Unisem supplies core equipment used in semiconductor and display fabrication plants (fabs). Its two mainstay products are scrubbers, which purify the hazardous exhaust gases produced during processing, and chillers, which keep equipment and wafers at a stable temperature; as a result, its revenue moves with its customers' capital-spending cycles. Revenue has bottomed out and turned back up by +25%, and Q1 2026 net profit recovered even faster at +33.9%. In March the company set a dividend of ₩80 per share, continuing shareholder returns even in a year when profit had briefly dipped. What stands out lately is a genuine two-sided picture: when semiconductor capital spending revives, demand for scrubbers and chillers follows immediately; the balance sheet is solid thanks to low debt; and the forward P/E based on this year's recovered earnings is roughly 12x, below the sector average of around 20x. On the other hand, the operating margin is still thin at around 4%, and because revenue is tied to customers' investment cycles, a cooling in capital spending could slow the recovery.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 25.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 23.7% higher than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.0%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Hyung-gyun 13.07% (individual)
Controlling bloc incl. related parties 29.03%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Unisem supplies core equipment for the fabs that make semiconductors and displays.
- It has two mainstay products.
- The first is the scrubber, an environmental and safety device that burns or adsorbs the hazardous exhaust gases produced during chipmaking before releasing them.
- The second is the chiller, a temperature-control unit that keeps process equipment and wafers at a stable temperature.
- Both products go into fabs whenever a memory or display maker builds out or expands a line, so revenue moves with customers' capital-spending cycles.
- Beyond these, the company also has some environmental and renewable-energy business, such as solar power.
- In short, it is a supporting equipment maker whose demand rises as semiconductor investment revives.
- The latest close is ₩8,300 and the market cap is ₩254.5 billion.
- The price sits below the 20-day line (₩10,090) and below the 60-day line (₩10,884).
- Trading under both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the balance of upward versus downward momentum over the last 14 days on a 0-100 scale) is 38.0, a neutral level.
- The 1-month change is -16.2%, the 3-month change is -6.2%, and the price stands -36.2% below its 52-week high.
- Relative strength versus the KOSDAQ is 77 (on a 1-99 scale that converts return relative to the index over the past year, weighting recent performance more heavily; higher means stronger than the market), placing it in roughly the top 23% of all stocks by strength.
- Over the past three months it outpaced the index by 20.3%.
- Chart readings are best considered alongside trading volume and disclosure dates.
- On last year's (2025) confirmed results, the P/E ratio (how many times one year's net profit the price represents) is 28.35x and the P/B (how many times net assets the price represents) is 1.05x.
- The reason the P/E looks high is simple: last year net profit fell 42% from the prior year, so the denominator (net profit) shrank and inflated the multiple.
- In other words, this 31x figure is less a sign of an expensive share price than a footprint of last year's trough earnings.
- Measured against this year, when profit has recovered, the forward P/E is about 12x, less than half of last year's figure and below the typical level for direct rivals or the broader sector (roughly around 20x).
- That signals the current price may in fact sit in undervalued territory once earnings return to normal.
- The balance sheet itself is firm as well: the debt ratio (debt relative to equity) is 116%, the current ratio is 459%, and the interest coverage ratio is 13x, so the debt burden is light and short-term liquidity is ample.
- A P/B of 1.15x is also a level with little premium over asset value.
- That said, ROE (how much is earned on equity in a year) of 3.7% and an operating margin of 4.0% are still low, leaving room to improve the efficiency of turning capital into profit.
- Five-year revenue fell from ₩296.1 billion in 2021, bottomed at ₩218.2 billion in 2024, and rose again to ₩273.3 billion in 2025, up +25.3%.
- The top line clearly turned around within a single year.
- The reason for the recovery is clear: Unisem's scrubbers and chillers go in when semiconductor lines are newly built or expanded, so demand follows immediately once customers' investment revives.
- The trend became clearer in 2026.
- Q1 revenue was ₩74.8 billion (+23.7%), operating profit ₩5.1 billion (+7.2%), and net profit ₩5.5 billion (+33.9%), with not just revenue but earnings jumping by double digits together.
- Net profit in that single first quarter alone already reached 60% of last year's full-year figure (₩9.0 billion).
- That is the basis for the view that this year's forward earnings will rise sharply from last year.
- As capital-spending demand revives, revenue grows, and at the same time utilization rises so that earnings recover faster than revenue -- this is the early stage of a recovery cycle.
- Last year's weak earnings are already in the past, and the key point is that this year earnings themselves have passed an inflection point and are heading up.
- Recent disclosures center on regular reporting and shareholder returns.
- The Q1 2026 quarterly report filed on May 15 confirmed that revenue and earnings had begun to rise together, and the business report on March 13 finalized last year's annual results.
- On March 5 the company set a cash dividend of ₩80 per share, continuing shareholder returns even in a year when profit had briefly declined.
- The March 23 annual general meeting handled routine items such as approval of the financial statements and election of directors.
- There have been no large order wins or company-issued numerical guidance disclosures yet, so this year's trend is best tracked through the quarterly earnings disclosures.
- The strengths are clear.
- Revenue has bottomed out and turned up by +25%, and in Q1 net profit recovered even faster at +33.9%.
- It is a structure in which demand for scrubbers and chillers follows immediately when semiconductor capital spending revives, and the balance sheet is solid thanks to low debt and ample liquidity.
