Leeno Industrial (058470) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Leeno Industrial makes the consumable precision parts used to test whether semiconductor chips work correctly — chiefly its 'probe pins' (Leeno Pin) and 'IC test sockets' — and it earns unusually high margins, particularly on parts for testing non-memory (system) chips, thanks to its own core technology. In 2025 revenue reached ₩372.5 billion and operating profit ₩177.0 billion, up 34% and 43% year over year, with an exceptionally high operating margin of 47.5% and ROE of 20.8%; net profit in Q1 2026 also rose 38% from a year earlier. What stands out lately is the contrast: while on-device AI and system-chip testing demand persist, the company is strong thanks to a nearly debt-free balance sheet and dominant margins, but — as the sharp pullback from its high suggests — because testing demand is tied to specific set-makers' new-product launch cycles, quarterly earnings can vary.
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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 Components” (Semiconductors & IT Components), a type typically read first through forward P/E.
Semiconductor components track the ups and downs of the chip cycle and end-device demand, so earnings can change materially from here. Since the profit still to come drives the price more than past profit, 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 rose 33.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 27.2% higher than a year earlier.
- ROE is 22.9% (total-net basis). It is above the sector average.
- Operating margin is 48.1%.
- 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 Lee Chae-yoon 34.66% (individual)
Controlling bloc incl. related parties 34.66%
With the controlling bloc holding 35%, the ownership structure is stable.
🔎 In-depth analysis Reading
Leeno Industrial makes consumable precision parts used in the chip-testing stage of semiconductor manufacturing. Its two core products are: the probe pin, called the 'Leeno Pin', a tiny spring pin that bridges the chip and the test equipment to pass electrical signals; and the 'IC test socket', into which a finished chip is inserted on the tester to verify its final performance. Small businesses such as medical devices are added on top. The company is especially strong in parts for testing non-memory system chips (smartphone application processors, AI chips, automotive semiconductors and so on), and it holds the core technology to design and machine the pins itself. Because these testing parts are consumed repeatedly every time chips are produced, demand rises as customers launch more new products and as the number of test items grows.
The latest close is ₩66,900 and the market capitalization is ₩5.1 trillion. The price sits below its 20-day moving average (₩68,065) and below its 60-day moving average (₩85,063). 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 45.0, a neutral level. The one-month change is -7.0%, the three-month change is -42.7%, and the position relative to the 52-week high is -47.3%. Relative strength versus the KOSDAQ is 67 (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 68% of all stocks. Over the past three months it lagged the index by 11.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability and financial stability are this company's greatest strengths. ROE (how much it earns in a year on its equity) is 20.8% and the operating margin is 47.5%, both far above other semiconductor test-parts makers. The debt ratio (debt relative to equity) is just 8.3%, and net debt is negative — a net-cash position with roughly ₩85 billion more cash than debt. The current ratio of 972% also leaves ample short-term liquidity. On valuation, on last year's earnings the P/E ratio (how many times one year's earnings the price is) is 33.55x and the P/B (how many times book net assets) is 7.17x, which look high on the absolute numbers alone. However, because earnings grow every year, the trailing P/E can overstate the burden relative to reality. Looking at enterprise value alongside, EV/EBIT (a P/E-equivalent that also reflects debt) is about 31.9x and EV/Sales (enterprise value divided by revenue) is 15.1x. The FCF yield (cash actually generated relative to market cap) is about 2.1% — cash generation is solid, but once capital and R&D spending are reflected it is not especially high.
Growth shows up across several measures. 2025 revenue was ₩372.5 billion, up 33.9% year over year, with operating profit of ₩177.0 billion (+42.5%) and net profit of ₩152.0 billion (+34.2%). The pace of growth actually accelerated from the prior year (revenue +8.9%). Widening the lens to the past five years, revenue fell once from ₩322.4 billion in 2022 to ₩255.6 billion in 2023 before rebounding — so results tend to rise and fall with customers' new-product cycles rather than climb smoothly. Q1 2026 revenue was ₩99.8 billion, up 27.2% year over year, and net profit was ₩40.4 billion, up 37.7%. With demand continuing for testing on-device-AI smartphones and PCs as well as AI and automotive chips, double-digit growth looks achievable again this year. Reflecting this earnings trajectory, valuation on this year's earnings comes down from the trailing basis.
Disclosures center on shareholder returns and earnings confirmation. In March 2026 the company set a dividend of ₩800 per share and maintained a policy of paying out about 40% of net profit. On the same day it disclosed a voluntary corporate value-up plan, signaling its intent to sustain shareholder returns. In May it announced preliminary Q1 results via fair disclosure, showing double-digit year-over-year gains in revenue, operating profit and net profit. There was also a filing of an executive's planned trading of company shares. Overall, routine earnings, dividend and shareholder-return disclosures dominate rather than new risk-type filings.
