GST makes scrubbers, which purify hazardous gases in semiconductor and display fabs (about 60% of revenue), and chillers, cooling equipment that maintains process temperature (about 20%), and supplies them to large customers such as Samsung Electronics, SK Hynix, and Micron. Its first-quarter 2026 report confirmed a steep rebound in revenue and profit, a dividend of ₩650 per share (payout ratio of about 25.7%) was confirmed on its 2025 results, and it is recently preparing immersion-cooling equipment for data centers as a new growth axis. What stands out most recently is that as a direct beneficiary of the recovery in semiconductor capital spending it carries a 15% ROE and a net-cash balance sheet, with its valuation on this year's earnings falling — clear strengths — whereas results hinge heavily on customers' capex cycle and the share price has surged in the short term, so much of the expectation is already priced in.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 4.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 60.2% higher than a year earlier.
- ROE is 15.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.0%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Deok-jun 21.7% (individual)
Controlling bloc incl. related parties 22.22%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- GST earns money from two core pieces of equipment used in fabs that make semiconductors and displays.
- The first is the scrubber, which purifies hazardous gases produced in semiconductor manufacturing.
- It is the flagship product, accounting for about 60% of revenue.
- The second is the chiller, cooling equipment that precisely maintains the temperature of process tools to raise yield.
- It accounts for about 20% of revenue.
- The rest is parts, maintenance, and the like.
- Major customers are large semiconductor and display companies such as Samsung Electronics, SK Hynix, and Micron.
- In other words, this company's results grow together with customers when they build new fabs or add capacity.
- Recently it has been preparing immersion-cooling equipment for data centers (a method of cooling equipment by submerging it in liquid) as a new growth axis.
- The latest close is ₩43,300 and the market cap is ₩798.0 billion.
- The price sits below its 20-day line (₩52,430) and its 60-day line (₩52,391).
- Trading below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that compares upward and downward force over the past 14 days on a 0–100 scale) is 38.8, a neutral level.
- The one-month change is -24.8%, the three-month change is +59.8%, and the stock sits -34.9% below its 52-week high.
- Its relative strength versus the KOSDAQ is 95 (on a 1–99 scale that weights recent one-year returns against the index more heavily toward the recent period; higher means stronger than the market), placing it roughly in the top 4% of all stocks by strength.
- Over the past three months it outpaced the index by 101.1%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- On valuation, the P/E (how many times a year's profit the share price is) is about 19.7x.
- The P/B (how many times book shareholders' equity the share price is) is about 3x.
- On the surface these look somewhat high.
- But this P/E is based on last year's earnings.
- With this year's profit rising sharply, the multiple falls clearly when viewed on forward earnings.
- Profitability is solid: ROE (how much is earned on equity in a year) is 15%, high versus peers, and the operating margin is 17%.
- Finances are stable.
- The debt ratio (debt against equity) is a low 27%, and the current ratio is more than 3x.
- Net debt (total borrowings minus cash) is about -₩58.4 billion, a net-cash position with more cash than debt.
- EV/EBIT (enterprise value divided by operating profit, akin to a P/E that also reflects debt) comes out at about 14x, lower than the P/E, because the company has little debt and plenty of cash.
- FCF yield (the ratio of cash actually earned to market cap) is about 3.2%.
- The dividend yield is a modest but real 1.3%.
- Over the past three years revenue and profit rose gently.
- However, the recent pace of growth was pinched once.
- In 2025 revenue rose 4.1% from the prior year, a smaller increase, and net profit was essentially flat (-0.2%).
- But the flow changed markedly entering 2026.
- First-quarter 2026 revenue rose 60% from the same period a year earlier.
- Operating profit doubled (+104%) and net profit more than doubled (+119%) — a signal that results are passing an inflection point.
- The backdrop is clear: as the semiconductor cycle enters recovery, customers' capital spending is expanding again.
- GST's products are essential equipment that must go in whenever a new fab or line is built, so it directly benefits from this flow.
- On top of this, immersion cooling as a new business has room to add to results from the second half.
- For these reasons this year's profit looks set to grow clearly over last year's.
- Even though the P/E on last year's earnings looks high, on this year's earnings it can be valued more cheaply.
- Recent disclosures cluster around results and governance.
- In May the first-quarter 2026 report came out, confirming in figures the steep rebound in revenue and profit — the most important disclosure showing the substance of the company's earnings improvement.
- Beyond that, filings on changes in the stakes of executives and major shareholders, large-holding reports, and matters related to an extraordinary general meeting followed.
- Stake-change disclosures are routine notices of changes in the shareholder base.
- The business report carrying the 2025 results confirmed a dividend of ₩650 per share (payout ratio of about 25.7%).
- The strengths are clear.
- It is a direct beneficiary of the recovery in semiconductor capital spending, and results are passing an inflection point as first-quarter profit more than doubled.
