Techwing (089030) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Techwing makes the test and sorting equipment that screens finished semiconductors to check whether they work properly, along with C.O.K (Change-Over Kit) consumable parts that are swapped out each time the test target changes, so that once a machine is sold, COK and parts follow on as recurring revenue. Of 2025 revenue of ₩159.1 billion, test equipment was 36%, COK 37%, and other parts 20%, meaning more than half is recurring revenue, and to this the Cube Prober for high-precision full inspection of HBM has been added as a core growth axis, with customers including Samsung, SK Hynix, and Micron; in April, however, a rise in the exchange rate produced ₩14.7 billion in trading and valuation losses on derivatives (of which ₩10.5 billion is unrealized). What stands out recently is that it is strong if HBM inspection demand feeds through to actual revenue and profit and currency and interest burdens stabilize, but a debt ratio of 194.6%, an interest coverage ratio of 1.15x, and currency-hedge derivatives can swing net profit substantially.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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.
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
- Debt is somewhat higher than equity (debt ratio 219.9%).
- Revenue fell 14.2% year over year (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 51.5% higher than a year earlier.
- ROE is 4.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 13.4%.
- 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 Na Yoon-sung 13.5% (individual)
Controlling bloc incl. related parties 24.13%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Techwing makes the test and sorting equipment that screens finished semiconductors to check 'whether they work properly.' Looking at the makeup of 2025 revenue of ₩159.1 billion, semiconductor test equipment (test handlers and the like) was ₩57.3 billion (36%), the C.O.K (Change-Over Kit) consumable parts that must be swapped each time the test target changes were ₩58.6 billion (37%), and other parts and boards were ₩32.3 billion (20%). In other words, once a machine is sold, COK and parts are repeatedly sold afterward - an equipment-plus-consumables structure in which more than half of revenue comes steadily from the installed base of equipment already deployed. The remaining roughly 7% is display (OLED/LCD) test equipment from subsidiary ENC Technology. The core growth axis is the Cube Prober, which conducts high-precision full inspection of HBM (high-bandwidth memory) for AI on an individual-unit basis, with global chipmakers such as Samsung Electronics, SK Hynix, Micron, Intel, and Infineon as customers.
The latest close is ₩47,300 and the market capitalization is ₩1.8 trillion. The price sits above its 20-day moving average (₩44,750) and below its 60-day moving average (₩50,609). 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 51.4, a neutral level. The one-month change is +15.1%, the three-month change is -23.8%, and the position relative to the 52-week high is -33.5%. Relative strength versus the KOSDAQ is 81 (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 82% of all stocks. Over the past three months it outpaced the index by 18.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio on last year's basis (how many times one year's net profit the price represents) is a very high 155.50x, but this is the result of 2025 net profit (₩9.4 billion) being depressed by high interest costs and currency-hedge valuation losses, so the figure is inflated relative to substance. P/B (how many times net assets the price represents) is 8.58x, and ROE (how much is earned in a year on equity) is 4.4%, still low. Two financial vulnerabilities are worth noting. First, the debt ratio (debt relative to equity) is high at 294.6%, and the interest coverage ratio (how many times operating profit can cover interest) is just 1.15x, so most of operating profit goes to interest. Second, its high export share means the currency-hedge derivatives it has in place swing profit and loss substantially depending on the direction of the exchange rate. Conversely, operating profitability itself is improving, with the operating margin jumping from 10.0% in 2025 to 18.5% in the first quarter of 2026.
