Intekplus makes inspection equipment that photographs the outer surfaces of chips and substrates in three dimensions to screen out defects during the back-end assembly and packaging stage of semiconductors, catching micro-defects such as bump (connection nub) height, flatness and warpage to raise customers' yield. It posted large profits in 2021-2022 but ran three straight years of operating losses in 2023-2025, and in the first quarter of 2026 revenue fell 11.1% from the same period last year, continuing the loss (operating loss of ₩1.9 billion). The recent point of interest is that a foothold for a second-half earnings rebound has been laid, as the company shifts its business axis from low-margin secondary-battery and display inspection to high-margin semiconductor and substrate inspection, with Taiwanese customer orders and entry into inspection for AI packaging overlapping; even so, because the rebound is concentrated in the second half, the pace at which orders actually convert into revenue must still be confirmed.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 258.6%).
- The most recent full-year net result was a loss.
- Revenue rose 7.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 11.1% lower than a year earlier.
- ROE is -7.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -4.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Sang-yoon 6.8% (individual)
Controlling bloc incl. related parties 15.28%
With the controlling bloc holding 15%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Intekplus makes three-dimensional surface-inspection equipment used in the semiconductor back-end (packaging) stage.
- Using optical technology, it measures things like the height of the bumps (the fine nubs that carry electricity) created when a chip is attached to a substrate, surface flatness and the degree of chip warpage to screen out defects.
- Catching defects early this way raises customers' finished-product yield and reduces rework costs.
- Besides semiconductors, it also makes inspection equipment for secondary batteries and displays, but the company is rapidly shifting its business weighting toward higher-value-added semiconductor and substrate inspection.
- Semiconductor inspection equipment generally commands a higher unit price and profitability than secondary-battery equipment.
- The share price has risen about 178% over the past six months and about 95% over three months.
- This is a pattern in which rebound expectations have been priced in ahead during a loss-making stretch.
- The current price sits above all of the 20-day, 60-day and 120-day moving averages, so the medium-term trend points up.
- It is, however, about 25% below the 52-week high.
- The RSI is 45, a neutral zone that is neither overbought nor oversold.
- Given the sharp run-up over a short period, it is worth keeping in mind that this is a high-volatility stock.
- The company is currently not turning a profit.
- In 2025 the ROE (how much is earned in a year on equity) was -7.2% and the operating margin -4.2%, both negative.
- As a result the P/E ratio (how many times one year's earnings the share price represents) cannot be calculated because there are no earnings.
- The P/B (how many times net asset value the share price represents) comes out high at 10.8x, largely because three years of losses have thinned book equity.
- In other words, the current P/B figure is hard to read straight off as 'expensive.' The debt-to-equity ratio (debt relative to equity) is not low at 258.6%, but net debt (total borrowings less cash) is only ₩8.7 billion, so the actual borrowing burden is not large.
- EV/Sales (enterprise value divided by revenue - value relative to revenue including debt) is 6.7x, a price carrying expectations relative to the scale of revenue.
- Revenue fell from the ₩118.0 billion range in 2021-2022 to ₩74.8 billion in 2023, then recovered again to ₩83.9 billion in 2024 and ₩89.8 billion in 2025.
- But first-quarter 2026 revenue was ₩12.8 billion, down 11.1% from the same period last year, and the operating loss continued as well - the start of the year was weak.
- The company's rebound logic is concentrated in the second half.
- At the end of 2025 the order backlog exceeded half of the prior year's revenue, and on top of this came new orders from a Taiwanese substrate maker.
- Entry into inspection equipment for AI-semiconductor packaging is also under way.
- If these orders convert into revenue, the share of high-margin semiconductor inspection grows and this year's earnings have room to swing back into the black.
- Looking only at the loss-making results through last year, it looks expensive, but in an inflection phase where earnings are turning, the recovery in profit from this year onward is the more important picture.
- On June 5, 2026, the company disclosed the buyback, before maturity, of a portion of overseas convertible bonds it had previously issued - a measure in the nature of cleaning up the capital structure.
- On May 15 it filed a quarterly report containing first-quarter 2026 results, in which the revenue decline and continued loss were confirmed.
- In March and May it reported the granting of employee stock options several times, for the purpose of securing and attracting talent.
- Several large-holding reports related to the major shareholder's stake also followed.
- Through company IR, orders from Taiwanese substrate and back-end customers and entry into AI-packaging inspection were presented as the axes of a second-half revenue rebound.
- Intekplus is a company positioned at the crossroads of a structural growth trend in semiconductor back-end inspection.
- The more AI semiconductors increase, the more complex the packaging of stacking and joining chips becomes, and the greater the demand for three-dimensional surface inspection.
