Park Systems (140860) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Park Systems makes and sells atomic force microscopes (AFM), ultra-precise metrology instruments that measure the tiny surface undulations of semiconductor wafers and materials at the nanometer scale. Memory and foundry makers at home and abroad use them for both research and mass production, and demand is broadening recently into metrology for advanced 2.5D and 3D packaging. In May 2026 the company disclosed a bond with warrants (BW) issuance to fund growth and M&A, along with a treasury-share disposal and a corporate value-up plan, and the quarterly report confirmed a slow-season first quarter. What stands out recently is that its position as the world No. 1 in AFM (about 21.7% share), an operating margin above 20%, and an effectively debt-free balance sheet open a new market in back-end metrology, but the valuation is expensive at a P/E of 53x and a P/B of 8x, and with earnings concentrated in the fourth quarter the annual picture hinges heavily on whether second-half orders are recognized.
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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 rose 17.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 22.7% lower than a year earlier.
- ROE is 10.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 16.0%.
- 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 Sang-il 32.3% (individual)
Controlling bloc incl. related parties 32.44%
With the controlling bloc holding 32%, the ownership structure is stable.
🔎 In-depth analysis Reading
Park Systems makes and sells atomic force microscopes (AFM), ultra-precise metrology instruments. An AFM measures the tiny surface undulations of semiconductor wafers and materials at the nanometer (one-billionth of a meter) scale. The core of revenue is selling these instruments to semiconductor manufacturers and research institutions, and memory and foundry makers at home and abroad use them for both research and mass production. Recently, metrology demand has broadened into back-end areas that handle sub-2-micrometer dimensions, such as advanced 2.5D and 3D packaging; because these fine regions are hard to measure with conventional optical equipment, a new place for AFM is emerging.
The latest close is ₩253,000 and the market capitalization is ₩1.8 trillion. The price sits below its 20-day moving average (₩253,125) and below its 60-day moving average (₩262,325). 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 49.8, a neutral level. The one-month change is -6.6%, the three-month change is -20.4%, and the position relative to the 52-week high is -25.5%. Relative strength versus the KOSDAQ is 68 (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 68% of all stocks. Over the past three months it outpaced the index by 22.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Profitability is distinctly good. The ROE (how much is earned in a year on equity) is 15.3% and the operating margin is 20.5%, both high for the equipment sector. The balance sheet is also solid. The debt ratio (debt relative to equity) is 155% and the current ratio (cash-like assets against debt due within a year) is 268%, so the short-term repayment burden is small. Net debt (total borrowings minus cash) is about ₩7.5 billion, effectively close to debt-free. That said, the valuation is expensive. The P/E (how many times one year's profit the share price represents) is 51.39x and the P/B (how many times book equity the share price represents) is 7.72x. For reference, the EV/EBIT (enterprise value reflecting debt divided by operating profit - a debt-adjusted version of the P/E) is a high 44x. It should be viewed with the caveat that last year's net profit fell 19.5% from the prior year, making these multiples look higher.
Long-term growth is clear. Over the past five years revenue rose from ₩85.3 billion to ₩205.6 billion, an annual average of about 24%, and 2025 revenue also grew 17.4% from the prior year. The company has extended growth for 10 consecutive years. That said, the first quarter of this year showed strong slow-season characteristics. Revenue fell 22.7% year on year to ₩39.4 billion, and operating profit plunged 84% to ₩2.1 billion. This owes less to deteriorating results than to the industry-specific seasonality in which the timing of equipment exports and recognition slips to the second half. The structure is one where revenue and profit concentrate in the fourth quarter. The company has said it is in talks this year to supply mass-production equipment for 2.5D packaging (NX-TSH) to the world's largest foundry maker, and with a backlog built up as of last quarter, a second-half recovery is the key. Reflecting this second-half concentration and new orders, this year's net profit is estimated at around ₩35.0 billion, similar to last year, which works out to a forward P/E of about 53x. Even though the trailing (last year's confirmed) multiple looks high, it is a range where the figure does not differ much on this year's actual profit either.
This year's disclosures read along two axes: raising growth capital and shareholder returns. In May the company decided to issue a bond with warrants (BW). This is to fund growth and M&A, and the company said it is reviewing five global companies as acquisition candidates. In the same month it disclosed a treasury-share disposal and a corporate value-up plan - a direction of gradually increasing shareholder returns. The May quarterly report confirmed the slow-season first-quarter weakness described above. With fundraising and returns coming out together, the key is to confirm in the second-half results whether the capital actually translates into orders and growth.
The strengths are clear: a firm position as the world No. 1 in AFM (about 21.7% share), an operating margin above 20%, and an effectively near-debt-free balance sheet. The opening of a new market in semiconductor back-end and advanced-packaging metrology is also grounds for mid-to-long-term demand. Conversely, the points to watch are distinct. With an expensive valuation at a P/E of 53x and a P/B of 8x, the burden grows if growth is not confirmed in the results. Quarterly volatility is large - as with the first-quarter plunge in operating profit - and with earnings concentrated in the fourth quarter, the annual picture shifts greatly depending on whether second-half orders are recognized. In short, this is a stock whose premium is justified if second-half NX-TSH mass-production orders and packaging-metrology demand materialize, and whose high multiple becomes a burden if those orders are delayed.
