Rorze Systems (071280) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Rorze Systems builds and sells the automated transfer equipment that moves materials such as wafers and glass substrates inside semiconductor and display fabs in place of human hands, so its revenue moves with line-expansion and replacement cycles and the downstream investment cycle. Its recent disclosures cluster on shareholder returns, with a December 2025 decision to dispose of treasury shares and a report of the disposal results. The notable point lately is that it consistently earns a double-digit operating margin in its core business, net profit has risen three years running, and at a trailing P/E of 7.5x, a P/B of 0.67x, and a forward P/E of 6.74x the share price is lower than peers relative to both earnings and assets, while first-quarter revenue rose 32% as the top line revived, a clear strength; on the other hand, because revenue swings with the downstream semiconductor and display investment cycle, whether the recovery holds through the quarters needs to be confirmed via revenue and orders.
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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 Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Chip-equipment makers see orders surge and dry up with their customers' capital-spending cycles, so earnings can move sharply from here. Since future orders and profits drive the price more than past results, 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 fell 22.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 32.4% higher than a year earlier.
- ROE is 8.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.1%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Rorze International 40.14% (individual)
Controlling bloc incl. related parties 43.64%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis Reading
Rorze Systems is a company that builds and sells the automated transfer equipment that moves materials such as wafers and glass substrates inside the fabs that make semiconductors and displays, in place of human hands. Its mainstay is the transport systems that automatically carry and store materials between lines, and its customers are semiconductor and display manufacturers. Because once equipment is delivered, revenue moves with line-expansion and replacement cycles and the downstream investment cycle, the flow of customers' capital spending sets the main thread of results.
The latest close is ₩6,100 and the market capitalization is ₩93.3 billion. The price sits below its 20-day moving average (₩6,324) and below its 60-day moving average (₩7,207). 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 45.9, a neutral level. The one-month change is -7.3%, the three-month change is -40.1%, and the position relative to the 52-week high is -55.2%. Relative strength versus the KOSDAQ is 23 (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 22% of all stocks. Over the past three months it lagged the index by 7.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most recent full-year figures show revenue of ₩124.9 billion, operating profit of ₩14.4 billion, and net profit of ₩12.3 billion. With an operating margin of 11.6% and a net margin of 9.8%, it consistently earns a profit in its core business, and ROE (how much is earned in a year on equity) of 8.9% is above the sector average. The debt ratio (debt against equity) is 117.9%, but with a current ratio (assets that can be turned to cash against debts due within a year) of 384% short-term payment capacity is ample and the interest coverage ratio is 4.6x, so on the assessment financial soundness is 'stable.' A trailing P/E of 7.5x and a P/B of 0.67x are low relative to assets and earnings, and a P/B below 1x means the share price is set even below net assets on the books. In particular, in an earnings-inflection phase where first-quarter revenue has begun to rise again, the forward P/E of 6.74x, which reflects this year's earnings, is closer to current strength than the trailing metrics calculated from last year's confirmed results.
Revenue jumped 52% in one year from ₩105.3 billion in 2023 to ₩160.1 billion in 2024 before pulling back to ₩124.9 billion in 2025, but net profit rose all three years, from ₩8.9 billion in 2023 to ₩12.1 billion in 2024 and ₩12.3 billion in 2025, an average increase of 18% a year over two years. In effect, even as the top line swung with the downstream investment cycle, earnings strength steadily thickened. The direction of the trend is clearly shown by the most recent quarter. First-quarter 2026 revenue was ₩40.0 billion, up 32.4% from the same period a year earlier, a signal that new line orders and deliveries have revived and the top line has entered a recovery phase. This year's expected revenue of ₩211.0 billion, operating profit of ₩16.3 billion, and net profit of ₩13.8 billion reflect this first-quarter result that has begun to rise again and recovering downstream demand, and the forward P/E derived on top of that is 6.66x. First-quarter operating profit was -15% year on year, but this is closer to cost and mix changes in the early stage of a revenue recovery, and seen alongside revenue rising more than 30%, this is a phase where profit has room to follow the top-line recovery.
The recent disclosures cluster on shareholder returns. On December 22, 2025, the company decided to dispose of treasury shares (including a later corrected report), and on December 29 it reported the disposal results. Disposing of treasury shares is a decision to put shares the company held back into the market, and it is worth checking the purpose and method of the disposal together with its effect on the share count and capital structure. It is a clue to how the company deploys its capital on the back of stable earnings and cash flow.
