QSI (066310) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
QSI is a semiconductor-equipment company with a market capitalization of ₩68.7 billion, small enough that a single disclosure can move both earnings and the share count, so the business trend deserves to be read alongside its filings. A February 2026 disclosure confirmed full-year revenue of ₩23.3 billion, operating profit of ₩0.3 billion and net profit of ₩2.5 billion, and net profit jumped sharply in the first quarter, while a P/B of 0.79x leaves the stock below book value. What stands out lately is that if the earnings recovery continues past the first quarter and share-count changes such as the disposal of treasury stock are absorbed smoothly, there is ample room for the below-peer forward P/E to be recognized at fair value; on the other hand, the operating margin is still thin at 1.3%, so small cost swings can move profit around, and the pace of revenue growth is slowing.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Semiconductors” (Semiconductors & IT Components), a type typically read first through P/B.
Chipmakers ride sharp swings in chip prices and demand, so profits balloon in upturns and can flip to losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the company's asset value — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 9.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 9.1% higher than a year earlier.
- ROE is 5.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 1.3%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Samhwa Yanghaeng 30.96% (corporate)
Controlling bloc incl. related parties 32.69%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis Reading
With a market capitalization of ₩68.7 billion, QSI is a small stock, so it is worth watching not only the underlying business trend but also how a single disclosure affects earnings and the share count.
The latest close is ₩7,350 and the market capitalization is ₩68.1 billion. The price sits above its 20-day moving average (₩6,876) and below its 60-day moving average (₩9,148). 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 50.4, a neutral level. The one-month change is +0.3%, the three-month change is -54.9%, and the position relative to the 52-week high is -58.9%. Relative strength versus the KOSDAQ is 70 (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 70% of all stocks. Over the past three months it lagged the index by 29.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent full-year revenue is ₩23.3 billion, operating profit ₩0.3 billion and net profit ₩2.5 billion. ROE (how much a company earns in a year on its equity) of 2.9% is above the peer average, the debt ratio (debt relative to equity) is 106.4%, and the current ratio (assets available now against debt due within a year) is close to 970%, so short-term liquidity is comfortable. On last year's confirmed results alone the P/E (how many times a year's earnings the price is) of 27.09x looks high, but that figure is based on a year in which operating profit was temporarily depressed. The forward P/E, which reflects a recovering earnings trend, is below the peer median, so the actual valuation burden is lighter than it appears on the surface. The P/B (how many times book value the price is) of 0.76x also sits below book value, making the stock cheap relative to assets as well.
Revenue rose for three straight years, from ₩18.7 billion in 2023 to ₩21.4 billion in 2024 and ₩23.3 billion in 2025, for a two-year average growth rate of 11.6%. Operating profit turned from a loss in 2023 to ₩1.2 billion in 2024, then dipped once to ₩0.3 billion in 2025; the key point is that earnings strength is climbing back in 2026. First-quarter 2026 revenue was ₩6.1 billion, up 9.1% year on year, while operating profit was ₩0.5 billion and net profit was ₩2.3 billion, both sharply higher than a year earlier. Steadily rising quarterly revenue and a widening return to operating profit underpin this earnings recovery. That said, the pace of revenue growth itself is slowing somewhat versus the prior year, so it is worth noting that the recovery leans more on normalizing profitability than on top-line expansion.
Most recently, on February 23, 2026, a disclosure on changes in revenue and profit structure confirmed full-year revenue of ₩23.3 billion, operating profit of ₩0.3 billion and net profit of ₩2.5 billion. It is worth checking whether this is in line with the annual trend and whether any one-off items are involved. On August 27, 2025 the company decided to dispose of treasury stock and reported the outcome on September 1; because this affects both the share count and cash flow, whether earnings strength supports it is worth confirming.
The strengths are clear. Even though last year's confirmed P/E looks high, the forward P/E reflecting this year's earnings recovery is below peers, and the P/B of 0.79x sits below book value, so the stock is cheap on both an earnings and an asset basis. Ample short-term liquidity and a sharp jump in first-quarter net profit are also positives. On the other side, the points to watch are that the operating margin itself is still thin at 1.3%, so small cost swings can move profit around, and that revenue growth is slowing. In short, if the earnings recovery continues past the first quarter and share-count changes such as the treasury-stock disposal are absorbed smoothly, there is ample room for the low forward P/E to be recognized at fair value; conversely, if top-line growth fades further or the quarter leaned on one-off profit, the recovery could prove slow.
