Wonik Holdings (030530) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Wonik Holdings runs a 'Total Gas Solution' business that purifies and supplies specialty gases to semiconductor and display fabs, while also serving as a holding company over affiliates such as Wonik IPS (deposition equipment, roughly 33% stake), Wonik QnC (quartz) and Wonik Materials (specialty gases). The gas operation is the larger contributor by revenue, but most of the corporate value comes from the listed subsidiary Wonik IPS. Its Q1 quarterly report confirmed a recovery in subsidiary earnings, though a late-April filing on a share-pledge agreement that could change the largest shareholder still hangs over the governance picture. What stands out is the mix of a clear strength and clear cautions: the market value of the Wonik IPS stake alone exceeds the entire company's market cap even though the shares have fallen nearly by half over six months (a signal of undervaluation), while subsidiary earnings swing sharply with the semiconductor cycle, the in-house gas business is recovering slowly, and the majority-shareholder collateral issue remains unresolved.
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 “Chemicals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Chemicals is a cyclical business where profits swing with feedstock prices and product spreads, ballooning in upturns and often slipping into losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the value of the company's heavy asset base — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 54.4%).
- Revenue fell 3.5% year over year (3-year trend: falling).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 31.5% lower than a year earlier.
- ROE is 2.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.1%.
- 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 Wonik 30% (corporate)
Controlling bloc incl. related parties 48.2%
With the controlling bloc holding 48%, the ownership structure is stable.
Net asset value (NAV) assessment 18% 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
| Wonik Materials | 45.69% |
| Wonik IPS | 32.9% |
| Wonik PNE | 31.05% |
| Wonik QnC | 21% |
🔎 In-depth analysis Reading
Wonik Holdings makes money in two ways. The first is its own gas business: it purifies and supplies specialty gases to semiconductor and display fabs and installs gas delivery systems under its 'Total Gas Solution' operation, where it is a domestic leader. The second is its role as a holding company over affiliates. It holds subsidiaries including Wonik IPS (semiconductor deposition equipment, roughly 33% stake), Wonik QnC (quartz for semiconductor processes), Wonik Materials (specialty gases) and Wonik PNE. The gas operation is larger by revenue, but most of the corporate value comes from the stake in the listed subsidiary Wonik IPS.
The latest close is ₩19,720 and the market capitalization is ₩1.5 trillion. The price sits above its 20-day moving average (₩17,250) and below its 60-day moving average (₩22,462). 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 53.0, a neutral level. The one-month change is +10.3%, the three-month change is -41.1%, and the position relative to the 52-week high is -59.5%. Relative strength versus the KOSDAQ is 86 (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 87% of all stocks. Over the past three months it lagged the index by 11.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On surface metrics it looks expensive. The P/E ratio (how many times one year's earnings the price represents) is 55.63x and the P/B (how many times book net assets the price represents) is 1.52x. That P/E is inflated, however, because last year's net profit was the first year of a return to the black, leaving a thin earnings base. For a holding company these metrics distort the real value: book equity carries subsidiary stakes at their old acquisition cost, so viewing the shares at the market value of those subsidiaries (NAV) paints a completely different picture. On the financial side, one point to watch is the current ratio of 50.9%, meaning it has fewer readily liquid assets than debt due within a year. The debt ratio (debt against equity) is 66.9%, not an excessive level. Net debt (total borrowings minus cash) is about ₩386 billion, and the FCF yield (actual cash generated against market cap) is 1.9%, so cash generation itself is not especially strong.
Earnings look to have bottomed and turned. 2025 revenue was ₩623 billion, down 3.5% from the prior year for a third straight annual decline. But net profit swung from a ₩74.5 billion loss in 2024 to a ₩27.4 billion profit in 2025. The key to that turnaround is recovering subsidiary earnings. Wonik IPS posted Q1 2026 consolidated revenue of ₩164.9 billion and operating profit of ₩10.7 billion, returning to profit, with ₩627.5 billion of new orders in the same quarter and a remaining order backlog of ₩400.4 billion. This signals that semiconductor investment is picking up in earnest. New Samsung Electronics lines in Pyeongtaek and SK Hynix expansions run from 2026 through 2028, and management sees next year's DRAM investment growing even larger than this year's. In other words, the recovery in subsidiary earnings is only just beginning, which underpins the growth case. On the other side, Wonik Holdings' own gas business saw Q1 2026 revenue fall 31.5% year on year, so it has not yet regained the recovery momentum of the subsidiaries.
Recent filings center on governance and regular earnings. The 2025 annual report and the Q1 2026 quarterly report confirmed the subsidiary earnings recovery in numbers. The regular shareholders' meeting was completed in March 2026, and May brought disclosures on the large-business-group status and major-shareholding positions. In particular, the late-April filing on a 'share-pledge agreement that could change the largest shareholder' is a matter tied to major-shareholder holdings and worth watching on the governance side. Since order flow for subsidiary Wonik IPS's semiconductor equipment drives this company's value, subsidiary earnings and order disclosures are effectively the most important events.
