S&S Tech is the only company in Korea that mass-produces 'blank masks' - coated glass substrates that precede the stage where a semiconductor circuit pattern is imprinted. It also makes 'pellicles', protective films that keep dust off the mask, and it treats products for the most advanced EUV process as its growth axis. It completed a dedicated EUV centre in Yongin in October 2025 and put it into full operation from 2026, with customer evaluation of EUV products in the final stages. The dividend is ₩200 per share (about 0.4%), on the low side as befits a growth stock. The notable point right now is that it holds the only domestic blank-mask mass-production position, with ROE of 19.2%, net-cash finances, and EUV localization as a structural growth axis. On the other hand, the timing of EUV revenue recognition has slipped later than expected, and equipment investment costs weigh on profit first, so that lag between 'expectation and delay' is reflected in the share price.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 38.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.6% higher than a year earlier.
- ROE is 19.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 20.7%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Jung Soo-hong 20.06% (individual)
Controlling bloc incl. related parties 21.89%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- S&S Tech is a company that makes the 'blanks' onto which semiconductors are drawn.
- Semiconductors have their circuits etched with light, and the plate that holds that circuit pattern is called a photomask.
- The coated glass substrate at the stage before this photomask is made is precisely the 'blank mask', and S&S Tech is the only company in Korea that mass-produces it.
- On top of this it also makes 'pellicles', thin protective films that keep dust off the mask.
- Until now, blank masks and pellicles for the general (DUV) process have been the centre of revenue.
- The growth axis going forward is blank masks and pellicles for the most advanced extreme-ultraviolet (EUV) process, a field long monopolized by overseas players, so localization itself carries great significance.
- The latest close is ₩43,350 and market capitalization is ₩924.9 billion.
- The price sits below its 20-day line (₩55,020) and below its 60-day line (₩74,935).
- Trading below both its short-term and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that scores upward versus downward force over the past 14 days on a 0-100 scale) is 26.1, close to oversold territory.
- The one-month change is -28.8%, the three-month change is -45.1%, and the position versus the 52-week high is -58.8%.
- Relative strength versus the KOSDAQ is 67 (on a 1-99 scale, computed from returns against 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 33% of all stocks by strength.
- Over the past three months it lagged the index by 34.4%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Profitability and financial stability are distinctly strong.
- ROE (how much is earned on equity in a year) is 19.2%, a high level within the materials sector.
- The operating margin is 20.7% and the net margin is 23.9%, producing double-digit margins.
- The debt ratio (debt against equity) is a low 29.3%, and the current ratio is 354%, giving ample short-term liquidity.
- In fact net debt (total borrowings minus cash) is -₩53.4 billion, a net-cash position where cash exceeds debt.
- On valuation, the P/E ratio on last year's results (how many years of profit the price represents) is 15.88x, and the P/B (how many times book net assets the price represents) is 3.05x.
- For reference, EV/EBIT (enterprise value divided by operating profit, an extended version of the P/E) is 19.6x.
- One point to note is that the FCF yield (cash actually earned relative to market cap) is -1.7%, negative.
- This is because the company is investing heavily in EUV-dedicated equipment, a phase where capital spending exceeds cash earned - a natural feature of a growth-investment period.
- The growth trajectory over recent years is strong.
- 2025 revenue was ₩243.7 billion, up 38.5% year-on-year, with operating profit of ₩50.4 billion (+70.9%) and net profit of ₩58.3 billion (+91.1%).
- Compared with five years ago (2021), when revenue was ₩98.8 billion and net profit was ₩11.5 billion, the scale has grown greatly.
- Revenue grew at a 25% compound annual rate over five years.
- That said, Q1 2026 is a brief catch-your-breath phase.
- Revenue rose 6.6% year-on-year to ₩61.7 billion, but operating profit actually fell 4.2% to ₩11.4 billion.
- Depreciation and early-operation costs of the Yongin EUV-dedicated centre completed in 2025 are recognized first, while EUV revenue itself is still before its full ramp.
- Net profit rose 15.8% to ₩13.8 billion.
- Future profit hinges on the timing at which EUV blank masks are adopted into actual mass production and booked as revenue.
- Once that timing is confirmed, the picture is one where the investment cost is recovered as revenue and margins climb again.
- The flow most worth watching is the process of the EUV blank mask being adopted into Samsung Electronics mass production.
- The company completed a dedicated EUV centre in Yongin in October 2025 and put it into full operation from 2026.
- In tandem, customer evaluation of EUV products is proceeding to its final stages.
- On regular disclosures, the company informed the market of Q1 results and business progress through the May 2026 consolidated preliminary results disclosure and an investor presentation (IR).
- The dividend is ₩200 per share, a yield of about 0.4%, on the low side as befits a growth stock.
- On the risk side, there was an April disclosure of an exchange-right exercise, a factor by which previously issued exchangeable bonds may convert into shares, a point to check for supply overhang.
