not yet translated into stable quarterly performance.
On the governance side, the second-largest shareholder, I-Best Investment, has stated it maintains a long-term investment stance with no near-term exit plans, but a substantial portion of the controlling shareholder's stake remains pledged as collateral, and repeated amendments to disclosures regarding share-pledge contracts that could trigger a change of control point to fluidity in the ownership and governance structure.
The company moved to buy back its own shares in March 2026 as part of shareholder-return actions, and whether an earlier conversion of capital reserves into retained earnings translates into future dividend capacity remains a point to watch.
Overall, the expansion of the IT OLED market, the ramp-up of Samsung Display's 8.6-generation fab, and progress at affiliate GCT Semiconductor stand out as the key variables that will shape the direction of future earnings.
The price-to-earnings ratio at which the stock currently trades appears to sit near the upper end of the trading band this stock has historically formed, a characteristic that should be understood in the context of 2025 net income being sharply lower relative to operating profit.
By contrast, valuation measured on an operating-profit basis shows a comparatively lower multiple, indicating a gap between profit-based and operating-profit-based valuation readings for this stock.
The price-to-book ratio reflects a certain premium over net asset value, and given the recent decline in net income over the trailing four quarters, the basis for this premium warrants consideration alongside the pace of any earnings recovery.
On the dividend side, the company has resumed cash dividends, though the sustainability of shareholder-return policy and future earnings trends likely matter more than the dividend yield level itself.
In sum, current valuation appears to reflect both the recent pattern of revenue contraction and earnings volatility, as well as uncertainties surrounding the ownership structure.
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 2026-08-21
If the IT OLED panel market expands from 7.1 million units in 2023 to 23.7 million units by 2026 as Omdia has forecast, the demand base for related T-Con/TED suppliers could broaden. If Samsung Display's 8.6-generation line ramps as planned, demand for large-panel products could follow.
Growing AI PC adoption and its associated power-efficiency requirements are also cited as supportive of OLED panel adoption.
Despite a sharp revenue decline in 2025, the operating margin actually rose to 18.6% from 11.0% in 2024, which could be read as a signal of cost-structure efficiency gains or improved revenue mix.
Given the fabless business model's low capital-expenditure burden, the structure is seen as having some margin defensiveness against revenue swings. Whether this improvement will continue into 2026, however, has not yet been confirmed in recent quarterly results.
The debt ratio declined from 172.8% in 2022 to the low-to-mid 60% range between 2023 and 2025. 2025 operating cash flow of KRW 28.88bn far exceeded the same year's net income of KRW 2.71bn, revealing cash-generation capacity not visible from the net income figure alone. The company also took shareholder-return action by deciding to buy back its own shares in March 2026.
2025 revenue fell roughly 40.6% year-on-year, and revenue in 1Q26 and 2Q26 remained at relatively low levels of KRW 15.20bn and KRW 18.15bn, respectively. 2Q26 posted an operating loss of KRW 4.19bn, showing that the margin-improvement trend seen in 2025 has not yet been sustained. A gap between the growth narrative and actual quarterly results has persisted.
Net income of KRW 2.71bn in 2025 was far below operating profit of KRW 20.15bn, and 4Q25 posted a net loss of KRW 8.04bn despite an operating profit of KRW 3.06bn.
This suggests substantial volatility in non-operating items, such as equity-method gains or losses from affiliates, meaning improvements in operating performance may not directly translate into improved net income. Investors may need to examine both operating profit and net income metrics together.
The gap in shareholding between the controlling shareholder (including related parties) and second-largest shareholder I-Best Investment has remained narrow, and a substantial portion of the controlling shareholder's shares are reportedly pledged as collateral.
Repeated amendments to disclosures regarding share-pledge contracts that could trigger a change of control also point to fluidity in the ownership structure. This configuration keeps market attention on the stability of corporate control.
A substantial portion of revenue is concentrated in T-Con/TED products supplied to Samsung Display, meaning results can be heavily influenced by that customer's panel production plans, inventory adjustments, and supply-chain policy changes.
Analysis has also suggested the company failed to join a certain flagship smartphone supply chain in the mobile segment, indicating limited customer diversification. This high degree of customer concentration can amplify quarter-to-quarter earnings volatility.
The gap in shareholding between the controlling shareholder and second-largest shareholder remains relatively narrow, and a significant portion of the controlling shareholder's stake is reportedly pledged as collateral.
If related collateral contracts were to be executed, a change of control is theoretically possible, and related disclosures have a history of repeated amendments. This could translate into uncertainty regarding the continuity of business strategy.
Affiliate GCT Semiconductor, a 5G communication chip company listed on Nasdaq, could see its share price and performance affect Anapass's consolidated net income through equity-method gains or losses.
Instances where net income was far below operating profit, or turned negative, in 2025 and 4Q25 suggest the influence of such non-operating variables. If the affiliate's performance or share price were to underperform, volatility in consolidated net income could widen further.
Check the 3Q26 earnings disclosure — the key point to watch is whether the operating loss seen in 2Q26 persists and whether the revenue contraction trend stabilizes.
Verify whether Samsung Display's 8.6-generation IT OLED line begins mass production as targeted, along with initial yield and utilization rates, as this could affect demand for large-panel T-Con products if it proceeds as planned.
Monitor follow-up disclosures on the controlling shareholder's share-pledge contracts (amendment, termination, or execution) to assess any potential change in the corporate control structure.
Check progress on affiliate GCT Semiconductor's 5G chipset mass production and supply expansion — whether the affiliate's performance improves could influence the non-operating variable affecting Anapass's consolidated net income.
Follow-up disclosures related to shareholder returns, such as the progress or retirement of the share buyback decided in March 2026, warrant monitoring.
Anapass is an OLED T-Con/TED fabless company with Samsung Display as its core customer, and after improving results in 2023-2024, it displayed a distinctive earnings pattern in 2025 in which operating margin rose even as revenue declined sharply.
However, net income diverged significantly from operating profit in several quarters, and in the first half of 2026 revenue contracted further while 2Q26 posted an operating loss, leaving questions about earnings stability.
Expansion of the IT OLED market and Samsung Display's 8.6-generation fab investment are cited as medium-term demand variables, but it appears more time is needed before these are reliably reflected in quarterly results.
On the governance side, the narrow gap between the controlling and second-largest shareholders, along with the substantial pledge of the controlling shareholder's stake, remains a variable to watch closely.
The impact of affiliate GCT Semiconductor's performance and share price on consolidated net income through the equity method should also be considered. Overall, the company appears to be in a phase where structural growth potential, earnings volatility, and governance uncertainty coexist.
Report written 2026-09-05 · Data as of 2026-09-04
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