GIS designs and manufactures dicing systems that precisely cut semiconductor wafers into individual chips, supplying them to semiconductor makers and back-end packaging firms; it is a manufacturing-based company founded in 2000. In May 2026 it decided to issue convertible bonds (conversion price ₩3,562, ₩5.9 billion in operating funds), followed by a disclosure amending the detailed terms, and in the earlier month of April it also decided to dispose of treasury convertible bonds it held at a conversion price of ₩2,664. What stands out now is that the company holds a specialized niche in semiconductor dicing equipment and its most recent quarterly revenue jumped 82.9% year on year, a sign of recovering demand, while on the other hand its financial strength is tight with a debt-to-equity ratio of 327.1%, a current ratio of 80.5%, and an interest-coverage ratio below 1x; it is still in operating loss on a quarterly basis; and a potential share-count increase from convertible bonds remains, so confirmation is needed that the top-line recovery carries through to improved profit and finances.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 327.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 80.5%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 27.4% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 82.9% higher than a year earlier.
- ROE is -9.2% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.1%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Hwang Sung-il 43.12% (individual)
Controlling bloc incl. related parties 51.67%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis
- GIS makes dicing systems used in semiconductor processes.
- Dicing is the process of precisely cutting a semiconductor wafer (a round disc with many chips etched onto it) into individual chips, and designing and manufacturing this cutting equipment for sale to semiconductor makers and back-end packaging firms is its main source of income.
- It is a manufacturing-based company founded in 2000, with production facilities in Anyang, Gyeonggi Province.
- It entered the market in 2020 through a merger with a special-purpose acquisition company (SPAC, a listing method in which a firm combines with an already-listed shell company to go public indirectly).
- Because its market capitalization is on the smaller side, this is a stock where one must watch not only business results but also the effect each disclosure such as financing has on share count and finances.
- The latest close is ₩1,871 and market capitalization is ₩89.7 billion.
- The price sits below its 20-day line (₩2,515) and its 60-day line (₩2,915).
- Trading beneath both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 32.7, a neutral reading.
- The change is -22.0% over one month and -34.1% over three months, and the price sits -50.8% below its 52-week high.
- Relative strength versus the KOSDAQ is 61 (1-99, converted from the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 39% of all stocks by strength.
- Over the past three months it lagged the index by 17.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Full-year revenue was ₩75.8 billion and operating profit ₩1.6 billion, turning a profit at the operating level, but net profit was a loss of ₩4.0 billion.
- The operating margin is 2.1% and ROE (how much is earned in a year on equity) is -9.2%.
- The P/E is not calculated because net profit was in the red, and the P/B (how many times book value the price is) is 2.04x.
- A P/B of 2.78x is somewhat higher than that of peer names, but it is premature to conclude the stock is expensive on this figure alone.
- With profit still at an inflection from loss toward profit, a book-value-based multiple can also be seen as partly pricing in recovery expectations.
- That said, the clear weaknesses are that the debt-to-equity ratio is high at 327.1%, the current ratio (assets readily convertible to cash within a year against debt due within a year) is below 100% at 80.5%, and the interest-coverage ratio (the ability to cover interest with operating profit) is below 1x.
- In other words, even with revenue support, financial strength should be viewed as still at a tight stage.
- Over several years, revenue grew rapidly from ₩49.9 billion in 2021 to ₩86.8 billion in 2023 and ₩104.5 billion in 2024, before pausing at ₩75.8 billion in 2025.
- Operating profit entered profitable territory, from losses in 2021-2022 to ₩2.2 billion in 2023, ₩3.6 billion in 2024, and ₩1.6 billion in 2025, while net profit was in the red every year but on a narrowing trend from -₩8.0 billion in 2022.
- The most striking change is the most recent quarter: Q1 2026 revenue was ₩13.9 billion, up 82.9% from the same period a year earlier, which reads as a sign that back-end semiconductor investment demand is reviving and dicing-equipment orders are recovering.
- Because the business report discloses quarterly profit only on a cumulative basis, precisely pinning down this year's annual profit is difficult, but if the recovered revenue pace continues, it is a position from which the top line could again aim for 2024 levels.
- That said, at the Q1 stage operating profit was still a loss of ₩1.4 billion, so it needs one more quarter of confirmation before the top-line recovery can be said to have clearly carried through to profit.
- There is no sign yet of revenue rolling over, so the current data gives no grounds to call this a cycle top.
- Recent disclosures center on financing.
- In the May 7, 2026 decision to issue convertible bonds (bonds that can be converted into shares at a set price), a conversion price of ₩3,562 and ₩5.9 billion in operating funds were confirmed, and on May 22 a disclosure amending those detailed terms followed.
- Earlier, on April 16, there was also a decision to dispose of treasury convertible bonds the company held at a conversion price of ₩2,664.
- Such financing disclosures should be viewed from both sides: the positive of operating funds coming in, and the possibility that, if conversion rights are exercised, the share count rises and existing shareholders' stakes are diluted.
- The checkpoint is whether the incoming funds actually flow into production and orders and are reflected in revenue.
