HB Solution (297890) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
HB Solution is an equipment company that makes thickness gauges and lighting inspection tools for display front-end processes, coating and assembly automation equipment for back-end processes, and wafer inspection equipment for semiconductor metrology (Nano-Meis), with orders rising and falling according to customers' capital spending. Formerly named K-MAC and part of the HB Group, its key results data are the March 2026 business report and the May quarterly report, and no large order disclosures appeared during this period. What stands out recently is that if display and semiconductor customers' capital spending revives and semiconductor metrology equipment establishes itself as revenue, profit could follow quickly alongside a low asset multiple of 0.50x P/B; but if customer investment is delayed for a long time, swings in core revenue and profit show up directly in quarterly results and make the timing of recovery hard to gauge.
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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 “Display Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Equipment suppliers see orders and results move sharply ahead of and behind their customers' investment decisions, so trailing profits can miss where the business is heading. That is why forward P/E — the share price against expected future 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 fell 52.2% year over year (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 27.0% lower than a year earlier.
- ROE is 14.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.0%.
- 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 HB Technology 19.98% (corporate)
Controlling bloc incl. related parties 27.43%
With the controlling bloc holding 27%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
HB Solution earns money by making equipment that goes into display manufacturing lines. In front-end processes it supplies ultra-precise measurement and inspection equipment such as thickness gauges and lighting inspection tools built on its proprietary optical-measurement technology, and in back-end processes it supplies coating and assembly automation equipment (BPL, FOD, UTG, and the like) that applies resin to panels and inspects and bonds them. On top of this it is stepping into the semiconductor metrology market with wafer inspection equipment (Nano-Meis) using a medium-energy ion-scattering method. In other words, it is not a company that makes panels or semiconductors itself but a typical equipment company whose orders rise and fall with the capital spending of its customers (display and semiconductor makers). Formerly named K-MAC, it belongs to the HB Group (parent HB Holdings), with HB Technology and related parties holding about a 28% stake as the largest shareholder.
The latest close is ₩1,775 and the market capitalization is ₩129.8 billion. The price sits above its 20-day moving average (₩1,646) and below its 60-day moving average (₩1,863). 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 54.0, a neutral level. The one-month change is +4.7%, the three-month change is -34.6%, and the position relative to the 52-week high is -39.9%. Relative strength versus the KOSDAQ is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 2.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On valuation metrics it is clearly cheap on an asset basis. The P/B (how many times per-share net assets the price represents) is 0.50x, meaning it trades at half the value of the company's net assets. The P/E (how many times a year's net profit the price represents) calculated on past results is a low 4.43x, and this figure is affected by 2025 net profit (₩26.4 billion) being far larger than operating profit (₩4.4 billion). Because profit and loss outside the core business (financial and investment-related items) added in and made net profit unusually large that year, this 4.7x alone makes it hard to gauge the company's normal profit level. The forward P/E on this year's basis, reflecting the normal earning power of the core business, is in fact at a lower position than the comparison group in the same inspection and metrology equipment industry (dozens to hundreds of times). In other words, it is hard to call it expensive on either assets or core-business profit. The finances themselves are also solid: a current ratio of 275% gives ample short-term paying ability, the debt ratio (debt versus equity) is around 125%, and ROE (how much is earned in a year on equity) is a healthy 10.8%. The dividend yield is about 1.6% (₩30 per share).
Looking at five years of revenue — ₩46.8 billion (2021) → ₩187.6 billion (2022) → ₩96.2 billion (2023) → ₩131.5 billion (2024) → ₩62.8 billion (2025) — rather than a steady one-way path it swings widely following customers' capital-spending cycle. This level captures a picture where the company earns normal profit from its core business of display inspection and measurement, with the newly growing semiconductor metrology line (Nano-Meis) adding to revenue. With multiples that are not burdensome versus peers, it has a structure where profit could recover quickly when core-business orders turn up from a cycle trough. That said, the pace and extent of the recovery depend on when display and semiconductor customers resume capital spending, so quarterly results may stay choppy for a while.
Recent disclosures center on periodic reports and shareholder-meeting matters. The March 2026 business report (confirming 2025 results) and the May quarterly report (Q1 2026) are the key results data, followed by the March regular shareholders' meeting and a head-office relocation, and in May a call for an extraordinary shareholders' meeting and the setting of a record date. The extraordinary meeting is likely to cover governance-related agenda such as bylaws and director appointments, and the exact items can be confirmed in the source text of the meeting notice. During this period no sizable single supply contract (order) disclosures appeared, so this reads as a stretch of waiting for the cycle to recover rather than adding new orders.
This stock's appeal is clear on the asset-value side. At a P/B of 0.50x it trades at half its net assets, its financial strength on liquidity and ROE is healthy, and on top of its core business of display inspection and measurement it holds a growth axis in semiconductor metrology (Nano-Meis). The forward P/E reflecting the core business's normal earning power is also at a lower position than the industry comparison group, so it is not richly valued on profit either. The strong condition is clear: if display and semiconductor customers' capital spending revives and semiconductor metrology equipment establishes itself as revenue, profit follows quickly alongside the low asset multiple and the undervaluation appeal comes to the fore. The weak condition, by contrast, is a long delay in customer investment, in which case swings in core revenue and profit show up directly in quarterly results and make the timing of recovery hard to gauge. In short, on a foundation of being cheap versus assets and having solid finances, when the core-business cycle turns is what separates the outcomes for this name.
