Macus is a distributor that earns money by supplying overseas semiconductor makers' products to domestic electronics and industrial customers and providing technical support. Its mainstay is the FPGA, whose circuit function can be reconfigured, and as an official partner of the likes of AMD/Xilinx and Renesas it provides chip-selection and circuit-design consulting alongside distribution, generating a relatively thick 12.8% operating margin. In March 2026 it voluntarily disclosed a corporate value-up plan and in April it retired treasury shares, adding a dividend of around 6% (₩1,200 per share) with a 45.1% payout ratio; but the Q1 report in May confirmed a revenue adjustment from slowing orders. The notable point is that 18.4% ROE and a 10.1% net margin, treasury-share retirement and a ~6% dividend, and the headroom of an 8.78x P/E are strengths; on the other hand, a double-digit Q1 revenue decline once again showed the distribution trait of results swinging with the flow of downstream orders.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 13.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 16.6% lower than a year earlier.
- ROE is 18.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.8%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Shin Dong-cheol 6.56% (individual)
Controlling bloc incl. related parties 12.55%
With the controlling bloc holding 13%, ownership is dispersed, leaving room for control-related or activist dynamics.
🔎 In-depth analysis
- Macus is not a company that makes semiconductors itself; it is a distributor that earns money by supplying overseas semiconductor makers' products to domestic electronics and industrial customers and providing the needed technical support.
- Its mainstay is the FPGA (Field Programmable Gate Array, a programmable semiconductor whose circuit function can be changed even after shipment), to which analog semiconductors and communications and high-frequency components are added.
- Beginning with a 1997 distributor agreement with Xilinx (now folded into AMD), it acts as an official partner of global makers such as AMD/Xilinx, Renesas, and MACOM, providing technical consulting like chip selection and circuit design beyond simple resale.
- In other words, revenue comes from distribution, buying components and reselling them with a markup, but the relatively thick 12.8% operating margin reflects that it is not plain wholesaling but distribution bundled with technical support.
- The latest close is ₩16,300 and market capitalization is ₩194.0 billion.
- The price sits below its 20-day line (₩17,950) and below its 60-day line (₩22,054).
- Trading below both its short- and medium-term moving averages, the trend looks subdued.
- The RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 35.2, a neutral level.
- The 1-month change is -16.7%, the 3-month change is -24.4%, and it stands -51.0% below its 52-week high.
- Relative strength versus KOSDAQ is 65 (1-99, converting the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- It sits in roughly the top 35% of all stocks by strength.
- Over the past three months it lagged the index by 2.5%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- The valuation metrics are a P/E (how many times a year's profit the price represents) of 8.42x, a P/B (how many times net assets the price represents) of 1.54x, and a dividend yield around 6%.
- On profitability, ROE (how much it earns in a year on capital) is high at 18.4%, and with a 10.1% net margin and a 12.8% operating margin, the margin is thick for a distributor.
- The debt ratio (debt relative to capital) is 187%, but this largely reflects that, given the nature of distribution, trade payables tied to purchasing and inventory are booked as debt, and with a current ratio of 205% short-term payment capacity is ample.
- When looking at valuation, alongside the trailing (confirmed-results-based) P/E of 8.78x it helps to consider the forward P/E of 9.41x, converted from this year's estimated profit.
- For a company with 18.4% ROE paying a dividend in the 6% range to trade at around nine times earnings is not heavy for a stock delivering double-digit profitability.
- If anything, it is on the low side relative to its earnings power, so on either a trailing or a forward basis it sits closer to undervalued than to being a burden.
- Revenue over five years rose from ₩140.7 billion (2021) to ₩227.2 billion (2025), an annual average of about 12.7%, and 2025 was a record, accelerating with revenue up 13.9% and net profit up 15.0%.
- On a cumulative basis in Q1 2026 revenue adjusted -16.6% year on year, operating profit -6.1%, and net profit -5.0%, but while revenue fell more than 16%, profit declined only single digits, so the margin held firm.
- The reason this year's forward P/E computes at 9.41x lies in this margin resilience.
- FPGA and non-memory distribution follows the order cycles of communications, industrial, defense, and data-center demand rather than riding memory's extreme booms and busts, so if the Q1 order gap fills, profit has room to rise again.
- As long as demand for FPGAs and high-frequency components continues in AI, data centers, and defense, and the share the company holds as an official distributor is maintained, there is clear ground to view this year's estimated profit as capable of supporting a forward multiple of around nine times.
- Since there is no separate basis for expecting next year's profit to fall below this year's, there is also no reason to flatly call the present a cycle top or peak.
- Entering 2026, disclosures related to the company's capital policy clustered.
- Alongside the March annual shareholders' meeting and the 2025 business report, it voluntarily disclosed a corporate value-up plan, and in April, after completing a treasury-share buyback, it decided to retire those treasury shares.
- Treasury-share retirement, which reduces the share count and raises per-share value, is, alongside dividends, a representative shareholder-return tool.
- Added to a dividend yield around 6% (dividend per share ₩1,200) and a 45.1% payout ratio, a policy of actively returning profit to shareholders is clearly evident.
