Koh Young Technology makes inspection and measurement equipment (SPI and AOI) that captures 3D images on electronics production lines to check whether components are properly mounted on the board and whether solder has been applied accurately, catching defects; it has broadened into the Meister series for semiconductor packaging, AI smart-factory software, and measurement for brain-surgery assist robots. In its preliminary first-quarter results on April 23, 2026 it confirmed record quarterly revenue and a jump in earnings, it followed a corporate value-up plan with treasury-share disposal and cancellation, and it entered the market for inspection equipment for the SOCAMM2 AI memory module. The point worth watching lately is that, as long as investment in AI servers and data centers continues, demand for inspecting high-density memory modules and packaging rises, and with a net-cash, low-debt structure the company can fund both growth and returns; but revenue is sensitive to the server and semiconductor cycle and to the timing of customer investment, so if the pace of AI investment slows, quarterly volatility rises.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 14.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 42.3% higher than a year earlier.
- ROE is 4.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 7.4%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Koh Young Holdings 20% (corporate)
Controlling bloc incl. related parties 20.48%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Koh Young makes inspection and measurement equipment that, in factories building electronic products, captures 3D images to check whether components are properly mounted on the board and whether solder has been applied accurately, catching defects.
- Its flagship products are SPI, which inspects printed solder, and AOI, which checks the mounting state of components; more recently it has broadened into inspection equipment for semiconductor packaging processes (the Meister series) and AI smart-factory software that diagnoses and optimizes processes in real time.
- In short, it sells the "quality gate" of semiconductor and electronics production lines, and it also keeps medical 3D measurement — such as brain-surgery assist robots — as a new business.
- It earns its money mainly from selling this inspection equipment and from the software and services that follow.
- The recent close is ₩25,350 and the market cap is ₩1.7 trillion.
- The price sits below the 20-day line (₩31,700) and below the 60-day line (₩34,482).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that weighs upward against downward strength over the last 14 days on a 0-100 scale) is 35.6, a neutral reading.
- The one-month change is -18.1%, the three-month change is -3.1%, and the position versus the 52-week high is -41.7%.
- Relative strength against the KOSDAQ is 88 (1-99, converted from returns versus the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 11% by strength among all stocks.
- Over the past three months it outpaced the index by 22.7%.
- It is best to read the chart alongside trading volume and the dates of disclosures.
- The key point is that "you should not read it on last year's numbers." The trailing (prior full-year) P/E (how many times one year's earnings the share price is) looks very high at 156x, but that is because 2025 net profit (₩14.8 billion) was temporarily depressed.
- In fact, the first-quarter 2026 net profit (₩15.7 billion) alone already exceeded last year's full-year net profit.
- The balance sheet is solid.
- The debt ratio (debt versus equity) is a low 22%, and with a current ratio of 5x and an interest-coverage ratio of 23x, it is effectively a net-cash structure with no debt burden.
- That said, ROE (how much is earned in a year on equity) was a low 4.4% on last year's basis, which is down to last year's depressed earnings and has substantial scope to normalize as earnings recover this year.
- The dividend yield of 0.4% (₩140 per share) is low, but with a payout ratio of 63%, dividend capacity also grows as earnings rise.
- Five-year revenue had its ups and downs — ₩275.3 billion (2022) → ₩202.5 billion (2024) → ₩232.6 billion (2025) — and earnings were depressed after peaking at ₩39.3 billion of net profit in 2022, falling to ₩14.8 billion in 2025.
- But in 2026 the track changed.
- First-quarter revenue was ₩72.7 billion, up +42% year on year, with operating profit of ₩9.85 billion (+209%) and net profit of ₩15.7 billion (+389%), a record for a quarter.
- The growth engine is AI servers.
- First-quarter server-related revenue surged about +193% year on year to roughly ₩31.2 billion, more than doubling its share of total revenue from 21% to 43%.
- As AI data centers grow, demand for inspecting high-density memory modules and semiconductor packaging rises — and Koh Young supplies exactly that inspection equipment.
- The company itself projected continued growth in the second quarter.
- The reason this year's earnings jump sharply is clear: higher server and semiconductor volumes improved utilization and product mix, lifting the operating margin to 13.5% in the first quarter (versus 7.4% full-year last year), and this demand rides the structural flow of AI infrastructure investment.
- Reflecting this trajectory, this year's earnings recover to several times last year's level, so the 156x trailing P/E noted above greatly overstates the real valuation.
- On April 20, 2026 the company voluntarily disclosed a corporate value-up plan, signaling its intent on shareholder returns, and in May it actually decided on the disposal of treasury shares and the cancellation of shares, continuing to manage outstanding stock.
- On April 23, through a fair disclosure of preliminary consolidated first-quarter results, it officially confirmed record quarterly revenue and a jump in earnings, and across April and May it held several investor briefings (IR) to explain AI-server demand and the growth direction to the market.
