Mirae Semiconductor does not manufacture chips itself; its core business is distribution, buying Samsung Electronics memory (DRAM and NAND) and system chips in bulk and reselling them to domestic and overseas set-makers and module houses. Revenue reached ₩635.6 billion in 2025, a sizable figure, but because the model runs on distribution margins, the operating margin is a thin 3.0%, and both revenue and profit track memory prices and order volumes directly. Filings show that the company issued ₩47.0 billion of convertible bonds in October 2025 and, in March 2026, raised its short-term borrowing ceiling from ₩67.0 billion to ₩120.0 billion to fund chip inventory. A sharp swing in earnings was disclosed in January and the Q1 2026 quarterly report confirmed the profit jump. What stands out lately is that, with the industry recovering, both demand and prices have risen so that Q1 alone exceeded last year's full-year operating profit, and the forward P/E sits well below the peer median while a 12.8% ROE gives it an edge on profitability; against that, as a thin-margin distributor its profit can shrink quickly if memory prices roll over, and the ₩47.0 billion of convertible bonds plus short-term borrowing carry a potential dilution of around 17%.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 30.3% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 113.8% higher than a year earlier.
- ROE is 12.8% (total-net basis). It is above the sector average.
- Operating margin is 3.0%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jung 68.12% (individual)
Controlling bloc incl. related parties 73.55%
With the controlling bloc holding 74%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Mirae Semiconductor is not a chipmaker.
- Its core business is distribution: it buys memory (DRAM and NAND) and system chips made by Samsung Electronics in bulk and resells them to customers such as domestic and overseas set-makers and module houses.
- Because the model is 'buy and resell' rather than 'manufacture,' 2025 revenue was fairly large at ₩635.6 billion, yet the operating margin was a thin 3.0%.
- The company earns on the spread between its buying and selling prices (the distribution margin), so revenue and profit follow chip prices (especially memory prices) and customer order volumes directly.
- In its January 30, 2026 filing the company itself explained the surge in results as 'expanded customer demand and higher selling prices on the back of a recovery in the semiconductor cycle.' In other words, this is a cycle-sensitive distribution business in which volumes and prices rise together when the memory market improves, and profit grows quickly as a result.
- The latest close is ₩15,520 and the market cap is ₩224.1 billion.
- The price sits below its 20-day line (₩20,660) and below its 60-day line (₩24,707).
- Trading beneath both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (an indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 32.3, a neutral level.
- The price is down 33.5% over one month and 3.2% over three months, and stands 63.9% below its 52-week high.
- Relative strength versus the KOSDAQ is 73 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 26% of all stocks by strength.
- Over the past three months it has outpaced the index by 23.4%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- On last fiscal year's (2025) confirmed figures, the P/E (how many times one year's net profit the share price is) is about 20x, the P/B (how many times net asset value per share) is 2.03x, and the ROE (how much is earned on equity in a year) is 12.8%, above the peer average.
- The debt ratio (debt relative to equity) shows on the site as a high 170.3%, but using the standalone 2025 figures from the January 30, 2026 earnings disclosure (₩77.4 billion of debt divided by ₩110.3 billion of equity), it works out to about 70%; the displayed value appears to reflect a data-tagging issue in which the debt item was recorded equal to total assets.
- Short-term assets are 4.6x short-term debt (current ratio), so near-term liquidity is ample.
- The key point here is that last year's confirmed P/E of 20x is an old number from 'before earnings surged.' Since a single quarter's operating profit in Q1 already exceeded the full prior year, the forward P/E that reflects this year's profit trajectory falls well below that level and sits far under the peer median.
- For a stock at an earnings inflection like this, the forward measure is closer to the real picture than last year's number, and on that basis the share price looks inexpensive relative to earnings.
- Over five years, revenue moved ₩328.0 billion (2021) → ₩550.2 billion (2022) → ₩380.5 billion (2023) → ₩487.6 billion (2024) → ₩635.6 billion (2025), tracking the semiconductor cycle closely, bottoming in 2023 before recovering and expanding in 2024 and 2025.
- In 2025 revenue grew 30.3% year over year, while operating profit rose 86.4% and net profit 133.6%, so earnings improved faster than the top line (and the pace accelerated year after year).
- Then in Q1 2026, cumulative revenue reached ₩340.5 billion (+113.8% YoY), operating profit ₩32.2 billion (+496.8%) and net profit ₩23.4 billion (+442.1%), so a single quarter's operating profit already surpassed the full year 2025 (₩19.1 billion).
