KC (029460) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
KC supplies equipment such as CMP and cleaning tools, along with materials like CMP slurry, to semiconductor and display fabs. The equipment side is order-driven, tied to when customers invest in new capacity, so quarterly revenue is lumpy, whereas materials tend to sell repeatedly once they are designed in. Capital-return moves continued through March, including a treasury-share cancellation on the 24th and a treasury-share disposal contract on the 25th. The Q1 2026 report filed on May 15 confirmed a slowdown, with both revenue and operating profit turning lower, and an ROE in the 5% range, below that of larger peers, partly explains the low multiples. The key point to watch: when the semiconductor capex cycle is alive and slurry-material sales support earnings, the discount can close quickly, but when customer investment is deferred and equipment orders thin out, quarterly volatility comes to the fore, so the next quarter's order flow and the direction of the memory market are central.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 8.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.2% lower than a year earlier.
- ROE is 4.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.5%.
- 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 Ko Sang-geol 27.01% (individual)
Controlling bloc incl. related parties 42.05%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis Reading
KC supplies the equipment and materials that semiconductor and display fabs need. Its business runs along three lines. First is semiconductor equipment: it makes CMP tools that planarize circuit surfaces and wet-cleaning tools that wash surfaces, supplying memory makers such as Samsung Electronics and SK Hynix. Second is display equipment, where it makes panel-process tools such as wet stations, coater-and-track systems, and CO2 cleaners. Third is materials, supplying the abrasive used in the CMP process (CMP slurry) and nano-dispersion materials. Equipment is order-driven, with orders coming in when customers build new fabs or expand lines (capex), so quarterly revenue is lumpy; materials, by contrast, sell repeatedly once designed in, so that revenue is comparatively steady.
The latest close is ₩30,600 and the market capitalization is ₩337.2 billion. The price sits above its 20-day moving average (₩28,748) and below its 60-day moving average (₩31,329). 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 53.5, a neutral level. The one-month change is +6.2%, the three-month change is -23.1%, and the position relative to the 52-week high is -23.9%. Relative strength versus the KOSPI is 35 (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 35% of all stocks. Over the past three months it lagged the index by 9.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed FY2025 results, the P/E (price divided by one year of net profit) is 7.69x and the P/B (price divided by net assets) is 0.37x. A P/B below 1 means the market cap (₩322.9 billion) is smaller than the company's net assets (shareholders' equity of about ₩851.8 billion), a signal that the stock is priced below book value. Against a semiconductor equipment and materials peer set whose P/E ratios run broadly 24-217x and P/B 1.4-13x, KC's multiples sit noticeably low. ROE (the return earned on shareholders' equity in a year) is 5.1% and the operating margin is 5.8%, below the higher-tier peers (ROE 9-14%), but with a debt ratio of 35%, a current ratio of 353%, and an interest coverage ratio of 10.8x, its capacity to service debt is ample. Low trailing P/E and P/B in absolute terms need not be a burden in itself; indeed, for a company entering a recovery in earnings, it is closer to the real picture to weigh this year's expected earnings alongside last year's confirmed figure.
Revenue jumped from ₩553.8 billion in 2021 to ₩858.0 billion in 2022, pulled back to ₩727.0 billion in 2023, then rose again to ₩738.5 billion in 2024 and ₩797.3 billion in 2025. Recent revenue is up 8.0% on the prior year, and the pace of increase is quickening, so the top line is once again trending higher. Operating profit rose 66.1% from ₩28.0 billion in 2024 to ₩46.5 billion in 2025, a clear recovery in profitability. The forward P/E computed on this revenue and earnings recovery sits below the peer-set average (about 35x) and even below the lowest-multiple peer, which can be read as a signal of undervaluation. This is possible because the memory market is reviving, lifting customer capex, while slurry materials, which generate repeat sales once designed in, support the earnings floor. That said, the most recent quarter, Q1 2026, slowed, with revenue of ₩212.5 billion (-10.2%) and operating profit of ₩14.0 billion (-45.3%). Given that equipment revenue swings quarter to quarter with order timing, it is too early to judge the full-year trend from a single quarter, but whether this slowdown persists needs to be confirmed in the next quarter's results.
The disclosure flow shows capital return and earnings shifts together. On March 24, 2026, a treasury-share cancellation coincided with a trading suspension on part of the held shares, and on March 25 the company disclosed a treasury-share disposal contract, continuing its use of treasury stock. On April 7, changes in the holdings of the largest shareholder and others, along with a large-holdings report, offered a look at governance and stake shifts. The Q1 2026 report (filed May 15) is the confirmed document capturing the first-quarter slowdown, and a semi-annual review-related disclosure followed on June 1. All source texts can be checked directly in the disclosures.
