PSK makes front-end semiconductor equipment. Its 'dry strip' tool - which uses plasma gas to strip away the photoresist coated onto wafers - holds the world's number-one market share in that field and is the mainstay that generates more than half of revenue; the company has broadened its lineup with dry cleaning, hard-mask strip and etch-back tools, and overseas sales far exceed 70% of the total. In its April 2026 value-up plan the company set out targets of a 10% revenue CAGR over 2026-2030, an operating margin of 15% or higher, and per-share dividends of at least ₩500, and its May quarterly report confirmed a +106% surge in net profit. Two things stand out lately: on top of its world-leading position in PR strip and a solid balance sheet (debt ratio of 20%), the company is riding the AI-memory investment cycle with earnings that have roughly doubled, so on a forward basis it looks cheaper than peer front-end equipment makers; against that, equipment revenue hinges on customers' capex decisions, carrying cyclical risk and heavy overseas exposure, and the stock has risen more than fivefold in half a year, so it sits at a level that needs earnings to keep meeting expectations to hold.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 14.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 53.6% higher than a year earlier.
- ROE is 14.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 19.4%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder PSK Holdings 32.76% (corporate)
Controlling bloc incl. related parties 32.86%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis
- PSK makes and sells equipment used in the early stages of chip manufacturing (front-end).
- Its signature product is a 'dry strip' tool that uses plasma gas to cleanly remove the photoresist (PR) coated onto a wafer to define circuit patterns once the process is done - a field in which it holds the world's number-one market share.
- This PR-strip tool is the mainstay that generates more than half of revenue, and the company has broadened its lineup from there to dry cleaning tools that clean the wafer surface, hard-mask strip, etch-back tools and more.
- Its customers are domestic and overseas memory and foundry makers, and with overseas sales far exceeding 70% of the total (China and Taiwan account for large shares) it is effectively a global equipment supplier.
- Given the nature of the equipment, orders cluster when customers ramp up new fab construction or process-transition investment, and revenue falls when that investment pauses - the classic front-end equipment cycle.
- The recent closing price is ₩152,200 and the market cap is ₩4.4 trillion.
- The price sits below its 20-day line (₩172,620) but above its 60-day line (₩126,227).
- Short-term and medium-term trends diverge, so the two horizons should be read separately.
- The RSI (a supplementary gauge that weighs 14-day up-strength against down-strength on a 0-100 scale) is 47.6, a neutral level.
- The one-month change is +4.4%, the three-month change is +95.9%, and the price stands -28.0% from its 52-week high.
- Relative strength versus the KOSDAQ is 97 (1-99, converted from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 2% of all stocks by strength.
- Over the past three months it outperformed the index by 146.1%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On the basis of last year's (2025) confirmed results, the P/E ratio (how many times one year's earnings the price is) is 56.13x and the P/B (how many times book equity the price is) is 8.18x - high in absolute terms.
- But this is a company whose earnings have inflected sharply upward, so a trailing (backward-looking) P/E calculated on last year's already-past earnings tends to overstate true value.
- Indeed, Q1 2026 net profit doubled (+106%) from a year earlier, so measured against this year's expected earnings the multiple falls sharply (see the outlook below).
- Profitability is solid: ROE (how much is earned in a year per unit of equity) is 14.6%, among the top of peer equipment makers, with an operating margin of 19.4% and a net margin of 17.2% - thick margins.
- The balance sheet is very stable, with a debt ratio (debt to equity) of just 20% and a current ratio (cash-like assets against debt due within a year) of 495%, indicating ample cash.
- Over five years, revenue ran ₩445.8 billion (2021), ₩460.9 billion (2022), ₩351.9 billion (2023), ₩398.1 billion (2024) and ₩457.2 billion (2025) - a cyclical recovery that bottomed in 2023, when chip investment contracted, and has been climbing back since.
- 2025 revenue grew +14.9% year on year as growth reattached, and the real change came this year.
- Q1 2026 revenue reached ₩156.6 billion, up +53.6% from a year earlier, operating profit rose +108% and net profit +106%, lifting earnings a step higher.
- Q1 net profit of ₩41.0 billion already exceeds half of last year's full-year net profit (₩78.5 billion).
- The backdrop is clear: within a memory (HBM, DRAM) super-cycle set off by AI demand, customers restarted process-transition and new-fab investment, and because first-half transition investment leads into second-half new-fab investment, the annual path stacks revenue higher as the quarters progress.
- In other words, this year's earnings will not stay at the Q1 level but load more heavily into the second half, so extending last year's earnings as-is would understate this year.
- The most notable official document is the 'corporate-value enhancement plan' filed with DART on April 30, 2026.
- The company itself set targets of a 10% revenue CAGR over 2026-2030, maintaining an operating margin of 15% or higher, and keeping per-share dividends at ₩500 or more, and noted it also qualifies as a high-dividend company (under the Special Tax Treatment Act).
- It carries weight in formalizing not just growth but a floor on margins and shareholder returns.
- On May 15 it filed its Q1 2026 quarterly report, confirming the surge in revenue and profit (net profit +106%), and on May 11 it held an investor briefing (IR) to explain the state of the business directly.
- Beyond that, repeated filings of insider and major-shareholder securities-ownership reports and large-holding reports are routine disclosures of stake changes with little direct bearing on earnings.
- The points to watch are distinct.
- PSK holds a firm position as the world's number one in PR-strip equipment, and it is an inflection stock whose earnings have actually roughly doubled while riding the AI-memory investment cycle.
