Okins Electronics (080580) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Okins Electronics makes the components and equipment used in the inspection process that screens whether semiconductors work properly before they leave the fab. At its core are consumables such as the 'test sockets' that connect chips to inspection equipment and the 'burn-in boards' that weed out early defects, plus burn-in equipment itself. A 2025 swing to profit and a sharp jump in operating profit were confirmed by disclosure, and with ROE of 15.4% profitability is solid; but a January exchangeable bond issue and treasury-share disposal, followed by repeated conversion/exchange requests that increase the share count, create an overhang that weighs on supply and demand. What stands out is that last year's P/E of 39x has come down to 19.6x on this year's expected earnings, lower than peers (Leeno 44x, TSE 63x, ISC 72x), as earnings rise quickly; meanwhile, a debt ratio of 90%, recurring dilution and overhang, and quarterly volatility tied to the semiconductor cycle are the points to watch.
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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 Components” (Semiconductors & IT Components), a type typically read first through forward P/E.
Semiconductor components track the ups and downs of the chip cycle and end-device demand, so earnings can change materially from here. Since the profit still to come drives the price more than past profit, 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
- Revenue rose 41.5% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 35.6% higher than a year earlier.
- ROE is 17.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.9%.
- 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 Jeon Jin-guk 12.14% (individual)
Controlling bloc incl. related parties 16.35%
With the controlling bloc holding 16%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Okins Electronics makes the components and equipment used in the inspection (test) process that screens whether semiconductors 'work properly' before they leave the fab. Two things are central. First are the 'test sockets' that connect a chip's many terminals to the inspection equipment when the chip is loaded, and the 'burn-in boards' that deliberately apply high heat and voltage to chips to weed out early defects. These components wear out each time chips are inspected and are periodically replaced, so they are consumables that sell more as customers' semiconductor production and inspection volumes rise. Second are the burn-in equipment and inspection-related equipment that run these tests automatically. Its customers are domestic and overseas semiconductor companies that make memory and system chips and back-end (packaging and test) firms, so revenue tracks the semiconductor cycle and new-chip mass-production schedules.
The latest close is ₩12,840 and the market capitalization is ₩270.8 billion. The price sits above its 20-day moving average (₩12,094) and below its 60-day moving average (₩15,984). 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 50.1, a neutral level. The one-month change is -5.2%, the three-month change is -46.4%, and the position relative to the 52-week high is -52.3%. Relative strength versus the KOSDAQ is 83 (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 83% of all stocks. Over the past three months it lagged the index by 25.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The earnings basis is the 2025 consolidated business report. ROE (how much is earned in a year on shareholders' equity) is 15.4%, the operating margin (operating profit as a share of revenue) is 11.8%, and the net margin is 8.2%, so profitability is on the solid side. One point stands out when looking at valuation. The P/E ratio (how many times a year's net profit the price trades at) is 34.98x and the P/B (how many times net asset value the price trades at) is 4.38x, which look high on last year's confirmed results. But this company is in a phase where earnings are recovering and rising quickly, so using last year's figure as the denominator can make it look more expensive than it is. Converted to this year's expected earnings, the P/E comes down to 19.6x and the P/B to 5.15x. In other words, the high trailing multiples now visible are closer to an illusion arising from the characteristics of a stock at an earnings inflection just turning up, and the true picture lies on the forward side. On the financial side, the debt ratio (debt relative to equity) is 190%, the current ratio (assets convertible to cash within a year against debt due within a year) is 120%, and the interest coverage ratio (how many times operating profit covers interest) is 1.9x, so room is not especially ample and warrants watching.
The growth curve is this company's clearest strength. Revenue rose from ₩56.9 billion in 2023 to ₩66.7 billion in 2024 and ₩94.4 billion in 2025, and the pace of increase actually accelerated (up 41.5% year over year, versus 17.3% the year before). Operating profit was even more dramatic, jumping from roughly -₩0.3 billion in 2023 (near a loss) to ₩1.9 billion in 2024 and ₩11.1 billion in 2025 in a full turnaround, and net profit also swung from a -₩5.4 billion loss in 2024 to a ₩7.7 billion profit in 2025. The trend continues this year. Q1 2026 revenue was ₩25.6 billion (up 35.6% year over year), operating profit was ₩3.6 billion (up 118%), and net profit was ₩3.8 billion (about 5.7 times the prior-year quarter), showing that the recovery is a trend rather than a one-off. The reason earnings run this high this year is clear: as semiconductor inspection volumes grow, consumable parts such as sockets and burn-in boards sell alongside them, and as customers' chip production recovers, replacement demand has revived, while operating leverage that quickly converts fixed costs suppressed during the loss period into profit as revenue recovers is at work. This year's expected earnings rest on this Q1 recovery and the recurring demand for inspection parts, and as the denominator grows larger than last year, the forward P/E comes down.