KC's strengths are clear, augmented by capital-return moves such as treasury-share cancellation and disposal. At the same time, the cautions deserve an honest look. A large part of equipment revenue hinges on the timing of customer capex, making quarterly results lumpy, and indeed Q1 2026 revenue and operating profit both turned lower. An ROE in the 5% range, below the higher-tier peers, also partly explains the low multiples. In sum, this is a stock positioned where the discount can close quickly when the semiconductor capex cycle is alive and slurry-material sales support earnings, but where quarterly volatility can come to the fore when customer investment is deferred and equipment orders thin out. The crux dividing those two paths is the next quarter's orders and the direction of the memory market.
🔎 Valuation vs peers Inconclusive
Aligned with KC's actual business (semiconductor and display process equipment and CMP slurry materials), listed companies in the semiconductor equipment and materials field were chosen as the peer set, with the base-industry sample (medical, precision, and optical instruments) used only as a secondary reference since its business character differs.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
| TCK (Tokai Carbon Korea) | 28.44x | 3.76x | 14.30% |
| Dongjin Semichem | 20.40x | 1.79x | 11.51% |
| CIS | 20.44x | 1.13x | 3.84% |
On peer-set position alone, KC's P/E of 8.4x and P/B of 0.43x rank among the lowest in the semiconductor equipment and materials group. These low readings, however, appear to reflect both (a) profitability that is only about half that of peers (ROE in the 5% range) and (b) a business whose quarterly earnings swing widely with customer investment. Even if the trailing P/E on last year's confirmed earnings is low, given that Q1 2026 operating profit fell -45%, it is hard to assume this year's earnings will hold at last year's level. The cheap position versus peers is clear, but with earnings at an inflection point, we leave it Inconclusive rather than deeming it undervalued.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩183.1 billion | approx. ₩9.7 billion | approx. ₩17.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩30,600 and the market capitalization is ₩337.2 billion. The price sits above its 20-day moving average (₩28,748) and below its 60-day moving average (₩31,329). 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 53.5, a neutral level. The one-month change is +6.2%, the three-month change is -23.1%, and the position relative to the 52-week high is -23.9%. Relative strength versus the KOSPI is 35 (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 35% of all stocks. Over the past three months it lagged the index by 9.0%. 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 -9.00% / 6M -23.39% / 12M -30.93%
Key metrics Computed vs sector median
Valuation
The P/E of 7.69x is below the sector median (21.36x). The P/B of 0.37x is below the sector median (1.23x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 4.7%, above the sector average (2.0%). The operating margin is 4.5%. The debt ratio is 25.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $510.7M | $518.8M | $560.1M | +7.97% ↑ faster |
| Operating profit | $46.6M | $19.7M | $32.6M | +66.07% ↑ faster |
| Net profit | $33.4M | $32.7M | $30.8M | -5.61% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $389.0M | $602.7M | $510.7M | $518.8M | $560.1M |
| Operating profit | $46.0M | $71.1M | $46.6M | $19.7M | $32.6M |
| Net profit | $36.7M | $69.9M | $33.4M | $32.7M | $30.8M |
| Revenue CAGR | 4-yr avg 9.54% | ||||
Revenue rose 8.0% year over year (2023 ₩727.0 billion → 2024 ₩738.5 billion → 2025 ₩797.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 66.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.5%. The two-year revenue CAGR is 4.7%. In the most recent quarter (Q1 2026), revenue was 10.2% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The balance sheet is stable in terms of debt and liquidity.
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
- 2026-03-24FilingTreasury-share cancellation decision and related trading suspensionA treasury-share cancellation reduces the share count, lifting per-share value as a form of shareholder return. The scale and schedule of the cancellation need to be confirmed in the DART source text. Source
- 2026-03-25UpdateReport on the outcome of a treasury-share disposalA disclosure summarizing the outcome of disposing of and cancelling held treasury shares, a point at which shareholder return and cash flow can be checked together. Source
- 2026-04-07FilingReport on changes in shares held by the largest shareholder and others, and large-holdings reportA disclosure showing shifts in the ownership structure, allowing the flow to be checked from a governance and supply-demand angle. Source
- 2026-05-15UpdateQ1 2026 report (period ended March 2026)A confirmed-results document capturing a Q1 2026 slowdown of -10.2% in revenue and -45.3% in operating profit. It should be read together with the latest-results box. Source
- 2026-06-01FilingCorporate governance report disclosureA document that periodically discloses the governance situation, serving as supplementary information for reviewing shareholder return and board operations. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-07OwnershipLargest-shareholder ownership change report
- 2026-04-07OwnershipOwnership-change filing
- 2026-04-02OwnershipLargest-shareholder ownership change report
- 2026-04-02OwnershipOwnership-change filing
- 2026-03-25OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-25OwnershipOwnership-change filing
- 2026-03-25TreasuryTreasury-stock disposal decision
- 2026-03-25OwnershipLargest-shareholder ownership change report
- 2026-03-24Disclosure
- 2026-03-24Disclosure
📖 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.