Five-year revenue swung sharply along the semiconductor investment cycle - ₩255.9 billion, ₩267.5 billion (2022), ₩133.6 billion (2023), ₩185.5 billion (2024), and ₩159.1 billion (2025) - and net profit alternated between profit and loss (-₩9.3 billion in 2023, -₩20.9 billion in 2024, and +₩9.4 billion in 2025, a turn to profit). The important change appeared in the first quarter of 2026. Revenue was ₩52.4 billion, up +51.5% year on year, and operating profit surged +444% to ₩9.7 billion. This is the result of the Cube Prober for HBM beginning to be recognized in revenue in earnest as mass-production orders started early this year. The Cube Prober is being used by Samsung Electronics for HBM4 mass production, and SK Hynix has also passed final quality evaluation and is about to adopt it, so it rides structural demand in which the importance of inspection grows further as generations advance to HBM4 and HBM4E, with more stacked layers and lower yields. In fact, over two months in April and May, new supply contracts equivalent to about 20% of last year's revenue were disclosed, including Micron (₩22.8 billion) and Samsung Electronics HBM inspection equipment (₩9.7 billion). Reflecting this order trajectory and operating-margin improvement, this year's operating profit looks set to grow substantially over last year, and even though the P/E looks high on last year's basis, this is an earnings-inflection phase where the multiple falls to about half on this year's expected earnings.
This year's disclosures show a trend where growth and risk appear together. In the March business report it named the Cube Prober HBM inspection equipment as a key growth product, and in April and May, supply contracts for inspection equipment with Micron and Samsung Electronics were disclosed one after another, confirming order momentum. In May came an investor relations (IR) event and a decision to dispose of tangible assets. On the other hand, in April it disclosed that a rise in the exchange rate produced ₩14.7 billion (7.5% of equity) in trading and valuation losses on currency-forward and forward-exchange derivatives, of which ₩10.5 billion is still-unsettled unrealized valuation loss that can reverse depending on future exchange rates. In its March corporate value-up plan it presented stronger growth, shareholder returns, and communication, but no specific revenue or profit target figures were included, and it maintains a high-dividend policy with a 49.4% payout ratio.
Points to watch: more than half of revenue is laid down as recurring revenue from COK and parts, so the earnings floor is thick, and to this the structural growth axis of the HBM Cube Prober has been added. All three memory makers - Samsung, SK Hynix, and Micron - are customers, and with inspection demand growing on the HBM4 generation shift, it is hard to conclude the stock is expensive from last year's P/E alone. Cautions: as the 294.6% debt ratio and 1.15x interest coverage ratio show, a substantial part of any rise in operating profit is drained off as interest, and export currency-hedge derivatives swing net profit substantially with the direction of the exchange rate (the direct cause of the first-quarter net loss). In sum, it is a stock that is strong if HBM inspection demand feeds through to actual revenue and profit and currency and interest burdens stabilize, and conversely one whose net-profit volatility grows if HBM investment is delayed or the won swings sharply again and derivative valuation losses widen.
🔎 Valuation vs peers Inconclusive
Compared on the business reality of making semiconductor back-end (test and inspection) equipment and inspection parts. Since the Cube Prober (HBM inspection), test handlers, and COK consumables are core, it should be viewed from the standpoint of semiconductor inspection equipment rather than general machinery and equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Exicon | 23.02x | 1.05x | 4.58% |
| ISC | 51.47x | 5.33x | 12.89% |
| Park Systems | 51.39x | 7.72x | 10.74% |
Last year's P/E of 187x is very high in absolute terms, but this is the result of 2025 net profit being depressed by interest costs and currency-hedge losses, a common optical illusion in earnings-inflection stocks. Reflecting the +444% year-on-year surge in first-quarter 2026 operating profit and continued HBM orders, the P/E on this year's expected earnings falls to around 90x, about half of last year's. That is higher than direct rival Exicon (26x) and above HBM inspection-parts leader ISC (58x) and semiconductor metrology maker Park Systems (54x). Further normalization of net profit could narrow this gap, but for now it is hard to call it a low position relative to peers. Added to this are the financial vulnerability of a 294.6% debt ratio and 1.15x interest coverage ratio and the net-profit volatility from currency-hedge derivatives, so how stably operating improvement carries through to net profit is still in the process of being confirmed. For this reason, rather than concluding 'cheap or expensive,' it is seen as inconclusive, requiring watching both the revenue and profit realization of HBM inspection demand and whether the financial and currency variables stabilize.