The past year's disclosures read along two main threads: 'earnings recovery' and 'financing and capital.' On the earnings side, a 'change of 30% or more in revenue or profit/loss structure' disclosure on February 9, 2026 officially confirmed the 2025 swing to profit and the sharp jump in operating profit with hard numbers, and the March 19 business report and May 15 Q1 report extended and confirmed that trend. On the capital side, the company approved an exchangeable bond (EB) issue in January 2026 and disposed of treasury shares held as the exchange target. This raises cash while also leading to an increase in the share count (dilution) if later exchange or conversion requests come in. Indeed, disclosures of conversion/exchange right exercises recurred across November-December 2025 and February and April 2026, which can act as a supply burden (overhang) for existing shareholders. In sum, the earnings trend is clearly confirmed by disclosure, while the financing structure is an item to track alongside changes in the share count.
In sum, this is a company with a clear business in semiconductor inspection consumables and equipment that has climbed from the edge of losses into a full earnings recovery. The strengths are clear. Because replacement demand for consumables follows as inspection volumes rise, earnings have strong leverage in a recovery phase, and with ROE of 15.4%, profitability is solid too. On valuation as well, last year's P/E of 39x looks high, but as earnings rise quickly it comes down to 19.6x on this year's expected earnings, distinctly below the multiples of peers making the same semiconductor inspection parts, such as Leeno Industrial (44x), TSE (63x), and ISC (72x). Viewed together with profitability in the upper-middle of the peer set, the valuation burden is not large, assuming the recovery trend continues. The cautions are clear too. With a debt ratio of 90%, financial room is not ample; recurring convertible/exchangeable bond requests that increase the share count create dilution and overhang that can weigh on supply and demand; and because revenue tracks the semiconductor cycle, the range of quarterly swings is wide. Ultimately this is a stock where, if inspection demand continues and quarterly earnings expand into a full year, the lowered forward valuation works as a strength, whereas if the cycle cools or further dilution accumulates, that strength weakens; the point to watch is whether the recovery trend persists.
🔎 Valuation vs peers Fairly valued
Rather than the base sector (electronic components/displays), we used the actual business of 'semiconductor inspection sockets, burn-in boards, and inspection parts,' taking as peers listed firms that make the same semiconductor test parts. The figures are computed on the site internally (tools/peers.py) at current prices.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Leeno Industrial | 33.55x | 7.17x | 22.93% |
| ISC | 51.47x | 5.33x | 12.89% |
| Micro Contact Solution | 11.86x | 2.33x | 20.81% |
| TSE | 59.89x | 5.38x | 17.95% |
(a) Position within the peer set: the P/E of firms making the same semiconductor test parts is spread widely, from MicroContactSol at 14x to TSE at 75x. Okins Electronics' P/E of 50x on last year's basis is roughly in the middle of this, and its ROE of 15.4% is higher than ISC and TSE, so relative to profitability it is hard to call it excessively expensive. (b) Premium/discount: the P/B of 7.7x is mid-range within the peer set, but because its market capitalization (about ₩390 billion) is small versus Leeno Industrial and ISC, the disadvantages in volatility and liquidity should be considered. (c) The limits of trailing and the basis for forward: the P/E is based on last year's confirmed earnings, and because earnings are recovering quickly, if the denominator (earnings) grows larger this year, the forward-based burden falls. That said, the forward figure is a DART seasonality approximation rather than official company guidance, so its reliability is limited. On balance, viewed together with the peer set and profitability, it sits in the 'fairly valued' range, while recurring bond dilution and the high debt ratio are discount factors. It is not at a stage where one can flatly call it cheap or expensive.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩29.5 billion | approx. ₩6.9 billion | approx. ₩16.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩12,840 and the market capitalization is ₩270.8 billion. The price sits above its 20-day moving average (₩12,094) and below its 60-day moving average (₩15,984). 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 50.1, a neutral level. The one-month change is -5.2%, the three-month change is -46.4%, and the position relative to the 52-week high is -52.3%. Relative strength versus the KOSDAQ is 83 (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 83% of all stocks. Over the past three months it lagged the index by 25.3%. 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 -25.27% / 6M +29.83% / 12M +98.03%