Leeno Industrial is a company where the strengths of 'high margins and a sturdy balance sheet' sit alongside the caution of 'cyclical demand'. Its strong conditions are clear: an operating margin of 47.5% and ROE of 20.8% are among the highest in the test-parts sector, and with net cash and almost no debt it has great staying power even when the industry wobbles. As long as system-chip testing demand and the on-device-AI trend continue, these strengths flow straight through to profit. The cautions are equally clear: testing-parts demand tends to cluster around specific set-makers' new-product launch timing, so quarterly results can vary, and — as with the 2023 revenue decline — growth can pause during gaps in customer orders. The trailing P/E can look high, but that should be read alongside the fact that, with earnings rising, the multiple comes down on this year's basis.
🔎 Valuation vs peers Fairly valued
A practical peer set of semiconductor test-parts makers (probe pins and test sockets).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ISC | 51.47x | 5.33x | 12.89% |
| TSE | 59.89x | 5.38x | 17.95% |
| Micro Contact Solution | 11.86x | 2.33x | 20.81% |
On last year's earnings, a P/E of 39x and P/B of 8.1x are high in absolute terms. Against a genuine peer set, though, the picture shifts. Compared with fellow semiconductor test-parts makers ISC (P/E about 60x) and TSE (P/E about 82x), Leeno's trailing P/E is actually lower, while its operating margin (47.5%) and ROE (20.8%) are more than double theirs — so relative to profitability the premium is hard to call excessive. There are smaller test-parts makers such as Micro Contact Solution (P/E about 12x) that trade at far lower multiples, but differences in scale, margins and market position make a simple comparison unreasonable. A trailing P/E has the limitation of overstating the burden at a company whose earnings grow every year. On this year's earnings, reflecting Q1 results and the growth trend, the multiple falls to around 30x, and given its profitability edge over peers we see it as 'fairly valued'.
Price history Close · MA20 · MA60
The latest close is ₩66,900 and the market capitalization is ₩5.1 trillion. The price sits below its 20-day moving average (₩68,065) and below its 60-day moving average (₩85,063). 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 45.0, a neutral level. The one-month change is -7.0%, the three-month change is -42.7%, and the position relative to the 52-week high is -47.3%. Relative strength versus the KOSDAQ is 67 (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 68% of all stocks. Over the past three months it lagged the index by 11.8%. 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 -11.83% / 6M -3.21% / 12M +42.24%
Key metrics Computed vs whole-market median
Valuation
The P/E of 33.55x is above the whole-market median (12.97x). The P/B of 7.17x is above the whole-market median (0.84x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.0%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.302x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 22.9%, above the whole-market average (3.0%). The operating margin is 48.1%. The debt ratio is 17.0%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $179.5M | $195.4M | $261.7M | +33.92% ↑ faster |
| Operating profit | $80.4M | $87.3M | $124.3M | +42.51% ↑ faster |
| Net profit | $77.9M | $79.6M | $106.8M | +34.15% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $196.8M | $226.5M | $179.5M | $195.4M | $261.7M |
| Operating profit | $82.3M | $96.0M | $80.4M | $87.3M | $124.3M |
| Net profit | $72.9M | $80.3M | $77.9M | $79.6M | $106.8M |
| Revenue CAGR | 4-yr avg 7.38% | ||||
Revenue rose 33.9% year over year (2023 ₩255.6 billion → 2024 ₩278.2 billion → 2025 ₩372.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 42.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.4%. The two-year revenue CAGR is 20.7%. In the most recent quarter (Q1 2026), revenue was 27.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 22.9% points to solid profitability.
- Revenue grew 33.9% 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
- 2026-05-06EarningsPreliminary Q1 2026 results via fair disclosure — revenue ₩99.8 billion (+27.2% YoY), operating profit ₩47.3 billion (+35.4%), net profit ₩40.4 billion (+37.7%)Short term: double-digit gains across revenue and profit confirm continued growth. System-chip testing demand is solid. Source
- 2026-03-26DividendCash and in-kind dividend decision — ₩800 per share, about 40% of net profit paid out (dividend yield about 1.0%)Medium term: a stable dividend backed by net cash is maintained. A signal that the shareholder-return policy continues. Source
- 2026-03-26FilingCorporate value-up plan (voluntary disclosure) — direction on shareholder returns and capital efficiency announced voluntarilyMedium term: the company voluntarily discloses its direction for enhancing corporate value, confirming its intent to maintain dividends and profitability. Source
- 2026-05-14FilingQ1 2026 quarterly report filed — routine disclosure of financial statements and business statusShort term: confirms the preliminary results with finalized financial statements. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-14PeriodicQuarterly report
- 2026-05-06EarningsFair-disclosure notice
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-26DividendCash/stock dividend decision (amended)
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
📖 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.