DI Corporation (003160) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
DI Corporation makes test equipment that screens out defects after semiconductors are finished, with burn-in testers that stress chips at high temperature and voltage to weed out early failures and wafer memory testers as its mainstays; it supplies burn-in equipment to Samsung Electronics and, through its subsidiary Digital Frontier, wafer testers for HBM and DDR5 to SK Hynix. On June 10, 2026 it disclosed a ₩72.5 billion supply contract with Samsung Electronics (16.8% of last year's revenue) plus a ₩21.0 billion contract, and earlier, on March 30, Digital Frontier disclosed a ₩96.3 billion contract to supply HBM4 wafer testers to SK Hynix; the dividend is ₩250 per share. What stands out lately is that it supplies test equipment to both of Korea's memory giants, Samsung and SK Hynix, with demand growing as AI-driven HBM investment rises and this year's orders backing that up; on the other side, a debt ratio of 128.5% carries interest burden, and with results driven by order timing, a downturn in the memory investment cycle would expose it to an order gap.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Semiconductor Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Chip-equipment makers see orders surge and dry up with their customers' capital-spending cycles, so earnings can move sharply from here. Since future orders and profits drive the price more than past results, forward P/E, based on expected earnings, is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 102.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 4.0% lower than a year earlier.
- ROE is 6.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.6%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Park Won-ho 15.01% (individual)
Controlling bloc incl. related parties 37.33%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis Reading
DI Corporation makes and sells test equipment that screens out defects after semiconductors are finished. Its mainstays are burn-in testers and wafer memory testers. A burn-in tester deliberately places chips in a high-temperature, high-voltage environment to weed out early failures in advance. A wafer tester checks whether memory works properly at the wafer stage, before the chips are cut. It supplies burn-in test equipment for DRAM and NAND directly to Samsung Electronics. Through its consolidated subsidiary Digital Frontier, it supplies wafer testers for HBM (high-bandwidth memory) and DDR5 to SK Hynix. In short, the company's results grow alongside memory-chip - especially AI-driven HBM - investment.
The latest close is ₩22,800 and the market capitalization is ₩645.2 billion. The price sits above its 20-day moving average (₩20,518) and below its 60-day moving average (₩25,218). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.6, a neutral level. The one-month change is -0.9%, the three-month change is -35.7%, and the position relative to the 52-week high is -41.2%. Relative strength versus the KOSPI is 29 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 28% of all stocks. Over the past three months it lagged the index by 21.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On the surface metrics alone it looks expensive. The P/E (how many times a year's earnings the price trades at) is very high at 134.9x. But that figure is an optical illusion, because last year's (2025) net profit was unusually small at ₩5.1 billion. Operating profit was ₩36.5 billion, yet net profit came to just ₩5.1 billion - the result of heavy interest expense from high debt (debt ratio 128.5%, interest coverage 1.85x). ROE (how much is earned in a year on equity) was also low at 3.1%. Yet in the first quarter of this year it already posted net profit of ₩15.0 billion - about three times the whole of last year's net profit in a single quarter. In other words, last year's low earnings were the bottom, and profit is now climbing back to a normal track. On a debt-adjusted basis, EV/EBIT (enterprise value divided by operating profit, the debt-adjusted counterpart of the P/E) is 19.5x. The FCF yield (the ratio of actual cash generated to market cap) is 1.9%.
The revenue trajectory turned sharply. 2025 revenue was ₩432.3 billion, up 102% from the prior year - a contrast with the stagnant ₩226.6 billion, ₩231.0 billion, ₩214.5 billion, and ₩214.0 billion of 2021 to 2024. Operating profit surged from ₩3.1 billion in 2024 to ₩36.5 billion in 2025. The engine of the recovery is HBM test equipment. In the first quarter of 2026, revenue fell 4% year over year, but operating profit rose 90% and net profit 105%. Profit rising faster than revenue means a larger share of higher-margin equipment. This year's net profit is expected to far exceed last year's, and the reasons are clear: a large batch of test-equipment orders for Samsung Electronics and SK Hynix landed in the first half, and this volume is recognized as revenue in the second half. So however high last year's P/E may look, on this year's earnings the picture is entirely different.
In 2026 order news kept coming. On June 10 it signed a ₩72.5 billion semiconductor test-equipment supply contract with Samsung Electronics, equal to 16.8% of last year's revenue. On the same day it additionally disclosed a ₩21.0 billion contract with an undisclosed counterparty. Earlier, on March 30, subsidiary Digital Frontier disclosed a contract to supply ₩96.3 billion of HBM4 wafer testers to SK Hynix. These HBM4 testers passed SK Hynix's quality evaluation last year and have been in volume supply from this year. On March 20 the company also disclosed a corporate-value enhancement plan setting out its shareholder-return direction. The dividend is ₩250 per share (a dividend yield of 1.0% at the current price).
The strengths are clear. It supplies test equipment to both of Korea's memory giants, Samsung Electronics and SK Hynix. As AI-driven HBM investment rises, demand for test equipment grows with it, and this year's orders back that up. Results are climbing out of last year's bottom. There are cautions too. A high debt ratio of 128.5% means interest expense eats into profit. With results driven by test-equipment order timing, quarterly swings are large. If the memory investment cycle turns down, orders fall with it. In sum, as long as memory and HBM investment continues, this is a stock where the earnings recovery is confirmed in results; conversely, if memory capex slows, it is exposed to an order gap.
