PSK Holdings earns money along two lines: it directly makes and sells semiconductor back-end (packaging) equipment—descum, reflow and cleaning tools—and it also receives, via the equity method, the profit of its front-end equipment subsidiary PSK (about a 32.8% stake), the world's number-one maker of PR-strip tools. In 2025 its own business generated revenue of ₩207.8 billion and operating profit of ₩73.4 billion (a 35% operating margin), while its net margin (44%) ran higher than that—the gap being the profit contributed by the subsidiary; in April 2026 it filed an updated corporate value-up plan and it continues to pay a dividend of ₩1,080 per share (a 25% payout ratio). The strengths worth watching are its near debt-free balance sheet, an 18% ROE, a stake in a world-number-one subsidiary, and the 2026 equipment-cycle recovery; the cautions are that the price has more than tripled in six months, leaving heavy short-term volatility, and that because net profit is tied to the subsidiary's earnings, equity-method profit swings with it if equipment investment slows.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 3.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 10.2% lower than a year earlier.
- ROE is 18.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 35.3%.
- 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 Park Kyung-soo 30.05% (individual)
Controlling bloc incl. related parties 67.06%
With the controlling bloc holding 67%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued
💡 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
| PSK | 32.76% |
🔎 In-depth analysis
- PSK Holdings earns money in two ways.
- First, it makes and sells semiconductor back-end (packaging) equipment itself.
- Its signature products include descum tools that treat the surface before a wafer is diced into multiple chips, reflow tools that apply heat when chips are bonded, and high-temperature-water (HDW) cleaning and heat-treatment tools—all of which see rising use as demand for advanced packaging grows.
- In 2025 its own business generated revenue of ₩207.8 billion and operating profit of ₩73.4 billion (a 35% operating margin).
- Second, it holds about a 32.8% stake in front-end equipment subsidiary PSK (319660), spun off in a 2019 divisional split.
- PSK is the world market-share leader in PR-strip (dry-strip) tools, which remove the photoresist film after semiconductor circuits are patterned, and that company's profit flows into the holding company's results via the equity method.
- That is why the net margin (44%) is higher than the operating margin (35%)—the difference is precisely the subsidiary's share of profit.
- The latest close is ₩115,200 and the market cap is ₩2.5 trillion.
- The price sits below its 20-day moving average (₩131,435) and below its 60-day line (₩124,515).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 44.2, a neutral level.
- The stock is down 16.9% over one month and up 20.6% over three months, and it sits 30.8% below its 52-week high.
- Its relative strength versus the KOSDAQ is 95 (on a 1-99 scale, based on returns against the index over the past year weighted toward the most recent period; higher means stronger than the market).
- That places it in roughly the top 4% of all stocks by strength.
- Over the past three months it outpaced the index by 47.2%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The balance sheet is solid.
- The debt ratio (debt to equity) is very low at 15.5%, with a current ratio of 556% and interest coverage of 10x, so debt burden is minimal.
- ROE (how much it earns in a year on its equity) is a strong 18.1%, and its own operating margin of 35% is high for an equipment maker.
- On its face the valuation looks heavy: a P/E ratio (how many times one year's profit the price represents) of 39x and a P/B (how many times book net assets) of 7.1x.
- But two things have to be considered.
- One is that because this is an operating holding company, net profit is heavily swayed by the subsidiary's equity-method profit, so the P/E moves around a lot; the other is that book equity records the subsidiary stake at low historical cost, making the P/B look higher than it really is.
- The dividend yield is 0.65% (₩1,080 per share, a 25% payout ratio), a level befitting a growth-oriented stock.
- The five-year trajectory slopes upward.
- Net profit went from ₩46.6 billion in 2021 to a brief dip at ₩42.7 billion in 2023, then jumped to ₩95.8 billion in 2024, and edged down to ₩91.7 billion in 2025 (a 26% revenue CAGR).
- Full-year 2025 saw revenue down 3.6% and operating profit down 17% amid downstream investment adjustment, but the trend turned in the first quarter of 2026.
- Q1 net profit was ₩20.06 billion, up 28.3% year-on-year (revenue down 10%).
- Net profit rose even as revenue fell because subsidiary PSK's profit recovered, lifting equity-method income.
- This year is a cycle-recovery phase in which Samsung Electronics, SK Hynix, Micron and North American foundries are all expanding equipment investment at once, so the results of the subsidiary—number one in front-end PR-strip—improve markedly and that share flows into the holding company's net profit.
- Its own back-end packaging equipment is also seeing better volume visibility alongside advanced-packaging demand.
- Reflecting this trajectory, this year's net profit improves modestly versus last year, and the currently heavy-looking P/E steps down a notch on this year's earnings basis.
- Recent disclosures center on shareholder value and results.
- In April 2026 the company filed an updated corporate value-up plan setting out its approach to capital use and shareholder returns (an update to the initial March disclosure), and in May it held an investor briefing alongside its Q1 report to share the state of the business.
- The dividend continues steadily at ₩1,080 per share (a 25% payout ratio).
- Several changes in ownership by executives and major holders, plus large-holding reports, were filed in April; as is typical for a holding company, filings related to the ownership structure appear periodically.
