DMS makes wet-process equipment used in producing display panels, with particular strength in cleaning equipment (HDC) that washes contaminants off the panel surface. Because such equipment demand comes in waves that follow panel makers' investment cycles, DMS has broadened its portfolio into wind-power generation and advanced endoscopic medical devices to smooth out the swings. In June 2026 it signed a single supply contract worth ₩14.3 billion (8.7% of recent annual revenue), in March it disclosed full-year revenue of ₩155.5 billion, operating profit of ₩4.2 billion and net profit of ₩131.4 billion, and in May a treasury-share purchase result report showed its intent to return cash. What stands out most recently is that a P/B of 0.24x and a low forward P/E, together with a 30.3% return on equity, a dividend yield in the 5% range and share buybacks, are strengths; but display equipment rides the investment cycle, so results differ sharply between years when orders arrive and years when they do not (the Q1 loss being one facet of this), and the pace at which the June supply contract converts into revenue and whether the equipment cycle recovers are the points to watch.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 41.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 58.7% lower than a year earlier.
- ROE is 30.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.7%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Park Yong-seok 23.57% (individual)
Controlling bloc incl. related parties 32.59%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis
- DMS earns its living from wet-process equipment that is essential in producing display panels, with particular strength in cleaning equipment (HDC) that washes contaminants off the panel surface.
- Display equipment has a character in which orders bunch up and thin out in step with panel makers' investment cycles, so revenue and profit swing together with the timing of orders.
- To reduce these swings, the company has broadened its portfolio into a wind-power-based energy business and an advanced endoscopic medical-device business.
- As a small-to-mid-cap with a market capitalization of around ₩105.4 billion, it is worth watching not only the business flow but also the effect a single disclosure - such as a supply contract or a buyback - has on revenue and share count.
- The latest close is ₩6,260 and market capitalization is ₩141.3 billion.
- The price sits above the 20-day line (₩5,255) and below the 60-day line (₩6,635).
- With the short- and mid-term trends diverging, the direction is best read in two parts.
- The RSI (a supplementary gauge comparing upward and downward force over the last 14 days on a 0-100 scale) is 62.3, a neutral level.
- The one-month change is +24.7%, the three-month change is -12.4%, and the position versus the 52-week high is -30.8%.
- Relative strength against the KOSDAQ is 75 (on a 1-99 scale, converted from the past year's return versus the index with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 24% of all stocks by strength.
- Over the past three months it outpaced the index by 12.3%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- Latest full-year (2025) revenue was ₩155.5 billion, operating profit ₩4.2 billion and net profit ₩131.4 billion.
- Return on equity (ROE, how much is earned on equity in a year) is 30.3%, above the peer average, and the debt ratio (borrowings versus equity) of 132.2% is not heavy.
- One point is worth noting here.
- A P/E ratio (how many times a year's earnings the share price is) of 1.07x and a P/B (how many times book value the share price is) of 0.33x look extremely cheap on the numbers alone, but this is largely because a large non-operating gain was booked at once in last year's net profit, inflating earnings well above normal.
- So there is no need to view these figures as a burden, yet it is also hard to declare the stock 'cheap at 0.8x' on a single year's numbers alone.
- The forward P/E, which reflects the normal earnings power, is a truer picture, and the key point read as a valuation signal is that this figure is below the peer median.
- On the asset side, too, a P/B of 0.24x means it trades at a quarter of book value, so relative to net assets it is clearly priced low.
- Annual revenue fell sharply from ₩264.5 billion in 2023 to ₩109.6 billion in 2024, then reversed course, rising 41.9% to ₩155.5 billion in 2025.
- As is typical of display equipment, revenue rises and falls with the timing of panel makers' investment, and 2025 shows the company entering a recovery phase.
- Operating profit also swung from a loss (-₩3.9 billion) in 2024 to a ₩4.2 billion profit in 2025.
- That said, Q1 2026 looks empty again, with revenue of ₩13.8 billion (-58.7% year on year) and an operating loss of ₩8.6 billion; this reflects the equipment industry's particular rhythm, in which the point at which orders are recognized as revenue is uneven from quarter to quarter, and it is hard to gauge a full year from a single Q1 slice.
- This year's outlook is around ₩55.6 billion in annual revenue and ₩9.8 billion in net profit, and set against the current share price this yields the forward P/E.
- This estimate is derived by reflecting both the confirmed Q1 result and the past quarterly distribution of results, gauging a company at an earnings inflection not by a single year's numbers but by this year's normal earnings.
- Separately, the ₩14.3 billion supply contract signed in June corresponds to 8.7% of recent revenue and serves as a clue to future revenue recognition.
- Recent disclosures show both the business flow and shareholder returns.
- The single supply contract (voluntary disclosure, amended) on June 1, 2026 has a contract value of ₩14.3 billion, corresponding to 8.7% of recent annual revenue.
- The contract period and whether this deal is one-off or recurring will decide the medium-term revenue reading.
- The revenue and profit-structure change disclosure on March 13, 2026 contains full-year revenue of ₩155.5 billion, operating profit of ₩4.2 billion and net profit of ₩131.4 billion, useful for checking the direction of the annual flow alongside any one-off factors.
- The treasury-share purchase result report (amended) on May 18, 2026 is an activity in which the company bought back its own shares to return value to shareholders, a signal - together with the 5%-range dividend - of its intent to return cash.
