Synopex (025320) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Synopex derives most of its revenue from mobile FPCB (thin, flexible electronic circuit boards) that go into smartphones, with a large share supplied to Samsung affiliates, so its results are directly affected by smartphone shipments and unit prices; on top of this, membrane filters expanding into water purification, semiconductor and blood-dialysis uses take on the role of a future growth axis. The core 2026 event is the no-issuance, small-scale absorption merger of its wholly owned subsidiary Synopex Membrane, which issues no new shares so the share count does not rise, aimed at binding filter-material technology into one body with the parent's semiconductor and filter businesses to raise execution. What stands out recently is the strength of FPCB revenue that has turned back to growth, new businesses integrated through the merger, and a forward P/E that already reflects last year's earnings trough and is lower than the top peer in the sector; on the other hand, operating profit is still depressed through the first quarter and the filter new business is a small share of revenue, so the recovery needs further confirmation in quarterly figures.
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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 9.7% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 14.9% lower than a year earlier.
- ROE is 2.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 0.5%.
- 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 Sino Dynamics (formerly Sinotex) 9.9% (corporate)
Controlling bloc incl. related parties 11.61%
With the controlling bloc holding 12%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis Reading
Synopex actually earns its money in two main places. The first and largest axis is mobile FPCB (flexible printed circuit boards, thin, flexible electronic circuit boards), which go in as smartphone components and make up most of the company's revenue. Because it supplies a large share to Samsung affiliates, its results are directly affected by changes in smartphone shipments and set unit prices. The second axis is membrane (a thin film that lets only certain components through and filters out the rest) filters. Starting from filters for water purification and water treatment, it is now widening its products into chemical filters used in semiconductor processes and into the medical and materials-parts-equipment area with filters for blood dialysis. In other words, FPCB, which generates stable cash, takes care of the present, while the higher-priced filter new business takes on one axis of future growth.
The latest close is ₩3,960 and the market capitalization is ₩365.0 billion. The price sits above its 20-day moving average (₩3,697) and below its 60-day moving average (₩4,437). 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 50.9, a neutral level. The one-month change is -10.8%, the three-month change is -32.5%, and the position relative to the 52-week high is -50.4%. Relative strength versus the KOSDAQ is 33 (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 32% of all stocks. Over the past three months it outpaced the index by 3.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed annual (2025) basis, the P/E ratio (how many times one year's net profit the share price represents) is 49.50x, the P/B (how many times net assets the share price represents) is 2.04x, and the P/S (how many times revenue the share price represents) is 1.56x. Profitability shows ROE (how much is earned in a year on shareholders' equity) of 4.3%, an operating margin of 2.6%, and a net margin of 2.8%, while the financials are on the unremarkable side with a debt-to-equity ratio (debt relative to equity) of 150.9%, a current ratio of 158%, and interest coverage of 2.45x. The most important point here is the character of that 57x P/E. This multiple is calculated on a denominator right after a deep drop in last year's earnings (operating profit -68%, net profit -74%), so it is a textbook earnings-inflection zone where the number looks high 'because earnings were temporarily depressed,' not 'because it is expensive.' In fact, the forward P/E reflecting this year's recovery is actually lower than the leading PCB maker (Korea Circuit, about 48x). In other words, it is hard to declare a burden from last year's trailing multiple alone, and viewing on a forward basis whether earnings return to a normal track is the accurate way to read this company.
Five-year revenue ran ₩231.5 billion in 2021 → ₩262.2 billion in 2023 → ₩261.5 billion in 2025, moving sideways without a strong trend, but 2025 revenue rose 9.7% over the prior year, turning back to growth. What swung the most is profit. Operating profit fell from ₩24.2 billion in 2023 to ₩21.2 billion in 2024 and ₩6.8 billion in 2025, and in the first quarter of 2026 core-business weakness continued with revenue of ₩57.2 billion (-14.9% year on year) and operating profit of ₩1.3 billion (-80.5%). This single deep trough is the backdrop for last year's multiple looking elevated. Looking at the forward picture, with revenue starting to grow again and the filter materials brought into the parent through the merger carrying higher unit prices than FPCB, there is room for margins to normalize. This year's decline in the forward-based P/E is the very result of reflecting this earnings recovery, and it sits below the leading PCB maker. The more that core FPCB volumes and filter new-business revenue support it together, the firmer this recovery picture becomes.
The core 2026 event is the absorption merger of the wholly owned subsidiary Synopex Membrane. Following the April 23 merger-decision disclosure, corrective disclosures continued on April 24 and May 13; it is a no-issuance, small-scale merger that issues no new shares, so the number of shares outstanding does not rise. The aim of the merger is to bind the hollow-fiber membrane material technology the subsidiary held into one body with the parent's semiconductor and filter businesses, raising decision-making and synergy. On May 8 it held an investor briefing (IR) to explain directly the direction of the filter and semiconductor materials-parts-equipment business after the merger, and on May 15 the quarterly report confirmed and released first-quarter results. In sum, over the same period both a 'structural realignment integrating filter materials into the parent' and a 'first quarter with core-business profit depressed' were revealed together.
