Uniquest is a semiconductor distributor that signs distributorship agreements with leading overseas non-memory chip makers and supplies those chips to domestic IT manufacturers. Rather than simply buying and reselling chips, it works on a 'total solution' model, helping customers pick the right chip for the product they are building and providing technical support and training, earning a distribution margin. In May 2026 it announced a single sales and supply contract worth ₩128.8 billion (18% of annual revenue); in February it confirmed an earnings recovery with annual revenue of ₩730.0 billion, operating profit of ₩36.7 billion and net profit of ₩20.6 billion, and it declared a cash and in-kind dividend (a dividend yield of about 3.4% and a payout ratio of 21%). The point worth watching lately is that the price appeal of a 0.51x P/B, a margin improvement in which profit grew even as Q1 revenue fell, an 8.3% ROE and a mid-3% dividend are strengths; against that, distribution is a business whose top line does not grow fast, and with a small market cap the metrics can swing on whether a single large contract proves one-off.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 208.7%).
- Revenue rose 2.8% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.4% lower than a year earlier.
- ROE is 8.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.0%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lim Chang-wan 45.93% (individual)
Controlling bloc incl. related parties 46.99%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- Uniquest is a semiconductor distributor that signs distributorship agreements with leading overseas non-memory chip makers and supplies those chips to domestic IT manufacturers.
- Rather than simply buying and reselling chips, it runs a 'total solution' model, helping a customer pick the right chip for the product it wants to build and providing technical support and training alongside.
- In other words, most of its revenue comes from the distribution margin on chips it sources and passes on, and which chips it supplies, to which customers and how stably, decides its results.
- With a market cap of ₩126.4 billion that is not large, a single big supply contract or an earnings or dividend disclosure has a relatively large effect on its financials and share price.
- The latest close is ₩5,540 and the market cap is ₩119.7 billion.
- The price sits below its 20-day line (₩6,610) and below its 60-day line (₩7,042).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 36.5, a neutral level.
- The one-month change is -18.9%, the three-month change is -5.0%, and the position relative to the 52-week high is -34.8%.
- Relative strength versus the KOSPI is 19 (on a 1-99 scale, converting the past year's return against the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 81% of all stocks by strength.
- Over the past three months it has lagged the index by 26.7%.
- Chart reading is best done alongside volume and the dates of disclosures.
- The most recent annual revenue is ₩730.0 billion, with operating profit of ₩36.7 billion and net profit of ₩20.6 billion.
- The operating margin of 5.0% is not thick, as is typical for distribution, but the ROE (how much the company earns on its equity in a year) of 8.3% is above the sector average, so capital efficiency is decent.
- The debt ratio of 208.7% looks high on the number alone, but a distribution business that buys chips in bulk and passes them on quickly carries large operating liabilities such as trade payables; with a current ratio of 1.74x and interest coverage of 3.63x, its short-term payment ability and capacity to service interest are in place.
- The P/E is 6.13x and the P/B is 0.48x, so the shares are priced even below book value (net assets).
- In particular, the forecast P/E reflecting this year's profit is clearly lower than peers Hwaseung Industries (6.65x) and Unitron Tech (8.67x).
- Rather than declaring the stock expensive or cheap on last year's metrics alone, looking alongside the trend of profit rising again, the current price reads on the undervalued side.
- Revenue rose gently from ₩665.9 billion in 2023 to ₩710.5 billion in 2024 and ₩730.0 billion in 2025.
- The pace of top-line growth itself is not fast, but the place to watch is profit.
- Operating profit rose from ₩34.1 billion in 2024 to ₩36.7 billion in 2025 (+7.5%), and net profit recovered sharply from ₩5.3 billion in 2024 to ₩20.6 billion in 2025, with profit that had been temporarily depressed in 2024 returning to a normal track.
- This flow continues this year.
- Q1 2026 revenue was ₩169.0 billion, down 4.4% from the same period a year earlier, but operating profit rose +17.1% and net profit +37.3%.
- That revenue slipped slightly while profit grew even more means the product mix it supplies or the margin is improving.
- In short, this year's figures look good not as a simple extension but grounded in Q1 results where profitability is actually improving.
- Recent disclosures span the business core evenly across supply contracts, earnings and dividends.
- On May 4, 2026 it announced a single sales and supply contract worth ₩128.8 billion; at 18% of annual revenue, whether this contract is one-off or a repeatable transaction is the point that will decide future revenue recognition.
- On February 26, 2026 an earnings-change disclosure of annual revenue ₩730.0 billion, operating profit ₩36.7 billion and net profit ₩20.6 billion confirmed the profit recovery.
