DIT (110990) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
DIT earns its money from two product lines: automated optical inspection (AOI) equipment that uses light to detect defects, and laser annealing equipment that heats surfaces in memory-chip processes to boost performance. Because laser annealing has expanded beyond conventional DRAM into HBM production, the company's results are heavily tied to the memory and HBM investment cycle. A run of single supply-and-sales contracts from December 2025 through March 2026 kept order flow going, and on May 15 the company confirmed strong first-quarter results of ₩48.5 billion in revenue and ₩16.4 billion in operating profit, alongside solid profitability of 12.8% ROE, a 21.4% operating margin, and a 28.2% net margin. What stands out lately is that, while a continuing memory and HBM equipment-investment phase strengthens both earnings and a low valuation of 6.65x P/E on this year's basis, equipment revenue swings with customer investment timing and orders could shrink if the investment cycle slows.
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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 ratio, current ratio and interest burden all look healthy.
- Revenue fell 7.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 123.9% higher than a year earlier.
- ROE is 16.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 25.4%.
- 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 Park Jong-chul 26.35% (individual)
Controlling bloc incl. related parties 39%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
DIT (Digital Imaging Technology) makes its money from two main types of equipment. The first is automated optical inspection (AOI) equipment, which shines light and captures the reflected and scattered patterns with cameras to find tiny defects in products such as displays, semiconductors, and secondary batteries. The second is laser annealing equipment, used in memory-chip processes to heat surfaces and lift performance. Of these, laser annealing entered memory mass-production lines in 2019, and in 2023 its use widened beyond conventional DRAM into high-bandwidth memory (HBM) processes, shifting the company's main stage from inspection equipment toward memory-process equipment. As a result, it is more accurate to view DIT not as a plain machinery maker but as a semiconductor process and inspection equipment company whose results are heavily driven by the memory and HBM investment cycle.
The latest close is ₩15,620 and the market capitalization is ₩295.2 billion. The price sits below its 20-day moving average (₩16,210) and below its 60-day moving average (₩20,154). 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 44.6, a neutral level. The one-month change is -8.9%, the three-month change is -38.6%, and the position relative to the 52-week high is -43.3%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged the index by 6.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed (2025) results, the P/E ratio (how many times one year's earnings the price represents) is 9.72x and the P/B (how many times net assets the price represents) is 1.21x. ROE (how much is earned in a year on shareholders' equity) is 12.8%, well above the industry median (5.0%), and with a 21.4% operating margin and a 28.2% net margin, profitability is solid. The debt ratio is 12.4%, but a current ratio of 749% leaves ample short-term liquidity, and an interest coverage ratio of 25x means the financial burden is light. The key point here is that this P/E and P/B are based on last year's confirmed earnings. In the first quarter of 2026 alone the company earned ₩14.7 billion in net profit, close to half of the full-year 2025 net profit (₩30.4 billion) in a single quarter; reflecting this step-up in earnings, the P/E on this year's basis falls to 6.65x. Compared with similar semiconductor-equipment stocks trading at tens to hundreds of times earnings, a company with rising profits sitting at a single-digit multiple reads as low on valuation.
Over five years revenue grew from ₩76.1 billion in 2021 to ₩107.9 billion in 2025, and operating profit, after passing through a loss-making stretch, more than doubled from ₩8.6 billion in 2023 to ₩23.1 billion in 2025 (a 63% average annual increase over two years). Looking at 2025 alone, revenue fell 7.5% and operating profit slipped 4.3%, which stems from the way equipment revenue swings on a quarterly and annual basis depending on customer investment timing. And that swing turned sharply upward in the most recent quarter. First-quarter 2026 revenue was ₩48.5 billion (+123.9%), operating profit ₩16.4 billion (+211.5%), and net profit ₩14.7 billion (+143.6%), more than double a year earlier. As memory investment widened from conventional DRAM into HBM, demand for DIT's laser annealing and inspection equipment rose in step, and this earnings strength holds up while customer line expansions continue. This memory and HBM capacity expansion and the equipment orders tied to it are precisely the backdrop for this year's earnings; reflecting this flow, the P/E on this year's basis comes to 6.77x, far below the 11.34x P/E based on last year's confirmed results.
The disclosure flow mirrors the shifts in the business. From December 2025 through March 2026, several single supply-and-sales contract disclosures appeared, a signal that equipment orders keep coming. In February 2026 the company decided on a cash and in-kind dividend (per-share dividend, payout ratio around 25.6%), and that same month it followed with disclosures on convertible bonds it issued and a disposal of treasury shares. On March 26 a management matter tied to financing structured as a combined face value was posted as a company disclosure. Then on May 15, the quarterly report confirmed strong first-quarter results (₩48.5 billion in revenue, ₩16.4 billion in operating profit), turning the earlier order flow into hard numbers. That said, between June and August 2025 there were some disclosures raising operational and financial concerns, so continued order flow and the use of financing are points to keep watching.
