Jusung Engineering's flagship is ALD (atomic layer deposition) equipment, which lays down thin films one atomic layer at a time on semiconductor wafers, supplying it to ultra-fine DRAM, 3D NAND of 200-plus layers, and sub-10nm logic processes, alongside display and solar-cell equipment. The finer the circuitry becomes, the more important ALD grows, but results swing sharply with customers' capital-investment timing; in the first quarter of 2026 the company posted revenue of ₩54.9 billion and an operating loss, hit by an order gap. What stands out most is the strength that ALD demand structurally rises as miniaturization advances and its finances are stable, so results recover in step changes when the capacity-expansion cycle returns, weighed against the caution that just one or two quarters of delayed orders produce a loss and its surface multiples are high, so a fair amount of recovery expectation is already priced in.
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
- Jusung Engineering's flagship is ALD (atomic layer deposition) equipment, which lays down thin films one atomic layer at a time on wafers when making semiconductors.
- The finer the circuit linewidth, the more important ALD—which deposits uniform, thin films—becomes, and the company supplies this equipment to ultra-fine DRAM, 3D NAND of 200-plus layers, and sub-10nm logic processes.
- The large axis of revenue is semiconductor equipment, to which it adds display (OLED, thin-film) equipment and solar-cell equipment.
- In other words, it is not a company that sells its own components or materials but one that earns money by supplying equipment when semiconductor and display makers lay down new lines or expand, so its results swing sharply with customers' capital-investment timing.
- The latest closing price is ₩178,400 and the market cap is ₩8.3 trillion.
- The price sits below its 20-day line (₩197,025) and above its 60-day line (₩169,407).
- With short- and medium-term trends diverging, the direction should be read separately.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 47.2, a neutral level.
- The one-month change is -10.3%, the three-month change is +194.9%, and the position versus the 52-week high is -28.8%.
- Relative strength versus the KOSDAQ is 98 (on a 1-99 scale, converting the past year's return versus the index with more recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 1% of all stocks by strength.
- Over the past three months it outperformed the index by 260.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- On a 2025 basis, the P/E (how many times one year's profit the share price is) is 232.32x and the P/B (how many times book equity the share price is) is 14.04x, so the surface numbers alone look very high.
- But these divide by the profit of a year in which earnings fell to a trough, so taking them at face value is deeply misleading.
- Because an equipment maker's profit varies greatly with customer investment timing, the P/E in a trough year looks more inflated than reality.
- On profitability, ROE (the return earned on equity over one year) is 6.0% and the operating margin is 10.1%, lower than in typical years (an operating margin of around 24% in 2024).
- The finances are solid: the debt ratio (debt versus equity) is about 150%, but with a current ratio of 3.6x and an interest coverage ratio of 8x, short-term payment ability and interest-covering capacity are ample.
- The dividend yield is 0.03%, so it is effectively a growth stock in character.
- Looking at five-year results, revenue peaked at ₩377.3 billion in 2021 and ₩437.9 billion in 2022, fell to ₩284.7 billion in 2023, rebounded to ₩409.4 billion in 2024, then turned down again to ₩310.7 billion in 2025 (-24% year on year), a textbook cyclical pattern.
- Net profit also plunged from ₩106.8 billion in 2024 to ₩35.7 billion in 2025 (-67%), and the first quarter of 2026 looked like a trough quarter, with revenue of ₩54.9 billion (-55% year on year), an operating loss of ₩7.0 billion, and a net loss of ₩1.2 billion.
- This is not a broken business but the result of customer line investment briefly running empty, delaying equipment shipments.
- The picture ahead is different.
- Once DRAM customers expand fine-process (1c) lines and the associated second-half equipment orders resume, equipment revenue is typically concentrated in the second half, and on a full-year basis the weight leans toward recovering to the 2024 level.
- Simply multiplying the trough quarter by four misses the second-half recovery and produces a figure far below reality.
- Reflecting the order-recovery path, this year's profit is viewed as a recovery phase with a large increase from the prior year.
- Recent disclosures are mostly regular reports and matters of governance and shareholder returns.
- In April 2026, a consolidated preliminary-results disclosure reported first-quarter revenue of ₩54.9 billion and an operating loss, and in May the quarterly report finalized these.
- In March there was the annual shareholders' meeting and the filing of the annual report, followed by reports of changes in executives' and major shareholders' stakes and large-holding status.
- For reference, the company had earlier withdrawn a plan to split its semiconductor, display, and solar businesses and convert into a holding company, shifting instead toward acquiring treasury shares, so it is currently viewed as a single operating company rather than a holding company.