🔎 Valuation vs peers Inconclusive
Compared against Korean equipment names that make back-end memory test equipment and the large memory customers upstream.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanmi Semiconductor | 89.30x | 30.05x | 28.04% |
| Wonik IPS | 54.09x | 4.63x | 8.66% |
| SK Hynix | 24.83x | 6.65x | 45.75% |
The 134.9x P/E on last year's (2025) figures is an optical illusion, inflated because net profit was unusually small at ₩5.1 billion. The real picture must be viewed on this year's earnings. In the first quarter alone it posted net profit of ₩15.0 billion. Orders for Samsung and SK Hynix are set to flow into second-half revenue, so this year's profit is expected to far exceed last year's. Reflecting that recovery, the valuation burden falls well below the headline figure. That said, profit is driven by test-equipment order timing, so quarterly swings are large. The high debt ratio (128.5%) means interest expense eats into net profit, which needs further confirmation. Comparable equipment names (Hanmi Semiconductor, Wonik IPS) also trade at high P/Es on earnings-recovery expectations. At this point the direction is favorable, but it is a phase that calls for confirming results rather than concluding.
Price history Close · MA20 · MA60
The latest close is ₩22,800 and the market capitalization is ₩645.2 billion. The price sits above its 20-day moving average (₩20,518) and below its 60-day moving average (₩25,218). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.6, a neutral level. The one-month change is -0.9%, the three-month change is -35.7%, and the position relative to the 52-week high is -41.2%. Relative strength versus the KOSPI is 29 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 28% of all stocks. Over the past three months it lagged the index by 21.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -21.61% / 6M -43.10% / 12M -15.52%
Key metrics Computed vs sector median
Valuation
The P/E of 126.60x is above the sector median (21.36x). The P/B of 3.43x is above the sector median (1.23x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 3x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 6.8%, above the sector average (2.0%). The operating margin is 10.6%. The debt ratio is 116.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $150.7M | $150.3M | $303.7M | +102.05% ↑ faster |
| Operating profit | $4.3M | $2.2M | $25.6M | +1084.80% ↑ faster |
| Net profit | $2.2M | $769,492 | $3.6M | +365.20% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $159.2M | $162.3M | $150.7M | $150.3M | $303.7M |
| Operating profit | $11.6M | $7.8M | $4.3M | $2.2M | $25.6M |
| Net profit | $10.8M | $10.3M | $2.2M | $769,492 | $3.6M |
| Revenue CAGR | 4-yr avg 17.53% | ||||
Revenue rose 102.0% year over year (2023 ₩214.5 billion → 2024 ₩214.0 billion → 2025 ₩432.3 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 1084.8% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 17.5%. The two-year revenue CAGR is 41.9%. In the most recent quarter (Q1 2026), revenue was 4.0% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 102.0% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-10UpdateSigned a ₩72.5 billion semiconductor test-equipment supply contract with Samsung Electronics (16.8% of last year's revenue; contract period 2026-06-09 to 2026-12-31).A large order that feeds directly into second-half revenue and profit, confirming a recovery in memory test-equipment demand. Source
- 2026-06-10UpdateSigned a ₩21.0 billion semiconductor test-equipment supply contract with an undisclosed counterparty (4.9% of last year's revenue).An additional order that strengthens visibility on second-half results. Source
- 2026-03-30UpdateSubsidiary Digital Frontier signed a ₩96.3 billion contract to supply HBM4 wafer testers to SK Hynix (contract period 2026-03-27 to 2026-08-31).Full-scale localization and volume supply of HBM4 test equipment; a core growth driver for consolidated results. Source
- 2026-03-20FilingDisclosed a corporate-value enhancement plan (setting out its shareholder-return direction).Formalizes shareholder-return policy such as dividends; positive for medium-term investor sentiment. Source
- 2026-05-15EarningsFirst-quarter 2026 report: operating profit ₩18.9 billion (+90% year over year) and net profit ₩15.0 billion (+105%), a sharp profit jump.Surpassed the whole of last year's net profit (₩5.1 billion) in a single quarter, confirming entry into an earnings-recovery phase. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue | ₩432.3 billion | ₩432,293,560,547 | Confirmed | link |
| Samsung Electronics supply-contract value | ₩72.5 billion | ₩72,488,520,000 | Confirmed | link |
| SK Hynix HBM4 wafer-tester contract (subsidiary) | ₩96.3 billion | ₩96,250,000,000 | Confirmed | link |
| 2026 net profit (in-house estimate) | approx. ₩45.0 billion | — | Unverified | — |
Recent filings Source
- 2026-06-10Single supply/sales contract
- 2026-06-10Single supply/sales contract
- 2026-06-05Disclosure
- 2026-06-05PeriodicAnnual business report (amended)
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-30Disclosure
- 2026-03-20Disclosure
- 2026-03-20Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-12PeriodicAnnual business report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.