ISU Petasys (007660) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
ISU Petasys specializes in ultra-high-layer multilayer printed circuit boards (MLBs), built by stacking many layers of circuitry, and supplies them where high performance is required — data-center AI accelerator boards, 800G-class network switches and servers — with its center of gravity shifting from telecom-equipment boards toward AI and servers, lifting both the share of high-layer products and margins. In its April 2026 value-up plan it set medium-term targets of a revenue CAGR of 13% or more and an ROE of 15% or more, but its 2025 results already exceeded these at a revenue CAGR of 22.6% and an ROE of 25.8%, and it raised the dividend to ₩230 per share (+53%). What stands out recently is a two-sided picture: a strength in that, with few suppliers of ultra-high-layer boards, its share of high-value products and its 21.2% ROE are rising together; and a caution in that results hinge heavily on the AI-server and network investment cycle and on orders from a handful of large customers, so if investment slows, utilization and profit swing together.
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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 “PCBs & Substrates” (Semiconductors & IT Components · Electronic Components), a type typically read first through P/E.
PCBs and substrates provide the circuit wiring inside electronics, and volume converts fairly directly into results as set demand and utilization move. Because revenue flows cleanly into current-year profit, price-to-earnings (P/E) is the natural first read.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 30.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 34.8% higher than a year earlier.
- ROE is 21.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 19.1%.
- 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 ISU 21.47% (corporate)
Controlling bloc incl. related parties 26.14%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
ISU Petasys specializes in ultra-high-layer multilayer boards (MLB, Multi-Layer Board), built by stacking many layers of circuitry. Put simply, these are the 'base plates' on which electronic components sit; the more layers and the faster the signals, the harder they are to make and the more expensive they are. This company's boards go into places that need high performance — data-center AI accelerator boards, 800G-class ultra-fast network switches, servers and storage, supercomputers, and space and aviation equipment. Its revenue used to center on telecom-equipment boards, but recently the weight has shifted toward AI and servers, and in particular the revenue share of very-high-layer products (higher-value-added products) has grown, so that selling prices and margins rise together. It produces at a domestic plant in Daegu and at a subsidiary in Hunan, China, among others.
The latest close is ₩83,100 and the market capitalization is ₩6.1 trillion. The price sits below its 20-day moving average (₩85,450) and below its 60-day moving average (₩108,768). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.7, a neutral level. The one-month change is -15.2%, the three-month change is -45.2%, and the position relative to the 52-week high is -48.5%. Relative strength versus the KOSPI is 17 (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 16% of all stocks. Over the past three months it lagged the index by 32.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability stands out. ROE (how much the company earns in a year on its equity) is 21.2%, high versus peers, the operating margin (operating profit's share of revenue) is 18.8%, and the net margin is 14.8%. The finances are also stable. The debt ratio (debt relative to equity) is 170.7%, not excessive by manufacturing standards, and the current ratio (cash-like assets relative to debt due within a year) is 207%, with room to spare. However, the current P/E (how many times a year's earnings the price represents) is 38.01x and the P/B (how many times book net assets the price represents) is 7.66x, which look high on last year's confirmed results. The important point here is that this company is in a phase where earnings are swelling rapidly, so a P/E calculated on last year's figures looks more burdensome than it really is. On the basis of the earnings it will generate going forward, the multiple falls sharply.
Growth is accelerating. Revenue rose three years running — ₩675.3 billion in 2023, ₩836.9 billion in 2024, ₩1.088 trillion in 2025 — with the growth rate accelerating from +23.9% to +30.0%. Operating profit over the same period went ₩62.2 billion → ₩101.9 billion → ₩204.7 billion, jumping +101% in 2025, and net profit went ₩47.7 billion → ₩74.0 billion → ₩160.5 billion, up +116.8%. That profit grew much faster than revenue means the share of expensive high-layer products grew and the margin widened. In the first quarter of 2026 growth continued, with revenue of ₩340.3 billion (+34.8%), operating profit of ₩67.2 billion (+41.0%) and net profit of ₩50.4 billion (+31.7%). If the share of high-layer products keeps growing and the effect of the second-half capacity expansion is reflected, the earnings flow has room to be weighted more toward the second half than the first. Reflecting this trajectory, this year's earnings are likely to form above a simple four-times-the-first-quarter level, and the multiple calculated on that basis becomes markedly lower than on last year's basis.
A disclosure in which the company set out its own direction stands out. In the value-up plan announced on April 30, 2026, it presented medium-term (through 2029) targets of a five-year revenue CAGR of 13% or more and a five-year average ROE of 15% or more — but on 2025 results it has already exceeded these, at a revenue CAGR of 22.6% and an ROE of 25.8%. For shareholder returns it set a medium-term payout ratio (dividends as a share of net profit) target of 25-30%, and in 2025 it raised the dividend to ₩230 per share (+53% from the prior year). Beyond this, there followed an IR session in May, the May quarterly-report filing, and reports on changes in holdings by executives and major shareholders and on large shareholding positions. The value-up plan matters over the medium term in that the company officially committed, in a formal document, not only to growth but to expanding shareholder returns.
