Duksan Techopia is classified as chemicals but is in practice an advanced-materials company that supplies deposition-process precursors (localized materials such as HCDS) - used to lay thin films on semiconductor circuits - to large makers like Samsung Electronics, while also expanding into OLED organic-material intermediates, secondary-battery electrolyte additives, and pharmaceutical intermediates. On March 16 a disclosure of a loss on derivatives trading revealed a non-core derivatives loss, the May 8 Q1 report and the March 23 2025 business report are the primary sources for results, and an extraordinary shareholders' meeting was convened per a May 15 disclosure. What stands out lately is the contrast: localizing barrier-protected semiconductor precursors and supplying them to large customers, revenue building fast in secondary-battery materials, and the top line growing again are strengths, while operating and net profit are still in the red, financial headroom is tight with a debt-to-equity ratio of 561% and a current ratio of 36%, and given the derivatives-loss disclosure, whether the rising revenue translates into an actual operating profit and cash flow must be verified.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 561.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 35.6%).
- The most recent full-year net result was a loss.
- Revenue rose 12.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 61.4% higher than a year earlier.
- ROE is -66.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -38.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Duksan Industry 38.24% (corporate)
Controlling bloc incl. related parties 47.73%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis
- Duksan Techopia is classified as 'chemicals' on paper, but where it actually earns money is advanced materials for semiconductors and displays.
- Its largest pillar is semiconductor precursors, the chemical raw materials used in the deposition process that lays thin protective and insulating films (thin films) on semiconductor circuits.
- Its flagship product HCDS was the first material localized domestically and is used in DRAM and NAND-flash production, and alongside it the company supplies precursors such as SiCl4, OMCTS, and Star-Ti.
- Its second pillar is intermediates for OLED organic materials, and more recently it has been expanding into secondary-battery electrolyte additives and finished products (through subsidiary Duksan Electera) and pharmaceutical intermediates.
- In sum, it can be understood as a B2B parts-and-raw-materials company that makes materials and supplies them to large makers such as Samsung Electronics.
- The latest close was ₩9,920 and the market cap is ₩203.1 billion.
- The price sits below the 20-day line (₩12,996) and below the 60-day line (₩19,162).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that scores the balance of up-days and down-days over the past 14 days on a 0-100 scale) is 26.4, close to a depressed zone.
- The one-month change is -32.8%, the three-month change is -40.6%, and the position versus the 52-week high is -68.3%.
- Relative strength against KOSDAQ is 44 (on a 1-99 scale, computed from the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 56% of all stocks by strength.
- Over the past three months it lagged the index by 20.1%.
- Chart reading is best done alongside volume and the dates of disclosures.
- It is currently in a loss-making stretch.
- Because net profit is negative, the P/E (how many times one year's earnings the price represents) is not computable, and the P/B (how many times the company's net assets the price represents) is 1.76x, higher than the chemicals-sector median (1.19x).
- That said, this P/B is on last year's confirmed results (trailing), when losses were deep, so rather than flatly calling it 'expensive' by itself, it should be viewed alongside where the company stands in its phase.
- For businesses like semiconductor and secondary-battery materials, where earnings swing widely, the future direction of profitability drives the real value more than a single past year's number.
- A further point to note is the financial structure.
- The debt-to-equity ratio is 561.2%, so debt exceeds five times equity, and the current ratio (assets soon convertible to cash versus debt due within a year) is 35.6%, so short-term funding headroom is tight.
- In other words, the key yardstick for this company is less the valuation itself and more 'when it exits the red and how much firmer the finances become.'
- The top line is growing again, and quickly.
- Revenue rose two years in a row, from ₩94.1 billion in 2023 to ₩99.7 billion in 2024 to ₩112.1 billion in 2025, with the year-over-year growth rate accelerating from 6.0% to 12.4%.
- In the most recent quarter, Q1 2026 revenue was ₩39.1 billion, a 61.4% surge from the same period last year, largely because subsidiary secondary-battery-materials revenue began to build in earnest.
- In effect, on top of the existing mainstay of semiconductor precursors, battery materials as a new growth axis are starting to show up in revenue.
- Earnings, however, have not yet caught up.
- Operating profit stayed in the red at -₩6.2 billion in 2023, -₩30.2 billion in 2024, and -₩43.0 billion in 2025, and Q1 2026 was also -₩10.4 billion operating and -₩15.1 billion net.
- With new-business investment and early ramp-up costs running ahead, when the fast-rising revenue connects to an operating profit is the next stage that will separate the quality of the growth.
- The top-line growth itself is clearly confirmed in the numbers; the crux is the point at which that growth converts into profit.
- Recent disclosures are mostly periodic reports, shareholders' meetings, and equity-related items, and among them one item is worth watching together.
- The March 16, 2026 'occurrence of a loss on derivatives trading' disclosure is a mandatory disclosure announcing that a loss arose in non-core derivatives trading.
- The May 8 Q1 2026 quarterly report and the March 23 2025 business report are the primary sources for the revenue and earnings figures cited above, and on May 15 the convening of an extraordinary shareholders' meeting and the setting of a shareholder record date were disclosed.
