Cymechs specializes in transfer equipment that moves wafers precisely from one tool to the next inside a semiconductor fab, with cluster tools, transfer modules, EFEM, and vacuum robots as its mainstays; because its main customers are domestic firms such as Samsung Electronics-affiliated equipment makers, its results hinge more on customers' capex cycles than on the semiconductor market itself. In March it confirmed a corporate value-up plan and a dividend of ₩400 per share (a 29.2% payout ratio), and the May 15 quarterly report confirmed that Q1 revenue and earnings fell by double digits, so the recovery paused a beat. The key point to watch: alongside financial and profitability strengths, being nearly debt-free while holding an operating margin of 14%, the forward P/E (about 19.5x) is low versus higher-tier semiconductor equipment names, yet it exceeds the sector's forward median (13.79x), so the crux that decides the direction is whether customer orders resume next quarter.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 0.4% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 11.6% lower than a year earlier.
- ROE is 7.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 14.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Inzi Controls 21.71% (corporate)
Controlling bloc incl. related parties 47.4%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- Cymechs specializes in transfer equipment that moves wafers precisely from one tool to the next inside a semiconductor fab.
- Its flagship products are cluster tools and transfer modules, which bundle several process tools into one and route wafers under vacuum; EFEM (equipment front-end modules) and load ports, which receive and pass wafer boxes between the fab's clean-air environment and the tools; and the vacuum robots that actually pick up and move the wafers inside.
- Most of its revenue comes from manufacturing this equipment, and its main customers are domestic semiconductor equipment and device firms, including Samsung Electronics-affiliated equipment makers.
- In other words, its results hinge far more on the capex cycle in which customers place equipment orders than on the semiconductor market itself.
- The latest close is ₩27,950 and the market cap is ₩305.3 billion.
- The price sits below the 20-day line (₩36,622) and below the 60-day line (₩35,049).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- The RSI (an auxiliary gauge that weighs up-days against down-days over the past 14 days on a 0-100 scale) is 38.7, a neutral level.
- The one-month change is -31.7%, the three-month change is +8.8%, and the position versus the 52-week high is -39.9%.
- Relative strength versus the KOSDAQ is 92 (on a 1-99 scale that converts one-year return against the index with recent performance weighted more heavily; higher means stronger than the market).
- That places it around the top 7% of all stocks by strength.
- Over the past three months it has outpaced the index by 36.5%.
- Chart readings are best considered alongside trading volume and disclosure dates.
- On confirmed FY2025 results, the P/E (price divided by one year of net profit) is 20.44x, above the sector median (15.86x), and the P/B (price divided by net assets) is 1.57x, slightly above the sector median (1.59x).
- On profitability, ROE (the return earned on equity in a year) is 7.7% and the operating margin is 14.2%, both above the sector average.
- The financials are very solid: the debt ratio is just 15.3%, and the current ratio is 500%, meaning assets that can be readily turned to cash are five times the debt due within a year.
- One point to note is that the P/E and P/B above are on a trailing basis (earnings already booked last year).
- The forward P/E, reflecting this year's expected earnings, comes in below the trailing figure, but measured against the sector median on the same basis it still sits high.
- In other words, even reflecting this year's expected earnings, not just last year's numbers, it is in a range where expectations run ahead of peers, so it is a stock where whether earnings actually fill in must be watched alongside.
- Over five years, revenue fell from ₩242.3 billion in 2021 to as low as ₩156.6 billion in 2023, then firmed off a base in the ₩160 billion range at ₩165.1 billion in 2024 and ₩164.4 billion in 2025.
- Operating profit, squeezed to ₩7.1 billion in 2023, recovered more than threefold to ₩23.3 billion across 2024-2025, so even with revenue stalled, earnings power clearly improved.
- The most recent quarter, Q1 2026, took a breather, with revenue of ₩40.5 billion (-11.6% year on year), operating profit of ₩4.7 billion (-36.0%), and net profit of ₩4.0 billion (-28.8%).
- Given the equipment industry's trait of customer orders swinging quarter to quarter, it is hard to fix a trend on a single quarter's figures.
- What matters is the full-year picture: the forward P/E reflecting this year's expected earnings is below the FY2025 confirmed basis (23.5x).
- That implies that even though Q1 was soft, on a full-year basis earnings are expected to fill in at or above last year's level.
- The drivers of this recovery come from thick cash and low debt that carried it through the downcycle, and an operating margin held in the 14% range.
- Even so, the pace of recovery depends on when customers resume their capex orders, so the next quarter's order flow is the variable that will shape this year's earnings.
- The recent disclosures run along three lines.
- First, on March 31, a corporate value-up plan (voluntary disclosure) had the company publicly commit to improving shareholder return and capital efficiency.
- Second, a March 11 dividend decision confirmed ₩400 per share (a 29.2% payout ratio), showing that the policy of sharing earnings with shareholders continues.
- Third, the May 15 quarterly report (period ended March 2026) confirmed in figures that Q1 results had slowed a step.
- On top of these, large-holdings and executive stake-change reports followed from mid-March, so shifts in the ownership structure are also worth watching.
- All are official sources verifiable in their original text, and this is organized around disclosures and IR rather than general news reports.
- The strengths are clear: (1) stable financials that are nearly debt-free with thick cash-like assets, (2) profitability that held an operating margin of 14% even with revenue stalled, (3) a demonstrated intent to return capital through dividends and a corporate value-up plan, and (4) a forward P/E on this year's expected earnings (about 19.5x) that is clearly below other semiconductor equipment names (in the 50-200x range).
- Yet the valuation cuts both ways.