- This profit leap was driven directly by higher customer demand and rising selling prices as the memory cycle recovered.
- In distribution, when prices rise both revenue and margin grow on the same volume, and the company's use of convertible bonds and borrowing to expand purchasing funds and secure inventory supported that volume growth.
- The picture of forward earnings jumping sharply versus last year is the result of demand, prices and secured purchasing capacity converging, and it is an inflection confirmed by actual results in Q1.
- The past year's filings cluster into 'funding for growth' and 'shareholder-return signals.' In October 2025 the company issued ₩47.0 billion of convertible bonds (debt that can be converted into shares at maturity), earmarking ₩22.0 billion for chip purchases and ₩25.0 billion for overseas expansion, and in March 2026 it raised its short-term borrowing ceiling from ₩67.0 billion to ₩120.0 billion, with the stated purpose of 'purchasing semiconductor goods to expand sales.' A distributor must secure goods in advance to grow revenue, so the structure of funding inventory with debt is laid out plainly in the filings.
- The January 2026 disclosure of a sharp earnings swing officially confirmed the strong results, and the Q1 quarterly report reaffirmed the profit leap.
- Separately, in December 2025 the company set a record date (2025-12-31) for a year-end dividend, signaling a move toward a payout (the amount to be finalized at the shareholder meeting).
- Alongside the growth drivers, the potential dilution from convertible bonds converting into shares has thus accumulated over the same period.
- The strengths are clear.
- As the semiconductor cycle recovered, customer demand and prices rose together and revenue and profit grew quickly, with Q1 alone exceeding last year's full-year operating profit.
- Last year's confirmed P/E looks high because it is a pre-leap number, but the forward P/E that reflects this year's profit sits well below the peer median, so the share price reads as inexpensive relative to earnings.
- The actual financial structure (debt ratio of about 70%) is healthier than the displayed value, near-term liquidity is ample, and the 12.8% ROE runs above the peer average.
- The cautions are just as clear.
- Because the core business is thin-margin distribution, profit can shrink quickly if memory prices roll over, and that growth is being supported by ₩47.0 billion of convertible bonds and increased short-term borrowing, carrying a potential dilution of around 17% when the bonds convert.
- In short, this is a stock where earnings leverage works powerfully while the memory upcycle and customer orders hold strong, and on a forward basis its valuation is cheap as long as that flow continues; conversely, when prices soften or inventory is carried at expensive prices, the thin margin and borrowing burden become weaknesses together.
🔎 Valuation vs peers Inconclusive
Because the core business is semiconductor distribution (a dealership) rather than manufacturing or materials, its margin structure differs from those peers; among the semiconductor names on the site, comparable businesses are used only as references, with the margin difference factored into interpretation.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hana Materials | 26.13x | 2.16x | 8.28% |
| SFA Semicon | — | 1.73x | -4.05% |
(a) Comparative position: even among semiconductor names, Hana Materials (materials, operating margin in the 18% range) and SFA Semicon (packaging) are manufacturing-type with double-digit margins, whereas Mirae Semiconductor runs a 3.0% distribution margin, so its P/E and P/B cannot be lined up on the same yardstick. (b) Premium/discount: the P/B of 3.36x is similar to the peer median (3.14x), and last year's confirmed P/E of 26x is below the peer median (37.6x), but that figure is a pre-inflection number and cannot be taken at face value. (c) Limits of trailing and the forward basis: with Q1 operating profit already exceeding the full prior year, last year's P/E is overstated, and with no official company guidance the forward view can only be gauged from a DART quarterly seasonality approximation (annual net profit of about ₩77.9 billion, forward P/E of about 5x). If price strength cools this approximation can fall quickly too, so we do not assert undervalued or overvalued and leave the verdict inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩310.8 billion | approx. ₩25.2 billion | approx. ₩17.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩15,520 and the market capitalization is ₩224.1 billion. The price sits below its 20-day moving average (₩20,660) and below its 60-day moving average (₩24,707). 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 32.3, a neutral level. The one-month change is -33.5%, the three-month change is -3.2%, and the position relative to the 52-week high is -63.9%. Relative strength versus the KOSDAQ is 73 (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 74% of all stocks. Over the past three months it outpaced the index by 23.4%. 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 +23.42% / 6M +8.64% / 12M -12.29%
Key metrics vs sector median
Valuation
The P/E of 15.86x is below the sector median (27.09x). The P/B of 2.03x is in line with the sector median (2.10x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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
The operating margin is 3.0%. The debt ratio is 170.3%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $252.2M | $323.2M | $421.2M | +30.34% ↑ faster |
| Operating profit | $6.2M | $6.8M | $12.6M | +86.39% ↑ faster |
| Net profit | $3.4M | $4.0M | $9.4M | +133.57% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $217.4M | $364.6M | $252.2M | $323.2M | $421.2M |
| Operating profit | $13.0M | $14.6M | $6.2M | $6.8M | $12.6M |
| Net profit | $9.8M | $10.0M | $3.4M | $4.0M | $9.4M |
| Revenue CAGR | 4-yr avg 17.98% | ||||
Revenue rose 30.3% year over year (2023 ₩380.5 billion → 2024 ₩487.6 billion → 2025 ₩635.6 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 86.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 18.0%. The two-year revenue CAGR is 29.2%. In the most recent quarter (Q1 2026), revenue was 113.8% 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.