- Meanwhile in May the Q1 report came out and confirmed a revenue adjustment from slowing orders, and reports of large-holding changes by shareholders with more than 5% across March and June are also worth viewing as a shift in the shareholding structure.
- The strengths are clear.
- With 18.4% ROE and a 10.1% net margin, profitability is distinct for a distributor, and treasury-share retirement and a ~6% dividend confirm the will to return capital to shareholders through disclosure.
- The price is down about 41% from its 52-week high, and at an 8.78x P/E and a 9.41x forward P/E, the multiple is low for a company delivering this level of profitability and dividend, so there is headroom in the valuation.
- The caution is that Q1 2026 revenue adjusted by double digits, once again showing the distribution trait of results swinging with the flow of downstream orders, and if the order gap drags on the recovery timing could slip.
- In sum, as long as communications, industrial, defense, and data-center orders hold and margin resilience continues, it reads as an undervalued stretch backed by a thick dividend and share retirement; conversely, in a phase where a downstream order slowdown lasts longer than expected, the earnings recovery could be pushed out.
🔎 Valuation vs peers Fairly valued
The peer group is set by the business substance of 'FPGA and analog semiconductor distribution plus technical support,' not memory manufacturing or plain wholesaling; among domestic listed companies, the group of semiconductor-component distributors that distribute chips and provide technical support as official agents of global semiconductor makers is the direct comparable, and the common yardsticks with them are ROE, dividend, and earnings volatility.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Macus | 8.42x | 1.54x | 18.35% |
The confirmed (trailing) P/E of 10.07x is not excessive in absolute terms, but this figure carries the limit of using '2025's record profit' as its denominator. With Q1 2026 revenue turning down -16.6%, this year's profit is likely to come in below last year's peak, and on a forward basis reflecting that, the effective multiple weighs somewhat more than the trailing one. Conversely, 18.4% ROE, a ~6% dividend, and the shareholder return of treasury-share retirement support the lower bound of the valuation. With these two forces in tension, it is hard to flatly call it undervalued or push it into overvalued, so it reads as a fairly valued stretch. It is a conditional setup: if downstream orders recover the forward burden eases, and if the slowdown drags on the discount factor grows.
Price history Close · MA20 · MA60
The latest close is ₩16,300 and the market capitalization is ₩194.0 billion. The price sits below its 20-day moving average (₩17,950) and below its 60-day moving average (₩22,054). 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 35.2, a neutral level. The one-month change is -16.7%, the three-month change is -24.4%, and the position relative to the 52-week high is -51.0%. Relative strength versus the KOSDAQ is 65 (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 65% of all stocks. Over the past three months it lagged the index by 2.5%. 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 -2.51% / 6M -11.20% / 12M +8.57%
Key metrics vs sector median
Valuation
The P/E of 8.42x is in line with the sector median (9.68x). The P/B of 1.54x is above the sector median (0.80x).
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 18.4%, above the sector average (7.0%). The operating margin is 12.8%. The debt ratio is 187.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $116.3M | $132.3M | $150.6M | +13.86% ↑ faster |
| Operating profit | $17.5M | $17.8M | $19.3M | +8.21% ↑ faster |
| Net profit | $13.4M | $13.3M | $15.3M | +15.01% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $93.3M | $128.4M | $116.3M | $132.3M | $150.6M |
| Operating profit | $17.2M | $20.8M | $17.5M | $17.8M | $19.3M |
| Net profit | $16.5M | $14.7M | $13.4M | $13.3M | $15.3M |
| Revenue CAGR | 4-yr avg 12.73% | ||||
Revenue rose 13.9% year over year (2023 ₩175.4 billion → 2024 ₩199.6 billion → 2025 ₩227.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 8.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.7%. The two-year revenue CAGR is 13.8%. In the most recent quarter (Q1 2026), revenue was 16.6% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 7.4%, is on the high side.
- ROE of 18.4% points to solid profitability.
- Revenue grew 13.9% 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
- 2026-03-27FilingVoluntarily disclosed a corporate value-up plan, presenting the direction of shareholder returns and improved capital efficiencyOver the medium term, a factor that raises visibility on the sustainability of the shareholder-return policy through dividends, treasury shares, and the like Source
- 2026-04-27FilingDecided to retire the treasury shares it had acquired, executing a shareholder return that reduces the share countA short- and medium-term positive that reduces per-share dilution (fewer shares in circulation) Source
- 2026-05-14EarningsIn the Q1 report, revenue fell 16.6% year on year (operating profit -6.1%, net profit -5.0%), confirming a slowdown from last year's peakIn the short term, a slowdown signal that 2026 results may fall short of last year's record Source
- 2026-03-18FilingFiled the 2025 business report - revenue ₩227.2 billion, operating profit ₩29.1 billion, net profit ₩23.1 billion, confirming record resultsA reference point confirming the peak of profitability and growth on a trailing basis (the base for later comparison) Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-04-27Disclosure
- 2026-04-27TreasuryTreasury-stock acquisition decision
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-24OwnershipOwnership-change filing
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-12OwnershipOwnership-change 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.