KNJ (272110) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
KNJ makes focus rings and edge rings, the consumable SiC (silicon carbide) parts used in semiconductor etching. Because these rings wear out and must be replaced after a set period of use, the higher a fab's utilization, the more repeatedly the same customer buys them, giving the business a recurring-revenue structure; its main customers are NAND and DRAM memory makers. On May 11 its Q1 report showed revenue up 80.8%, on May 28 a decision to acquire tangible assets continued the trend of capacity expansion, and the April 28 results of a treasury-stock disposal and a June 9 investor presentation were also disclosed. What stands out lately is the contrast: repeat consumable sales let revenue and operating profit rise quickly together during a NAND recovery, and ROE in the 26% range clearly tops the peer set (8-13%), yet the forward P/E on this year's earnings is among the lowest in the group, a strength, while customers and end-demand are concentrated in memory so results move with the NAND and DRAM cycle, and 2025 net profit contains non-operating items, so it is better to gauge earnings quality by operating profit.
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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 Materials & Components” (Semiconductors & IT Components · Semiconductors), a type typically read first through forward P/E.
Semiconductor materials and components supply the inputs used in chip fabrication, and results move sharply ahead of and behind the chip investment cycle and customers' fab utilization. Because future earnings from recovering demand matter more than results already booked, the 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
- Revenue rose 35.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 80.8% higher than a year earlier.
- ROE is 26.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 24.2%.
- 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 Sim Ho-seob 14.11% (individual)
Controlling bloc incl. related parties 24.27%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
KNJ makes and sells SiC (silicon carbide) consumable parts, namely focus rings and edge rings, used in semiconductor etching (the process of shaving the wafer to carve circuits). These rings hold the wafer's edge and maintain etch uniformity, and they wear out and must be replaced after a set period of use. As a result, the higher a fab's utilization, the more steadily the same customer keeps rebuying the same parts, giving it a recurring-revenue structure. Most of its revenue comes from these SiC rings and parts, and its main customers are memory makers producing NAND flash, DRAM, and the like. The company originally started out with edge grinders and panel-inspection equipment for displays, but after shifting its center of gravity to semiconductor materials from the 2010s onward, SiC parts are now the core business driving results.
The latest close is ₩28,000 and the market capitalization is ₩224.7 billion. The price sits above its 20-day moving average (₩26,522) and below its 60-day moving average (₩30,505). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.0, a neutral level. The one-month change is +7.1%, the three-month change is -35.0%, and the position relative to the 52-week high is -35.0%. Relative strength versus the KOSDAQ is 79 (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 79% of all stocks. Over the past three months it outpaced the index by 4.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed annual (2025) figures, the P/E (how many times one year's earnings the price represents) is 8.79x and the P/B (how many times net assets the price represents) is 2.18x. ROE (how much is earned in a year on equity) is 26.4%, indicating high profitability, with an operating margin of 26.3% and a net margin of 30.3%. The debt-to-equity ratio is 137.8%, but with interest coverage of 8.5x and a current ratio of 137%, there is room to cover interest and short-term obligations. The 9.07x P/E and 2.40x P/B are on last year's confirmed earnings and net assets (trailing), so in a stretch like now, with earnings rising fast, the multiple on this year's earnings comes out lower. Indeed, the forward P/E on this year's earnings is among the lowest compared with peer SiC and quartz-parts makers, so the stock is on the cheap side relative to earnings. That said, 2025 net profit (₩25.6 billion) contains non-operating items, which is why the net margin came out higher than the operating margin, so it is safer to view the mainstream of earnings through the operating-profit trend.
Over five years, revenue ran ₩46.5 billion in 2021, ₩62.3 billion in 2022, ₩47.4 billion in 2023, ₩62.2 billion in 2024, and ₩84.4 billion in 2025 - dipping once in the middle before climbing back to a record high. Operating profit grew about fivefold over the same span, from ₩4.4 billion to ₩22.2 billion, and 2025 operating-profit growth of +57.2% outpaced revenue growth (+35.7%), meaning earnings are growing faster than the top line. Growth is accelerating rather than slowing, and Q1 2026 was especially steep on the top line, with revenue of ₩34.9 billion (+80.8%), operating profit of ₩7.5 billion (+35.4%), and net profit of ₩6.3 billion (+39.1%). Underpinning this is that as the NAND cycle recovered, etch-process utilization rose and demand to replace worn SiC rings came back to life. The higher utilization goes, the more repeatedly consumable parts sell, so in a phase where memory production is rising, revenue and profit both get leverage. The forward P/E on this year's earnings reflects this revived replacement demand and the earnings base pointed to by confirmed Q1 results. Meanwhile, no clear basis for a downturn in the memory cycle beyond 2027 has been confirmed, so there is no data to firmly conclude that the present is a cycle top.
Recent disclosures saw results, investment, and shareholder returns move together. On May 11, 2026 the quarterly report disclosed confirmed Q1 results (revenue +80.8%), and on May 28 a decision to acquire tangible assets continued the drive to expand SiC-ring capacity. The April 28 disclosure of the results of a treasury-stock disposal touched on shareholder returns and cash management, while the June 9 disclosure of an investor presentation (IR) announced a venue where the company would explain its business and results directly. Meanwhile, a string of April disclosures on shareholding changes (large holdings) and the largest shareholder's pledge of collateral is worth checking alongside the results, on the governance and supply-demand side.
