Koses designs and sells semiconductor back-end equipment (the stage where chips are ground, cut, bonded, and packaged). Its core lines are solder-ball attach machines that place tiny solder bumps onto chips, laser-application equipment, and bonders, with a differentiator in micro-LED display repair equipment that few makers worldwide produce; more recently it has expanded into equipment for secondary batteries and fuel cells (SOFC). A disclosure confirmed the swing from a loss in FY2024 to a profit in FY2025, and although supply contracts were announced this year, Q1 revenue declined; profitability is strong, with an ROE of 17.8% and an operating margin of 21.1%. What stands out lately is that the scarcity of competitors in micro-LED repair and its back-end equipment lineup, combined with the return to profit and new supply contracts, leave the current price closer to a reasonable level; but because this is an order-driven business, quarterly results can swing when gaps open up between large equipment deliveries.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 19.1% year over year, and the pace is quickening (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 32.9% lower than a year earlier.
- ROE is 17.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 21.1%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Park Myung-soon 49.71% (individual)
Controlling bloc incl. related parties 49.76%
With the controlling bloc holding 50%, the ownership structure is stable.
🔎 In-depth analysis
- Koses makes and sells precision equipment used in semiconductor and display processes.
- Its mainstay is back-end semiconductor equipment (the stage where chips are ground, cut, bonded, and packaged into finished products), supplying solder-ball attach machines that place tiny solder bumps onto chips, laser-application equipment that cuts or processes wafers with lasers, and bonders that attach chips to substrates.
- On top of this, it makes micro-LED display repair equipment that finds and fixes defective pixels on a screen; this is a field that very few makers worldwide handle, and it is regarded as a Koses differentiator.
- More recently, the company has expanded into secondary-battery process equipment and fuel-cell (SOFC) cell-manufacturing equipment.
- In short, Koses is not a materials seller but a company that wins orders for, builds, and delivers equipment destined for customers' factories.
- As a result, revenue swings quarter to quarter depending on contract and order timing, and its customers are known to be domestic and overseas semiconductor and packaging firms.
- The recent close is ₩27,800 and market cap is ₩461.1 billion.
- The price sits below the 20-day line (₩31,888) and the 60-day line (₩36,359).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the balance of up- and down-moves over the last 14 days on a 0-100 scale) is 40.8, around neutral.
- The one-month change is -23.7%, the three-month change is +34.3%, and it sits -45.0% from its 52-week high.
- Relative strength versus the KOSDAQ is 95 (on a 1-99 scale, weighting recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 5% of all stocks by strength.
- Over the last three months it outpaced the index by 70.3%.
- Chart reading is best done alongside trading volume and the dates disclosures were filed.
- On confirmed full-year results (FY2025), the P/E (how many times one year's earnings the price trades at) is 34.92x and the P/B (how many times shareholders' equity the price is) is 6.23x.
- The figures look high at a glance, but the key point is that Koses is at an earnings inflection, having just swung from an FY2024 loss to an FY2025 profit.
- For such a stock, a multiple built on one year's earnings (trailing) tends to read high relative to reality, while a multiple based on future earnings (forward) is closer to the true picture.
- In fact, the forward P/B based on this year's expected earnings is about 4.5x, markedly lower than the trailing figure.
- Compared with the same back-end equipment peer group, where Hanmi Semiconductor and EO Technics trade well above 100x, the low-teens level is on the low side, and given comparable or better profitability, the burden is not heavy.
- Profitability is solid: ROE (how much is earned per year on shareholders' equity) is 17.8%, well above the sector average, and margins are thick, with an operating margin of 21.1% and a net margin of 16.0%.
- The balance sheet is also comfortable, with a debt-to-equity ratio of 124.6%, a current ratio of 376%, and an interest coverage ratio of 9.6x.
- Five-year revenue swung up and down — ₩77.2 billion (2021), ₩72.9 billion (2022), ₩95.7 billion (2023), ₩69.2 billion (2024), ₩82.4 billion (2025) — a natural variation for an equipment maker driven by differences in order and delivery timing.
- The key is the direction of earnings.
- Operating profit turned from a ₩5.6 billion loss in 2024 to a ₩17.4 billion profit in 2025, and net profit swung from a loss to a ₩13.2 billion profit (a turnaround).
- In the most recent quarter, Q1 2026, revenue of ₩12.6 billion was down 32.9% from the same period a year earlier, but this is a common single-quarter bump that depends on which quarter a large equipment delivery lands in, and one quarter's figure is hard to treat as the full-year trend.
- The forward P/E based on this year's earnings comes out well below the trailing figure (36.7x) because this year's earnings are expected to grow further than last year's.
- Behind this are back-end equipment demand that has found its footing after the return to profit, the standing of micro-LED repair equipment where competitors are scarce, and orders in the newly expanded areas of secondary batteries and SOFC.
- With earnings recovering and expanding to this degree, it is closer to reality to base a view on rising earnings rather than to judge the multiple expensive on last year's results alone.
- This year's disclosures run along two lines: orders and results.
- On April 20, 2026, a single supply-contract disclosure was filed, followed on April 30 by an attachment-correction disclosure that supplemented the details of the same contract.
- For an equipment maker, a supply-contract disclosure signals work that will later be booked as revenue, so the point to watch is the contract size and when delivery (revenue recognition) begins to show up in results by quarter.
- On March 9, there was a disclosure of a change of 30% or more in revenue or profit/loss structure, which officially confirmed the improvement from an FY2024 loss to an FY2025 profit.
- The May 15 quarterly report (2026.03) is a confirmed-results document showing the Q1 revenue decline, and it also illustrates how the expectations of an order disclosure and actual quarterly results can diverge due to timing.
