Zeus (079370) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Zeus makes both the equipment used on semiconductor and display production lines and the quartz parts inside that equipment that wear out and are replaced periodically, so consumable-type quartz-glass revenue and equipment revenue that rides the customers' capital-investment cycle are bundled in one company. It swung from a profit in 2024 to a loss in 2025, and the loss widened in Q1 2026, yet it kept a ₩50-per-share dividend even in a loss-making year. What stands out lately is that at the current price its P/B of 0.91x is lower than Wonik QnC (1.85x) and Komico (3.56x), and recurring consumable revenue plus a current ratio of 276% support a recovery phase; on the other hand, the recovery has yet to show up in the numbers and equipment revenue is heavily swayed by customers' investment cycles, so the pace of the cycle recovery and the point at which a return to profit is confirmed quarterly is what separates strength from weakness.
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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.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- The most recent full-year net result was a loss.
- Revenue fell 21.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 32.7% lower than a year earlier.
- ROE is -1.8% (controlling-interest basis). It is below the sector average.
- Operating margin is -1.2%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jong-woo 22.11% (individual)
Controlling bloc incl. related parties 39.43%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
Zeus makes both the equipment used on semiconductor and display production lines and the quartz parts inside that equipment that wear out and must be replaced periodically. One core axis is quartz-glass products used in semiconductor heat-treatment and diffusion processes; because they are consumed each time chips are made, this is not one-and-done revenue like equipment but has a consumable character in which repeat purchases keep occurring. The other axis is display laser, cleaning, and heat-treatment equipment and automation (robotics), where orders swing sharply with customers' capital-investment (capacity-expansion) cycles. In other words, a single company bundles relatively steady consumable revenue with highly variable equipment revenue that rides the investment cycle, so when the cycle sinks the equipment side falls, and when it revives both axes recover together.
The latest close is ₩9,030 and the market capitalization is ₩280.1 billion. The price sits above its 20-day moving average (₩8,896) and below its 60-day moving average (₩10,714). 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 48.3, a neutral level. The one-month change is -3.7%, the three-month change is -46.8%, and the position relative to the 52-week high is -55.8%. Relative strength versus the KOSDAQ is 27 (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 27% of all stocks. Over the past three months it lagged the index by 18.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For confirmed full-year 2025, a net loss means a P/E on past profit (how many times one year's profit the share price trades at) cannot be calculated. Since a loss-making year corresponds to a profit inflection, it is better to judge on a basis where profit has returned to normal rather than call it expensive or cheap on a single past year's number. The very fact that a forward P/E reflecting this year's profit can be produced means the company returns to a profitable phase this year. The P/B (how many times net assets the price trades at) is 0.86x, trading below net assets, and the forward P/B on this year's basis is even lower at 0.87x. The ROE (how much is earned in a year on equity) was -1.8% on the loss-making 2025 basis, but on the debt side, a debt ratio (debt relative to equity) of 167.6% and a current ratio (assets convertible to cash within a year versus money due within a year) of 276% leave room in short-term funding. In sum, the balance sheet merely wobbled once passing through a loss-making year rather than being structurally at risk, and the price is below asset value and not a demanding spot even on this year's profit basis.
Revenue moved ₩400.8 billion (2021) to ₩509.0 billion (2022) to ₩402.9 billion (2023) to ₩490.8 billion (2024) to ₩383.3 billion (2025), a textbook equipment-stock pattern of repeated ups and downs riding expansion cycles. In 2025 the cycle sank, and operating profit turned to a loss of -₩4.5 billion from ₩49.2 billion in 2024 while net profit turned to -₩5.8 billion from ₩41.9 billion in a single year, and in the most recent quarter, Q1 2026, the trough continued with revenue of ₩54.9 billion (-32.7%) and operating profit of -₩17.1 billion. For the full year, however, profit is set to turn positive again, grounded in a recovery of both axes: consumable quartz-part revenue keeps coming in as long as chip production continues, and highly variable equipment orders revive together once display and semiconductor investment resumes. Since the loss-making year's revenue was a cycle trough, profit is structured to restore quickly on utilization and orders simply returning to normal levels. With no evidence found that profit will fall further beyond this year, it is natural to view this year's recovery not as the end of the cycle but as a phase climbing off the bottom.
Recent disclosures are concentrated on periodic reports, results, and shareholder returns. On February 12, 2026, a disclosure of a 30%-plus change in the profit structure was filed, a document announcing the swing from a 2024 profit to a 2025 loss and the starting point of this cycle's trough. A cash-dividend decision was disclosed the same day, keeping a ₩50-per-share dividend even in a loss-making year (a dividend yield of about 0.5% at the current price). The March 23 business report and the May 15 Q1 quarterly report are the official documents that confirmed the trough. With no major new order disclosures yet confirmed, this is for now a stretch of directly checking, through quarterly results disclosures, whether the profit recovery shows up in the numbers.
