Jeju Semiconductor is a fabless company that only designs chips, with no factory of its own, focusing not on the highest specifications but on low-power, low-capacity memory such as low-power DRAM (LPDDR2, LPDDR4X) and NAND MCP and TLC NAND, which it supplies to Wi-Fi routers, payment terminals, 5G IoT devices, mid- to low-priced smartphones and automotive electronics. In Q1 2026, revenue broke down as NAND MCP of about ₩60.5 billion (33.7%), DRAM of about ₩57.6 billion (32.1%) and TLC NAND of about ₩26.9 billion (15.0%), while the automotive-electronics share rose from 1% in 2020 to the low-teens percent, broadening a stable revenue axis; recent disclosures have centered on the exercise and settlement of rights tied to convertible bonds and bonds with warrants, along with the general meeting and reports of holding changes. The recent point of note is that AI investment is absorbing HBM capacity, leaving lower-spec memory structurally short and driving a surge in selling prices and margins that already shows in the results, so last year's 90x P/E falls sharply on a forward basis; but with no factory, results hinge on securing foundry capacity and on selling prices, margins reverse quickly if memory prices roll over, and the dilution potential of the convertible bonds and bonds with warrants must be taken into account.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 86.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 272.6% higher than a year earlier.
- ROE is 17.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.9%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Park Seong-sik 10.35% (individual)
Controlling bloc incl. related parties 10.46%
With the controlling bloc holding 10%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Jeju Semiconductor is a fabless company that only designs chips, with no semiconductor factory of its own.
- The products it makes are not top-spec smartphone memory but low-power, low-capacity memory.
- Specifically, it designs and sells low-power DRAM such as LPDDR2 and LPDDR4X, along with NAND MCP (multi-chip package) that bundles NAND storage into one, and TLC NAND, and these chips go into Wi-Fi routers, card-payment terminals, telecom repeaters, 5G IoT equipment, mid- to low-priced smartphones, and automotive electronics (in-vehicle electronic devices).
- Looking at the Q1 2026 revenue mix, NAND MCP is the largest at about ₩60.5 billion (33.7%), followed by DRAM at about ₩57.6 billion (32.1%) and TLC NAND at about ₩26.9 billion (15.0%).
- The automotive-electronics share has risen from around 1% in 2020 to the low-teens percent recently, broadening a stable revenue axis beyond the relatively price-volatile consumer market.
- The latest close is ₩77,700 and the market cap is ₩2.7 trillion.
- The price sits below the 20-day line (₩101,350) and below the 60-day line (₩83,102).
- Trading below both the short- and medium-term moving averages, the trend is pressed down.
- The RSI (a supplementary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 39.2, a neutral level.
- The one-month change is -16.9%, the three-month change is +105.0%, and the position versus the 52-week high is -42.0%.
- Relative strength against the KOSDAQ is 97 (1-99, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 2% of all stocks by strength.
- Over the past three months it outpaced the index by 148.0%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- On valuation metrics alone, the P/E (how many times one year's profit the share price is) of 67.74x and the P/B (how many times book net assets the share price is) of 11.79x look very high.
- The key, however, is that these figures are all based on last year's (2025) confirmed results.
- In 2025, just before the supply shortage began in earnest, net profit came to only ₩39.5 billion, yet as explained below, a single quarter's net profit in Q1 2026 (₩78.1 billion) is already twice last year's full-year net profit.
- In other words, this is an inflection zone where profit is turning sharply upward, so a 90x P/E computed on last year's results greatly overstates the actual burden.
- Profitability is healthy, with an ROE (how much is earned in a year on equity) of 17.4%, and the Q1 operating margin jumped as high as 37%.
- Financially, the debt ratio (debt versus equity) of 148% shows some borrowing for a fabless, but a current ratio of 2.83x and an interest-coverage ratio of 23.7x leave ample capacity to cover short-term repayment and interest.
- Over the five-year path, revenue moved from ₩193.3 billion in 2021, fluctuated between ₩146.0 billion and ₩175.0 billion in 2022-2024, then surged to ₩302.2 billion in 2025, up +86% year on year.
- Operating profit, pressed to ₩9.6 billion in 2024, recovered to ₩35.9 billion in 2025 (+274%), and this recovery explodes in 2026.
- Cumulative Q1 2026 revenue was ₩180.5 billion (up +273% year on year), operating profit ₩67.1 billion (+1,713%) and net profit ₩78.1 billion (+170%), surpassing last year's full-year results in a single quarter.
- The backdrop for this leap is clear.
- As Samsung Electronics, SK Hynix and Micron shifted wafer capacity to HBM for AI servers, the supply of the lower-spec, legacy DRAM and NAND they had been making shrank, and demand for that gap flowed to design houses like Jeju Semiconductor.
- As contract prices for lower-spec DRAM such as LPDDR4X rose sharply within a quarter, selling prices and margins climbed in a stepwise fashion.
- Various market assessments see this supply shortage lasting through 2027, with price stabilization pushed out to after 2028, so it is hard to declare this year the top of the cycle.
- Reflecting these selling-price, volume and margin conditions, this year's net profit steps up to several times last year's (₩39.5 billion), and the forward-view valuation on that basis paints an entirely different picture from the P/E on last year's results.
- Recent disclosures fall broadly into two strands.
- First, disclosures tied to convertible bonds (CB) and bonds with warrants (BW) continued through 2025-2026 (a third party's exercise of a CB call option, designation of BW and CB call-option exercisers, and the like).
- This is the process of exercising and settling rights on previously issued mezzanine bonds; it is both a record of the company's fundraising and a potential dilution factor as share count rises in the future, so it is a point for shareholders to watch.
