YMT develops and sells the chemical materials used to make PCBs, semiconductor packages and displays; its revenue is made up of consumable materials that are essential to these processes — final surface-finishing chemicals that prevent surface oxidation and copper-plating chemicals for circuits — so its results improve as downstream industries run well, and it is pursuing new businesses in ultra-thin copper foil and glass-substrate materials. In March a treasury-share cancellation and in April a treasury-share disposal and warrant exercise overlapped, and a May quarterly report confirmed a swing to net profit in Q1. The key point now is that the core business is steadily profitable (operating margin 8.9%), operating profit has recovered for two straight years and Q1 net profit has turned positive, with a P/B of 1.04x and a forward P/E of about 19.7x as strengths; but a debt ratio of 197%, a below-1 interest coverage ratio, and net profit that swings on one-off items all have to be viewed alongside the downstream cycle.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 5.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.1% higher than a year earlier.
- ROE is -0.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 8.9%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Jeon Seong-uk 29.32% (individual)
Controlling bloc incl. related parties 36.56%
With the controlling bloc holding 37%, the ownership structure is stable.
🔎 In-depth analysis
- YMT develops and sells the chemical materials used to make printed circuit boards (PCBs), semiconductor packages and displays.
- Its core products are 'final surface-finishing' chemicals that coat a substrate or component surface with a thin layer of gold, silver or tin to prevent oxidation (rusting), 'copper-plating' chemicals used to form circuits, and various process chemicals.
- Revenue is split roughly as final surface finishing about 29%, merchandise/other about 30%, substrate processing about 13% and copper plating about 13% — fairly balanced rather than concentrated on one side.
- In other words, it earns not from finished goods but from 'consumable materials essential to the processes that make electronic components,' so the better the downstream PCB and semiconductor industries run, the more chemicals sell and the better its results.
- Recently it has been pursuing, at the company level, new businesses such as ultra-thin copper foil used in semiconductor packages and materials for glass substrates, and whether it can add a new growth axis on top of the existing consumable materials is a point to watch.
- The latest close is ₩9,210 and the market cap is ₩165.9 billion.
- The price sits below the 20-day line (₩11,650) and below the 60-day line (₩14,656).
- With the price below both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs upward versus downward force over the last 14 days on a 0-100 scale) is 32.1, a neutral level.
- The one-month change is -26.1%, the three-month change is -35.7%, and the position versus the 52-week high is -59.0%.
- Relative strength versus the KOSDAQ is 60 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 40% of all stocks by strength.
- Over the last three months it lagged the index by 29.1%.
- Chart reading is best done alongside trading volume and disclosure dates.
- For this company, valuation has to be read by separating 'past results' from 'profit that has turned.' The P/E (how many times a year's net profit the price is) simply cannot be calculated on a trailing basis, because 2025 net profit was a loss (-₩1.68 billion).
- But this means the year's net profit was negative due to one-off costs, not that the company is expensive — and the core business itself steadily generates profit at an 8.9% operating margin.
- So rather than reading 'no P/E, therefore risky' off last year's loss alone, it is closer to the substance to look on this year's basis, when profit has turned positive.
- The forward P/E based on this year's expected profit is lower than Soulbrain (around 34x), which supplies materials to the same downstream industry, and similar to Duksan Neolux (around 15x).
- In other words, put against recovered profit, it is a moderate value among peers, not an excessively expensive zone.
- The P/B (how many times net assets the price is) is 0.88x (0.99x on an expected basis), just above net assets, so against assets it is actually on the low side.
- That said, on the financial side, the debt ratio (debt versus equity) is high at 197.5% and interest coverage (how many times operating profit can cover interest) is 0.88, below 1, so the interest burden has pressed down on core-business profit — a weakness that clearly must be noted.
- Over five years revenue rose gently (about 3.6% a year) — ₩125.6 billion → ₩130.6 billion → ₩127.4 billion → ₩137.2 billion → ₩144.6 billion — but the real story is in profit.
- Operating profit ran ₩17.2 billion (2021) → ₩3.3 billion (2022) → -₩3.2 billion (2023, a loss) → ₩3.6 billion (2024) → ₩12.9 billion (2025), a clear recovery that bottomed in 2023 and climbed sharply for two straight years.
- And in Q1 2026, revenue of ₩35.0 billion (+0.05% year over year), operating profit of ₩2.58 billion (+67.7%) and net profit of ₩2.79 billion (a swing to profit, +119.9%) brought net profit into the black.
- The forward P/E of about 19.7x reflects a normalization to profit in which last year's one-off costs drop out and the core business's 8.9% operating margin flows straight through to net profit.
- As a consumable-materials business in which chemicals are repeatedly consumed each time downstream PCB and semiconductor processes run, revenue and profit rise together as long as utilization is alive.
- Given that net profit had already turned positive in Q1, the starting point of the recovery, this year's expected profit is better viewed not as a single quarter scaled up but as profit settling in as it passes an inflection.
- That said, the pace of revenue growth itself is modest, in the low single digits, so keep in mind that the top line does not expand as fast as the profit recovery.
- Recent disclosures are concentrated on shareholder returns and capital policy.
- At the end of March 2026 the company decided on a treasury-share cancellation (a cancellation reduces the share count and raises the value of existing shareholders' stakes), and in April it decided on and carried out a treasury-share disposal.
- Meanwhile, during April some new shares were issued through a warrant exercise, so with the treasury-share cancellation (fewer shares) and new-share issuance (more shares) overlapping in the same period, it is best to weigh the return effect and the dilution effect together.