Consider the strengths and cautions separately. The strengths are clear. The market value of the single Wonik IPS stake (roughly 33%) alone exceeds Wonik Holdings' entire market cap. On top of that come stakes in other listed subsidiaries such as Wonik QnC and Wonik Materials, plus the value of the in-house gas business. And yet the shares have fallen nearly by half over six months, moving in the opposite direction from the subsidiary earnings that are climbing with the semiconductor cycle. The cautions are equally clear. A holding company wobbles when its subsidiaries' shares wobble. Subsidiary earnings swing heavily with semiconductor investment. The current ratio is low, and the in-house gas business is still recovering slowly. Governance matters such as the major-shareholder pledge also remain. In short, it is strong through subsidiary value when semiconductor investment grows as planned, and weak alongside its subsidiaries when that investment is delayed or their shares correct.
🔎 Valuation vs peers Undervalued
As a holding company, it is assessed on the value of the subsidiary stakes it holds (NAV) rather than consolidated P/E, with its core subsidiary and comparable semiconductor materials and equipment names as reference peers.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik IPS | 54.09x | 4.63x | 8.66% |
| I-Tech | 0.00x | 0.72x | -2.69% |
For a holding company, P/E and P/B distort the real value because book equity carries subsidiary stakes at acquisition cost. So it should be viewed on the market value of the subsidiary shares it holds (NAV). Wonik Holdings' current market cap is about ₩1.43 trillion, yet the market value of the single Wonik IPS stake (roughly 33%) among its listed subsidiaries already exceeds that. Add the stakes in other subsidiaries and the value of the in-house gas business, and the market cap sits at a deep discount well below net asset value. Last year's P/E of 52.3x looks high, but that reflects the first year of a return to profit with a thin earnings base and is not an appropriate yardstick for a holding company. With subsidiary earnings climbing on the semiconductor cycle, it reads as undervalued on an NAV basis.
Price history Close · MA20 · MA60
The latest close is ₩19,720 and the market capitalization is ₩1.5 trillion. The price sits above its 20-day moving average (₩17,250) and below its 60-day moving average (₩22,462). 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 53.0, a neutral level. The one-month change is +10.3%, the three-month change is -41.1%, and the position relative to the 52-week high is -59.5%. Relative strength versus the KOSDAQ is 86 (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 87% of all stocks. Over the past three months it lagged the index by 11.0%. 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 -11.02% / 6M -31.94% / 12M +233.38%
Key metrics Computed vs sector median
Valuation
The P/E of 55.63x is above the sector median (14.15x). The P/B of 1.52x is above the sector median (0.90x).
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 2.1%, below the sector average (4.0%). The operating margin is -0.1%. The debt ratio is 72.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $526.5M | $453.4M | $437.7M | -3.48% ↑ faster |
| Operating profit | $32.2M | $21.5M | -$293,734 | -101.37% ↓ slower |
| Net profit | -$18.4M | -$52.4M | $19.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $469.2M | $618.9M | $526.5M | $453.4M | $437.7M |
| Operating profit | $63.6M | $73.8M | $32.2M | $21.5M | -$293,734 |
| Net profit | $96.4M | $72.1M | -$18.4M | -$52.4M | $19.2M |
| Revenue CAGR | 4-yr avg -1.73% | ||||
Revenue fell 3.5% year over year (2023 ₩749.5 billion → 2024 ₩645.5 billion → 2025 ₩623.0 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 101.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.7%. The two-year revenue CAGR is -8.8%. In the most recent quarter (Q1 2026), revenue was 31.5% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue fell 3.5% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsFiled the Q1 2026 quarterly report. Reflecting subsidiary Wonik IPS's return to profit and order recovery, consolidated net profit stayed positive.Near term: confirmation that subsidiary earnings have passed their trough. Medium term: expectation of improving stake value as the semiconductor investment cycle rises. Source
- 2026-04-30FilingSigned a share-pledge agreement that could change the largest shareholder (amended filing). A matter tied to major-shareholder holdings and governance.Near term: a source of governance-related uncertainty. Medium term: worth watching for any change in the ownership structure. Source
- 2026-03-27FilingDisclosed results of the regular shareholders' meeting. Routine agenda items such as director appointments were handled.Near term: completion of a routine governance procedure. Medium term: any change in dividend and shareholder-return policy needs further confirmation. Source
- 2026-03-19EarningsFiled the 2025 annual report. Net profit turned positive from the prior year's loss, though revenue declined for a third straight year.Near term: confirmation of the return to profit. Medium term: whether the revenue recovery continues is the key question. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-11OwnershipOwnership-change filing
- 2026-04-30OwnershipLargest-shareholder ownership change report (amended)
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-16Audit report
- 2026-03-12Disclosure
- 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.