Isu Petasys specializes in ultra-high-layer-count multi-layer boards (MLB), printed circuit boards built up from many stacked circuit layers, supplying them where high performance is required, such as data-center AI accelerator boards, 800G-class network switches, and servers. Its center of gravity has shifted from telecom equipment toward AI and servers, so the share of high-layer-count products and the margin are rising together. In its April 2026 corporate value-up plan it set mid-term targets of revenue CAGR above 13% and ROE above 15%, but 2025 results already exceeded these at a revenue CAGR of 22.6% and ROE of 25.8%, and it raised the dividend to ₩230 per share (+53%). Two points stand out: the strength of a rising share of high-value products alongside a 21.2% ROE while few suppliers can make ultra-high-layer-count boards; and the caution that results swing heavily with the AI-server and network investment cycle and orders from a small number of large customers, so if investment slows, utilization and earnings waver together.
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 21.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 18.8%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
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
- Isu Petasys specializes in ultra-high-layer-count multi-layer boards (MLB, Multi-Layer Board), printed circuit boards built up from many stacked circuit layers.
- Put simply, these are the 'base plates' on which electronic components sit, and the more layers and the faster the signals, the harder they are to make and the higher the price.
- This company's boards go where high performance is required, such as data-center AI accelerator boards, 800G-class ultra-fast network switches, servers and storage, supercomputers, and space and aerospace equipment.
- Whereas telecom-equipment revenue was once the center, the weight has recently shifted toward AI and servers, and as the revenue share of very-high-layer-count products (higher value-add) grows, the average selling price and margin rise together.
- Production is at the domestic Daegu plant and the Hunan entity in China, among others.
- The latest close was ₩91,800 and market cap is ₩6.7 trillion.
- The price sits below the 20-day line (₩112,115) and below the 60-day line (₩126,373).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- RSI (an auxiliary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 37.3, a neutral level.
- The one-month change is -18.8%, the three-month change is -13.4%, and the price sits -43.1% below its 52-week high.
- Relative strength versus the KOSPI is 44 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 56% by strength among all stocks.
- Over the past three months it lagged the index by 38.4%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Profitability stands out.
- ROE (how much is earned in a year on shareholders' equity) is 21.2%, high versus peers; the operating margin (operating profit as a share of revenue) is 18.8% and the net margin is 14.8%.
- The balance sheet is also stable: the debt ratio (debt relative to equity) is 170.7%, not excessive by manufacturing standards, and the current ratio (cash-equivalent assets relative to debt due within a year) is 207%, leaving room.
- That said, the current P/E ratio (how many times one year's earnings the price represents) is 41.99x and P/B (how many times book net assets the price represents) is 8.92x, which look high on last year's confirmed results.
- The key point here is that this company is in a phase where earnings are growing quickly, 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 make going forward, the multiples fall substantially.
- Growth is accelerating.
- Revenue rose for three straight years, from ₩675.3 billion in 2023 to ₩836.9 billion in 2024 to ₩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 to ₩101.9 billion to ₩204.7 billion, jumping +101% in 2025, and net profit went ₩47.7 billion to ₩74.0 billion to ₩160.5 billion, up +116.8%.
- That earnings grew far faster than revenue means the margin widened as the share of expensive high-layer-count products grew.
- In Q1 2026 as well, growth continued with revenue ₩340.3 billion (+34.8%), operating profit ₩67.2 billion (+41.0%), and net profit ₩50.4 billion (+31.7%).
- As the share of high-layer-count products keeps growing and expansion effects are reflected in the second half, there is room for the earnings flow to weigh more toward the second half than the first.
- Reflecting this trajectory, this year's earnings are likely to form above simply quadrupling Q1, and the multiples calculated on that basis fall markedly below last year's basis.
- A disclosure in which the company itself set its direction stands out.
- In the corporate value-up plan announced April 30, 2026, it set mid-term (through 2029) targets of a five-year revenue CAGR above 13% and ROE (five-year average) above 15%, but on 2025 results it has already exceeded them at a revenue CAGR of 22.6% and ROE of 25.8%.
- For shareholder returns, it set a mid-term payout-ratio target of 25-30%, and in 2025 raised the dividend per share to ₩230 (+53% year on year).
- In addition, a May IR session, a May quarterly report filing, and reports of executive and major-shareholder stake changes and large holdings followed.