The points to watch are clear. As long as AI data-center investment continues, few companies can reliably supply ultra-high-layer boards, so ISU Petasys's structure — in which its share of high-value products and its margins rise together — is a strength. An ROE of 21.2%, three straight years of accelerating revenue and profit, and stable finances back this strength up. Even if last year's P/E looks high, in a phase where earnings are swelling one must look at the basis of the earnings to be generated going forward for the true valuation to emerge, and on that basis the multiple falls noticeably. The caution is that this company's results hinge heavily on the AI-server and network investment cycle and on orders from a handful of large customers. If data-center investment slows or customer orders are pushed out, utilization and margins of high-layer products can swing together, and if it cannot fill the added capacity, the fixed-cost burden grows. In sum, under conditions where AI investment and high-layer demand hold up, earnings growth and valuation appeal come alive together, and under conditions where the investment cycle cools, earnings volatility grows.
🔎 Valuation vs peers Fairly valued
Compared with listed companies whose business substance overlaps as makers of the same printed circuit boards (PCBs) and semiconductor substrates.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| TLB | 15.46x | 2.67x | 19.95% |
| Korea Circuit | 28.22x | 2.70x | 10.74% |
| Daeduck Electronics | 103.29x | 5.35x | 5.31% |
| Haesung DS | 37.47x | 1.60x | 6.09% |
Compared with the same PCB/substrate industry — TLB (45.2x P/E, 15.1% ROE), Korea Circuit (39.3x P/E, 10.7% ROE) and Haesung DS (43.8x P/E, 4.2% ROE) — ISU Petasys's P/E of 46.7x on last year's confirmed results is similar or lower, and far below Duksan Electera (148.7x). On top of that, this company has the highest profitability in the peer set at a 21.2% ROE. The high-looking P/E calculated on last year's figures is an illusion of an inflection phase where earnings are swelling rapidly. On this year's earnings — reflecting the first-quarter trend, the growing high-layer mix and the second-half capacity expansion — the multiple falls to the low 30x range, actually placing it among the lower in the peer set. It is hard to call it outright cheap, but given top-tier profitability and accelerating growth, the premium at the current, corrected price is hard to view as excessive, so we judge it a 'Fairly valued' range. If the growth trajectory continues, there is room for it to be undervalued.
Price history Close · MA20 · MA60
The latest close is ₩83,100 and the market capitalization is ₩6.1 trillion. The price sits below its 20-day moving average (₩85,450) and below its 60-day moving average (₩108,768). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.7, a neutral level. The one-month change is -15.2%, the three-month change is -45.2%, and the position relative to the 52-week high is -48.5%. Relative strength versus the KOSPI is 17 (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 16% of all stocks. Over the past three months it lagged the index by 32.9%. 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 -32.93% / 6M -40.93% / 12M -32.57%
Key metrics Computed vs whole-market median
Valuation
The P/E of 38.01x is above the whole-market median (12.97x). The P/B of 7.66x is above the whole-market median (0.84x).
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.
Profitability & financials
Return on equity (ROE) is 21.7%, above the whole-market average (3.0%). The operating margin is 19.1%. The debt ratio is 69.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $474.4M | $587.9M | $764.3M | +30.01% ↑ faster |
| Operating profit | $43.7M | $71.6M | $143.8M | +100.95% ↑ faster |
| Net profit | $33.5M | $52.0M | $112.7M | +116.77% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $329.9M | $451.7M | $474.4M | $587.9M | $764.3M |
| Operating profit | $32.9M | $81.9M | $43.7M | $71.6M | $143.8M |
| Net profit | -$2.5M | $72.0M | $33.5M | $52.0M | $112.7M |
| Revenue CAGR | 4-yr avg 23.37% | ||||
Revenue rose 30.0% year over year (2023 ₩675.3 billion → 2024 ₩836.9 billion → 2025 ₩1.1 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 101.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 23.4%. The two-year revenue CAGR is 26.9%. In the most recent quarter (Q1 2026), revenue was 34.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 21.7% points to solid profitability.
- Revenue grew 30.0% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-30FilingValue-up plan (voluntary disclosure): medium-term targets of a revenue CAGR of 13%+ and ROE of 15%+, and a medium-term payout ratio target of 25-30% (2025 results already exceed the targets at a CAGR of 22.6% and ROE of 25.8%).Over the medium term, the company formalizes its growth and shareholder-return direction. Already delivering results above the targets, it underpins room to expand returns. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report filed: revenue ₩340.3 billion (+34.8%), operating profit ₩67.2 billion (+41.0%), net profit ₩50.4 billion (+31.7%), continuing growth.Short term, confirms the growth trend holds. The improving high-layer product mix leads to revenue and profit growing together. Source
- 2026-05-20IRNotice of an IR session: explaining results, business status and future plans directly to the market.Short term, secures a company communication channel on business status and the progress of the capacity expansion. Source
- 2026-06-01FilingCorporate governance report disclosed: periodic disclosure of governance status including board operations, shareholder rights and audit.Over the medium term, provides information related to governance transparency, in keeping with the value-up direction. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue, operating profit and net profit | revenue 1880 · operating profit 2,047 · net profit 1,605 | revenue 1880 · operating profit 2,047 · net profit 1,605 | Confirmed | link |
| First-quarter 2026 results | revenue 3,403 · operating profit 672 · net profit 504 | revenue 3,403 · operating profit 672 · net profit 504 | Confirmed | link |
| ROE and shareholder returns (value-up plan) | ROE 21.2%, approx. 11% | 2025 5 ROE 25.8%, 10.7%, 25~30% | Confirmed | link |
| 2026 net profit estimate | approx. 2,400(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-20Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Disclosure
- 2026-04-23OwnershipOwnership-change filing
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-30Disclosure
📖 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.