Wonik IPS (240810) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Wonik IPS makes deposition equipment that coats thin films onto wafers in semiconductor manufacturing. Its mainstay is plasma-enhanced chemical vapor deposition (PECVD) equipment, which accounts for 60-70% of revenue, with atomic layer deposition (ALD) and diffusion equipment making up 20-30%. Its main customers are Samsung Electronics and SK Hynix, so equipment orders rise together when the two companies expand their fabs. Revenue rose 21.6% year-on-year to ₩909.8 billion in 2025, and after passing through a loss-making 2023 and turning to profit in 2024, earnings recovered to net profit of ₩84.0 billion in 2025. First-quarter 2026 revenue also rose 32.8% year-on-year, extending the recovery. What stands out lately is that while the DRAM investment cycle at Samsung and SK Hynix is reviving, high operating leverage can grow earnings quickly, but conversely, if customers defer investment, equipment orders drop sharply, showing the characteristic of a cyclical industry.
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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 21.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 32.8% higher than a year earlier.
- ROE is 8.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 8.1%.
- 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 Wonik Holdings 32.9% (corporate)
Controlling bloc incl. related parties 32.98%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis Reading
Wonik IPS makes front-end (wafer-processing stage) semiconductor equipment. Its core products are deposition tools that coat thin films onto the wafer surface. Between 60% and 70% of revenue comes from plasma-enhanced chemical vapor deposition (PECVD, which builds films by reacting gases) equipment. The remaining 20-30% is filled by atomic layer deposition (ALD, which builds up very thin films one atomic layer at a time) and diffusion equipment. Customers are effectively concentrated in two places, Samsung Electronics and SK Hynix. So when these two build or expand DRAM and NAND fabs, equipment orders pile in. Conversely, when they halt investment, orders stop too. That is why the company's results track the semiconductor capital-expenditure cycle directly.
The latest close is ₩92,600 and the market capitalization is ₩4.5 trillion. The price sits below its 20-day moving average (₩107,750) and below its 60-day moving average (₩125,265). 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 41.5, a neutral level. The one-month change is -17.8%, the three-month change is -28.2%, and the position relative to the 52-week high is -49.5%. Relative strength versus the KOSDAQ is 84 (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 85% of all stocks. Over the past three months it outpaced the index by 4.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Let us start with the valuation metrics. The P/E ratio (how many times one year of earnings the price represents) is 54.09x, high if you look at the number alone. But that 83x is based on 2025 earnings. Because 2025 was an early recovery just after emerging from losses, when earnings were still low, the P/E at that point makes the stock look more expensive than it really is. The P/B (how many times net assets the price represents) is 4.63x, which, as compared later, is actually on the low side among similar equipment companies. Profitability is improving: 2025 ROE (how much it earns in a year on its equity) was 8.7% and the operating margin 8.1%. The balance sheet is sturdy. The debt ratio (debt to equity) is low at 20%. The current ratio is 372%, giving ample short-term solvency. Net debt is -₩101.1 billion, a net-cash position with more cash than debt. That said, the cash-flow appeal is not yet large. The FCF yield (cash actually generated relative to market cap) is 1.9%, showing that working capital and investment needed to build equipment still tie up a lot of cash.
The growth picture only becomes visible once you understand the cycle. The past five years of results swung sharply. 2021 marked a peak with revenue of ₩1.23 trillion and net profit of ₩145.1 billion. Then, in the 2022-2023 semiconductor capex downturn, revenue shrank to ₩690.3 billion and net profit turned to a loss in 2023. In 2024 it turned back to profit (net profit of ₩20.7 billion), and in 2025 it entered a recovery phase with revenue of ₩909.8 billion and net profit of ₩84.0 billion. The pace of recovery is actually accelerating. The revenue growth rate rose from 8.4% in 2024 to 21.6% in 2025, and first-quarter 2026 revenue rose 32.8% year-on-year. What lies ahead matters. 2026 is the year DRAM investment at Samsung's Pyeongtaek DRAM line and SK Hynix's M15X gets going in earnest, a phase in which this company's equipment orders increase. Equipment revenue tends to be concentrated in the second half, when customers receive and inspect the tools. So this year's earnings are likely to be booked more heavily in the second half than the first. Add to that the high operating leverage characteristic of the equipment industry: because revenue above fixed costs drops quickly to profit, at the 2021 cycle peak the operating margin rose as high as around 13%. In sum, the 2025 earnings recovery is at an early stage, and this year looks set to deliver profit a step higher.
Here is the flow confirmed by disclosures. On May 8, 2026, preliminary results confirmed first-quarter 2026 revenue and a profitable trend. Revenue rose 32.8% year-on-year, extending the recovery. On March 16, the 2025 business report and audit report were filed, confirming annual results (revenue of ₩909.8 billion, net profit of ₩84.0 billion). On March 24, the regular shareholders' meeting concluded. The dividend was set at ₩200 per share (a yield of about 0.1%). That reads as a policy of reinvesting profit in the business during a growth phase rather than paying it out. It is also notable that several large-shareholding status reports have recently been filed. These, however, are notices of changes in major shareholders' stakes and are separate from the company's results. Going forward, the points to watch are whether second-half equipment revenue is actually booked in the quarterly results and how far the operating margin recovers.
