Daeduck does not sell products directly; it is a holding company that oversees Daeduck Electronics, which makes printed circuit boards (PCBs), and most of its consolidated revenue of about ₩1.38 trillion (2025) comes from the subsidiary's multilayer boards (MLB) for smartphones and telecom equipment and its semiconductor package substrates (such as FC-BGA); as of April 2026 it is the largest shareholder with an about 30.8% stake in Daeduck Electronics. Alongside a March voluntary disclosure of a corporate-value-up plan, the FY2025 dividend rose sharply to ₩1,155 per share (about 7% at the current price), and Q1 consolidated revenue of ₩442.6 billion and operating profit of ₩53.3 billion confirmed a sharp rebound. What stands out lately is that the parent's market cap (about ₩508.1 billion) is roughly a quarter of the appraised value of its Daeduck Electronics stake (about ₩2.6 trillion) - an about 76% discount to net asset value that far exceeds the usual holding discount - and with a dividend yield in the 7% range this is a strength, though substrate earnings swing with downstream demand and closing the holding discount may take time.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 9.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 47.2% higher than a year earlier.
- ROE is 0.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 0.8%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Young-jae 21.74% (individual)
Controlling bloc incl. related parties 42.74%
With the controlling bloc holding 43%, the ownership structure is stable.
Net asset value (NAV) assessment Undervalued76% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Wisol | 35.74% |
| Daeduck Electronics | 31.46% |
🔎 In-depth analysis
- Rather than a company that sells products directly, Daeduck is a holding company that oversees Daeduck Electronics, which makes printed circuit boards (PCBs - the boards that connect the components inside electronic products).
- Most of the consolidated revenue of about ₩1.38 trillion (2025) comes from subsidiary Daeduck Electronics' PCB business, in products such as multilayer boards (MLB) for smartphones and telecom equipment and package substrates that house semiconductors (in particular FC-BGA substrates used for high-performance chips).
- In other words, Daeduck's earnings and value are effectively tied to the "semiconductor and electronic-component substrate business." According to a large-holding report in official filings, as of April 2026 Daeduck is the largest shareholder with an about 30.8% stake in Daeduck Electronics, and rather than the parent's own operations, the value of this subsidiary stake is the center of enterprise value.
- The latest close is ₩13,700 and the market cap is ₩428.6 billion.
- The price sits below the 20-day line (₩17,506) and below the 60-day line (₩18,113).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 29.1, close to a depressed zone.
- The one-month change is -28.1%, the three-month change is +8.2%, and the position versus the 52-week high is -40.7%.
- Relative strength versus KOSPI is 55 (on a 1-99 scale, converting return versus the index over the past year with more weight on the recent period; higher means stronger than the market).
- That places it in roughly the top 45% of all stocks by strength.
- Over the past three months it has lagged the index by 13.5%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On last year's confirmed (2025 consolidated) basis, the P/E ratio (how many times one year's net profit the price represents) looks very high at 121.02x, but this is because 2025 net profit attributable to controlling shareholders plunged to ₩3.5 billion in a single year (-84% year over year), so taking it at face value actually reads the picture backwards.
- For a company like Daeduck, where earnings have bottomed and are turning, it is properly seen through this year's earnings rather than last year's figures.
- The P/B (how many times net assets the price represents) is 0.73x, below 1x, trading below even book assets, and reflecting this year's earnings it falls further to 0.77x.
- ROE (how much is earned in a year on equity) looks low at 0.6%, and this owes to a structure typical of holding companies: Daeduck Electronics is consolidated in full, yet about 69% belongs to other shareholders (non-controlling interests), so only part is captured in controlling-shareholder net profit.
- The debt ratio of 313% should also be read as a consolidated figure that includes the subsidiary.
- In sum, last year's confirmed P/E is a supplementary metric that does not capture the inflection, and both on assets (P/B) and on this year's earnings (forward P/E) the stock trades low.
