Jusung Engineering (036930) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Jusung Engineering makes and sells deposition equipment used in chipmaking to lay down very thin films on a wafer one layer at a time (especially ALD equipment that builds up atomic layers), so its revenue is heavily swung by the capital spending of memory makers such as Samsung Electronics and SK Hynix. Revenue in 2025 was ₩310.7 billion, down 24% from the prior year, and in the first quarter of 2026 it posted revenue of ₩54.9 billion and an operating loss of ₩7.0 billion, passing through the trough of an order gap. The point to note is that if memory customers' new equipment orders revive in the second half, earnings have a good chance of turning back up, but the market capitalization is already priced quite high relative to the company's profit scale, so if the recovery falls short of expectations there is also the burden of adjusting expectations.
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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 “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 fell 24.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 54.6% lower than a year earlier.
- ROE is 6.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 10.1%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Hwang Chul-ju 25.5% (individual)
Controlling bloc incl. related parties 30.07%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis Reading
Jusung Engineering makes equipment used in the deposition step of chip manufacturing. Deposition lays down very thin films on the wafer surface one layer at a time. The company's flagship is ALD (atomic-layer deposition) equipment, which precisely stacks atoms one layer at a time, a field where demand grows as processes shrink. Most revenue comes from supplying equipment to memory chipmakers such as Samsung Electronics and SK Hynix. As a result, the company's earnings swing heavily with when and how much its customers build new fabs and order equipment. Besides semiconductor equipment, it also makes deposition equipment for solar cells and displays, but the center of gravity is semiconductor equipment.
The latest close is ₩133,400 and the market capitalization is ₩6.2 trillion. The price sits below its 20-day moving average (₩155,225) and below its 60-day moving average (₩182,983). 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 43.4, a neutral level. The one-month change is -24.0%, the three-month change is +4.5%, and the position relative to the 52-week high is -46.8%. Relative strength versus the KOSDAQ is 93 (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 94% of all stocks. Over the past three months it outpaced the index by 47.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Valuation metrics read very high on last year's results. The P/E ratio (how many times one year's earnings the price is) is 173.72x and P/B (price to net assets) is 10.57x. But 2025 was a trough year in which both revenue and profit fell. A P/E in a year when profit has bottomed like this has the limitation of looking inflated relative to the underlying figure. On profitability, ROE (how much is earned in a year on equity) of 6.0% is ordinary and the operating margin is 10.1%. The balance sheet is fairly solid. The current ratio (cash-type assets against debt due within a year) of 362% leaves room, and net debt, total borrowings minus cash, is negative, meaning cash exceeds debt by ₩114.5 billion, a net-cash position. With no debt, the company has the stamina to weather a cyclical trough.
Results over the past five years have swung sharply up and down. On a net-profit basis, they were ₩145.5 billion in 2021, ₩106.2 billion in 2022, ₩34.0 billion in 2023, ₩106.8 billion in 2024 and ₩35.7 billion in 2025. This shows the business is a typical equipment stock that rises and falls with customers' investment cycles. 2025 was a downturn phase with revenue down 24%. The first quarter of 2026, with revenue of ₩54.9 billion (down 55% year on year) and an operating loss, is the trough of an order gap. Because equipment orders are often taken in the first half and recognized as revenue in the second half, extrapolating the first-quarter loss straight to the full year would understate reality. In the second half of this year, the top customer's memory capital spending is in a reviving phase. The ALD equipment market itself is also expanding gently as advanced processes spread. As a result, 2026 has a good chance of being a recovery year in which profit passes the trough and heads back up.
Recent disclosures center on regular results and governance. The April preliminary-results disclosure confirmed the first-quarter 2026 operating loss, reflecting a cyclical trough from the order gap. The May quarterly report formalized the trough results. In March, the regular shareholders' meeting, appointment of outside directors, and disclosures on large-holding and executive stake changes followed. On the other hand, disclosures that directly signal the earnings direction, such as a large single supply contract or an official company annual target, have not yet appeared. So whether orders recover in the second half must be confirmed through order and results disclosures to come.
The company's strengths are clear. A net-cash structure makes the balance sheet solid, giving it the stamina to weather a cyclical trough. Its flagship ALD equipment is a field where demand grows as processes shrink. If memory customers' capital spending revives in the second half, the structure allows profit to recover quickly from the trough. On the other hand, the cautions are also clear. Revenue swings heavily with the investment timing of a few large customers, so earnings volatility is high. Above all, even calculated on this year's expected earnings that assume recovery, the share price sits at a considerably higher multiple than peer equipment stocks. In other words, much of the second-half recovery is already reflected in the price. In conclusion, this is a stock that is strong if the memory investment cycle revives forcefully, and one where the high valuation becomes a burden if the order recovery falls short of expectations or is delayed.