- Its balance sheet is solid (debt ratio of 20%), its margins and ROE lead peers, and while last year's P/E of 78x looks high, recalculating against this year's expected earnings brings the multiple down sharply - to below that of peer front-end equipment makers such as Wonik IPS and Eugene Technology.
- The strong case is that memory and foundry process transitions and new-fab investment continue as planned, in which case the structure of second-half results loading more heavily than the first half is confirmed.
- On the other side, note that equipment revenue hinges on customers' capex decisions, so delays or cuts can empty the order book abruptly - a cyclical risk - and heavy overseas (especially China and Taiwan) exposure leaves it open to export controls and regional risk.
- In addition, with the stock up more than fivefold in half a year it sits near a record high in overheated RSI territory, so it soberly requires earnings to keep meeting expectations to hold.
🔎 Valuation vs peers Undervalued
Compared against domestic front-end semiconductor equipment and materials companies with the closest business profile. The P/E, P/B and ROE below are based on the current price and last year's confirmed results.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Wonik IPS | 61.28x | 5.31x | 8.66% |
| Eugene Technology | 79.34x | 7.33x | 9.24% |
| Park Systems | 58.60x | 8.97x | 15.31% |
| Soulbrain | 29.03x | 2.17x | 7.49% |
The P/E of 78x calculated on last year's confirmed earnings looks high in absolute terms, but this is an inflection stock whose earnings have roughly doubled this year, so a trailing P/E based on already-past earnings overstates true value. The direct comparison group of front-end equipment makers also carries high trailing P/Es - Wonik IPS at 97x and Eugene Technology at 111x - yet PSK has a much higher ROE (14.6% versus the 8-9% range) while its trailing P/E is actually lower. Recalculating the multiple against this year's expected earnings widens the gap versus peers further, making it relatively cheap. Taking financial soundness, the world-leading position and the earnings inflection together, on a forward basis it falls into undervalued territory.
Price history Close · MA20 · MA60
The latest close is ₩152,200 and the market capitalization is ₩4.4 trillion. The price sits below its 20-day moving average (₩172,620) and above its 60-day moving average (₩126,227). 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 47.6, a neutral level. The one-month change is +4.4%, the three-month change is +95.9%, and the position relative to the 52-week high is -28.0%. Relative strength versus the KOSDAQ is 97 (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 98% of all stocks. Over the past three months it outpaced the index by 146.1%. 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 +146.07% / 6M +309.95% / 12M +671.94%
Key metrics vs sector median
Valuation
The P/E of 56.13x is in line with the sector median (61.28x). The P/B is 8.18x. 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 14.6%, in line with the sector average (15.0%). The operating margin is 19.4%. The debt ratio is 19.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $233.2M | $263.8M | $303.0M | +14.86% ↑ faster |
| Operating profit | $35.9M | $55.6M | $58.7M | +5.44% ↓ slower |
| Net profit | $34.8M | $52.4M | $52.1M | -0.74% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $295.5M | $305.5M | $233.2M | $263.8M | $303.0M |
| Operating profit | $62.4M | $60.9M | $35.9M | $55.6M | $58.7M |
| Net profit | $50.9M | $51.3M | $34.8M | $52.4M | $52.1M |
| Revenue CAGR | 4-yr avg 0.63% | ||||
Revenue rose 14.9% year over year (2023 ₩351.9 billion → 2024 ₩398.1 billion → 2025 ₩457.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 5.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.6%. The two-year revenue CAGR is 14.0%. In the most recent quarter (Q1 2026), revenue was 53.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
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 14.6% points to solid profitability.
- Revenue grew 14.9% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
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
- 2026-04-30FilingCorporate-value enhancement plan disclosed - targets of a 10% revenue CAGR over 2026-2030, an operating margin maintained at 15% or higher, and per-share dividends kept at ₩500 or more (qualifies as a high-dividend company)Medium term: the company formalizes a floor on growth, margins and shareholder returns. Confirming a dividend floor improves the predictability of shareholder returns. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed - revenue ₩156.6 billion (+53.6%), operating profit ₩47.2 billion (+108%) and net profit ₩41.0 billion (+106%), confirming a step-up in earningsShort to medium term: confirms the earnings inflection. Q1 net profit alone exceeds half of last year's full-year figure - the core basis for a valuation improvement on this year's earnings. Source
- 2026-05-11IRInvestor briefing (IR) held - the company explains the state and outlook of the business directlyMedium term: an investor-communication channel. Shares the direction of the business amid a phase of surging earnings. Source
- 2026-05-19FilingInsider and major-shareholder securities-ownership report - a routine filing of a stake changeLow short-term impact: a stake-change filing with no direct bearing on earnings. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue | ₩457.2 billion | ₩457.2 billion | Confirmed | link |
| Q1 2026 net profit growth rate | +105.6% (₩41.0 billion) | 2026 1 net profit | Confirmed | link |
| Dividend policy (per-share dividend floor) | DPS ₩680(2025) | ₩500 | Confirmed | link |
| 2026 full-year net profit (forward estimate) | self-estimate | — | Unverified | link |
Recent filings
- 2026-05-22OwnershipOwnership-change filing
- 2026-05-19OwnershipOwnership-change filing
- 2026-05-19OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14OwnershipOwnership-change filing
- 2026-05-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-11Disclosure
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-30Disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-30Disclosure
📖 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.