- Over five years, revenue moved sideways with little change, from ₩1.37 trillion in 2021 to ₩1.38 trillion in 2025, but profit swung widely following the substrate business.
- Consolidated operating profit fell from ₩196.9 billion in 2022 to ₩8.4 billion in 2024, bottomed at ₩11.3 billion in 2025, and then jumped to ₩53.3 billion in Q1 2026.
- A single quarter's operating profit (₩53.3 billion) exceeded the whole of last year (₩11.3 billion), and revenue also grew 47.2% year over year to ₩442.6 billion.
- There is a clear reason for this recovery.
- Core subsidiary Daeduck Electronics' high-performance package substrate (FC-BGA) business turned from loss to profit, and as demand rose for high-value substrates used in AI servers, pricing and utilization climbed together.
- On a quarterly path too, the direction is clear: PCB losses in H1 2025, a turn to profit in H2, and an accelerating recovery in Q1 2026.
- It is on this foundation that the forward P/E converted to this year's earnings comes down, and this very inflection is what one misses looking only at last year's confirmed P/E.
- That said, the substrate business has a character in which profit swings with downstream demand, so whether this recovery continues into Q2-Q4 is best reconfirmed by the next confirmed results.
- On March 27, 2026, Daeduck voluntarily disclosed a "corporate-value-up plan" outlining a strengthened shareholder-return direction, and within this flow the FY2025 dividend per share was set at ₩1,155 (sharply higher than in the past, a dividend yield of about 7% at the current price).
- On May 11, a new facility-investment disclosure by subsidiary Daeduck Electronics gave a clue to substrate expansion and equipment flows, and on May 15 the quarterly report officially confirmed the sharp rebound in Q1 consolidated results (revenue ₩442.6 billion, operating profit ₩53.3 billion).
- In March, a treasury-share trust contract and a share-cancellation decision at the subsidiary level also followed, showing shareholder-return intent at the subsidiary as well.
- Such return and investment flows are favorable signals, and the extent to which they translate into actual revenue and cash flow can be checked in the next quarter's confirmed results.
- Daeduck is exposed to the same substrate business yet trades far below its asset value because of the holding structure.
- The parent's market cap (about ₩508.1 billion) is roughly a quarter of the appraised value of its Daeduck Electronics stake (about ₩2.6 trillion), an about 76% discount to net asset value - far wider than the usual holding-company discount (30-50%).
- Add that the subsidiary's PCB profit clearly rebounded in Q1, so the stock is distinctly lower than peer substrate stocks on this year's earnings, and a 7%-range dividend plus a corporate-value-up plan are strengths.
- In other words, the picture is clearly cheap whether viewed on assets or on this year's earnings.
- Points to watch are that the substrate business has a character in which profit swings with downstream demand, and that owing to the holding-company nature, the discount - where subsidiary stake value is not immediately reflected in the parent's share price - may take time to narrow.
- In short, it is strong when the subsidiary's substrate-profit recovery continues through the year and the holding discount narrows, and weak when substrate demand turns down again or the discount hardens.