- Added to this, news of entry into the inspection-equipment market for SOCAMM2, a next-generation AI memory module, and of related orders secured from a major domestic memory maker, broadened its footing to be folded into the AI-server value chain — centered on Nvidia — as an inspection-equipment supplier.
- When strong: as long as investment in AI servers and data centers continues, demand rises for inspecting high-density memory modules (such as SOCAMM2) and semiconductor packaging, improving Koh Young's server-facing revenue and margins together.
- With a net-cash, low-debt structure, it has ample capacity to fund growth investment and shareholder returns at the same time.
- When weak: revenue is sensitive to the server and semiconductor cycle and to the timing of customer investment, so if the pace of AI investment slows or a particular customer's orders slip, quarterly earnings volatility can rise.
- In sum, it is a stock that looks overvalued on last year's results alone but whose picture changes greatly on this year's earnings; when judging valuation, it is right to look at results after the earnings inflection rather than the trailing figures.
🔎 Valuation vs peers Fairly valued
Compared against domestic listed companies whose actual businesses overlap, such as 3D inspection and precision measurement equipment and semiconductor equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Park Systems | 58.60x | 8.97x | 15.31% |
| Wonik IPS | 61.28x | 5.31x | 8.66% |
The trailing P/E of 156x is the result of a temporarily depressed 2025 net profit and greatly overstates the real valuation. Because first-quarter net profit alone already exceeded last year's full-year net profit — an earnings-inflection zone — the valuation burden looks much lower on this year's earnings. Compared with the earnings-based multiple of the most similar precision-measurement peer (Park Systems), Koh Young converges to a similar level on this year's earnings. Semiconductor equipment (Wonik IPS) likewise shares the trait of a high trailing multiple because it is at an earnings inflection, together showing that this sector should be viewed on recovered earnings rather than trailing figures. We therefore judge it within a fair range relative to its growth on a post-inflection basis, rather than declaring it overvalued on last year's numbers alone.
Price history Close · MA20 · MA60
The latest close is ₩25,350 and the market capitalization is ₩1.7 trillion. The price sits below its 20-day moving average (₩31,700) and below its 60-day moving average (₩34,482). 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 35.6, a neutral level. The one-month change is -18.1%, the three-month change is -3.1%, and the position relative to the 52-week high is -41.7%. Relative strength versus the KOSDAQ is 88 (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 89% of all stocks. Over the past three months it outpaced the index by 22.7%. 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 +22.74% / 6M +18.30% / 12M +57.81%
Key metrics vs sector median
Valuation
The P/E of 117.96x is above the sector median (14.44x). The P/B of 5.19x 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.
Profitability & financials
Return on equity (ROE) is 4.4%, in line with the sector average (5.0%). The operating margin is 7.4%. The debt ratio is 22.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $149.5M | $134.2M | $154.2M | +14.87% ↑ faster |
| Operating profit | $13.5M | $2.2M | $11.5M | +421.99% ↑ faster |
| Net profit | $14.5M | $13.9M | $9.8M | -29.73% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $163.9M | $182.5M | $149.5M | $134.2M | $154.2M |
| Operating profit | $27.4M | $29.3M | $13.5M | $2.2M | $11.5M |
| Net profit | $26.2M | $26.0M | $14.5M | $13.9M | $9.8M |
| Revenue CAGR | 4-yr avg -1.52% | ||||
Revenue rose 14.9% year over year (2023 ₩225.6 billion → 2024 ₩202.5 billion → 2025 ₩232.6 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 422.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.5%. The two-year revenue CAGR is 1.5%. In the most recent quarter (Q1 2026), revenue was 42.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 14.9% 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
- 2026-04-20FilingVoluntary disclosure of a corporate value-up plan, setting out a direction of shareholder returns and value improvementSupports the durability of shareholder-return policy such as dividends and treasury shares over the medium term. Source
- 2026-04-23EarningsPreliminary consolidated Q1 2026 results (fair disclosure): revenue of ₩72.7 billion, operating profit of ₩9.85 billion, and net profit of ₩15.7 billion, a record for a quarterOfficially confirms the earnings inflection over the short term and provides an occasion to re-value versus trailing figures. Source
- 2026-05-13FilingDecisions to dispose of treasury shares and to cancel shares, managing outstanding stockFavorable to per-share value and shareholder returns over the medium term. Source
- 2026-05-28IRInvestor briefing (IR) explaining AI-server inspection-equipment demand and the growth direction to the marketImproves the market's understanding of the earnings backdrop and business direction over the short term. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-28Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-14Disclosure
- 2026-05-14TreasuryMaterial-fact report (amended)
- 2026-05-13Disclosure
- 2026-05-13TreasuryMaterial-fact report
- 2026-04-30OwnershipOwnership-change filing
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-23EarningsFair-disclosure notice
- 2026-04-20Disclosure
- 2026-04-20Disclosure
- 2026-04-20Disclosure
📖 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.