- In the short term the earnings trough is being confirmed, while over the medium term whether second-half equipment orders resume will decide the trend.
- The strong conditions are clear.
- ALD equipment sees structurally rising demand as processes miniaturize, and with high entry barriers relative to domestic and overseas rivals, results recover in step changes when the DRAM, NAND, and logic expansion cycle returns.
- Its finances are stable, giving it the capacity to weather the cyclical trough.
- Conversely, the weak conditions are also clear.
- Results depend entirely on customer investment timing, so just one or two quarters of delayed orders can produce a loss like this first quarter's, and with high surface P/E and P/B, a fair amount of recovery expectation is already reflected in the share price.
- In the end, if second-half equipment orders resume as expected, the valuation burden on this year's earnings eases greatly, but if the order recovery is delayed, the high surface multiples turn back into a burden—a stock sensitive to cycle timing.
🔎 Valuation vs peers Inconclusive
Compared mainly against domestic equipment makers that build front-end semiconductor deposition and etch equipment; in particular, Wonik IPS is closest in business character across deposition, etch, and the like.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik IPS | 61.28x | 5.31x | 8.66% |
| Soulbrain | 29.03x | 2.17x | 7.49% |
| Park Systems | 58.60x | 8.97x | 15.31% |
Even against its direct peer Wonik IPS (P/E 98x, P/B 8.5x), Jusung Engineering's surface P/E of 261x and P/B of 15.8x carry a large premium. But these values divide by 2025 profit that fell to a trough, so they are hard to trust at face value. An equipment maker's trailing P/E in a cycle-trough year has the limitation of looking far more inflated than reality, so the real judgment should be based on recovery-phase earnings. On this year's earnings reflecting a second-half order recovery, the multiple drops considerably, but even so it sits above the peer average, so it is hard to declare it "cheap." With large uncertainty over the pace of recovery and the timing of orders, rather than nailing it down as over- or undervalued, it is appropriate to judge while confirming that orders resume, so the verdict is left Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩178,400 and the market capitalization is ₩8.3 trillion. The price sits below its 20-day moving average (₩197,025) and above its 60-day moving average (₩169,407). 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 47.2, a neutral level. The one-month change is -10.3%, the three-month change is +194.9%, and the position relative to the 52-week high is -28.8%. Relative strength versus the KOSDAQ is 98 (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 99% of all stocks. Over the past three months it outpaced the index by 260.1%. 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 +260.11% / 6M +561.92% / 12M +464.97%
Key metrics vs sector median
Valuation
The P/E of 232.32x is above the sector median (61.28x). The P/B of 14.04x is above the sector median (8.18x).
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 (15.0%). The operating margin is 10.1%. The debt ratio is 150.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $188.7M | $271.3M | $205.9M | -24.11% ↓ slower |
| Operating profit | $19.2M | $64.4M | $20.7M | -67.84% ↓ slower |
| Net profit | $22.5M | $70.8M | $23.7M | -66.58% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $250.1M | $290.3M | $188.7M | $271.3M | $205.9M |
| Operating profit | $68.0M | $82.1M | $19.2M | $64.4M | $20.7M |
| Net profit | $96.4M | $70.4M | $22.5M | $70.8M | $23.7M |
| 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 Q1 2026 · vs year-ago
Technical indicators
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
- 2026-04-28EarningsConsolidated preliminary-results disclosure for the first quarter of 2026. Revenue of about ₩54.9 billion (a decline year on year), with an operating loss.Confirms an earnings trough tied to a gap in customer equipment orders. Weak in the short term, but whether the second half recovers is the key. Source
- 2026-05-14FilingFiled its first-quarter 2026 quarterly report. Finalizes the preliminary results (revenue ₩54.9 billion, operating loss ₩7.0 billion, net loss ₩1.2 billion).Finalizes first-quarter earnings. Confirms that financial soundness (current ratio, interest coverage) remains healthy. Source
- 2026-03-26FilingDisclosed the results of the annual shareholders' meeting (approval of financial statements, election of directors, and so on).Finalizes shareholders'-meeting agenda items such as governance and dividends. A routine review of the medium- to long-term operating direction. Source
- 2026-03-18FilingFiled the 2025 annual report. Confirms full-year revenue of ₩310.7 billion (-24% year on year) and net profit of ₩35.7 billion (-67%).Confirms the 2025 cycle-trough results. Documents the sharp profit drop versus typical years. Source
Figure cross-check computed ↔ external
Recent filings
- 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.