🔎 Valuation vs peers Fairly valued
Among listed Korean semiconductor equipment and materials companies, stocks whose ultra-precise metrology and front-end equipment character overlaps were taken as the comparison set; because few listed Korean names correspond directly to the AFM metrology niche, representative equipment and materials stocks were used to gauge relative position.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik IPS | 54.09x | 4.63x | 8.66% |
| Soulbrain | 29.27x | 2.13x | 7.72% |
| SK Hynix | 24.83x | 6.65x | 45.75% |
The P/E of 53.9x sits in a middle position - lower than the semiconductor equipment name Wonik IPS (76.9x) and higher than the materials name Soulbrain (29.9x). That said, Park Systems has the highest ROE in this comparison set at 15.3%, so the multiple relative to profitability is hard to call excessive. Last year's net profit fell 19.5%, inflating the appearance of the trailing P/E, but this year's profit is also estimated at around ₩35.0 billion, so the forward P/E is likewise about 53x with little improvement. Its world No. 1 position and high margins support a premium, but there is not much margin of safety at the current price, and a second-half order recovery is the condition for justifying the multiple, so the assessment is 'Fairly valued.'
Price history Close · MA20 · MA60
The latest close is ₩253,000 and the market capitalization is ₩1.8 trillion. The price sits below its 20-day moving average (₩253,125) and below its 60-day moving average (₩262,325). 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 49.8, a neutral level. The one-month change is -6.6%, the three-month change is -20.4%, and the position relative to the 52-week high is -25.5%. Relative strength versus the KOSDAQ is 68 (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 68% of all stocks. Over the past three months it outpaced the index by 22.1%. 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 +22.08% / 6M +25.59% / 12M -7.94%
Key metrics Computed vs sector median
Valuation
The P/E of 51.39x is above the sector median (21.36x). The P/B of 7.72x is above the sector median (1.23x).
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 10.7%, above the sector average (2.0%). The operating margin is 16.0%. The debt ratio is 60.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $101.7M | $123.0M | $144.4M | +17.45% ↓ slower |
| Operating profit | $19.4M | $27.1M | $29.6M | +9.50% ↓ slower |
| Net profit | $17.3M | $30.1M | $24.2M | -19.46% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $59.9M | $87.5M | $101.7M | $123.0M | $144.4M |
| Operating profit | $12.4M | $22.9M | $19.4M | $27.1M | $29.6M |
| Net profit | $6.4M | $19.7M | $17.3M | $30.1M | $24.2M |
| Revenue CAGR | 4-yr avg 24.62% | ||||
Revenue rose 17.4% year over year (2023 ₩144.8 billion → 2024 ₩175.1 billion → 2025 ₩205.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 9.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 24.6%. The two-year revenue CAGR is 19.2%. In the most recent quarter (Q1 2026), revenue was 22.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 10.7% points to solid profitability.
- Revenue grew 17.4% 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
- 2026-05-21FilingDecision to issue a bond with warrants (BW) - to fund growth and M&AIt builds medium-term capacity for growth investment, but the possibility of an increase in shares outstanding when the warrants are exercised should be taken into account. Source
- 2026-05-15FilingCorporate value-up plan disclosure - presenting a direction of gradually expanding shareholder returnsA positive signal of strengthened mid-to-long-term shareholder returns, though the key is whether the actual dividend and buyback scale is carried out. Source
- 2026-05-13UpdateTreasury-share disposal decision - part of the value-up and shareholder-return flowIt can affect short-term supply and demand, though the interpretation varies with the purpose and method of the disposal. Source
- 2026-05-14EarningsFirst-quarter 2026 quarterly report - revenue of ₩39.4 billion and operating profit of ₩2.1 billion, confirming slow-season weaknessShort-term weak results, but the seasonal factor of equipment-recognition timing being deferred to the second half is large. Source
- 2026-05-19IRInvestor relations (IR) briefing held - sharing advanced-packaging metrology demand and the second-half order directionA venue to confirm the company's growth narrative and the direction of second-half results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue | ₩205.6 billion | ₩205.6 billion | Confirmed | link |
| First-quarter 2026 revenue and operating profit | revenue ₩39.4 billion·operating profit ₩2.1 billion | revenue ₩39.4 billion·operating profit ₩2.1 billion | Confirmed | link |
| Estimated 2026 net profit | approx. ₩35.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-08Disclosure
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-21Material-fact report
- 2026-05-21Material-fact report
- 2026-05-19Disclosure
- 2026-05-15Disclosure
- 2026-05-15Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-13TreasuryMaterial-fact report
- 2026-05-11Disclosure
- 2026-05-11OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Disclosure
📖 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.