- The strong conditions are clear: a solid, near debt-free balance sheet, high profitability with an 18% ROE, a stake in a world-number-one front-end equipment subsidiary (PSK), and a 2026 equipment-cycle recovery in which every customer is investing at once.
- Because its own back-end packaging equipment and the subsidiary's equity-method profit rise together, net profit held up—indeed grew—even as revenue dipped briefly in Q1, which we already saw play out.
- Two cautions apply.
- First, the price has more than tripled in six months and sits near a new high, so short-term volatility is heavy.
- Second, since net profit is tied to the subsidiary's earnings, equity-method profit swings with it if semiconductor equipment investment slows.
- Because this is a holding company, rather than declaring it over- or undervalued on a single P/E or P/B figure, it is better to view the subsidiary's stake value and its own operating value separately.
🔎 Valuation vs peers Fairly valued
As a semiconductor-equipment operating holding company, viewed through a sum-of-the-parts / NAV lens that separates the front-end equipment subsidiary (PSK) from its own back-end packaging equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| PSK | 56.13x | 8.18x | 14.57% |
A surface P/E of 39x and P/B of 7.1x look heavy, but as an operating holding company this cannot be judged over- or undervalued on those figures alone. Net profit is heavily swayed by the subsidiary's equity-method profit, so the P/E varies widely by year, and book equity records the subsidiary stake at low historical cost, so the P/B appears higher than it really is. The substance is better seen through a net-asset-value (NAV) lens. The market value of the roughly 32.8% stake in subsidiary PSK is about ₩2.0 trillion, more than half the holding company's ₩3.59 trillion market cap, with the rest filled by its own back-end equipment business (35% operating margin, ₩91.7 billion net profit). Adding stake value plus own operating value, the current market cap is not far below stake value alone, so this is not an extreme holding-company discount; and given that the 2026 cycle recovery improves both the subsidiary's profit and its own business, we see it as within a fair range. The P/E on last year's confirmed earnings looks high, but it steps down a notch on this year's earnings basis.
Price history Close · MA20 · MA60
The latest close is ₩115,200 and the market capitalization is ₩2.5 trillion. The price sits below its 20-day moving average (₩131,435) and below its 60-day moving average (₩124,515). 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 44.2, a neutral level. The one-month change is -16.9%, the three-month change is +20.6%, and the position relative to the 52-week high is -30.8%. Relative strength versus the KOSDAQ is 95 (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 96% of all stocks. Over the past three months it outpaced the index by 47.2%. 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 +47.23% / 6M +163.19% / 12M +210.25%
Key metrics vs sector median
Valuation
The P/E of 27.09x is below the sector median (61.28x). The P/B of 4.91x is below the sector median (8.18x). 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 11.0%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.962x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 18.1%, above the sector average (15.0%). The operating margin is 35.3%. The debt ratio is 15.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $62.8M | $142.8M | $137.7M | -3.59% ↓ slower |
| Operating profit | $17.9M | $58.6M | $48.6M | -17.05% ↓ slower |
| Net profit | $28.3M | $63.5M | $60.8M | -4.32% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $54.1M | $48.2M | $62.8M | $142.8M | $137.7M |
| Operating profit | $15.0M | $11.2M | $17.9M | $58.6M | $48.6M |
| Net profit | $30.9M | $27.0M | $28.3M | $63.5M | $60.8M |
| Revenue CAGR | 4-yr avg 26.31% | ||||
Revenue fell 3.6% year over year (2023 ₩94.7 billion → 2024 ₩215.5 billion → 2025 ₩207.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 17.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 26.3%. The two-year revenue CAGR is 48.1%. In the most recent quarter (Q1 2026), revenue was 10.2% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 18.1% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 3.6% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-04-30FilingCorporate value-up plan (fair disclosure) update — reflecting the 2025 year-end and setting out shareholder-return and capital-use directionA factor that raises the predictability of dividend and capital-allocation policy over the medium term. Source
- 2026-05-15EarningsQ1 2026 report — net profit of ₩20.06 billion (+28.3% year-on-year), revenue of ₩27.98 billion (-10.2%). Recovery in the subsidiary's equity-method profit drove the net-profit improvement.Confirms in the near term that the cycle recovery has begun to show through in earnings. Source
- 2026-05-11IRInvestor briefing (IR) held — sharing Q1 results and the state of the businessMaintains the communication channel with investors over the medium term. Source
- 2026-03-30FilingCorporate value-up plan (voluntary disclosure), initial filing — setting the direction for shareholder returns and corporate-value enhancementEstablishes a capital-policy framework over the medium term. Source
- 2026-03-20Earnings2025 annual report — revenue of ₩207.8 billion (-3.6%), operating profit of ₩73.4 billion (-17%), net profit of ₩91.7 billion (-4.3%)Confirmed annual results reflecting the impact of downstream investment adjustment. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-14OwnershipOwnership-change filing
- 2026-05-11Disclosure
- 2026-04-30Disclosure
- 2026-04-15OwnershipOfficers'/major-shareholders' holdings report (amended)
- 2026-04-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-15OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-30Shareholders' meeting notice
- 2026-03-30Disclosure
- 2026-03-27OwnershipOwnership-change filing
- 2026-03-20PeriodicAnnual business 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.