The strengths are clear. (1) FPCB revenue that has turned back to growth supports the cash base, (2) the higher-priced semiconductor chemical filter and blood-dialysis filter new businesses have been integrated into the parent through the merger, raising execution, and (3) unlike the trailing P/E that looked inflated by last year's earnings plunge, the forward P/E reflecting this year's recovery sits below the leading PCB maker. In other words, one earnings trough is already reflected in the price, and as the recovery proceeds the multiple naturally comes down. Points to examine: (1) operating profit is still depressed through the first quarter, so the recovery needs further confirmation in quarterly figures, and (2) the filter new business is still a small share of revenue, so the timing of its full-scale contribution is an observation point. In sum, this is a stock whose forward-basis undervaluation appeal sharpens once core earnings climb back to a normal track and filter revenue starts showing up in the figures, and a structure in which the pace of recovery becomes the crux if core-business weakness drags on.
🔎 Valuation vs peers Inconclusive
By business substance, the peer group splits in two: for FPCB (flexible printed circuit boards), which is most of revenue, the closest is Korea Circuit, which makes printed circuit boards, while for membrane and filter materials listed peers are scarce, so an electronic-components-materials company is kept only as a reference; the figures below are the site's internal calculation (at the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Circuit | 28.22x | 2.70x | 10.74% |
| Sungho Electronics | 13.57x | 2.15x | 36.27% |
| Lotte Energy Materials | — | 0.95x | -9.51% |
(a) Position: a P/B of 2.37x equals the industry median and is lower than the PCB-line peer Korea Circuit, but ROE at 4.3% is low versus the peer group, showing 'similar net-asset value but weak earning power on that equity.' (b) Premium/discount: on core-business profitability alone the multiple is high, but the future contribution of the filter new business integrated through the merger is still reflected in the price as expectation, making a simple comparison difficult. (c) The limit of trailing and the forward basis: last year's confirmed P/E of 55x is a product of the earnings plunge, too distorted to use as is. The P/E on forward net profit approximated from the seasonality of DART-confirmed quarterly results (about ₩9.3 billion) comes down but is still high. Before confirming whether earnings are firming a bottom and whether new-business revenue shows up in the figures, it is appropriate to withhold judgment rather than declare it cheap or expensive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩46.1 billion | approx. ₩0.7 billion | approx. ₩1.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,960 and the market capitalization is ₩365.0 billion. The price sits above its 20-day moving average (₩3,697) and below its 60-day moving average (₩4,437). 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 50.9, a neutral level. The one-month change is -10.8%, the three-month change is -32.5%, and the position relative to the 52-week high is -50.4%. Relative strength versus the KOSDAQ is 33 (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 32% of all stocks. Over the past three months it outpaced the index by 3.0%. 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 +3.02% / 6M -28.04% / 12M -41.45%
Key metrics Computed vs sector median
Valuation
The P/E of 49.50x is above the sector median (15.45x). The P/B of 2.04x is above the sector median (0.86x).
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 2.6%, below the sector average (4.0%). The operating margin is 0.5%. The debt ratio is 50.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $184.2M | $167.4M | $183.7M | +9.73% ↑ faster |
| Operating profit | $17.0M | $14.9M | $4.7M | -68.16% ↓ slower |
| Net profit | $10.3M | $19.7M | $5.2M | -73.71% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $162.6M | $172.0M | $184.2M | $167.4M | $183.7M |
| Operating profit | $3.7M | $9.0M | $17.0M | $14.9M | $4.7M |
| Net profit | $7.0M | $5.9M | $10.3M | $19.7M | $5.2M |
| Revenue CAGR | 4-yr avg 3.10% | ||||
Revenue rose 9.7% year over year (2023 ₩262.2 billion → 2024 ₩238.3 billion → 2025 ₩261.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 68.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.1%. The two-year revenue CAGR is -0.1%. In the most recent quarter (Q1 2026), revenue was 14.9% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- 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
- 2026-05-13FilingDecision on the absorption merger of the wholly owned subsidiary Synopex Membrane (corrective). A no-issuance, small-scale merger that issues no new shares, integrating the subsidiary's membrane material technology into the parent.Filter-material capability comes into the parent with no change in the share count, simplifying the business structure. Because the comparison basis for consolidated and separate financials can change after the merger, caution is needed when looking at the results trend. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report. Revenue of ₩57.2 billion (-14.9% year on year), operating profit of ₩1.3 billion (-80.5%), net profit of ₩3.0 billion (-48.1%).A quarter in which the earnings slowdown from core FPCB weakness showed up in confirmed figures. Whether it carries through annually is a point to check together with the next quarter's results. Source
- 2026-05-08IRHeld an investor briefing (IR). Explained directly the direction of the filter and semiconductor materials-parts-equipment business after the merger.A venue where the company officially shared its new-business strategy and the aim of the merger, serving as a clue to gauge the direction of future changes in the revenue mix. Source
- 2026-04-23FilingFirst disclosure of the material report on the company-merger decision. Absorbing the wholly owned subsidiary Synopex Membrane, with Synopex surviving.The starting point of a structural realignment aimed at absorbing the membrane-materials subsidiary into the parent to raise decision-making and synergy. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Material-fact report (amended)
- 2026-05-08Disclosure
- 2026-04-24Material-fact report (amended)
- 2026-04-23Amended filing
- 2026-04-23Disclosure
- 2026-04-23Material-fact report
- 2026-03-26Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report (amended)
- 2026-03-19PeriodicAnnual business report (amended)
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit 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.