- ROE of 12.8% points to solid profitability.
- Revenue grew 30.3% year over year, a sign of growth.
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
- 2026-01-30EarningsDisclosure of a 30%+ swing in 2025 revenue and earnings — revenue ₩635.6 billion (+30.3%), operating profit ₩19.1 billion (+86.3%), net profit ₩14.2 billion (+134.0%). The company cited 'expanded customer demand and higher selling prices on the back of a semiconductor cycle recovery.'Confirms in the company's own words that the distribution business is tied to chip prices and order volumes. It underpins the strong 2025 results while also implying the reverse could occur if prices roll over. Source
- 2025-10-28FilingDecision to issue ₩47.0 billion of sixth-series convertible bonds (private placement, 0% coupon, maturity 2030-11-06). Proceeds earmarked ₩22.0 billion for chip purchases and ₩25.0 billion for overseas expansion and related purchasing. Conversion price ₩18,245; conversion could create about 2.576 million new shares (about 17.8% of shares outstanding).Growth-oriented funding to secure inventory and overseas expansion, but it carries dilution in the 17% range on conversion and an early-redemption claim burden from May 2028. Source
- 2026-03-27UpdateDecision to increase short-term borrowing — an additional ₩53.0 billion lifts total short-term borrowing from ₩67.0 billion to ₩120.0 billion. Purpose is 'securing working capital (semiconductor goods purchases) to expand sales.'Intended to grow revenue by securing inventory, but heavier reliance on short-term borrowing raises interest and working-capital burdens. It illustrates the debt-funded growth structure of distribution. Source
- 2025-12-11DividendSetting of the record date (2025-12-31) for the 30th-period (2025) year-end dividend. Whether a dividend is paid and the amount are to be finalized later by the board and shareholder meeting.A shareholder-return signal toward paying a dividend. With the amount undetermined, however, a dividend yield cannot yet be calculated. Source
- 2026-05-14UpdateQ1 2026 quarterly report — cumulative revenue ₩340.5 billion (+113.8%), operating profit ₩32.2 billion (+496.8%), net profit ₩23.4 billion (+442.1%). Q1 operating profit already exceeded full year 2025 (₩19.1 billion).Officially confirms the sharp earnings swing. It is direct grounds for treating last year's confirmed P/E as a secondary measure, and whether this pace holds for the full year is the key point to watch. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 debt ratio | 170.3% | approx. 70.3% | Mismatch | link |
| 2025 operating profit | ₩19.1 billion | ₩19.1 billion | Confirmed | link |
| Q1 2026 operating profit | ₩32.2 billion | ₩32.2 billion | Confirmed | link |
| Convertible bond issue size and conversion price | ₩47.0 billion· ₩18,245· approx. 17.8% | ₩47.0 billion· ₩18,245· 2,576,048 | Confirmed | link |
| This year's annual approximation (seasonality) | revenue approx. ₩1.32 trillion·operating profit approx. ₩108.2 billion·net profit approx. ₩77.9 billion | — | Unverified | link |
Recent filings
- 2026-06-05OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27Shareholders' meeting notice
- 2026-03-27Disclosure
- 2026-03-26Disclosure
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-02-26Shareholders' meeting notice
- 2026-02-26Shareholders' meeting notice
📖 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.