Wavice (289930) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Wavice makes semiconductor components. On a standalone basis it posted annual revenue of ₩40.7 billion in 2025, putting it in the small-to-mid-cap range, so getting an accurate picture means watching not just the core business but also how a single disclosure can move revenue, profit and the share count. A February 2026 filing confirmed 2025 revenue of ₩40.7 billion, operating profit of ₩600 million and net profit of ₩1.8 billion, signaling a swing back into the black; a May quarterly report showed first-quarter revenue of ₩5.2 billion, an operating loss of ₩3.4 billion and net profit of ₩1.8 billion; and in June the company disclosed a plan to build a new headquarters and other facilities worth ₩30.95 billion, equal to 50.8% of shareholders' equity. The strengths to note are that revenue has risen two years running and turned profitable, and that management has committed directly to a large investment in capacity; the cautions are that the operating margin is a thin 1.5%, the first quarter slipped back into an operating loss, and a debt ratio of 115.5% and an interest-coverage ratio below 1x add pressure, so the key questions are whether the profit turnaround holds and whether the investment translates into revenue.
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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 “Semiconductors” (Semiconductors & IT Components), a type typically read first through P/B.
Chipmakers ride sharp swings in chip prices and demand, so profits balloon in upturns and can flip to losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the company's asset value — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 38.5% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 20.1% lower than a year earlier.
- ROE is 3.5% (total-net basis). It is above the sector average.
- Operating margin is 1.5%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jung-gon 19.48% (individual)
Controlling bloc incl. related parties 20.33%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Wavice makes semiconductor components. On a standalone basis its 2025 annual revenue was ₩40.7 billion, which places it among small-to-mid-cap names rather than large conglomerates. At this size, getting an accurate picture means looking not only at the core business of selling products but also at how a single disclosure can affect revenue, profit and the share count.
The latest close is ₩7,020 and the market capitalization is ₩92.3 billion. The price sits below its 20-day moving average (₩7,066) and below its 60-day moving average (₩9,901). 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 43.7, a neutral level. The one-month change is -10.3%, the three-month change is -66.0%, and the position relative to the 52-week high is -70.5%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 45.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
2025 annual revenue was ₩40.7 billion, operating profit ₩600 million and net profit ₩1.8 billion. With an operating margin of 1.5% and an ROE (how much is earned in a year on equity) of 3.5%, profitability itself is still low, as one would expect from a company that has just turned profitable. That is why the P/E ratio (how many times a year's profit the share price is) of 51.39x looks large: rather than the company being expensive, this reflects a stage where profit has only just flipped from a loss to a gain, so the earnings in the denominator are small. The P/B (how many times book value the share price is) is 1.52x. The debt ratio (debt versus equity) is 215.5%, meaning debt somewhat exceeds equity, and covering interest with operating profit is still tight (interest-coverage ratio below 1x). That said, the current ratio of 2.88x means short-term payment capacity has some room.
The broad thrust of growth is clear. Revenue rose two years running, from ₩16.9 billion in 2023 to ₩29.4 billion in 2024 to ₩40.7 billion in 2025, a 38.5% increase in 2025. The more meaningful change is in earnings. Operating profit went from -₩9.5 billion in 2023 and -₩4.9 billion in 2024 to +₩600 million in 2025, and net profit turned around from heavy losses of -₩15.0 billion and -₩5.5 billion to +₩1.8 billion. As revenue grew, the losses narrowed and then crossed into profit, a textbook turnaround. That said, the most recent quarter, Q1 2026, posted revenue of ₩5.2 billion (down 20.1% year over year) and an operating loss of -₩3.4 billion, slipping back into an operating loss (net profit was +₩1.8 billion). So on an annual basis it has climbed into the black, but quarter to quarter it is still uneven. Full-year revenue for this year is estimated at around ₩32.5 billion, a conservative approximation that accounts for the volatility in quarterly results. The key question is whether quarterly operating profit settles back onto a stable, positive track. For reference, current data offers no basis to say profit will roll over next year rather than this year, so there is no reason to call this a cycle top.
The recent flow of disclosures runs as follows. On 2026-02-09, an earnings-structure change filing confirmed 2025 annual results (revenue ₩40.7 billion, operating profit ₩600 million, net profit ₩1.8 billion), signaling the swing back into the black. In the 2026-05-12 quarterly report, Q1 2026 figures were confirmed at revenue ₩5.2 billion, an operating loss of -₩3.4 billion and net profit of ₩1.8 billion, a point where the quarterly trend needs to be checked against the annual trend. On 2026-06-05, the company disclosed a plan to build a new headquarters and other facilities worth ₩30.95 billion. At 50.8% of shareholders' equity, this is a large investment relative to the company's size, and management framed it as aimed at expanding capacity and building a foundation for growth. Because it is a plan the company put forward directly, it shows growth intent, while it is worth following how the investment is funded and whether it feeds through into actual revenue and profit.