- All grounds follow the original disclosures and the company's official materials.
- Koses's strengths are clear.
- Profitability is strong, with an ROE of 17.8% and an operating margin of 21.1%; the balance sheet is stable on debt and liquidity; and it holds an area where competitors are scarce, such as micro-LED repair, along with a back-end semiconductor equipment lineup spanning solder-ball, laser, and bonder machines.
- The FY2025 return to profit and this year's supply-contract disclosure support this.
- Taken together with comparable or better profitability, the current price is closer to a reasonable level than an expensive zone.
- That said, given the nature of the business, quarterly earnings volatility is always to be kept in mind; as in Q1 2026, if a gap opens up in large equipment deliveries, near-term figures can swing.
- In sum, this is a stock that is strong when orders convert to revenue, the annual profit trend holds, and new areas (secondary batteries, SOFC) add on, and weaker when the gaps between large delivery jobs stretch out and quarterly results soften.
🔎 Valuation vs peers Overvalued
Compared directly against listed equipment makers whose actual business is closest — back-end semiconductor and laser-application equipment: Hanmi Semiconductor (back-end bonders), EO Technics (semiconductor laser applications), and Protec (dispensers and bonders, similar KOSDAQ scale).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanmi Semiconductor | 95.98x | 29.75x | 31.00% |
| EO Technics | 73.75x | 6.13x | 8.32% |
| Protec | 11.24x | 1.54x | 13.66% |
(a) Within the peer group, Koses's P/E of 35.05x is far above Protec (14x) and below EO Technics (104x) and Hanmi Semiconductor (115x), placing it in the upper middle. Its P/B of 6.25x is also well above Protec's. In other words, within the same back-end equipment group it is not a cheap seat but one carrying expectations. (b) The grounds for the premium are actual profitability metrics such as ROE and operating margin running above the peer average, plus the growth story of repair and back-end demand. Discount factors are the large volatility in quarterly results and the Q1 revenue decline. (c) The trailing P/E on last year's confirmed earnings (35.05x) applies earnings that just swung from an FY2024 loss to an FY2025 profit directly onto the future, which can be distorted at an inflection point. The forward P/E approximated from DART seasonality (about 45.5x) actually comes out higher, but this only reflects the possibility that this year's earnings may not match last year's, and it is not the company's official outlook, so it should be treated as a reference only. In conclusion, rather than declaring it cheap or expensive, it is appropriate to confirm through quarterly results whether the pace at which orders convert to revenue justifies the elevated multiple.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩17.3 billion | ₩2.5 billion | ₩2.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩27,800 and the market capitalization is ₩461.1 billion. The price sits below its 20-day moving average (₩31,888) and below its 60-day moving average (₩36,359). 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 40.8, a neutral level. The one-month change is -23.7%, the three-month change is +34.3%, and the position relative to the 52-week high is -45.0%. 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 95% of all stocks. Over the past three months it outpaced the index by 70.3%. 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 +70.35% / 6M +41.53% / 12M +270.35%
Key metrics vs sector median
Valuation
The P/E of 34.92x is above the sector median (14.44x). The P/B of 6.23x is above the sector median (1.44x).
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 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 17.8%, above the sector average (5.0%). The operating margin is 21.1%. The debt ratio is 124.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $63.4M | $45.9M | $54.6M | +19.07% ↑ faster |
| Operating profit | $5.3M | -$3.7M | $11.5M | — |
| Net profit | $4.6M | -$130,715 | $8.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $51.2M | $48.3M | $63.4M | $45.9M | $54.6M |
| Operating profit | $9.2M | $5.7M | $5.3M | -$3.7M | $11.5M |
| Net profit | $7.4M | $5.2M | $4.6M | -$130,715 | $8.8M |
| Revenue CAGR | 4-yr avg 1.64% | ||||
Revenue rose 19.1% year over year (2023 ₩95.7 billion → 2024 ₩69.2 billion → 2025 ₩82.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.6%. The two-year revenue CAGR is -7.2%. In the most recent quarter (Q1 2026), revenue was 32.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 17.8% points to solid profitability.
- Revenue grew 19.1% 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
- 2026-04-20UpdateSingle supply-contract disclosure. An equipment supply contract, flagging work that will be recognized as future revenue.Over the medium term this can add to revenue. The key is the contract size and from which quarter delivery (revenue recognition) begins to show up in results. Source
- 2026-04-30UpdateAttachment-correction disclosure to the April 20 supply contract. A follow-up disclosure supplementing the details of the same contract.As a correction to and supplement of the original contract, whether the contract itself changed and whether the revenue-recognition schedule shifted are points to check against the original text. Source
- 2026-03-09EarningsDisclosure of a change of 30% or more in revenue or profit/loss structure. Officially confirms the improvement from an FY2024 loss to an FY2025 profit.Over the short term this supports the turnaround. However, as it is last year's confirmed annual result, it should be read separately from this year's quarterly trend. Source
- 2026-05-15UpdateQuarterly report (2026.03) filed. A confirmed-results document showing the decline in Q1 2026 revenue and operating profit.It shows the gap between the expectations of an order disclosure and actual quarterly results. It documents that Q1 revenue fell versus a year earlier. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 operating profit (return to profit) | ₩17.4 billion | DART revenue· 30% (2026-03-09) | Confirmed | link |
| Q1 2026 revenue (year-over-year) | ₩12.6 billion, -32.9% YoY | DART (2026.03) 1 | Confirmed | link |
| Latest closing price | ₩27,800 | — | Unverified | link |
| Seasonality-approximated annual operating profit | ₩6.4 billion | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Single supply/sales contract (amended)
- 2026-04-20Single supply/sales contract
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
- 2026-03-09EarningsEarnings 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.