- Reading the original text of such disclosures as primary material and cross-checking it against the results box, rather than relying on general news, is the way to track the flow accurately.
- The strengths are clear.
- It has localized barrier-protected materials in semiconductor precursors and supplied them to large customers, and on top of that revenue is building fast in the new growth axis of secondary-battery materials, so the top line is expanding again.
- The price has come down sharply from the 52-week high, so it is not a position overheated on expectations alone.
- On the other hand, the points to note are equally distinct.
- Operating and net profit are still in the red, financial headroom is tight with a debt-to-equity ratio of 561% and a current ratio of 36%, and there was also a disclosure of a non-core derivatives loss.
- So the conclusion is not a verdict on whether to hold the stock but a conditional one.
- It is a structure that strengthens if the rising revenue leads to an actual operating profit and cash flow and the financial structure improves alongside, and that weakens if the losses and debt burden drag on.
- Since the top-line growth is already confirmed, the most accurate way to follow this stock is to directly cross-check whether the next quarter's results show signs of a profitability recovery.
🔎 Valuation vs peers Inconclusive
The peer set was chosen by business substance - making semiconductor and electronic-materials, not simply 'chemicals.' It places a direct precursor competitor (DNF) alongside representative semiconductor-process chemical-materials firms (Soulbrain, Hansol Chemical).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| DNF | 114.29x | 0.95x | 0.83% |
| Soulbrain | 29.03x | 2.17x | 7.49% |
| Hansol Chemical | 18.76x | 2.56x | 13.63% |
(a) Position: the P/B of 2.82x is higher than the nearest competitor DNF (1.43x) and lower than the profitable large materials firms Soulbrain (3.25x) and Hansol Chemical (2.97x), a midpoint. (b) Premium/discount: the peers are all profitable while only this company is in the red, so even though its P/B looks more expensive than DNF on the surface, this should be read as expectations for a return to profit and new-business growth being priced in ahead. (c) Limits of trailing and the forward basis: the current P/B and ROE are on last year's confirmed results, when losses were deep, so if it is in an inflection phase where losses are passing a bottom, it is hard to firmly call it expensive or cheap on past multiples alone. The future direction was gauged only via a seasonality approximation based on DART-confirmed quarterly results (this year's revenue about ₩153.4 billion), not the company's official outlook, and no approximation was made for earnings, which are in the red. Weighing all this uncertainty, the assessment is set to 'Inconclusive.'
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩40.0 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩9,920 and the market capitalization is ₩203.1 billion. The price sits below its 20-day moving average (₩12,996) and below its 60-day moving average (₩19,162). 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 26.4, near oversold territory. The one-month change is -32.8%, the three-month change is -40.6%, and the position relative to the 52-week high is -68.3%. Relative strength versus the KOSDAQ is 44 (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 44% of all stocks. Over the past three months it lagged the index by 20.1%. 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 -20.05% / 6M -30.15% / 12M -39.45%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.76x is above the sector median (0.97x).
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 -66.6%, below the sector average (4.0%). The operating margin is -38.4%. The debt ratio is 561.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $62.4M | $66.1M | $74.3M | +12.42% ↑ faster |
| Operating profit | -$4.1M | -$20.0M | -$28.5M | — |
| Net profit | -$4.9M | -$35.2M | -$50.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $74.5M | $73.6M | $62.4M | $66.1M | $74.3M |
| Operating profit | $14.6M | $6.1M | -$4.1M | -$20.0M | -$28.5M |
| Net profit | $11.8M | $10.6M | -$4.9M | -$35.2M | -$50.8M |
| Revenue CAGR | 4-yr avg -0.07% | ||||
Revenue rose 12.4% year over year (2023 ₩94.1 billion → 2024 ₩99.7 billion → 2025 ₩112.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.1%. The two-year revenue CAGR is 9.2%. In the most recent quarter (Q1 2026), revenue was 61.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 12.4% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 561.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 35.6%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-16UpdateDisclosure of a loss on derivatives trading - a mandatory disclosure announcing that a loss arose in non-core derivatives trading (the specific amount and circumstances require checking the original text)In the short term, a risk signal that burdens earnings and finances; in a loss-making stretch, it needs checking as to whether it is an additional loss factor. Source
- 2026-05-08EarningsQ1 2026 quarterly report - revenue ₩39.1 billion (+61.4% YoY), operating loss ₩10.4 billion, net loss ₩15.1 billionThe top line grew sharply but earnings are still in the red, making this the primary material for gauging whether revenue growth leads to a return to profit. Source
- 2026-03-23Earnings2025 business report (consolidated) - revenue ₩112.1 billion (+12.4%), operating loss ₩43.0 billion, net loss ₩76.7 billionAnnual revenue rose but the loss widened from the prior year, showing that whether profitability recovers is the key point to check. Source
- 2026-05-15FilingResolution to convene an extraordinary shareholders' meeting and setting of a shareholder record dateDepending on the agenda, there may be governance- or capital-related decisions, so the purpose of the meeting and the agenda items need to be confirmed. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15Shareholders' meeting notice
- 2026-05-15Disclosure
- 2026-05-08PeriodicQuarterly report
- 2026-05-06OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Disclosure
📖 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.