- The trailing P/E of 22.52x is above the sector median (15.86x), and even marked down to the forward basis (19.5x) it exceeds the sector forward median P/E (13.79x), so while it looks low against a particular peer set, seen across the whole sector it is a range where expectations run ahead.
- The cautions to weigh: (1) Q1 2026 revenue and earnings fell by double digits, so the recovery paused a beat, and (2) results are a structure that swings heavily with customers' capex cycles.
- In sum, if orders revive and this year's expected earnings actually fill in, the burden of the current multiples eases, whereas if a slowdown like Q1's drags on, the above-peer multiples can remain a burden.
- The crux that decides the direction is whether customer orders resume next quarter.
🔎 Valuation vs peers Inconclusive
KOSDAQ equipment names whose business overlaps in front-end semiconductor process equipment and wafer transfer were chosen as the peer set (Jusung Engineering, Eugene Technology, TES), prioritizing firms similar in semiconductor equipment revenue mix and customer structure rather than simply market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jusung Engineering | 208.36x | 12.60x | 6.05% |
| Eugene Technology | 79.34x | 7.33x | 9.24% |
| TES | 49.32x | 7.17x | 14.53% |
(a) Cymechs' trailing P/E of 22.52x and P/B of 1.73x are above the sector median (P/E 15.86x, P/B 1.59x), yet against the same front-end semiconductor equipment group (Jusung Engineering, Eugene Technology, TES) they actually rank among the lowest. It is only that this peer set is unusually high, in the 50-200x range; on the whole-sector median it places Cymechs on the upper side. (b) In other words, there is a two-sidedness of "low against a particular peer set" and "high against the sector median," so the assessment splits depending on which yardstick is used. (c) Decisively, the current P/E is on last year's earnings (trailing), so at an inflection point where earnings fell as in Q1 2026 it has limits as a basis for judging real value. With no official company forecast, the forward value can only be gauged via a seasonality approximation of DART confirmed results, and even that approximate forward P/E (about 19.5x) exceeds the sector forward median P/E (13.79x), so even reflecting this year's earnings it reads as a range where expectations run ahead of peers. Weighing these conflicting factors together, it is hard to declare it undervalued, and since the assessment diverges by peer set, we leave it Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩40.5 billion | ₩5.4 billion | ₩5.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩27,950 and the market capitalization is ₩305.3 billion. The price sits below its 20-day moving average (₩36,622) and below its 60-day moving average (₩35,049). 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 38.7, a neutral level. The one-month change is -31.7%, the three-month change is +8.8%, and the position relative to the 52-week high is -39.9%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it outpaced the index by 36.5%. 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 +36.53% / 6M +109.28% / 12M +108.25%
Key metrics vs sector median
Valuation
The P/E of 20.44x is above the sector median (14.44x). The P/B of 1.57x is in line with the sector median (1.44x).
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 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.7%, above the sector average (5.0%). The operating margin is 14.2%. The debt ratio is 15.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $103.8M | $109.4M | $109.0M | -0.40% ↓ slower |
| Operating profit | $4.7M | $15.5M | $15.5M | -0.25% ↓ slower |
| Net profit | $7.3M | $10.2M | $9.9M | -3.07% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $160.6M | $129.3M | $103.8M | $109.4M | $109.0M |
| Operating profit | $21.5M | $14.0M | $4.7M | $15.5M | $15.5M |
| Net profit | $16.2M | $5.1M | $7.3M | $10.2M | $9.9M |
| Revenue CAGR | 4-yr avg -9.24% | ||||
Revenue fell 0.4% year over year (2023 ₩156.6 billion → 2024 ₩165.1 billion → 2025 ₩164.4 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 0.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -9.2%. The two-year revenue CAGR is 2.5%. In the most recent quarter (Q1 2026), revenue was 11.6% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 0.4% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-31FilingCorporate value-up plan (voluntary disclosure) released - presenting a direction for improving capital efficiency and shareholder returnAn official disclosure in which the company itself committed to a value-up direction, serving mid term as a yardstick for the consistency of dividend and capital-efficiency policy. Whether the specific figures are carried out, however, needs confirmation in follow-up results and disclosures. Source
- 2026-03-11DividendCash and in-kind dividend decision - ₩400 per share (29.2% payout ratio)A dividend policy that shares about 30% of earnings with shareholders continues. The dividend yield at the current price is about 0.9%, which is not high, but the shareholder-return stance itself, together with financial stability, is a positive observation point. Source
- 2026-05-15EarningsQ1 2026 report (period ended March 2026) - Q1 revenue ₩40.5 billion and operating profit ₩4.7 billion confirm a slowdownRevenue -11.6% and operating profit -36.0% confirmed in figures that the recovery paused a beat. Short term this heightens the valuation burden on the confirmed-results basis, and whether orders recover next quarter is the crux. Source
- 2026-04-16FilingLarge-holdings report (general) filed - change in the ownership structureA stake change by a major shareholder is reference information on supply-demand and governance. A single report alone is hard to read directionally, so it should be viewed as a cumulative trend together with later reports. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩164.4 billion | ₩164.4 billion | Confirmed | link |
| Q1 2026 operating profit | ₩4.7 billion | ₩4.7 billion | Confirmed | link |
| Dividend per share (FY2025 settlement) | ₩400 | ₩400 | Confirmed | link |
| 2026 annual results (seasonality approximation) | revenue ₩157.6 billion·operating profit ₩19.3 billion·net profit ₩10.9 billion | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-16OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-19OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-18OwnershipOwnership-change filing
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11DividendCash/stock dividend decision
📖 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.