Price history Close · MA20 · MA60
The latest close is ₩47,300 and the market capitalization is ₩1.8 trillion. The price sits above its 20-day moving average (₩44,750) and below its 60-day moving average (₩50,609). 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 51.4, a neutral level. The one-month change is +15.1%, the three-month change is -23.8%, and the position relative to the 52-week high is -33.5%. Relative strength versus the KOSDAQ is 81 (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 82% of all stocks. Over the past three months it outpaced the index by 18.9%. 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 +18.91% / 6M +43.37% / 12M +70.57%
Key metrics Computed vs sector median
Valuation
The P/E of 186.44x is above the sector median (14.07x). The P/B of 8.58x is above the sector median (1.01x). 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.
Profitability & financials
Return on equity (ROE) is 4.4%, above the sector average (2.0%). The operating margin is 13.4%. The debt ratio is 219.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $93.9M | $130.3M | $111.8M | -14.22% ↓ slower |
| Operating profit | $2.2M | $16.4M | $11.1M | -32.35% ↓ slower |
| Net profit | -$6.5M | -$14.7M | $6.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $179.8M | $187.9M | $93.9M | $130.3M | $111.8M |
| Operating profit | $25.4M | $40.5M | $2.2M | $16.4M | $11.1M |
| Net profit | $12.6M | $22.9M | -$6.5M | -$14.7M | $6.6M |
| Revenue CAGR | 4-yr avg -11.20% | ||||
Revenue fell 14.2% year over year (2023 ₩133.6 billion → 2024 ₩185.5 billion → 2025 ₩159.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 32.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -11.2%. The two-year revenue CAGR is 9.1%. In the most recent quarter (Q1 2026), revenue was 51.5% higher 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
- Revenue fell 14.2% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-19UpdateSigned a ₩9.72 billion HBM inspection equipment supply contract with Samsung Electronics (6.1% of last year's revenue). Additional order for Cube Prober-family HBM inspection equipment.Expands revenue visibility for HBM inspection equipment mass production. Confirms a recurring-order flow to a leading memory customer (positive short and medium term). Source
- 2026-05-15EarningsFirst-quarter 2026 report: revenue ₩52.4 billion (+51.5% year on year), operating profit ₩9.7 billion (+444%), net loss ₩6.1 billion.A sharp improvement in operating profitability was confirmed, while the net result was a loss due to derivative losses. The divergence between operating and net profit is pronounced (key to the medium-term view). Source
- 2026-04-22UpdateA rise in the exchange rate produced ₩14.74 billion in trading and valuation losses on currency-forward and futures derivatives (7.48% of equity). Of this, ₩10.55 billion is unrealized valuation loss on unsettled positions.The direct cause of the first-quarter net loss. The unrealized portion can reverse with exchange-rate moves, but it is a factor widening net-profit volatility (negative short term). Source
- 2026-04-14UpdateSigned a ₩22.86 billion (USD 15.39M) semiconductor inspection equipment supply contract with Micron (Micron Memory Malaysia). Equals 14.4% of last year's revenue.A large single order to Micron among the three memory makers, expanding the overseas revenue base (positive medium term). Source
- 2026-03-25IR2026 corporate value-up plan (voluntary disclosure): presents stronger growth, shareholder returns, and communication. Maintains its high-dividend profile (49.4% payout ratio); no specific earnings target figures stated.Confirms the shareholder-return stance. However, with no quantitative earnings target, the outlook cannot be pinned to the company's official figures (neutral medium term). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 revenue / operating profit | revenue ₩52.4 billion, operating profit ₩9.7 billion | (2026.03) | Confirmed | link |
| Cause of first-quarter net loss (derivative losses) | ₩6.1 billion | ₩14.7 billion | Confirmed | link |
| 2025 business-segment revenue mix | revenue ₩159.1 billion | 573(36.0%)·COK 586(36.8%)·/ 323(20.3%)· 110(6.9%) | Confirmed | link |
| 2026 expected net profit (internal estimate) | approx. ₩19.5 billion | — | Unverified | link |
Recent filings Source
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-21Disclosure
- 2026-05-19Single supply/sales contract
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-22Disclosure
- 2026-04-15EarningsFair-disclosure notice
- 2026-04-14Single supply/sales contract
- 2026-03-25Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report (amended)
- 2026-03-16PeriodicAnnual business 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.