- The strengths are clear.
- It holds the rare position of being the only domestic blank-mask mass-production company.
- Both profitability (ROE 19.2%) and financial stability (net cash, low debt) are excellent.
- On top of this sits the structural growth axis of EUV localization.
- On the other hand, there are cautions.
- The timing at which EUV revenue is actually booked has slipped later than expected, and in the meantime EUV equipment investment costs weigh on profit first.
- In sum, in a phase where customer mass-production adoption of the EUV blank mask is confirmed as actual revenue, profit and valuation strengthen together.
- Conversely, if that timing keeps slipping, only the equipment costs are recognized ahead, and short-term earnings stamina can be depressed.
- The current sharply depressed share price appears to reflect this lag between 'expectation and delay.'
🔎 Valuation vs peers Undervalued
Semiconductor materials and components localization peer set (centred on process materials and pellicles).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dongjin Semichem | 22.17x | 2.03x | 9.14% |
| Soulbrain | 29.03x | 2.17x | 7.49% |
| FST | — | 1.91x | -5.10% |
Compared with comparable semiconductor materials stocks, the position is clear. Against Dongjin Semichem at a P/E of 26x and Soulbrain at a P/E of 30x, S&S Tech at 17.8x is in fact the lowest. Yet its ROE (19.2%) and revenue growth (38.5%) are actually higher than theirs. With better profitability and growth but a cheaper price relative to profit, it is fair to read this as a relatively undervalued signal. Last year's net profit grew strongly, but it is worth bearing in mind that some non-operating factors were added. The key to future profit is the timing at which EUV revenue is actually booked, and until then it should be viewed together with the fact that equipment costs weigh on margins first.
Price history Close · MA20 · MA60
The latest close is ₩43,350 and the market capitalization is ₩924.9 billion. The price sits below its 20-day moving average (₩55,020) and below its 60-day moving average (₩74,935). 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 26.1, near oversold territory. The one-month change is -28.8%, the three-month change is -45.1%, and the position relative to the 52-week high is -58.8%. Relative strength versus the KOSDAQ is 67 (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 67% of all stocks. Over the past three months it lagged the index by 34.4%. 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 -34.40% / 6M -5.96% / 12M -6.35%
Key metrics vs sector median
Valuation
The P/E of 15.88x is in line with the sector median (18.61x). The P/B of 3.05x is above the sector median (1.63x).
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 10.4%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 19.2%, above the sector average (7.0%). The operating margin is 20.7%. The debt ratio is 29.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $99.6M | $116.7M | $161.5M | +38.47% ↑ faster |
| Operating profit | $16.6M | $19.5M | $33.4M | +70.94% ↑ faster |
| Net profit | $17.1M | $20.2M | $38.6M | +91.14% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $65.5M | $81.9M | $99.6M | $116.7M | $161.5M |
| Operating profit | $8.4M | $10.6M | $16.6M | $19.5M | $33.4M |
| Net profit | $7.6M | $11.6M | $17.1M | $20.2M | $38.6M |
| Revenue CAGR | 4-yr avg 25.31% | ||||
Revenue rose 38.5% year over year (2023 ₩150.3 billion → 2024 ₩176.0 billion → 2025 ₩243.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 70.9% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 25.3%. The two-year revenue CAGR is 27.3%. In the most recent quarter (Q1 2026), revenue was 6.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 19.2% points to solid profitability.
- Revenue grew 38.5% 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
- 2026-05-06EarningsQ1 2026 consolidated preliminary results disclosure. Revenue ₩61.7 billion (+6.6% year-on-year), operating profit ₩11.4 billion (-4.2%), net profit ₩13.8 billion (+15.8%).Revenue rose modestly, but operating profit fell slightly on early costs of the EUV-dedicated centre. Shows a phase of cost being recognized ahead of EUV revenue. Source
- 2026-05-06IRInvestor presentation (IR) held. Explained Q1 results and progress in the EUV blank-mask and pellicle businesses to the market.The EUV mass-production adoption schedule and Yongin centre operation status stand out as the key events driving the share-price direction. Source
- 2026-04-14UpdateExchange-right exercise disclosure. A factor by which previously issued exchangeable bonds may convert into shares.A potential factor for increased share supply, a point requiring a check on the supply-demand side. Source
- 2026-03-16Filing2025 business report filed. Confirmed growth results of annual revenue ₩243.7 billion (+38.5%) and net profit ₩58.3 billion (+91.1%).Officially confirmed the solid growth of the existing blank-mask and pellicle businesses. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-14PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-05-06EarningsFair-disclosure notice
- 2026-04-14Disclosure
- 2026-04-06OwnershipOwnership-change filing
- 2026-03-25Disclosure
- 2026-03-25Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-05Disclosure
- 2026-03-05Shareholders' meeting notice
- 2026-02-12Shareholders' 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.