- It is an essential-equipment supplier with large customers in Samsung Electronics, SK Hynix, and Micron.
- Profitability (ROE 15%) and finances (net cash) are also solid.
- The P/E on last year's earnings looks high, but on this year's earnings it actually falls.
- There are cautions too.
- Results hinge heavily on customers' capex cycle; if investment slows, growth could stall with it.
- The share price has already risen sharply in the short term, so much of the expectation for earnings improvement is priced in.
- The immersion-cooling new business is still early-stage, and its earnings contribution is unproven.
- In short, it is strong while semiconductor capex keeps expanding, and weak when investment cools.
🔎 Valuation vs peers Undervalued
Semiconductor process-equipment makers (scrubbers, chillers, fab-related tools) are used as the comparison group; in particular, Unisem, which makes both scrubbers and chillers, is the most direct competitor.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Unisem | 28.35x | 1.05x | 3.69% |
| Jusung Engineering | 208.36x | 12.60x | 6.05% |
| Park Systems | 58.60x | 8.97x | 15.31% |
The headline P/E of 19.7x and P/B of 3x on last year's earnings are not low in absolute terms. But two things must be considered together. First, GST's P/E is actually lower than that of its most direct competitor, Unisem (31.7x), or other semiconductor-equipment stocks. Second, GST's ROE (15%) is about four times Unisem's (3.7%), which justifies the P/B premium. Decisively, this P/E is on last year's earnings. Since first-quarter 2026 net profit more than doubled, the multiple falls clearly when viewed on this year's earnings. In other words, a more profitable company is trading at a lower multiple than its competitor, in a phase where profit is set to grow further. On these grounds it is judged undervalued. That said, the trait of results being driven by the semiconductor capex cycle must be taken into account as well.
Price history Close · MA20 · MA60
The latest close is ₩43,300 and the market capitalization is ₩798.0 billion. The price sits below its 20-day moving average (₩52,430) and below its 60-day moving average (₩52,391). 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 38.8, a neutral level. The one-month change is -24.8%, the three-month change is +59.8%, and the position relative to the 52-week high is -34.9%. Relative strength versus the KOSDAQ is 95 (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 96% of all stocks. Over the past three months it outpaced the index by 101.1%. 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 +101.13% / 6M +62.66% / 12M +116.43%
Key metrics vs sector median
Valuation
The P/E of 17.62x is above the sector median (14.44x). The P/B of 2.65x is above the sector median (1.44x). 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 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.321x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 15.0%, above the sector average (5.0%). The operating margin is 17.0%. The debt ratio is 27.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $178.8M | $221.0M | $230.1M | +4.11% ↓ slower |
| Operating profit | $28.5M | $38.8M | $39.2M | +1.02% ↓ slower |
| Net profit | $23.6M | $30.1M | $30.0M | -0.21% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $201.8M | $207.3M | $178.8M | $221.0M | $230.1M |
| Operating profit | $30.8M | $37.7M | $28.5M | $38.8M | $39.2M |
| Net profit | $25.0M | $31.0M | $23.6M | $30.1M | $30.0M |
| Revenue CAGR | 4-yr avg 3.33% | ||||
Revenue rose 4.1% year over year (2023 ₩269.8 billion → 2024 ₩333.4 billion → 2025 ₩347.2 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 1.0% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.3%. The two-year revenue CAGR is 13.4%. In the most recent quarter (Q1 2026), revenue was 60.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 15.0% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 4.1% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-11EarningsFiling of the first-quarter 2026 report. Revenue of about ₩115.9 billion (+60.2%), operating profit of about ₩20.2 billion (+104%), and net profit of about ₩17.4 billion (+119%), a large year-on-year increase.The key disclosure that confirmed the earnings inflection in figures. It shows that the recovery in semiconductor capital spending is flowing directly into GST's results. Source
- 2026-06-04FilingFiling of reports on executives' and major shareholders' ownership of specific securities and of large-holding reports. Discloses changes in major shareholders' stakes.A routine disclosure notifying changes in the shareholder base. Its direct impact on business results is limited. Source
- 2026-05-18FilingDisclosure of the outcome of the extraordinary general meeting. Reports the handling of agenda items resolved for convening in April.A procedural event related to governance and the general meeting. Separate from results. Source
- 2026-04-28DividendConfirmed a cash dividend of ₩650 per share on the 2025 year-end basis (payout ratio of about 25.7%, dividend yield of about 1.3%).Shows that it is pairing shareholder returns with profit growth. The dividend size itself is not large. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipOwnership-change filing
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-18Shareholders' meeting notice
- 2026-05-11OwnershipOwnership-change filing
- 2026-05-11PeriodicQuarterly report
- 2026-04-29OwnershipOwnership-change filing
- 2026-04-28Shareholders' meeting notice
- 2026-04-28Disclosure
- 2026-04-28Amended filing
- 2026-04-06Shareholders' meeting notice
📖 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.