🔎 Valuation vs peers Overvalued
Domestic semiconductor equipment and materials companies that supply equipment to memory makers such as Samsung Electronics and SK Hynix.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanmi Semiconductor | 89.30x | 30.05x | 28.04% |
| Wonik IPS | 54.09x | 4.63x | 8.66% |
| HPSP | 40.55x | 10.06x | 28.11% |
| TCK (Tokai Carbon Korea) | 28.44x | 3.76x | 14.30% |
Last year's P/E of 272x is a figure from a year when profit bottomed, so it cannot be taken at face value. Profit-inflection stocks should be viewed on a forward basis (this year's recovering earnings). Even calculated on this year's expected earnings reflecting a second-half recovery, however, the P/E is around 150x, which sits at the upper end even compared with peer equipment stocks such as Wonik IPS (83x), Hanmi Semiconductor (120x) and HPSP (53x). The business direction and financial stability are positive, but much of the second-half recovery expectation is already reflected in the price, so we judge the valuation to be on the high side. Because net debt is negative (net cash of ₩114.5 billion), enterprise value (EV) is actually smaller than market capitalization, but EV-based multiples also read high owing to the earnings trough.
Price history Close · MA20 · MA60
The latest close is ₩133,400 and the market capitalization is ₩6.2 trillion. The price sits below its 20-day moving average (₩155,225) and below its 60-day moving average (₩182,983). 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 43.4, a neutral level. The one-month change is -24.0%, the three-month change is +4.5%, and the position relative to the 52-week high is -46.8%. Relative strength versus the KOSDAQ is 93 (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 94% of all stocks. Over the past three months it outpaced the index by 47.7%. 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 +47.70% / 6M +347.42% / 12M +352.56%
Key metrics Computed vs sector median
Valuation
The P/E of 173.72x is above the sector median (54.09x). The P/B of 10.57x is above the sector median (6.19x).
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 6.0%, below the sector average (18.0%). The operating margin is 10.1%. The debt ratio is 48.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $200.0M | $287.6M | $218.3M | -24.11% ↓ slower |
| Operating profit | $20.3M | $68.3M | $22.0M | -67.84% ↓ slower |
| Net profit | $23.9M | $75.0M | $25.1M | -66.58% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $265.1M | $307.7M | $200.0M | $287.6M | $218.3M |
| Operating profit | $72.1M | $87.0M | $20.3M | $68.3M | $22.0M |
| Net profit | $102.2M | $74.6M | $23.9M | $75.0M | $25.1M |
| Revenue CAGR | 4-yr avg -4.74% | ||||
Revenue fell 24.1% year over year (2023 ₩284.7 billion → 2024 ₩409.4 billion → 2025 ₩310.7 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 67.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -4.7%. The two-year revenue CAGR is 4.5%. In the most recent quarter (Q1 2026), revenue was 54.6% 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
- Revenue fell 24.1% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-28EarningsFirst-quarter 2026 consolidated preliminary-results disclosure. Revenue ₩54.9 billion, operating loss about ₩7.0 billion, net loss about ₩1.2 billion, reflecting a cyclical trough during an order gap.Trough results in the near term, but given the nature of equipment stocks the possibility of a second-half revenue-recognition recovery remains, making this a starting point for a direction change. Source
- 2026-05-14FilingFirst-quarter 2026 quarterly report filed, formally confirming trough results.Medium-term, this lowers the recovery-phase base (comparison basis), so a second-half rebound would show a larger improvement margin. Source
- 2026-03-26FilingRegular shareholders' meeting held and outside-director appointment filed, among other routine governance disclosures.No direct impact on earnings, but reflects governance status such as board composition. Source
- 2026-03-18Filing2025 business report filed. Annual revenue of ₩310.7 billion (down 24% year on year) confirms downturn-phase results.Medium-term, results that form the bottom of the down-cycle and serve as the comparison basis for whether recovery follows. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-14PeriodicQuarterly report
- 2026-04-28EarningsFair-disclosure notice
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-23Amended filing
- 2026-03-23Amended filing
- 2026-03-18PeriodicAnnual business report
- 2026-03-13Audit report
- 2026-03-11OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-10OwnershipOwnership-change filing
- 2026-03-09OwnershipOwnership-change filing
- 2026-03-06Amended filing
📖 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.