- Above all, although last year's temporarily depressed profit makes the P/E look high at 31x, the forward P/E on this year's recovered earnings is about 12x, below the level of peers or the sector average (around 20x).
- As earnings return to a normal track, there is room to view the current price as one that does not yet fully reflect that recovery.
- There are also points to watch.
- The operating margin is still thin at around 4%, so it will take more time for earnings to build up thickly even as revenue grows.
- And because revenue is tied to customers' investment cycles, a cooling in semiconductor capital spending could slow the recovery.
- In sum, if semiconductor investment continues and the Q1 earnings recovery firms up over the full year, the current forward valuation is an attractive one; conversely, if the investment cycle stalls or margin improvement is slow, the recovery expectations could be pushed back.
🔎 Valuation vs peers Inconclusive
Compared against the closest businesses: GST is a direct rival that, like Unisem, makes scrubbers and chillers for semiconductor fabs, while Jahwa Electronics (electronic components) and Park Systems (semiconductor and display metrology equipment) are in the same supporting industry but different sub-fields.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| GST | 17.62x | 2.65x | 15.03% |
| Park Systems | 58.60x | 8.97x | 15.31% |
| Jahwa Electronics | 11.92x | 1.26x | 10.60% |
(a) Against GST, which makes the same scrubbers and chillers, Unisem has a lower P/B (1.57x vs 3.97x) but also a much lower ROE (3.7% vs 15.0%), so it is hard to call it simply cheap. The lower P/B reflects a weaker ability to generate profit from capital. (b) The P/E of 42.6x is above the sector median (19.5x), but this is a trailing figure from a year in which net profit declined, so the shrunken denominator has a large effect. (c) The forward P/E for this year, reflecting the Q1 recovery and a seasonality approximation, comes down, leaving a wide gap between last year's trailing figure (looking expensive) and this year's forward figure (a normal level). Because this is an earnings-inflection phase and no single number alone allows a firm conclusion, the verdict is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩79.9 billion | approx. ₩3.7 billion | approx. ₩2.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,300 and the market capitalization is ₩254.5 billion. The price sits below its 20-day moving average (₩10,090) and below its 60-day moving average (₩10,884). 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 38.0, a neutral level. The one-month change is -16.2%, the three-month change is -6.2%, and the position relative to the 52-week high is -36.2%. Relative strength versus the KOSDAQ is 77 (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 77% of all stocks. Over the past three months it outpaced the index by 20.3%. 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 +20.30% / 6M -11.88% / 12M +30.39%
Key metrics vs sector median
Valuation
The P/E of 28.35x is above the sector median (14.44x). The P/B of 1.05x is below the sector median (1.44x).
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 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.7%, below the sector average (5.0%). The operating margin is 4.0%. The debt ratio is 116.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $153.8M | $144.6M | $181.2M | +25.29% ↑ faster |
| Operating profit | $11.5M | $6.6M | $7.2M | +9.30% ↑ faster |
| Net profit | $12.1M | $10.3M | $6.0M | -42.19% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $196.2M | $167.8M | $153.8M | $144.6M | $181.2M |
| Operating profit | $29.0M | $19.2M | $11.5M | $6.6M | $7.2M |
| Net profit | $25.3M | $13.0M | $12.1M | $10.3M | $6.0M |
| Revenue CAGR | 4-yr avg -1.98% | ||||
Revenue rose 25.3% year over year (2023 ₩232.1 billion → 2024 ₩218.2 billion → 2025 ₩273.3 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 9.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -2.0%. The two-year revenue CAGR is 8.5%. In the most recent quarter (Q1 2026), revenue was 23.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 25.3% year over year, a sign of growth.
- 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
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue ₩74.8 billion (+23.7%), operating profit ₩5.1 billion (+7.2%), net profit ₩5.5 billion (+33.9%), with revenue and net profit rising together.Confirms that revenue has bottomed and is recovering. Whether the strong Q1 carries through to full-year earnings is the key point to watch over the short and medium term. Source
- 2026-03-13Earnings2025 business report filed. Consolidated revenue ₩273.3 billion (+25.3%), operating profit ₩10.9 billion, net profit ₩9.0 billion; the top line recovered but net profit fell from the prior year.A top-line recovery and weak profitability were confirmed at the same time. This is the reason last year's trailing P/E is set high. Source
- 2026-03-05DividendCash/in-kind dividend decision. Cash dividend of ₩80 per share (payout ratio around 26%), continuing shareholder returns.Maintaining the dividend even in a year of lower profit confirms a shareholder-return stance. That said, the dividend yield is low at around 0.6%. Source
- 2026-03-23FilingDisclosure of AGM results. Routine items such as approval of the financial statements and election of directors were handled.A routine governance and procedural disclosure, with limited direct impact on earnings or cash flow. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩273.3 billion(+25.3%) | ₩273.3 billion | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩74.8 billion(+23.7%), operating profit ₩5.1 billion(+7.2%) | revenue ₩74.8 billion, operating profit ₩5.1 billion | Confirmed | link |
| Cash dividend per share | ₩80 | ₩80 | Confirmed | link |
| Approximate 2026 full-year operating profit | ₩14.9 billion | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-24Disclosure
- 2026-03-23Shareholders' meeting notice
- 2026-03-13PeriodicAnnual business report
- 2026-03-10Audit report
- 2026-03-05Disclosure
- 2026-03-05Shareholders' meeting notice
- 2026-03-05Shareholders' meeting notice
- 2026-03-05DividendCash/stock dividend decision
📖 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.