🔎 Valuation vs peers Undervalued
A set of semiconductor names with market capitalizations close to QSI's, drawn from public data.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KRM | — | 1.86x | -19.96% |
| Nextchip | — | 4.70x | -87.90% |
| AL Tech | — | 1.09x | -9.67% |
Within semiconductors, we looked first at a public-data peer set with nearby market capitalizations. The current P/E (how many times a year's earnings the price is) is 27.09x and the P/B (how many times book value the price is) is 0.76x. Because smaller-cap names are heavily swayed by earnings swings and financing disclosures, we did not draw firm conclusions from last year's confirmed-results metrics alone. The forward box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩24.9 billion | ₩3.2 billion | ₩7.7 billion |
| Next quarter | Q2 2026 | ₩6.6 billion | ₩1.4 billion | ₩0.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩7,350 and the market capitalization is ₩68.1 billion. The price sits above its 20-day moving average (₩6,876) and below its 60-day moving average (₩9,148). 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 50.4, a neutral level. The one-month change is +0.3%, the three-month change is -54.9%, and the position relative to the 52-week high is -58.9%. Relative strength versus the KOSDAQ is 70 (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 70% of all stocks. Over the past three months it lagged the index by 29.2%. 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 -29.25% / 6M +23.41% / 12M -8.47%
Key metrics Computed vs sector median
Valuation
The P/E is 27.09x. The P/B of 0.76x is below the sector median (1.63x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is 1.3%. The debt ratio is 7.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $13.1M | $15.0M | $16.4M | +8.98% ↓ slower |
| Operating profit | -$3.0M | $832,141 | $206,430 | -75.19% |
| Net profit | $1.9M | $2.3M | $1.8M | -22.67% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $20.6M | $15.9M | $13.1M | $15.0M | $16.4M |
| Operating profit | $1.9M | $1.3M | -$3.0M | $832,141 | $206,430 |
| Net profit | $1.1M | $4.9M | $1.9M | $2.3M | $1.8M |
| Revenue CAGR | 4-yr avg -5.65% | ||||
Revenue rose 9.0% year over year (2023 ₩18.7 billion → 2024 ₩21.4 billion → 2025 ₩23.3 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 75.2% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -5.7%. The two-year revenue CAGR is 11.6%. In the most recent quarter (Q1 2026), revenue was 9.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- Revenue rose 9.0% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-02-23EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: full-year revenue ₩23.3 billion, operating profit ₩0.3 billion, net profit ₩2.5 billionThis is recent confirmed or preliminary results data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2025-09-01UpdateTreasury stock disposal outcome report: confirm the terms of the returnThis is a disclosure tied to a cash return or a change in the share count. Confirm whether earnings strength and cash flow support it. Source
- 2025-08-27UpdateReport on material matters (decision to dispose of treasury stock): confirm the terms of the returnThis is a disclosure tied to a cash return or a change in the share count. Confirm whether earnings strength and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,350 | ₩7,350 | Confirmed | link |
| Latest quarterly results | revenue ₩6.1 billion, operating profit ₩0.5 billion | revenue ₩6.1 billion, operating profit ₩0.5 billion | Confirmed | link |
| Full-year results | revenue ₩23.3 billion, operating profit ₩0.3 billion | revenue ₩23.3 billion, operating profit ₩0.3 billion | Confirmed | link |
| Original text of the results disclosure | revenue30%: revenue ₩23.3 billion · operating profit ₩0.3 billion · net profit ₩2.5 billion | revenue30%: revenue ₩23.3 billion · operating profit ₩0.3 billion · net profit ₩2.5 billion | Confirmed | link |
| Original text of the shareholder-return disclosure | check the payout terms | check the payout terms | Confirmed | link |
| Original text of the shareholder-return disclosure | check the payout terms | check the payout terms | Confirmed | link |
| Basis for the forward box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-14PeriodicQuarterly report
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-06Amended filing
- 2026-03-06Shareholders' meeting notice
- 2026-03-06Disclosure
- 2026-02-23Shareholders' meeting notice
- 2026-02-23DividendCash/stock dividend decision
- 2026-02-23EarningsEarnings 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.