🔎 Valuation vs peers Inconclusive
Since the substance is a PCB and semiconductor-substrate business, the comparison used subsidiary Daeduck Electronics (353200) and substrate/electronic-component peers (Samsung Electro-Mechanics, Samwha Capacitor). That said, because the parent is a holding company, its position versus the value of the stake it holds matters more than a direct P/E or P/B comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daeduck Electronics | 116.27x | 6.17x | 5.31% |
| Samsung Electro-Mechanics | 157.93x | 11.69x | 7.40% |
| Samhwa Capacitor | 83.86x | 3.79x | 4.52% |
(a) Peer substrate stocks (Daeduck Electronics, Samsung Electro-Mechanics) have P/B of 8-14x, whereas the Daeduck parent is at 1.05x - the same business exposure but trading far lower because of the holding structure. (b) The parent's market cap is only about 26% of the appraised value of its subsidiary stake, a large discount to net asset value (NAV). This is why the core of this stock is a discount, not a premium. (c) The trailing P/E of 121.02x on last year's confirmed results is inflated by the 2025 earnings inflection (the low), and the picture changes when viewed together with the Q1 2026 recovery (operating profit ₩53.3 billion) and the seasonality-approximated forward (annual operating profit of about ₩127.3 billion, unverified). That said, both the substrate cycle's volatility and whether the holding discount persists are uncertain, so instead of a firm call we leave it Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩451.3 billion | approx. ₩24.3 billion | approx. ₩95.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩13,700 and the market capitalization is ₩428.6 billion. The price sits below its 20-day moving average (₩17,506) and below its 60-day moving average (₩18,113). 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 29.1, near oversold territory. The one-month change is -28.1%, the three-month change is +8.2%, and the position relative to the 52-week high is -40.7%. Relative strength versus the KOSPI is 55 (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 55% of all stocks. Over the past three months it lagged the index by 13.5%. 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 -13.54% / 6M -15.65% / 12M -27.27%
Key metrics vs sector median
Valuation
The P/E of 121.02x is above the sector median (6.67x). The P/B of 0.73x is above the sector median (0.49x).
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 0.6%, below the sector average (5.0%). The operating margin is 0.8%. The debt ratio is 313.4%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $847.9M | $839.9M | $917.9M | +9.30% ↑ faster |
| Operating profit | $20.8M | $5.6M | $7.5M | +34.41% ↑ faster |
| Net profit | $8.5M | $15.0M | $2.3M | -84.33% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $909.1M | $1.1B | $847.9M | $839.9M | $917.9M |
| Operating profit | $44.5M | $130.5M | $20.8M | $5.6M | $7.5M |
| Net profit | -$1.5M | $12.8M | $8.5M | $15.0M | $2.3M |
| Revenue CAGR | 4-yr avg 0.24% | ||||
Revenue rose 9.3% year over year (2023 ₩1.3 trillion → 2024 ₩1.3 trillion → 2025 ₩1.4 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 34.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.2%. The two-year revenue CAGR is 4.0%. In the most recent quarter (Q1 2026), revenue was 47.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 8.4%, is on the high side.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-27FilingDisclosed a corporate-value-up plan (voluntary disclosure), outlining a strengthened shareholder-return direction. Set the dividend per share for the same fiscal year at ₩1,155.A factor that raises dividend and return expectations over the medium term. That said, actual execution of the plan and dividend durability need to be checked via follow-up disclosures. Source
- 2026-05-11FilingDisclosure of major management matters including a new facility investment by subsidiary Daeduck Electronics - a clue showing the substrate equipment-investment flow.Affects short-term costs and medium-term expansion capacity. Whether the investment size and start-up timing connect to future subsidiary revenue is the key question. Source
- 2026-05-15EarningsFiling of the quarterly report (2026.03) - confirming Q1 consolidated revenue of ₩442.6 billion and operating profit of ₩53.3 billion (revenue +47.2% year over year).Officially confirms the short-term earnings rebound. Whether this recovery continues into Q2-Q4 is the crux of this year's results. Source
- 2026-03-12FilingDecision to sign a treasury-share trust contract at subsidiary Daeduck Electronics - a matter showing shareholder-return intent at the subsidiary level.Subsidiary shareholder returns are indirectly favorable to the holding company's (Daeduck's) stake value. Whether the actual purchases are executed needs to be tracked. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Daeduck's stake in Daeduck Electronics | approx. 30.8% | 30.82% | Confirmed | link |
| FY2025 dividend per share (DPS) | ₩1,155 | ₩1,155 | Confirmed | link |
| Q1 2026 consolidated operating profit | ₩53.3 billion | — | Unverified | link |
| 2026 annual operating profit seasonality approximation | approx. ₩127.3 billion | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-16Audit report
- 2026-03-16Audit report
- 2026-03-12Disclosure
- 2026-03-12TreasuryMaterial-fact report
- 2026-03-12Shareholders' meeting notice
📖 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.