The strengths are clear. It consistently earns a double-digit operating margin in its core business, net profit has risen three years running, and its finances are stable in both liquidity and interest coverage. On top of that, at a trailing P/E of 7.5x, a P/B of 0.67x, and a forward P/E of 6.74x, the share price is set lower than peers relative to earnings and assets, so the valuation assessment is 'undervalued.' First-quarter revenue rising 32% as the top line revived is the point where this low valuation gains more force when it meets the earnings recovery. Conversely, the part to watch comes from the business structure itself. Because revenue swings with the downstream semiconductor and display investment cycle, the key is to confirm via revenue and orders whether the recovery holds through the quarters. In sum, the more downstream capital spending and line orders sustain the recovery, the more the low valuation and rising earnings combine to enlarge the strengths, and if the investment cycle cools again, top-line volatility returns as a burden.
🔎 Valuation vs peers Undervalued
A peer set of machinery and equipment names with nearby market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dong-A Eltek | 1.98x | 0.52x | 28.91% |
| Wonik | — | 0.67x | -12.42% |
| DMS | 1.41x | 0.43x | 27.92% |
Within machinery and equipment, public-data peers with nearby market capitalization were looked at first. The current P/E (how many times one year of earnings the share price is) is 7.61x and the P/B (how many times book value the share price is) is 0.66x. That said, for smaller-cap names the impact of earnings swings and financing disclosures is large, so no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩211.0 billion | ₩16.3 billion | ₩13.8 billion |
| Next quarter | Q2 2026 | ₩64.0 billion | ₩5.0 billion | ₩4.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩6,100 and the market capitalization is ₩93.3 billion. The price sits below its 20-day moving average (₩6,324) and below its 60-day moving average (₩7,207). 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 45.9, a neutral level. The one-month change is -7.3%, the three-month change is -40.1%, and the position relative to the 52-week high is -55.2%. Relative strength versus the KOSDAQ is 23 (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 22% of all stocks. Over the past three months it lagged the index by 7.3%. 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 -7.27% / 6M -16.34% / 12M -52.34%
Key metrics Computed vs sector median
Valuation
The P/E of 7.61x is below the sector median (14.07x). The P/B of 0.66x is below the sector median (1.01x). 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 8.5%, above the sector average (2.0%). The operating margin is 10.1%. The debt ratio is 25.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $74.0M | $112.5M | $87.7M | -21.99% ↓ slower |
| Operating profit | $8.4M | $13.9M | $10.1M | -27.07% ↓ slower |
| Net profit | $6.2M | $8.5M | $8.6M | +1.19% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $77.4M | $101.6M | $74.0M | $112.5M | $87.7M |
| Operating profit | $9.4M | $18.6M | $8.4M | $13.9M | $10.1M |
| Net profit | $6.6M | $14.2M | $6.2M | $8.5M | $8.6M |
| Revenue CAGR | 4-yr avg 3.17% | ||||
Revenue fell 22.0% year over year (2023 ₩105.3 billion → 2024 ₩160.1 billion → 2025 ₩124.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 27.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.2%. The two-year revenue CAGR is 8.9%. In the most recent quarter (Q1 2026), revenue was 32.4% 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.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 22.0% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2025-12-29UpdateTreasury share disposal results report: see disposal termsA disclosure related to cash returns or changes in the share count. Check whether earnings strength and cash flow support it. Source
- 2025-12-22Update[Corrected filing] Material fact report (treasury share disposal decision): see disposal termsA disclosure related to cash returns or changes in the share count. Check whether earnings strength and cash flow support it. Source
- 2025-12-22UpdateMaterial fact report (treasury share disposal decision): see disposal termsA disclosure related to cash returns or changes in the share count. Check whether earnings strength and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩6,100 | ₩6,100 | Confirmed | link |
| Latest quarterly results | revenue ₩40.0 billion, operating profit ₩4.3 billion | revenue ₩40.0 billion, operating profit ₩4.3 billion | Confirmed | link |
| Full-year results | revenue ₩124.9 billion, operating profit ₩14.4 billion | revenue ₩124.9 billion, operating profit ₩14.4 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 | [amended] : check the payout terms | [amended] : check the payout terms | Confirmed | link |
| Original text of the shareholder-return disclosure | check the payout terms | check the payout terms | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-24DividendCash/stock dividend decision (amended)
- 2026-03-25Shareholders' meeting notice
- 2026-03-25Disclosure
- 2026-03-17PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-02-13DividendCash/stock dividend decision
- 2026-02-13Shareholders' meeting notice
- 2026-02-13DividendCash/stock dividend decision
📖 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.