- Second, in May-June 2026 there were governance and general-meeting disclosures such as the convening of the general meeting and solicitation of proxies, along with changes in executive and major-shareholder holdings (reports of ownership of specified securities) and reports of 5%-plus large holdings.
- In a period of surging results, changes in major shareholders' stakes can affect supply-demand, so they warrant watching together.
- The strengths are distinct.
- As expanding AI investment absorbs HBM-side capacity, lower-spec memory has become structurally short, and the direct benefit of this trend already shows in the results through surging selling prices and margins.
- On last year's results alone, the 90x P/E looks expensive, but a stock at an inflection where profit is surging should be viewed on a forward basis (this year's expected profit), and on that basis the valuation burden falls sharply.
- The outlook that the supply shortage lasts through 2027 supports the durability of this year's profit.
- Conversely, the cautions are just as clear.
- As a fabless with no factory of its own, results hinge on securing foundry capacity and on selling prices, and this is a cyclical industry where margins can reverse quickly if memory prices roll over.
- One must also account for the dilution potential arising from the convertible bonds and bonds with warrants, and for the partial non-recurring nature of the non-operating profit included in Q1 net profit (net profit of ₩78.1 billion exceeding operating profit of ₩67.1 billion).
- In sum, so long as the supply shortage holds, the undervaluation appeal versus forward profit is strong, while the structure grows vulnerable when memory prices turn down or dilution grows.
🔎 Valuation vs peers Undervalued
Compared with memory-semiconductor companies that share the business reality of benefiting from a low-power, legacy-memory supply shortage. Samsung Electronics and SK Hynix are large integrated memory makers with different scale and business structure, but they share the direction of the same supply-shortage cycle and so serve as reference points for comparing the valuation phase.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK Hynix | 36.30x | 12.93x | 35.61% |
| Samsung Electronics | 36.72x | 3.83x | 10.43% |
On the P/E of 90x and P/B of 15.7x computed on last year's (2025) results alone, it looks expensive. But this uses trough results just before the supply shortage began in earnest (net profit of ₩39.5 billion) as the denominator, which greatly overstates the burden. A stock at an inflection where profit is surging should be viewed on a forward basis (this year's expected profit), and on this year's profit reflecting selling-price, volume and margin improvement, the valuation actually comes down below that of large memory names (the trailing P/E in the 40x range for Samsung Electronics and SK Hynix). On a forward basis, then, this stock is judged to be in an undervalued zone relative to its cyclical benefit. That said, this undervaluation appeal rests on the premise that memory prices hold, and one must account for the fact that, given the fabless structure, results hinge on selling prices and securing foundry capacity, and there is dilution potential arising from convertible bonds and the like.
Price history Close · MA20 · MA60
The latest close is ₩77,700 and the market capitalization is ₩2.7 trillion. The price sits below its 20-day moving average (₩101,350) and below its 60-day moving average (₩83,102). 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 39.2, a neutral level. The one-month change is -16.9%, the three-month change is +105.0%, and the position relative to the 52-week high is -42.0%. Relative strength versus the KOSDAQ is 97 (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 98% of all stocks. Over the past three months it outpaced the index by 148.0%. 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 +148.03% / 6M +194.18% / 12M +382.80%
Key metrics vs whole-market median
Valuation
The P/E of 67.74x is above the whole-market median (13.81x). The P/B of 11.79x is above the whole-market median (1.15x). 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)
DCF (discounted cash flow) estimate — discount rate 11.0%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 3x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 17.4%, above the whole-market average (5.0%). The operating margin is 11.9%. The debt ratio is 148.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $96.7M | $107.6M | $200.3M | +86.16% ↑ faster |
| Operating profit | $11.8M | $6.4M | $23.8M | +274.41% ↑ faster |
| Net profit | $11.1M | $12.9M | $26.2M | +102.21% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $128.1M | $116.0M | $96.7M | $107.6M | $200.3M |
| Operating profit | $13.3M | $18.7M | $11.8M | $6.4M | $23.8M |
| Net profit | $8.3M | $16.1M | $11.1M | $12.9M | $26.2M |
| Revenue CAGR | 4-yr avg 11.82% | ||||
Revenue rose 86.2% year over year (2023 ₩145.9 billion → 2024 ₩162.3 billion → 2025 ₩302.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 274.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.8%. The two-year revenue CAGR is 43.9%. In the most recent quarter (Q1 2026), revenue was 272.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 17.4% points to solid profitability.
- Revenue grew 86.2% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-21FilingMaterial report on the designation of BW and CB call-option exercisers (amended filing)As a process of settling rights on previously issued mezzanine bonds, it can be a dilution factor as share count rises in the future, so it warrants watching from a shareholder-value standpoint. Source
- 2026-05-15FilingMaterial report on a third party's exercise of a CB call optionA matter that, through the exercise of CB-related rights, can affect the capital structure and share count. Source
- 2026-05-22FilingReports of executive and major-shareholder ownership of specified securities and a large-holding report (general)In a period of surging results, changes in major shareholders' stakes can affect supply-demand and the share price, so they warrant watching together. Source
- 2026-06-05FilingNotice of convening the general meeting and reference materials for proxy solicitation (amended filing)A governance and general-meeting procedural disclosure that, depending on the agenda, can affect shareholder rights. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-05Amended filing
- 2026-06-05Amended filing
- 2026-06-04Amended filing
- 2026-06-02Disclosure
- 2026-06-02Shareholders' meeting notice
- 2026-06-02Amended filing
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-21Material-fact report (amended)
- 2026-05-21Material-fact report (amended)
- 2026-05-15Material-fact 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.