The strengths are clear. SiC etch parts are consumables that wear out once used and must be rebought, so as fab utilization rises, recurring revenue grows; during a NAND recovery, revenue and operating profit rise quickly together, and ROE in the 26% range clearly tops the peer set (8-13%). And despite profitability this high, the forward P/E on this year's earnings is among the lowest of the peer parts makers, putting it in a cheap position relative to earnings. There are also points to watch. Customers and end-demand are concentrated in memory semiconductors, so results move with the NAND and DRAM cycle, and 2025 net profit contains non-operating items, so it is better to check earnings quality on an operating-profit basis. In sum, this is a stock where recurring consumable sales and earnings leverage show up strongly in phases where memory utilization rises and capacity additions come together, and that strength is well reflected in the current low forward valuation. The variable to monitor is not so much the level of the share price as how long end-demand for memory persists.
🔎 Valuation vs peers Fairly valued
The peer set comprises companies whose business substance is similar - makers of consumable parts (SiC rings, silicon/quartz parts) for semiconductor etching and CMP processes. The P/E and P/B shown are the site's own values computed at the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| TCK (Tokai Carbon Korea) | 28.44x | 3.76x | 14.30% |
| Hana Materials | 28.40x | 2.25x | 10.28% |
| Woldex | 11.46x | 1.29x | 12.84% |
Within the peer set, KNJ's trailing P/E of 12.1x is far below the leading SiC-parts names Tokai Carbon Korea (46x) and Hana Materials (38x) and is similar to Wonik QnC (11x), a quartz and silicon parts maker. Its ROE of 26% is the highest in the peer set, so relative to profitability the multiple is on the low side.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩38.7 billion | approx. ₩10.0 billion | approx. ₩6.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩28,000 and the market capitalization is ₩224.7 billion. The price sits above its 20-day moving average (₩26,522) and below its 60-day moving average (₩30,505). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.0, a neutral level. The one-month change is +7.1%, the three-month change is -35.0%, and the position relative to the 52-week high is -35.0%. Relative strength versus the KOSDAQ is 79 (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 79% of all stocks. Over the past three months it outpaced the index by 4.8%. 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 +4.84% / 6M +48.40% / 12M +55.34%
Key metrics Computed vs sector median
Valuation
The P/E of 8.79x is below the sector median (26.76x). The P/B of 2.18x is above the sector median (1.63x).
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 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
The operating margin is 24.2%. The debt ratio is 143.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $33.3M | $43.7M | $59.3M | +35.73% ↑ faster |
| Operating profit | $7.4M | $9.9M | $15.6M | +57.20% ↑ faster |
| Net profit | $7.6M | $6.3M | $18.0M | +186.83% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $32.7M | $43.8M | $33.3M | $43.7M | $59.3M |
| Operating profit | $3.1M | $9.3M | $7.4M | $9.9M | $15.6M |
| Net profit | $3.9M | $7.0M | $7.6M | $6.3M | $18.0M |
| Revenue CAGR | 4-yr avg 16.08% | ||||
Revenue rose 35.7% year over year (2023 ₩47.4 billion → 2024 ₩62.2 billion → 2025 ₩84.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 57.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.1%. The two-year revenue CAGR is 33.5%. In the most recent quarter (Q1 2026), revenue was 80.8% 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.
- ROE of 26.5% points to solid profitability.
- Revenue grew 35.7% 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
- 2026-05-28FilingDecision to acquire tangible assets (material-facts report) - decision to acquire production facilities and other tangible assetsA cash outflow in the short term, but in the medium term it can be read as a signal of expanding SiC-ring capacity. The actual expansion effect must be confirmed through utilization and new orders. Source
- 2026-05-11EarningsQ1 2026 quarterly report - revenue ₩34.9 billion (+80.8%) and operating profit ₩7.5 billion (+35.4%) confirmedThe steep top-line growth is a first check on whether growth is sustained. That operating-profit growth trailed revenue is a point to review together via the margin trend. Source
- 2026-04-28UpdateReport on the results of a treasury-stock disposal - disposal of held treasury stock completedA disclosure with both shareholder-return and financing sides; it is best to check the purpose of the disposal alongside cash flow. Source
- 2026-06-09IRInvestor presentation (IR) held - notice of a venue where the company explains its business and results directlyAn explanation through the company's official channel, an opportunity to confirm qualitative information such as capacity additions and demand outlook from a primary source. Source
- 2026-03-19Filing2025 business report - annual revenue ₩84.4 billion and operating profit ₩22.2 billion confirmedThe reference document for confirmed annual results. A mainstream disclosure for checking the five-year trend and business-segment composition together. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-09Disclosure
- 2026-05-28Material-fact report
- 2026-05-11PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-28TreasuryTreasury-stock disposal decision
- 2026-04-20OwnershipOwnership-change filing
- 2026-04-14OwnershipOwnership-change filing
- 2026-04-13OwnershipLargest-shareholder ownership change report (amended)
- 2026-04-10OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business 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.