Dividing the strengths and the cautions gives the following. The strengths are: (1) in a phase of rising memory and HBM investment, demand for laser annealing and inspection equipment is rising in step, and that was confirmed in first-quarter results; (2) profitability is solid versus peers, with 12.8% ROE, a 21.4% operating margin, and a 28.2% net margin; and (3) reflecting this step-up in earnings, the P/E on this year's basis of 6.65x is far below peer equipment names (Intekplus, Nextin, and Jusung Engineering trade at tens to hundreds of times earnings). The cautions are: (1) equipment revenue can swing quarter to quarter and year to year with customer investment timing, so it is too early to assume one strong quarter carries straight through every quarter; (2) orders could shrink if the HBM and memory investment cycle slows; and (3) the short-term price has dropped below its moving averages, so a trend recovery needs confirmation from volume. In sum, this is a name where earnings and valuation strengthen together while memory and HBM equipment investment continues, and where earnings volatility grows if the investment cycle cools or orders dry up. There is no reason to bury the strengths, and the core of this name is that its valuation on this year's basis sits low even as earnings rise.
🔎 Valuation vs peers Fairly valued
The peer set was drawn from KOSDAQ and KOSPI equipment names whose actual business (semiconductor and display inspection and laser equipment) is close to DIT's, with on-site P/E, P/B, and ROE calculated on the site's own consistent basis.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Eugene Technology | 63.25x | 5.62x | 11.96% |
| TES | 44.25x | 6.14x | 16.01% |
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
On confirmed annual results, DIT trades at 11.1x P/E and 1.4x P/B, lower multiples than peer semiconductor-equipment names (Eugene Technology, Tes, and Jusung Engineering). This can be read as reflecting (a) differences in market-cap scale (₩338.3 billion versus multiple trillions of won) and business mix, and (b) a discount tied to the 2025 full-year revenue decline. That said, first-quarter 2026 earnings more than doubled from a year earlier, and that figure is not captured in the P/E on last year's basis, so on this year's (forward) basis there is room for the multiple to fall further. With no confirmed company forecast, the forward multiple can only be approximated via DART seasonality, and with legal risk and quarterly-earnings amplitude adding uncertainty, it is reasonable to treat the below-peer confirmed P/E as something to verify for durability through the quarterly results.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩55.7 billion | approx. ₩29.2 billion | approx. ₩22.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩15,620 and the market capitalization is ₩295.2 billion. The price sits below its 20-day moving average (₩16,210) and below its 60-day moving average (₩20,154). 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 44.6, a neutral level. The one-month change is -8.9%, the three-month change is -38.6%, and the position relative to the 52-week high is -43.3%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged the index by 6.2%. 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 -6.16% / 6M +3.39% / 12M +17.91%
Key metrics Computed vs sector median
Valuation
The P/E of 9.72x is below the sector median (14.07x). The P/B of 1.21x 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 16.0%, above the sector average (2.0%). The operating margin is 25.4%. The debt ratio is 18.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $75.2M | $82.0M | $75.8M | -7.50% ↓ slower |
| Operating profit | $6.1M | $16.9M | $16.2M | -4.27% ↓ slower |
| Net profit | $9.2M | $20.3M | $21.3M | +5.00% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $53.5M | $93.3M | $75.2M | $82.0M | $75.8M |
| Operating profit | -$4.1M | $3.9M | $6.1M | $16.9M | $16.2M |
| Net profit | -$1.0M | $6.5M | $9.2M | $20.3M | $21.3M |
| Revenue CAGR | 4-yr avg 9.13% | ||||
Revenue fell 7.5% year over year (2023 ₩107.1 billion → 2024 ₩116.7 billion → 2025 ₩107.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 4.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.1%. The two-year revenue CAGR is 0.4%. In the most recent quarter (Q1 2026), revenue was 123.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 16.0% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 7.5% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-26IRVoluntary disclosure of a corporate value-up plan, presenting shareholder-return and mid-term management direction at the company levelMid-term: formalizes an intent for shareholder returns via dividends and treasury shares and a direction toward improved capital efficiency. Specific figures require checking the original filing. Source
- 2026-03-16UpdateSingle supply-and-sales contract signed (a signal of continuing laser and inspection equipment orders)Short to mid-term: equipment orders continue and form the basis for future quarterly revenue recognition. The counterparty and amount require checking the original filing. Source
- 2026-01-26UpdateSingle supply-and-sales contract signed (additional order early in the year)Short-term: the early-2026 order flow connects to the strong first-quarter results. Source
- 2026-02-09DividendCash and in-kind dividend decided (₩420 per share, payout ratio around 25.6%)Mid-term: shareholder returns backed by stable cash flow. Dividend yield of about 1.8% at the current price. Source
- 2026-05-15EarningsQuarterly report (2026.03) confirms first-quarter revenue of ₩48.5 billion and operating profit of ₩16.4 billion (more than double year-on-year)Short-term: the expansion of laser-equipment revenue is confirmed in the results. Whether it holds up over the full year is the question. Source
- 2025-06-27UpdateDisclosure of a key management matter for investment judgment related to a prosecutorial indictment over alleged violations of the Act on Prevention of Divulgence and Protection of Industrial TechnologyMid-term risk: uncertainty depending on how the legal dispute unfolds. A related litigation disclosure (2025-08) also followed. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Most recent quarter (Q1 2026) operating profit | ₩16.4 billion(+211.5% YoY) | DART (2026.03) | Confirmed | link |
| Dividend per share (DPS) | ₩420 | DART | Confirmed | link |
| Confirmed annual (2025) P/E ratio | 14.47x | — | Unverified | link |
| 2026 seasonality-approximated operating profit (annual) | approx. ₩89.4 billion | — | Unverified | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-22OwnershipOwnership-change filing
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21TreasuryTreasury-stock disposal decision
- 2026-04-20OwnershipOfficers'/major-shareholders' holdings 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.