- The strengths are clear.
- The company holds a specialized niche in semiconductor dicing equipment, and its most recent quarterly revenue rose 82.9% year on year, with a sign of recovering demand starting to appear in the results.
- It already has experience of profit at the operating level, so if the recovered top line continues, it becomes a foundation for profit improvement.
- On the other hand, the cautions are just as clear.
- Financial strength is tight with a 327.1% debt-to-equity ratio, an 80.5% current ratio, and an interest-coverage ratio below 1x; on a quarterly basis it is still in operating loss; and a potential share-count increase from convertible-bond conversion remains.
- In short, it is a strong stock if back-end semiconductor investment revives and the recovered revenue settles into operating profit, but a structure in which financial strain surfaces first if the revenue recovery slows again or the turn to profit is delayed.
- It is reasonable to watch, quarter by quarter, whether the top-line recovery carries through to improved profit and finances.
🔎 Valuation vs peers Overvalued
A peer set of machinery and equipment makers of comparable market capitalization drawn from public data.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| YJ Link | — | 1.30x | -4.16% |
| Nanoteam | 96.36x | 1.97x | 2.04% |
| Hana Technology | — | 1.00x | -5.78% |
Within machinery and equipment, a peer set of comparable market capitalization drawn from public data was prioritized. The current P/E (how many times a year's profit the price is) cannot be confirmed, and the P/B (how many times book value the price is) is 2.04x. That said, because smaller-cap names are heavily affected by profit swings and financing disclosures, no firm conclusion was drawn from figures based solely on last year's confirmed results. The forecast box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩61.1 billion | — | — |
| Next quarter | Q2 2026 | ₩13.6 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩1,871 and the market capitalization is ₩89.7 billion. The price sits below its 20-day moving average (₩2,515) and below its 60-day moving average (₩2,915). 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 32.7, a neutral level. The one-month change is -22.0%, the three-month change is -34.1%, and the position relative to the 52-week high is -50.8%. Relative strength versus the KOSDAQ is 61 (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 61% of all stocks. Over the past three months it lagged the index by 17.2%. 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 -17.16% / 6M -14.51% / 12M -16.54%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.04x is above the sector median (1.44x).
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 -9.2%, below the sector average (5.0%). The operating margin is 2.1%. The debt ratio is 327.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $57.5M | $69.2M | $50.2M | -27.42% ↓ slower |
| Operating profit | $1.4M | $2.4M | $1.1M | -55.00% ↓ slower |
| Net profit | -$3.4M | -$1.1M | -$2.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $33.1M | $35.1M | $57.5M | $69.2M | $50.2M |
| Operating profit | -$1.9M | -$2.5M | $1.4M | $2.4M | $1.1M |
| Net profit | -$3.0M | -$5.3M | -$3.4M | -$1.1M | -$2.7M |
| Revenue CAGR | 4-yr avg 11.03% | ||||
Revenue fell 27.4% year over year (2023 ₩86.8 billion → 2024 ₩104.5 billion → 2025 ₩75.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 55.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.0%. The two-year revenue CAGR is -6.5%. In the most recent quarter (Q1 2026), revenue was 82.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Debt far exceeds equity (debt ratio 327.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 80.5%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 27.4% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-22Update[Attachment amended] Material-event report (decision to issue convertible bonds): check the detailed terms in the original textThis is a disclosure where the purpose of the fund inflow and changes to the share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and links to revenue is the key. Source
- 2026-05-07UpdateMaterial-event report (decision to issue convertible bonds): conversion price ₩3,562, operating funds ₩5.9 billionThis is a disclosure where the purpose of the fund inflow and changes to the share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and links to revenue is the key. Source
- 2026-04-16UpdateMaterial-event report (decision to dispose of treasury convertible bonds): conversion price ₩2,664This is a disclosure where the purpose of the fund inflow and changes to the share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and links to revenue is the key. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,871 | ₩1,871 | Confirmed | link |
| Latest quarterly results | revenue ₩13.9 billion, operating profit -₩1.4 billion | revenue ₩13.9 billion, operating profit -₩1.4 billion | Confirmed | link |
| Annual results | revenue ₩75.8 billion, operating profit ₩1.6 billion | revenue ₩75.8 billion, operating profit ₩1.6 billion | Confirmed | link |
| Financing disclosure (original text) | []: | []: | Confirmed | link |
| Financing disclosure (original text) | : ₩3,562 · ₩5.9 billion | : ₩3,562 · ₩5.9 billion | Confirmed | link |
| Financing disclosure (original text) | : ₩2,664 | : ₩2,664 | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-29Disclosure
- 2026-05-26Disclosure
- 2026-05-26TreasuryMaterial-fact report
- 2026-05-22Material-fact report (amended)
- 2026-05-15Disclosure
- 2026-05-14PeriodicQuarterly report (amended)
- 2026-05-14PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-05-07Material-fact report
- 2026-04-24Disclosure
- 2026-04-20Amended filing
- 2026-04-17Disclosure
📖 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.