- On February 11, 2026 it declared a cash and in-kind dividend, continuing a policy of returning earnings to shareholders (a dividend yield of about 3.4% and a payout ratio of 21%).
- Uniquest is a stock where 'profit is rising again while the share price sits below book value.' The strengths are clear: a 0.51x P/B makes the price appeal distinct, the margin is improving as seen in Q1 profit growing even as revenue fell, and an 8.3% ROE and a mid-3% dividend yield support both profitability and shareholder returns.
- On the other side, the points to watch are that this is a distribution business whose top line does not grow fast, and that with a small market cap the metrics can swing on whether a single large supply contract proves one-off or on funding disclosures.
- In short, if chip demand and margin improvement continue, the current price is a stretch where undervaluation appeal stands out; if the top-line stagnation drags on or new contracts prove one-off, the growth momentum could weaken somewhat.
🔎 Valuation vs peers Undervalued
Wholesale-sector names close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Heungkuk Petroleum | 1016.98x | 2.06x | 0.20% |
| Hwaseung Enterprise | 6.72x | 0.39x | 5.79% |
| Unitrontech | 8.62x | 0.79x | 9.12% |
We looked first at public-data comparables close in market cap within wholesale. The current P/E (how many times a year's earnings the share price is) is 5.80x and the P/B (how many times book value the share price is) is 0.48x. That said, for lower-market-cap names, earnings swings and funding disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The forecast box is based on DART seasonality approximations.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩694.5 billion | ₩44.3 billion | ₩26.7 billion |
| Next quarter | Q2 2026 | ₩162.8 billion | ₩10.1 billion | ₩6.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,540 and the market capitalization is ₩119.7 billion. The price sits below its 20-day moving average (₩6,610) and below its 60-day moving average (₩7,042). 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 36.5, a neutral level. The one-month change is -18.9%, the three-month change is -5.0%, and the position relative to the 52-week high is -34.8%. Relative strength versus the KOSPI is 19 (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 19% of all stocks. Over the past three months it lagged the index by 26.7%. 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 -26.74% / 6M -48.53% / 12M -60.28%
Key metrics vs sector median
Valuation
The P/E of 5.80x is below the sector median (9.68x). The P/B of 0.48x is below the sector median (0.80x). 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 8.3%, above the sector average (7.0%). The operating margin is 5.0%. The debt ratio is 208.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $441.4M | $470.9M | $483.9M | +2.75% ↓ slower |
| Operating profit | $22.5M | $22.6M | $24.3M | +7.47% ↑ faster |
| Net profit | $12.8M | $3.5M | $13.7M | +289.66% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $391.7M | $490.1M | $441.4M | $470.9M | $483.9M |
| Operating profit | $16.3M | $27.1M | $22.5M | $22.6M | $24.3M |
| Net profit | $41.5M | $32.6M | $12.8M | $3.5M | $13.7M |
| Revenue CAGR | 4-yr avg 5.42% | ||||
Revenue rose 2.8% year over year (2023 ₩665.9 billion → 2024 ₩710.5 billion → 2025 ₩730.0 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 7.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.4%. The two-year revenue CAGR is 4.7%. In the most recent quarter (Q1 2026), revenue was 4.4% 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 3.6%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 2.8% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-04ContractSingle sales and supply contract signed: contract value ₩128.8 billionThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction shapes the medium-term reading. Source
- 2026-02-26EarningsChange in revenue or profit/loss structure of 30% or more (15% for large corporations): annual revenue ₩730.0 billion, operating profit ₩36.7 billion, net profit ₩20.6 billionThis is recent confirmed or preliminary earnings data. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-02-11UpdateCash and in-kind dividend decision: confirm the return termsThis is a disclosure related to cash returns or changes in the share count. Check whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,540 | ₩5,540 | Confirmed | link |
| Latest quarterly results | revenue ₩169.0 billion, operating profit ₩11.5 billion | revenue ₩169.0 billion, operating profit ₩11.5 billion | Confirmed | link |
| Annual results | revenue ₩730.0 billion, operating profit ₩36.7 billion | revenue ₩730.0 billion, operating profit ₩36.7 billion | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩128.8 billion | ㆍapprox. : approx. ₩128.8 billion | Confirmed | link |
| Earnings disclosure source text | revenue30%: revenue ₩730.0 billion · operating profit ₩36.7 billion · net profit ₩20.6 billion | revenue30%: revenue ₩730.0 billion · operating profit ₩36.7 billion · net profit ₩20.6 billion | Confirmed | link |
| Shareholder-return disclosure source text | ㆍ: | ㆍ: | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-04Single supply/sales contract
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-02-26Shareholders' meeting notice
- 2026-02-26EarningsEarnings filing
- 2026-02-11DividendCash/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.