- In May the Q1 2026 quarterly report was filed, officially confirming the swing to net profit.
- In addition, several large-holding and officer/major-shareholder stake-change reports came out, so changes in the ownership structure are also worth watching.
- The strengths are that the core business is steadily profitable (operating margin 8.9%), that operating profit recovered sharply for two straight years with a swing to net profit in Q1 2026, and that the P/E based on this year's recovered profit (about 19.7x) sits moderately among industry peers.
- The P/B, too, is 1.04x, just above net assets, so it is on the low side against assets, and revenue is spread across surface finishing, plating and substrate processing rather than depending on one product, with new businesses such as copper foil and glass substrates adding growth room.
- The cautions are clear.
- The debt ratio is high at 197% and interest coverage is below 1, so the interest burden has eaten into net profit, and net profit swings heavily on one-off items, so it is early to say the profit has fully stabilized.
- In sum, if downstream PCB and semiconductor utilization stays alive and last year's one-off losses do not recur, normalized profit and a low P/B support each other and it strengthens; conversely, if downstream demand cools or interest and one-off costs grow again, net profit wobbles quickly — a recovery-type materials stock sensitive to the downstream cycle.
🔎 Valuation vs peers Inconclusive
The peer set is built from chemical-materials and materials firms for electronic components (PCB, semiconductor, display); Soulbrain (semiconductor and display process chemicals) and Duksan Neolux (OLED materials) allow a substantive comparison in that they share the same business structure of supplying consumable materials to the downstream electronics industry.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Soulbrain | 29.03x | 2.17x | 7.49% |
| Duksan Neolux | 13.35x | 1.57x | 11.77% |
A lower P/B than peers looks on the surface like a 'discount,' but Soulbrain and Duksan Neolux are stable, profitable names with high-single-digit to double-digit ROE, whereas YMT is just emerging from last year's net loss, so the two are hard to compare directly. Because the trailing P/E based on last year's confirmed results cannot be calculated at all (a loss), the crux of valuation is whether this year's profit settles into a stable positive. The core operating margin of 8.9%, two straight years of operating-profit recovery, and the Q1 swing to net profit support the possibility of normalization, but one-off items and the heavy interest burden could drag net profit back down, so rather than concluding 'cheap/expensive' at this point, it is reasonable to judge after confirming the durability of the profit.
Price history Close · MA20 · MA60
The latest close is ₩9,210 and the market capitalization is ₩165.9 billion. The price sits below its 20-day moving average (₩11,650) and below its 60-day moving average (₩14,656). 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 32.1, a neutral level. The one-month change is -26.1%, the three-month change is -35.7%, and the position relative to the 52-week high is -59.0%. Relative strength versus the KOSDAQ is 60 (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 60% 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 -29.06% / 6M -10.14% / 12M -7.98%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.88x is in line with the sector median (0.97x).
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 -0.9%, below the sector average (4.0%). The operating margin is 8.9%. The debt ratio is 197.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $84.4M | $91.0M | $95.8M | +5.37% ↓ slower |
| Operating profit | -$2.1M | $2.4M | $8.6M | +259.59% |
| Net profit | -$1.9M | -$2.9M | -$1.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $83.2M | $86.5M | $84.4M | $91.0M | $95.8M |
| Operating profit | $11.4M | $2.2M | -$2.1M | $2.4M | $8.6M |
| Net profit | $6.4M | -$34,590 | -$1.9M | -$2.9M | -$1.1M |
| Revenue CAGR | 4-yr avg 3.59% | ||||
Revenue rose 5.4% year over year (2023 ₩127.4 billion → 2024 ₩137.2 billion → 2025 ₩144.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 259.6% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.6%. The two-year revenue CAGR is 6.5%. In the most recent quarter (Q1 2026), revenue was 0.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 5.4% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue ₩35.0 billion, operating profit ₩2.58 billion (+67.7% year over year), net profit ₩2.79 billion, a swing to profitA short-term positive signal officially confirming the core-business profit recovery and the swing to net profit, but Q1 is seasonally the lowest for profit weighting, so the annual trend needs confirmation through the second half. Source
- 2026-04-14FilingTreasury-share disposal result report — completion of the treasury-share disposal decided on April 8Treasury shares were put to market or a specific purpose, a factor of change on the capital-policy and supply-demand side. Source
- 2026-04-15FilingPartial new-share issuance through warrant exercise — a factor increasing shares outstanding (dilution)Overlapping in the same period with the treasury-share cancellation (fewer shares), the net effect on shareholder value must be calculated by weighing return and dilution together. Source
- 2026-03-31FilingTreasury-share cancellation decision — resolved to cancel held treasury shares (fewer shares outstanding)A shareholder-return in nature that reduces the share count to raise per-share value, a medium-term positive factor. Source
- 2026-03-24Filing2025 business report (amended attachment) filed — consolidated revenue ₩144.6 billion (+5.4%), operating profit ₩12.9 billion (+259%), net profit still a lossConfirms that operating profit recovered sharply but the final net profit was still a loss due to one-off items — whether it swings to profit is this year's point to watch. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-17OwnershipOwnership-change filing
- 2026-04-15Disclosure
- 2026-04-14TreasuryTreasury-stock disposal decision
- 2026-04-08TreasuryMaterial-fact report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-24PeriodicAnnual business report (amended)
📖 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.