🔎 Valuation vs peers Inconclusive
The peer group is built on the business reality of display and semiconductor inspection/metrology equipment; Park Systems (semiconductor and surface metrology), Koh Young (3D inspection equipment), and Jusung Engineering (semiconductor equipment) are taken as references, though HB Solution, a small-cap of about ₩140 billion in market cap, differs greatly in scale.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Park Systems | 51.39x | 7.72x | 10.74% |
| Koh Young Technology | 144.49x | 6.16x | 7.92% |
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
On the surface, a P/E of 5.3x and P/B of 0.57x look far cheaper than the comparison group (the high multiples of large-cap inspection and metrology equipment names). However, this low P/E results from non-operating and non-recurring items inflating net profit in 2025 rather than from the core business, so on a last-year confirmed (trailing) basis it can look more undervalued than it truly is. On a this-year forward basis, stripped of the one-off effect, the perceived multiple becomes far higher than the trailing figure. On the other hand, a P/B of 0.57x is a clear discount to net assets and its financial strength is healthy. In other words, it is cheap on asset value but hard to conclude is cheap on core-business earnings value, so until a core-business cycle recovery is confirmed, withholding judgment is appropriate.
Price history Close · MA20 · MA60
The latest close is ₩1,775 and the market capitalization is ₩129.8 billion. The price sits above its 20-day moving average (₩1,646) and below its 60-day moving average (₩1,863). 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 54.0, a neutral level. The one-month change is +4.7%, the three-month change is -34.6%, and the position relative to the 52-week high is -39.9%. Relative strength versus the KOSDAQ is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 2.7%. 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 +2.71% / 6M +10.54% / 12M -23.96%
Key metrics Computed vs sector median
Valuation
The P/E of 4.90x is below the sector median (14.07x). The P/B of 0.50x is below the sector median (1.01x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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
Return on equity (ROE) is 14.3%, above the sector average (2.0%). The operating margin is 7.0%. The debt ratio is 27.4%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $67.6M | $92.4M | $44.2M | -52.22% ↓ slower |
| Operating profit | $4.8M | $13.6M | $3.1M | -77.27% ↓ slower |
| Net profit | $53.1M | -$14.6M | $18.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $32.9M | $131.8M | $67.6M | $92.4M | $44.2M |
| Operating profit | $469,106 | $19.1M | $4.8M | $13.6M | $3.1M |
| Net profit | $4.3M | $30.6M | $53.1M | -$14.6M | $18.6M |
| Revenue CAGR | 4-yr avg 7.67% | ||||
Revenue fell 52.2% year over year (2023 ₩96.2 billion → 2024 ₩131.5 billion → 2025 ₩62.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 77.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.7%. The two-year revenue CAGR is -19.2%. In the most recent quarter (Q1 2026), revenue was 27.0% lower 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 14.3% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 52.2% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-18Earnings2025 business report filed. Consolidated revenue ₩62.8 billion (-52% year over year), operating profit ₩4.4 billion (-77%), net profit ₩26.4 billion, swinging to profit from the prior year's loss (net profit heavily influenced by non-operating items).Core-business slowdown is a drag, but the swing to profit and solid finances support the downside. That said, with net profit heavily reliant on non-operating items, the quality of earnings needs scrutiny (mid-term impact). Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Revenue ₩14.7 billion (-27% year over year), operating profit -₩1.1 billion swinging to a loss, net profit ₩13.4 billion (influenced by non-operating items).The core business swinging to a quarterly loss is a short-term drag. Net profit is positive but from non-operating effects, so it is early to read it as a core-business recovery signal (short-term impact). Source
- 2026-05-21FilingResolution to convene an extraordinary shareholders' meeting and setting of a record date. An extraordinary meeting to handle agenda separate from the regular meeting.Likely governance and bylaws agenda. Unrelated to results, but depending on the outcome there is room for mid-term governance change (mid-term impact). Source
- 2026-03-26FilingRegular shareholders' meeting results and head-office relocation disclosure.Little direct financial impact, but read as a change in premises and operating structure. Short-term share-price impact is limited (low short-term impact). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue (consolidated) | ₩62.8 billion | ₩62.8 billion | Confirmed | link |
| Q1 2026 operating profit/loss | -₩1.1 billion | 1 (-₩1.1 billion) | Confirmed | link |
| Gap between net margin and operating margin (quality of earnings) | net margin 42.2% vs operating margin 7.0% | — | Unverified | link |
| Largest-shareholder stake | HB approx. 28% | — | Unverified | link |
Recent filings Source
- 2026-05-21Disclosure
- 2026-05-21Shareholders' meeting notice
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-02-25Disclosure
- 2026-02-25Shareholders' meeting notice
- 2026-02-23Shareholders' 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.