The strengths lie in price, assets, and the recovery structure. The current price is a P/B of 0.91x, below net assets per share, distinctly lower than Wonik QnC (P/B 1.85x), whose quartz-consumable business directly overlaps, or Komico (P/B 3.56x) in precision parts. The forward P/E reflecting this year's profit is also lower than Wonik QnC (about 40x) or Eugene Technology (about 88x) and similar to Komico (about 19x), so on a recovery basis it is not an expensive stock versus peers. Recurring consumable revenue and short-term funding room with a current ratio of 276% support the recovery phase. The cautions are clear too. As the 2025 loss and the wider Q1 2026 loss show, the recovery is not yet a stage confirmed in the numbers, and equipment revenue is heavily swayed by customers' investment cycles, producing large quarterly volatility. In short, this stock leans toward clear undervaluation appeal on both assets and profit if semiconductor and display investment resumes and equipment orders and quartz-consumable revenue revive together, and toward having to endure more swings in quarterly results if the cycle recovery is delayed. The key that separates strength from weakness is "the pace of the cycle recovery and the point at which a return to profit is confirmed quarterly."
🔎 Valuation vs peers Inconclusive
Among companies making parts, consumables, and equipment used in semiconductor and display processes, those whose business actually overlaps were compared. In particular, Wonik QnC, whose quartz-consumable-parts business directly overlaps, is the closest peer.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik QnC | 32.48x | 1.44x | 4.24% |
| Komico | 11.41x | 4.00x | 16.58% |
| Eugene Technology | 63.25x | 5.62x | 11.96% |
(a) Position versus the true peer group: against Wonik QnC's P/B of 2.28x, whose business directly overlaps, and Komico's 4.83x in precision parts, Zeus's P/B of 1.14x is clearly lower on an asset basis. (b) Premium/discount: the discount on assets is clear, but much of it is due to the loss. The peers are all profitable so a P/E can be produced, whereas Zeus posted no P/E at all on last year's loss, making it hard to call cheap or expensive on the same yardstick. (c) Limits of trailing and forward basis: with profit passing through an inflection from a 2024 profit to a 2025 loss, past-profit metrics carry low reliability. The future can only be gauged from a DART quarterly-results-based seasonality approximation (2026 revenue of about ₩260.0 billion, though profit cannot be computed) in the absence of official guidance, so overall, rather than concluding undervalued or overvalued, this is treated as inconclusive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩69.8 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩9,030 and the market capitalization is ₩280.1 billion. The price sits above its 20-day moving average (₩8,896) and below its 60-day moving average (₩10,714). 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 48.3, a neutral level. The one-month change is -3.7%, the three-month change is -46.8%, and the position relative to the 52-week high is -55.8%. Relative strength versus the KOSDAQ is 27 (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 27% of all stocks. Over the past three months it lagged the index by 18.3%. 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 -18.28% / 6M -33.09% / 12M -27.35%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.86x is in line with the sector median (1.01x).
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 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -1.8%, below the sector average (2.0%). The operating margin is -1.2%. The debt ratio is 64.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $283.0M | $344.8M | $269.3M | -21.90% ↓ slower |
| Operating profit | $5.0M | $34.5M | -$3.1M | -109.08% ↓ slower |
| Net profit | $7.0M | $29.4M | -$4.1M | -113.93% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $281.5M | $357.6M | $283.0M | $344.8M | $269.3M |
| Operating profit | $17.5M | $32.5M | $5.0M | $34.5M | -$3.1M |
| Net profit | $11.2M | $24.6M | $7.0M | $29.4M | -$4.1M |
| Revenue CAGR | 4-yr avg -1.11% | ||||
Revenue fell 21.9% year over year (2023 ₩402.9 billion → 2024 ₩490.8 billion → 2025 ₩383.3 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 109.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.1%. The two-year revenue CAGR is -2.5%. In the most recent quarter (Q1 2026), revenue was 32.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 21.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-02-12Earnings2025 profit-structure change of 30%-plus - swing from a prior-year operating profit to an operating loss (revenue also declined)In the short term it officially confirms weak results and became the starting point of the subsequent share-price weakness. In the medium term, the recovery pace hinges on whether the cause of the loss is one-off or structural. Source
- 2026-02-12DividendCash/in-kind dividend decision - ₩50-per-share dividend maintained (shareholder returns continued despite the swing to a loss)It showed intent on shareholder returns by keeping even a small dividend amid a loss. However, at a dividend yield of about 0.4%, the dividend itself is not the core of the investment appeal. Source
- 2026-03-23Filing2025 business report - annual revenue ₩383.3 billion, operating profit -₩4.5 billion confirmedThe document that finally confirmed the swing to an annual loss. Viewed together with five years of revenue rising and falling along expansion cycles, it sets the basis for judging whether this weakness is a cycle-trough stretch. Source
- 2026-05-15FilingQ1 2026 quarterly report - revenue ₩54.9 billion (-32.7%), operating profit -₩17.1 billion, widening the lossIt confirmed that, following the annual loss, the loss deepened in Q1 as well. In the short term it shows the recovery has not yet begun, and the next quarter's results are the inflection point that decides direction. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual operating profit (swing from profit to loss) | -₩4.5 billion | DART 2025 | Confirmed | link |
| Q1 2026 revenue and operating profit | revenue ₩54.9 billion(-32.7%), operating profit -₩17.1 billion | DART 2026 1 | Confirmed | link |
| Dividend per share (DPS) | ₩50 | DART | Confirmed | link |
| 2026 full-year revenue approximation | approx. ₩260.0 billion | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-03OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-13Disclosure
- 2026-03-13Shareholders' meeting notice
- 2026-02-12DividendCash/stock dividend decision
- 2026-02-12Shareholders' meeting notice
- 2026-02-12EarningsEarnings 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.