Device is an equipment company that designs and builds cleaning and contamination-control equipment for display panel and semiconductor fab production lines, with revenue coming from equipment orders that large customers place when they install new lines; in May 2026 it signed a ₩26.36 billion contract with BOE and in February a ₩10.93 billion contract with Samsung's Austin semiconductor plant. Orders came in nearly every month, and there was a ₩650-per-share dividend in February (a dividend yield of 4.5% on the market price), a 1-for-1 bonus issue in April, and a subsidiary merger in May. The point to watch now is that, riding the capital-investment cycle, earnings have stepped up a level—already in the first quarter it earned 70% of last year's full-year profit, bringing the forward P/E down—and an ROE of 10.5%, an operating margin in the 20% range, and a current ratio of 328% are strengths, while at the same time revenue is heavily tied to orders from a few large customers, so quarterly results can cool quickly in gaps between orders, which should be weighed together.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 78.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 259.9% higher than a year earlier.
- ROE is 10.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 20.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Bong-jin 29.85% (individual)
Controlling bloc incl. related parties 33.65%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis
- Device is an equipment company that designs and builds—and sells—cleaning and contamination-control (particle and foreign-matter removal) equipment for display panel fab and semiconductor fab production lines.
- Most revenue comes from equipment orders that large customers place when they install new lines or expand capacity.
- In actual disclosures, in May 2026 it contracted to supply ₩26.36 billion of display manufacturing equipment to China's BOE (Chengdu panel plant), and in February 2026 ₩10.93 billion of semiconductor cleaning equipment to Samsung's Austin semiconductor plant in the United States.
- In short, it earns money on two axes—display equipment and semiconductor cleaning equipment—and customers' capital-investment decisions drive that year's revenue.
- The latest close is ₩13,110 and the market cap is ₩180.5 billion.
- The price sits below the 20-day line (₩16,832) and below the 60-day line (₩22,877).
- Being under both the short- and mid-term moving averages, the trend is on the depressed side.
- RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0–100 scale) is 34.2, a neutral level.
- The one-month change is -41.1%, the three-month change is -37.0%, and the position versus the 52-week high is -65.8%.
- Relative strength versus the KOSDAQ is 77 (1–99, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 22% of all stocks by strength.
- Over the past three months it lagged the index by 29.1%.
- Chart reading is best done together with volume and disclosure dates.
- On a confirmed annual (2025) basis, the P/E ratio (how many times one year's earnings the price is) is about 12.1x and the P/B (how many times net assets the price is) is 1.12x.
- ROE (how much is earned in a year on equity) is 10.5%, the operating margin is 20.6%, and the net margin is 20.1%, so earning power is solid.
- The debt ratio (debt relative to equity) is 135.5%, but with a current ratio of 328% and an interest coverage ratio of about 14x, short-term liquidity and interest burden have plenty of room.
- What matters here is that this year's earnings are improving further.
- Compared with the same equipment industry, which commonly trades in the high-20x P/E range, this level in the 7x range is low for a company whose earnings are growing sharply—that is, it reads as an undervaluation signal.
- Five-year revenue came down from ₩125.1 billion in 2021 to ₩72.7 billion in 2022 to ₩57.2 billion in 2023 to ₩47.2 billion in 2024, then rebounded to ₩84.1 billion in 2025.
- Because it is a V-shaped path—dropping once and returning—the simple 5-year average is negative, but the 2-year average since the direction turned is +21.3%.
- The earnings recovery is steeper: 2025 operating profit rose +310.6% year on year and revenue +78.3%, and the most recent first-quarter 2026 revenue was ₩31.1 billion, up +259.9% year on year.
- There is a clear reason this year's earnings outlook is large.
- Capital investment by display and semiconductor customers has revived, bringing in big orders one after another from the likes of BOE and Samsung Austin, and a single first quarter has already earned 70% of last year's full-year operating profit—that start is the basis.
- The forward P/E seen this way directly reflects the enlarged earning power, and since there is no evidence that profit next year and beyond falls below this year, there is no material to conclude "this is the peak." That said, given the nature of equipment stocks, quarterly results can be quite uneven depending on order timing.
- Disclosures over the past year fall into three broad strands.
- First, orders: display and semiconductor equipment supply contracts continued almost every month from September and December 2025 through February–May 2026, the largest being the ₩26.36 billion BOE order in May 2026 (31% of annual revenue).
- Second, shareholder returns: in February 2026 it decided on a ₩650-per-share cash dividend (total dividend ₩4.38 billion, payout ratio 25.9%, dividend yield 4.5% on the market price), and in March it disclosed a corporate value-up plan featuring expanded dividends and stronger contamination-control product competitiveness.
- Third, capital and structure: a 1-for-1 bonus issue in April 2026 roughly doubled the share count from about 7.03 million to 13.77 million, and in May it decided to absorb its wholly owned subsidiary Oklen Ventures without issuing new shares (merger date July 31).
- The company itself stated the merger's impact on consolidated results is limited.
- The strengths are distinct.
- Riding the large customers' capital-investment cycle, 2025 revenue and earnings stepped up a level, and in the first quarter of 2026 it already earned 70% of last year's full-year profit, bringing the forward P/E based on this year's earnings down and clearly below peer equipment stocks.
- On top of this, profitability with an ROE of 10.5% and an operating margin in the 20% range, a dividend yielding in the 4% range on the market price, and stable finances with a current ratio of 328% all support it.
- Undervaluation, a high dividend, high profitability, and financial stability come together in one place.
- The point for caution comes from the business structure.
- Because revenue is heavily tied to orders from a few large customers, quarterly results can cool quickly in gaps between orders.