- DMS is a name where the strengths and the points to watch are fairly clearly divided.
- The strengths are plain.
- It trades at a quarter of net assets (P/B 0.24x), its forward P/E reflecting normal earnings power is also low versus peers, and a 30.3% return on equity, a dividend in the 5% range and share buybacks all show intent to return capital.
- Viewed from assets, earnings or returns, this is not a place priced expensively.
- The point to watch is the rhythm of the business.
- Because display equipment rides panel makers' investment cycles, results differ sharply between years when orders arrive and years when they do not.
- The Q1 2026 loss is one facet of that quarterly variance.
- So the company is strong in phases where panel investment revives and orders in the wind-power and medical-device new businesses are added, and its quarterly results can look empty during long stretches without orders.
- Ultimately, the pace at which new orders like the June supply contract convert into revenue, and whether the equipment cycle's recovery is sustained, are the points to watch for this stock.
🔎 Valuation vs peers Undervalued
Peers near it by market capitalization within machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik | — | 0.68x | -12.42% |
| Dong-A Eltek | 1.67x | 0.48x | 28.91% |
| Daedong Gear | — | 1.14x | -5.99% |
We looked first at public-data peers close by market capitalization within machinery and equipment. The current P/E ratio (how many times a year's earnings the share price is) is 1.07x and P/B (how many times book value the share price is) is 0.33x. That said, for lower-cap names, earnings swings and financing disclosures have a large impact, so we did not draw firm conclusions from metrics based on last year's confirmed results alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩55.6 billion | — | ₩9.8 billion |
| Next quarter | Q2 2026 | ₩12.6 billion | — | ₩3.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩6,260 and the market capitalization is ₩141.3 billion. The price sits above its 20-day moving average (₩5,255) and below its 60-day moving average (₩6,635). 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 62.3, a neutral level. The one-month change is +24.7%, the three-month change is -12.4%, and the position relative to the 52-week high is -30.8%. Relative strength versus the KOSDAQ is 75 (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 76% of all stocks. Over the past three months it outpaced the index by 12.3%. 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 +12.32% / 6M +19.07% / 12M -1.19%
Key metrics vs sector median
Valuation
The P/E of 1.07x is below the sector median (14.44x). The P/B of 0.33x is below the sector median (1.44x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 30.3%, above the sector average (5.0%). The operating margin is 2.7%. The debt ratio is 132.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $175.3M | $72.6M | $103.0M | +41.86% ↑ faster |
| Operating profit | $34.8M | -$2.6M | $2.8M | — |
| Net profit | $32.4M | $10.1M | $87.1M | +763.63% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $149.4M | $210.1M | $175.3M | $72.6M | $103.0M |
| Operating profit | $21.2M | $35.5M | $34.8M | -$2.6M | $2.8M |
| Net profit | $21.9M | $17.1M | $32.4M | $10.1M | $87.1M |
| Revenue CAGR | 4-yr avg -8.87% | ||||
Revenue rose 41.9% year over year (2023 ₩264.5 billion → 2024 ₩109.6 billion → 2025 ₩155.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is -8.9%. The two-year revenue CAGR is -23.3%. In the most recent quarter (Q1 2026), revenue was 58.7% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.0%, is on the high side.
- ROE of 30.3% points to solid profitability.
- Revenue grew 41.9% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-06-01Contract[Amended] Single sale/supply contract signed (voluntary disclosure): contract value ₩14.3 billion, 8.7% of recent revenueThe contract value and period are central to future revenue recognition. Whether it is one-off or a repeatable deal decides the medium-term reading. Source
- 2026-03-13EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩155.5 billion, operating profit ₩4.2 billion, net profit ₩131.4 billionRecent confirmed or preliminary results. Check whether they point the same way as the annual flow and whether any one-off factors are present. Source
- 2026-05-18Update[Amended] Treasury-share purchase result report: confirming the terms of the returnA disclosure related to cash returns or a change in share count. Check whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩6,260 | ₩6,260 | Confirmed | link |
| Latest quarterly results | revenue ₩13.8 billion, operating profit -₩8.6 billion | revenue ₩13.8 billion, operating profit -₩8.6 billion | Confirmed | link |
| Annual results | revenue ₩155.5 billion, operating profit ₩4.2 billion | revenue ₩155.5 billion, operating profit ₩4.2 billion | Confirmed | link |
| Contract disclosure (original text) | []ㆍapprox. : approx. ₩14.3 billion · revenue 8.7% | []ㆍapprox. : approx. ₩14.3 billion · revenue 8.7% | Confirmed | link |
| Results disclosure (original text) | revenue30%: revenue ₩155.5 billion · operating profit ₩4.2 billion · net profit ₩131.4 billion | revenue30%: revenue ₩155.5 billion · operating profit ₩4.2 billion · net profit ₩131.4 billion | Confirmed | link |
| Shareholder-return disclosure (original text) | []: | []: | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Single supply/sales contract (amended)
- 2026-05-28Amended filing
- 2026-05-18TreasuryTreasury-stock acquisition decision (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-24Disclosure
- 2026-04-21TreasuryTreasury-stock acquisition decision
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-30Disclosure
- 2026-03-30PeriodicAnnual business report
- 2026-03-30Audit report
📖 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.