Key metrics Computed vs sector median
Valuation
The P/E of 34.98x is above the sector median (15.45x). The P/B of 4.38x is above the sector median (0.86x). 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) 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 10.4%, 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 17.5%, above the sector average (4.0%). The operating margin is 12.9%. The debt ratio is 83.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $39.9M | $46.8M | $66.3M | +41.53% ↑ faster |
| Operating profit | -$184,540 | $1.3M | $7.8M | +482.12% |
| Net profit | $719,316 | -$3.8M | $5.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $41.7M | $45.1M | $39.9M | $46.8M | $66.3M |
| Operating profit | $1.8M | $1.8M | -$184,540 | $1.3M | $7.8M |
| Net profit | $1.3M | $2.0M | $719,316 | -$3.8M | $5.4M |
| Revenue CAGR | 4-yr avg 12.32% | ||||
Revenue rose 41.5% year over year (2023 ₩56.9 billion → 2024 ₩66.7 billion → 2025 ₩94.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 482.1% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.3%. The two-year revenue CAGR is 28.8%. In the most recent quarter (Q1 2026), revenue was 35.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 17.5% points to solid profitability.
- Revenue grew 41.5% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-09EarningsOfficial confirmation of a change of 30% or more in 2025 revenue or profit/loss structure. The company disclosed that operating profit rose sharply year over year and net profit swung from a loss to a profit.Short term: confirms the turnaround with numbers, supporting the earnings-recovery narrative. Medium term: whether this improvement is a one-off or a trend needs confirmation in subsequent quarterly results. Source
- 2026-01-09FilingDecision to issue an exchangeable bond (EB). A financing that raises cash while using treasury shares held as the exchange target.Short term: secures operating and investment funds. Medium term: if exchange requests are made later, this could lead to a dilution burden as the share count increases. Source
- 2026-01-19FilingReport on the results of a treasury-share disposal. A disclosure of the completed disposal of treasury shares held, linked to the exchangeable bond decided in January.Short term: wraps up the financing process. Medium term: the disposed treasury shares could add to future float, warranting a supply-demand check. Source
- 2026-04-10UpdateDisclosure of a conversion-right exercise. Holders of previously issued bonds exercised the right to convert into shares, increasing new shares (recurring in November-December 2025 and February 2026).Short term: the direct profit-and-loss impact is small. Medium term: the increase in the share count dilutes per-share value and acts as an overhang (supply burden). Source
- 2026-05-15FilingFiling of the Q1 2026 quarterly report. A periodic report holding the confirmed Q1 results, with revenue of ₩25.6 billion and operating profit of ₩3.6 billion, higher than the prior-year quarter.Short term: the latest official document confirming whether the earnings recovery persists. Medium term: whether Q1 earnings carry through to the full year is central to the valuation call. Source
- 2026-03-19FilingFiling of the 2025 consolidated business report. A periodic report holding confirmed annual results of ₩94.4 billion revenue, ₩11.1 billion operating profit, and ₩7.7 billion net profit.Short term: fixes the annual earnings benchmark. Medium term: the source of last year's confirmed earnings that serve as the denominator for valuation metrics such as the P/E. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 annual operating profit | ₩11.1 billion(₩11,086,424,250) | 2025 | Confirmed | link |
| Q1 2026 revenue / operating profit | revenue ₩25.6 billion / operating profit ₩3.6 billion | 2026 1 | Confirmed | link |
| 2025 profit/loss structure change (swing to profit) | net profit -₩5.4 billion(2024) → +₩7.7 billion(2025) | revenue 30% | Confirmed | link |
| 2026 annual results (seasonality approximation) | revenue approx. ₩118.3 billion / operating profit approx. ₩24.2 billion | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-04-10Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-13Amended filing
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-02-25Shareholders' meeting notice
- 2026-02-25Shareholders' meeting notice
- 2026-02-25Disclosure
📖 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.