- The shift of its business weighting from low-margin secondary batteries and displays to high-margin semiconductors and substrates is also favorable for profitability.
- Net debt of ₩8.7 billion, meaning the financial burden is not large, is also a strength in a rebound period.
- That said, it was still in the red through the first quarter of 2026, and the rebound is concentrated in the second half.
- The key is how quickly the secured orders convert into actual revenue and profit.
- In sum, when orders are booked as revenue on schedule and the share of semiconductor inspection grows, the scope of the earnings recovery is large.
- Conversely, if customer investment or mass-production adoption is delayed, the timing of the swing to profit could slip further out.
🔎 Valuation vs peers Inconclusive
Compared against domestic listed companies that make semiconductor back-end inspection, metrology and test equipment - companies overlapping in business character and customer base (semiconductor manufacturing and packaging).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Park Systems | 58.60x | 8.97x | 15.31% |
| ISC | 53.55x | 5.60x | 10.46% |
| Wonik IPS | 61.28x | 5.31x | 8.66% |
There are no earnings now, so the P/E cannot be calculated, and the P/B of 10.8x is largely an illusion arising from three years of losses thinning equity. It is therefore hard to declare the stock overvalued on the multiples from last year's results alone. Peer companies in semiconductor inspection, metrology and test equipment are profitable and command high multiples in the 50-60x P/E range. On an in-house estimate that Intekplus swings to profit this year, it too falls into a similar multiple range to this peer set. In other words, if the rebound is realized, it is neither much more expensive nor clearly cheaper than peers. The key is whether it swings to profit and by how much. Until the rebound is confirmed, uncertainty over the earnings assumption is large, so we view it as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩38,600 and the market capitalization is ₩497.1 billion. The price sits below its 20-day moving average (₩43,928) and above its 60-day moving average (₩36,098). 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 45.2, a neutral level. The one-month change is -0.4%, the three-month change is +94.6%, and the position relative to the 52-week high is -25.5%. Relative strength versus the KOSDAQ is 97 (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 97% of all stocks. Over the past three months it outpaced the index by 130.9%. 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 +130.86% / 6M +216.37% / 12M +315.15%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 10.81x is above 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.
Profitability & financials
Return on equity (ROE) is -7.2%, below the sector average (5.0%). The operating margin is -4.2%. The debt ratio is 258.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $49.6M | $55.6M | $59.5M | +7.02% ↓ slower |
| Operating profit | -$7.4M | -$10.3M | -$2.5M | — |
| Net profit | -$7.2M | -$7.9M | -$2.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $79.3M | $78.8M | $49.6M | $55.6M | $59.5M |
| Operating profit | $18.2M | $12.8M | -$7.4M | -$10.3M | -$2.5M |
| Net profit | $15.0M | $10.8M | -$7.2M | -$7.9M | -$2.2M |
| Revenue CAGR | 4-yr avg -6.93% | ||||
Revenue rose 7.0% year over year (2023 ₩74.8 billion → 2024 ₩83.9 billion → 2025 ₩89.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -6.9%. The two-year revenue CAGR is 9.6%. In the most recent quarter (Q1 2026), revenue was 11.1% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 7.0% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-05FilingDisclosed the buyback, before maturity, of a portion of previously issued overseas convertible bonds. In the nature of cleaning up the capital structure.A measure that partly reduces a source of potential share dilution, positive for the capital structure over the medium term. Source
- 2026-05-15EarningsFiled the first-quarter 2026 report. Revenue of ₩12.8 billion (-11.1% year on year), with the operating loss continuing.Confirms weak results at the start of the year. A near-term burden that reaffirms the rebound is concentrated in the second half. Source
- 2026-05-11FilingReported the granting of employee stock options.For the purpose of securing and attracting key talent. A signal of retaining staff in an expansion phase, though with a possibility of slight dilution ahead. Source
- 2026-04-21FilingDisclosed the exercise of exchange rights. Reflects the exercise of rights related to previously issued bonds.A matter related to a change in the capital and debt structure, with limited near-term impact. Source
- 2026-03-26FilingDisclosed the AGM outcome. Handled regular agenda items such as the appointment of directors.A regular governance and management procedure with no direct impact on earnings. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 revenue | ₩12.8 billion | (2026.03) | Confirmed | link |
| 2025 full-year results (revenue / operating profit and loss) | revenue ₩89.8 billion / -₩3.7 billion | — | Unverified | link |
| 2026 estimated net profit / forward P/E | net profit approx. ₩10.0 billion / forward PER approx. 49.7x(self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-05Convertible-bond issuance
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-14Disclosure
- 2026-05-11Disclosure
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-27OwnershipOwnership-change filing
- 2026-04-21Disclosure
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
📖 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.