Start with the strengths. First, it is a direct beneficiary of a phase in which DRAM investment at Samsung Electronics and SK Hynix is reviving. Second, the balance sheet is sturdy, with a 20% debt ratio and a net-cash position, giving it the strength to withstand cycles. Third, the valuation is not excessive: the trailing P/E of 83x is an illusion of the early recovery in earnings, and on this year's earnings it actually sits lower than similar equipment companies. The cautions are also clear. This company's results are heavily swayed by the investment decisions of its two customers. If DRAM investment is deferred more than expected or second-half equipment inspection is delayed, the pace of the earnings recovery could slow. And because revenue is concentrated in the second half, it is hard to judge the full year from first-half results alone. In sum, while the semiconductor capex cycle points upward, high operating leverage grows earnings quickly, but if customer investment halts, orders drop sharply, so both sides of a cyclical industry must be weighed together.
🔎 Valuation vs peers Fairly valued
Compared mainly against domestic makers of semiconductor front-end equipment (deposition, etch, and the like).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
| PSK | 44.70x | 6.19x | 17.57% |
| Eugene Technology | 63.25x | 5.62x | 11.96% |
| EO Technics | 72.46x | 5.86x | 10.46% |
The 83x P/E on the surface is not especially high among domestic equipment companies. Jusung Engineering (273x), Eugene Technology (88x), EO Technics (83x), and PSK (75x) are all similarly high, because all of them are in an early earnings-recovery phase in which the trailing P/E looks inflated. Wonik IPS sits in the middle-to-lower part of this group. On a P/B basis its position is clearer. Wonik IPS at 7.2x is lower than Jusung (16.5x), PSK (11.0x), and Eugene Technology (8.1x), so on an asset basis it is actually on the undervalued side. The limitation of the trailing 83x P/E is that earnings are at an inflection point. 2025 was the first year of a profitable recovery, so earnings were low, and as this year's DRAM investment cycle and operating leverage lift earnings a step, the forward multiple falls sharply. On balance, it is hard to call it expensive on trailing numbers alone, and factoring in the recovery cycle, we assess it as fairly valued to somewhat undervalued.
Price history Close · MA20 · MA60
The latest close is ₩92,600 and the market capitalization is ₩4.5 trillion. The price sits below its 20-day moving average (₩107,750) and below its 60-day moving average (₩125,265). 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 41.5, a neutral level. The one-month change is -17.8%, the three-month change is -28.2%, and the position relative to the 52-week high is -49.5%. Relative strength versus the KOSDAQ is 84 (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 85% of all stocks. Over the past three months it outpaced the index by 4.2%. 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 +4.23% / 6M +24.63% / 12M +180.46%
Key metrics Computed vs sector median
Valuation
The P/E is 54.09x. The P/B of 4.63x is below the sector median (6.19x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 11.0%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.903x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.7%, below the sector average (18.0%). The operating margin is 8.1%. The debt ratio is 28.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $485.0M | $525.6M | $639.1M | +21.60% ↑ faster |
| Operating profit | -$12.7M | $7.5M | $51.9M | +593.64% |
| Net profit | -$9.5M | $14.6M | $59.0M | +304.99% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $865.7M | $710.6M | $485.0M | $525.6M | $639.1M |
| Operating profit | $115.3M | $68.5M | -$12.7M | $7.5M | $51.9M |
| Net profit | $101.9M | $62.8M | -$9.5M | $14.6M | $59.0M |
| Revenue CAGR | 4-yr avg -7.30% | ||||
Revenue rose 21.6% year over year (2023 ₩690.3 billion → 2024 ₩748.2 billion → 2025 ₩909.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 593.6% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -7.3%. The two-year revenue CAGR is 14.8%. In the most recent quarter (Q1 2026), revenue was 32.8% 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.
- Revenue grew 21.6% 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
- 2026-05-08EarningsPreliminary Q1 2026 consolidated results disclosed. Revenue rose 32.8% year-on-year to ₩164.9 billion, extending the recovery.Short term: confirms recovery in semiconductor equipment revenue. A basis for expectations of DRAM investment picking up in earnest in the second half. Source
- 2026-03-16Filing2025 business report and audit report filed. Annual revenue of ₩909.8 billion and net profit of ₩84.0 billion confirmed a profitable recovery (a large increase from the prior year's net profit of ₩20.7 billion).Medium term: confirms a recovery trajectory from the 2023 loss to a turn to profit in 2024 and expanded earnings in 2025. Source
- 2026-03-24DividendRegular shareholders' meeting concluded. The dividend for fiscal 2025 was set at ₩200 per share (a yield of about 0.1%).Medium term: the low dividend can be read as a policy of reinvesting profit during a growth phase. Source
- 2026-04-29FilingAdvance notice of the results disclosure. Prior notice of the schedule for the first-quarter results release.Short term: a scheduling disclosure ahead of the results release. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-29Large-business-group status disclosure
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-29EarningsEarnings disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit 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.