Splitting the picture into strengths and points to check makes it clearer. The strengths are that revenue has risen two years running and swung from loss to profit, and that management has directly committed to a large investment in a headquarters and capacity. The share price has also fallen more than 65% from its high, a spot where expectations have cooled considerably. The point to check is that the profit is still thin. The operating margin is a low 1.5%, Q1 2026 slipped back into an operating loss, and a debt ratio of 115.5% and an interest-coverage ratio below 1x add to the pressure. In short, if quarterly operating profit settles into positive territory and the new investment feeds into revenue growth, the recovery has room to gather momentum; conversely, if quarterly losses persist or the large investment weighs on funding, it weakens. Whether the high trailing P/E reflects an overvalued company or simply the small profit of an early turnaround is something future quarterly results will decide.
🔎 Valuation vs peers Overvalued
A comparison set of semiconductor names close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ajin Extec | 153.61x | 3.10x | 2.03% |
| AL Tech | — | 1.09x | -9.67% |
| KEC | — | 0.33x | -8.15% |
Within semiconductors, we prioritized a public-data comparison set close in market cap. The current P/E ratio (how many times a year's profit the share price is) is 51.39x and the P/B (how many times book value the share price is) is 1.52x. That said, for smaller-cap names, swings in profit and funding disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed results alone. The forecast box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩32.5 billion | — | — |
| Next quarter | Q2 2026 | ₩6.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,020 and the market capitalization is ₩92.3 billion. The price sits below its 20-day moving average (₩7,066) and below its 60-day moving average (₩9,901). 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 43.7, a neutral level. The one-month change is -10.3%, the three-month change is -66.0%, and the position relative to the 52-week high is -70.5%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 45.9%. 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 -45.87% / 6M -28.22% / 12M -24.33%
Key metrics Computed vs sector median
Valuation
The P/E of 51.39x is above the sector median (26.76x). The P/B of 1.52x is in line with 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.
Profitability & financials
The operating margin is 1.5%. The debt ratio is 84.8%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $11.9M | $20.7M | $28.6M | +38.48% ↓ slower |
| Operating profit | -$6.7M | -$3.4M | $440,775 | — |
| Net profit | -$10.6M | -$3.9M | $1.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $11.9M | $20.7M | $28.6M |
| Operating profit | — | — | -$6.7M | -$3.4M | $440,775 |
| Net profit | — | — | -$10.6M | -$3.9M | $1.3M |
| Revenue CAGR | 2-yr avg 55.25% | ||||
Revenue rose 38.5% year over year (2023 ₩16.9 billion → 2024 ₩29.4 billion → 2025 ₩40.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 3 years on record, revenue compound annual growth (CAGR) is 55.2%. The two-year revenue CAGR is 55.2%. In the most recent quarter (Q1 2026), revenue was 20.1% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 38.5% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-05UpdateNew facility investment: New facility investment / (2026.06.05) New facility investment. 1. Investment type: construction of a new headquarters, etc. 2. Investment details: amount (won) 30,950,000,000; shareholders' equity (won) 60,922,061,242; ratio to equity (%) 50.80; large-corporation status: not applicable. 3. Investment purpose: to build production capacity and a foundation for growth through the new headquartersA planning document put forward directly by the company. If it contains figures, treat it as the primary basis for the forecast box; if not, read it only as a directional cue. Source
- 2026-02-09EarningsChange of 30% or more in revenue or earnings structure (15% for large corporations): annual revenue ₩40.7 billion, operating profit ₩600 million, net profit ₩1.8 billionRecently confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are involved. Source
- 2026-05-12EarningsQuarterly report (2026.03): Q1 2026 revenue ₩5.2 billion, operating loss -₩3.4 billion, net profit ₩1.8 billionRecently confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,020 | ₩7,020 | Confirmed | link |
| Latest quarterly results | revenue ₩5.2 billion, operating profit -₩3.4 billion | revenue ₩5.2 billion, operating profit -₩3.4 billion | Confirmed | link |
| Annual results | revenue ₩40.7 billion, operating profit ₩0.6 billion | revenue ₩40.7 billion, operating profit ₩0.6 billion | Confirmed | link |
| Outlook/plan disclosure text | /(2026.06.05) 1. 2. 30,950,000,000 60,922,061,242 (%) 50.80 3. | /(2026.06.05) 1. 2. 30,950,000,000 60,922,061,242 (%) 50.80 3. | Confirmed | link |
| Earnings disclosure text | revenue30%: revenue ₩40.7 billion · operating profit ₩0.6 billion · net profit ₩1.8 billion | revenue30%: revenue ₩40.7 billion · operating profit ₩0.6 billion · net profit ₩1.8 billion | Confirmed | link |
| Earnings disclosure text | (2026.03): 2026 1 revenue ₩5.2 billion · operating profit -₩3.4 billion · net profit ₩1.8 billion | (2026.03): 2026 1 revenue ₩5.2 billion · operating profit -₩3.4 billion · net profit ₩1.8 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-10Material-fact report (amended)
- 2026-06-05Disclosure
- 2026-06-04OwnershipOwnership-change filing
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report (amended)
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/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.