- In sum, in a phase where customer capital investment and new orders continue, the low valuation and high profitability shine together, while in a phase where the investment cycle pauses, earnings volatility shows up as a weakness.
🔎 Valuation vs peers Fairly valued
Rather than a simple "machinery/equipment" code, the peer set is Korean equipment companies whose actual business (display and semiconductor cleaning and contamination-control equipment) overlaps. Figures are values calculated from the current price on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KC Tech | 30.96x | 3.12x | 10.07% |
| STI | 24.14x | 1.30x | 5.37% |
| Komico | 15.92x | 2.94x | 18.45% |
The peers—display and semiconductor process equipment companies such as KC Tech, STI, and Komico—generally trade at a P/E of 26–33x. Device sits lower at a P/E of 19.2x and a P/B of 2.02x, and its ROE (10.5%) and dividend yield (2.8%) do not fall short of peers. On the surface it may look "not expensive," but two limits should be weighed together. (a) 2025 was an inflection where earnings surged in one year, so the P/E based on last year's results can look lower than reality, and (b) on a forward basis there is no official company figure, so only a DART seasonality approximation (annual revenue of about ₩198.7 billion) can be referenced, and that is unverified. Also, revenue is tied to orders from a few large customers and is highly volatile. Taking these together, we do not lean one way and set it as fairly valued.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩32.8 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩13,110 and the market capitalization is ₩180.5 billion. The price sits below its 20-day moving average (₩16,832) and below its 60-day moving average (₩22,877). 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 34.2, a neutral level. The one-month change is -41.1%, the three-month change is -37.0%, and the position relative to the 52-week high is -65.8%. Relative strength versus the KOSDAQ is 77 (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 78% of all stocks. Over the past three months it lagged the index by 29.1%. 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 -29.15% / 6M +4.74% / 12M +17.48%
Key metrics vs sector median
Valuation
The P/E of 10.67x is below the sector median (14.44x). The P/B of 1.12x is below the sector median (1.44x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.5%, above the sector average (5.0%). The operating margin is 20.6%. The debt ratio is 135.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $37.9M | $31.3M | $55.7M | +78.29% ↑ faster |
| Operating profit | $2.9M | $2.8M | $11.5M | +310.55% ↑ faster |
| Net profit | $4.8M | $5.2M | $11.2M | +116.99% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $82.9M | $48.2M | $37.9M | $31.3M | $55.7M |
| Operating profit | $23.7M | $8.8M | $2.9M | $2.8M | $11.5M |
| Net profit | $20.8M | $7.2M | $4.8M | $5.2M | $11.2M |
| Revenue CAGR | 4-yr avg -9.45% | ||||
Revenue rose 78.3% year over year (2023 ₩57.2 billion → 2024 ₩47.2 billion → 2025 ₩84.1 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 310.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -9.4%. The two-year revenue CAGR is 21.3%. In the most recent quarter (Q1 2026), revenue was 259.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 5.0%, is on the high side.
- ROE of 10.5% points to solid profitability.
- Revenue grew 78.3% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-27Update₩26.36 billion (USD 17.42 million) display manufacturing equipment supply contract to China's BOE (Chengdu). 31.35% of the prior year's revenue; contract term 2026-05-20 to 12-20.A single order meaningful for both the short and mid term; it is worth checking whether the timing of second-half revenue recognition and exchange-rate movements feed into results. Source
- 2026-02-05Update₩10.93 billion semiconductor cleaning equipment supply contract to Samsung Austin semiconductor in the United States. 23.18% of the prior year's revenue; contract term 2026-02-04 to 10-26.An order on the semiconductor cleaning equipment axis; a clue for gauging whether revenue diversification beyond display actually follows through. Source
- 2026-05-18FilingDecision to absorb the wholly owned subsidiary Oklen Ventures (management consulting and venture investment). A small-scale merger with no new share issuance and no capital increase; merger date 2026-07-31, registration planned 08-04.The company stated there is no change in ownership structure and the consolidated impact is limited. It has the character of internal tidying aimed at cost savings and organizational efficiency. Source
- 2026-04-10FilingDecision on a 1-for-1 bonus issue. Shares outstanding 7,036,609 to 13,770,060; new shares listed 2026-05-14, ex-rights 2026-04-28.The share count doubled and the reference price on the ex-rights date was adjusted by half. The late-April share-price plunge is not an actual decline but the ex-rights effect. Source
- 2026-03-31IRCorporate value-up plan disclosure. Presented goals of securing dividend resources through expanded operating profit, strengthening R&D in contamination-control products, and expanding into global markets.A mid-term direction stated by the company itself, emphasizing both shareholder returns and core-product competitiveness (includes forward-looking information, subject to change). Source
- 2026-02-12DividendDecision on a 2025 year-end cash dividend. ₩650 per share, total dividend ₩4.38 billion, dividend yield 4.5% on the market price, payout ratio 25.86%.A case of connecting the earnings recovery to expanded dividends. It was noted as eligible for the tax special treatment for high-dividend companies. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩84.1 billion(₩84,082,993,642) | ₩84,082,993,642 | Confirmed | link |
| 2025 consolidated operating profit | ₩17.3 billion(₩17,333,848,510) | ₩17,343,735,505 | Confirmed | link |
| 2025 net profit (controlling interest) | ₩16.9 billion(₩16,924,050,945) | ₩16,839,527,504 | Confirmed | link |
| 2025 year-end dividend per share | ₩650 | ₩650· ₩4,376,743,150· 25.86% | Confirmed | link |
| 2026 annual revenue approximation | approx. ₩198.7 billion | — | Unverified | link |
Recent filings
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-27Single supply/sales contract
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/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.