- The value-up plan is meaningful mid term in that the company stated in an official document its intent not only to grow but also to expand shareholder returns.
- The points to watch are clear.
- As long as AI data-center investment continues, few companies can reliably supply ultra-high-layer-count boards, so Isu Petasys's structure of rising high-value-product share and margin together is a strength.
- A 21.2% ROE, revenue and earnings accelerating for three straight years, and a stable balance sheet underpin this strength.
- Even if last year's P/E looks high, in a phase where earnings are growing, the real valuation shows only when viewed on the earnings it will make going forward, on which basis the multiples fall noticeably.
- A point to weigh is that this company's results swing heavily with the AI-server and network investment cycle and orders from a small number of large customers.
- If data-center investment slows or customer orders are pushed out, utilization and margin on high-layer-count products can waver together, and if the expanded capacity is not filled, the fixed-cost burden grows.
- In sum, under conditions where AI investment and high-layer-count demand hold, earnings growth and valuation appeal revive together; under conditions where the investment cycle cools, results volatility grows.
🔎 Valuation vs peers Fairly valued
Compared with listed companies in the same PCB and semiconductor-substrate manufacturing whose business substance overlaps.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Simmtech | 0.00x | 7.67x | -28.52% |
| Korea Circuit | 35.58x | 3.82x | 10.74% |
Compared with Simmtech (ROE -28.5%, in a loss phase) and Korea Circuit (ROE 10.7%) in the same PCB and substrate industry, Isu Petasys is clearly ahead in profitability (ROE 21.2%) and growth acceleration, in a position that merits a premium. The P/E of 52.8x calculated on last year's confirmed results looks high, but this is the limitation of last year's figures looking more burdensome than reality at an inflection where earnings are growing fast. On this year's earnings, which reflect the Q1 trend, a widening high-layer-count mix, and second-half expansion, the multiple falls substantially to the mid-30s, so it is hard to call absolutely cheap, but considering growth and top-tier profitability it is also hard to call excessively expensive, so it is judged a fairly valued zone.
Price history Close · MA20 · MA60
The latest close is ₩91,800 and the market capitalization is ₩6.7 trillion. The price sits below its 20-day moving average (₩112,115) and below its 60-day moving average (₩126,373). 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 37.3, a neutral level. The one-month change is -18.8%, the three-month change is -13.4%, and the position relative to the 52-week high is -43.1%. Relative strength versus the KOSPI is 44 (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 44% of all stocks. Over the past three months it lagged the index by 38.4%. 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 -38.44% / 6M -49.76% / 12M -25.27%
Key metrics vs whole-market median
Valuation
The P/E of 41.99x is above the whole-market median (13.81x). The P/B of 8.92x is above the whole-market median (1.15x).
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 21.2%, above the whole-market average (5.0%). The operating margin is 18.8%. The debt ratio is 170.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $447.6M | $554.7M | $721.1M | +30.01% ↑ faster |
| Operating profit | $41.2M | $67.5M | $135.7M | +100.95% ↑ faster |
| Net profit | $31.6M | $49.1M | $106.4M | +116.77% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $311.3M | $426.1M | $447.6M | $554.7M | $721.1M |
| Operating profit | $31.1M | $77.3M | $41.2M | $67.5M | $135.7M |
| Net profit | -$2.4M | $67.9M | $31.6M | $49.1M | $106.4M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 21.2% 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
- 2026-04-30FilingCorporate value-up plan voluntary disclosure: mid-term targets of revenue CAGR 13%+ and ROE 15%+, mid-term payout-ratio target of 25-30% (2025 results already exceed the targets at CAGR 22.6% and ROE 25.8%)The company formalizes its mid-term growth and shareholder-return direction. Already delivering results above the targets, it supports room to expand returns. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed: revenue ₩340.3 billion (+34.8%), operating profit ₩67.2 billion (+41.0%), net profit ₩50.4 billion (+31.7%), continued growthConfirms the growth trend is sustained short term. An improving high-layer-count product mix drives revenue and earnings growth together. Source
- 2026-05-20IRNotice of investor-relations (IR) session: explaining results, business status, and future plans to the market directlySecures a company communication channel on business status and expansion progress in the short term. Source
- 2026-06-01FilingCorporate governance report disclosed: periodic disclosure of board operation, shareholder rights, audit, and other governance statusProvides information on governance transparency mid term, in line 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 |
| Q1 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
- 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.