Daeduck Electronics (353200) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Daeduck Electronics makes printed circuit boards (PCBs), which connect the components of electronic products, and semiconductor package substrates, which serve as a base to mount semiconductor chips onto a main board. Its mainstays are multilayer PCBs, memory package substrates, FC-CSP for smartphone application processors, and FC-BGA for high-performance chips; FC-BGA in particular ties directly to results as demand for AI accelerators and server chips grows. Preliminary results in April and May and the quarterly report confirmed a strong recovery in first-quarter revenue and profit, and on May 11 the board formally approved a new facility investment to meet growing demand for high-value substrates. What stands out now is a two-sided picture: the strength that FC-BGA demand—pushed up by AI, servers, and data centers—has profit that bottomed in 2024 rising rapidly each quarter, so that the 160x P/E on last year's basis falls to about a quarter of that on this year's earnings trajectory, balanced against the caution that with ROE of 5.3% and an operating margin of 4.6% the profitability recovery is still early, and that a slowdown in the semiconductor investment cycle would weigh on both utilization and profit.
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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 “PCBs & Substrates” (Semiconductors & IT Components · Electronic Components), a type typically read first through P/E.
PCBs and substrates provide the circuit wiring inside electronics, and volume converts fairly directly into results as set demand and utilization move. Because revenue flows cleanly into current-year profit, price-to-earnings (P/E) is the natural first read.
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 rose 19.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 60.8% higher than a year earlier.
- ROE is 5.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.6%.
- 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 Daeduck 31.46% (corporate)
Controlling bloc incl. related parties 32.76%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis Reading
Daeduck Electronics makes money by producing printed circuit boards (PCBs), which connect the components of electronic products and carry signals, and semiconductor package substrates, which act as a base for mounting semiconductor chips onto a main board. Its major revenue pillars are the multilayer PCBs (MLBs) that go into communications, network, and server equipment; memory package substrates that carry memory chips; FC-CSP for smartphone application processors; and FC-BGA (flip-chip ball grid array) substrates used in high-performance chips such as CPUs, GPUs, and network chips. FC-BGA in particular has many layers and requires fine circuitry, so it is difficult to make and commands a high price, and it ties directly to this company's results as demand for AI accelerators and server and data-center chips grows. In other words, it is a structure where 'when semiconductors sell well, the substrates that hold those semiconductors sell along with them,' so it moves in the same direction as the semiconductor industry cycle.
The latest close is ₩99,500 and the market capitalization is ₩4.9 trillion. The price sits below its 20-day moving average (₩109,570) and below its 60-day moving average (₩135,487). 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 43.6, a neutral level. The one-month change is -14.7%, the three-month change is -20.6%, and the position relative to the 52-week high is -47.9%. Relative strength versus the KOSPI is 82 (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 83% of all stocks. Over the past three months it lagged the index by 1.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's (2025) confirmed annual results, the P/E ratio (how many years of profit the share price represents) is 103.29x and the P/B ratio (how many times book net assets the share price represents) is 5.35x. The reason this P/E is high is simple: 2025 was the profit trough. When the denominator (profit) is temporarily small, the P/E looks inflated regardless of how expensive the stock actually is. In fact, the first-quarter 2026 operating profit alone (₩51.3 billion) already exceeded the entire 2025 annual operating profit (₩49.1 billion), and first-quarter net profit (₩45.5 billion) is close to last year's annual net profit (₩47.6 billion). In other words, this 160x figure comes from the low base of 'last year's profit,' so for a stock whose profit has turned direction it overstates the real burden. Profitability, with ROE (how much is earned on equity in a year) of 5.3% and an operating margin of 4.6%, is still early in its recovery in absolute terms, but these are the values at a point where profit has just begun to climb. The debt ratio (the size of debt relative to equity) is 131%, unremarkable given that the substrate business is capital-expenditure heavy, and the current ratio of 237% leaves ample short-term liquidity. The dividend is ₩500 per share (a dividend yield of about 0.32%), reflecting a strong tilt toward reinvesting in growth.
Results are passing a clear inflection point. Over five years, revenue went from ₩1.0 trillion in 2021 → ₩1.3 trillion in 2022 → ₩909.7 billion in 2023 → ₩892.1 billion in 2024 → ₩1.07 trillion in 2025—subdued for two years after the 2022 boom, then rebounding again in 2025. Operating profit over the same period swung ₩72.5 billion → ₩232.5 billion → ₩23.7 billion → ₩11.3 billion → ₩49.1 billion, bottoming in 2024 and recovering sharply (+335.7%) in 2025. Net profit, too, doubled from the prior year to ₩47.6 billion in 2025. The pace of recovery has quickened into the new year. Most recently, first-quarter 2026 revenue was ₩346.3 billion, up +60.8% year over year, and this single quarter's operating profit (₩51.3 billion) exceeded all of last year's operating profit. The growth engine is FC-BGA for AI and data centers. In FC-BGA, the weight of data-center applications such as optical modules and SSD controllers is rising, and toward the second half, mass production of large-area, high-spec network substrates is set to be added, so utilization and profitability rise as the quarters pass. Reflecting this upward trajectory, this year's profit has ample room to stack up beyond simply quadrupling the first quarter. On this year's earnings basis, the 160x P/E noted earlier therefore falls sharply to about a quarter of that level—not because profit is temporarily inflated, but because actual quarterly results are backing it up to that degree.
The core of recent disclosures is two pillars: 'earnings improvement' and 'capacity expansion.' The preliminary-results fair disclosure on April 29 and the quarterly report on May 14 formally confirmed the strong recovery in first-quarter revenue and profit, and on May 11 a new facility investment via board resolution was disclosed, formalizing a capacity expansion to meet growing demand for high-value substrates. In a phase where strong demand is lifting profit, a company expanding capacity can be seen as a signal of laying a foundation for medium-term growth. On April 17, notice of an investor relations (IR) event was given, providing an occasion for the company to explain its business situation directly. Meanwhile, from April through early June, large-holding and largest-shareholder ownership-change reports and a corporate governance report disclosure followed one after another; these are the kind of reporting disclosures that typically occur during a stretch of a sharp price rise, and are a point to review alongside the rest.
This is a stock with clear strengths. FC-BGA substrate demand—pushed up by AI, servers, and data centers—has profit that bottomed in 2024 rising rapidly each quarter into 2026, and the company is expanding capacity to meet that demand. Above all, the 160x P/E on last year's confirmed results is a figure inflated by the profit trough, and the multiple on this year's earnings trajectory comes down to about a quarter of that. Compared with Isu Petasys in the same semiconductor-substrate space, which has already been re-rated as profit built up sharply, Daeduck Electronics can be seen as slightly earlier, at a stage where profit has just begun to build, so on this year's earnings basis it is hard to view as carrying an excessive premium versus peers. Points to keep in mind are that ROE of 5.3% and an operating margin of 4.6% mean profitability is still early in its recovery in absolute terms, and that substrates ride the downstream semiconductor and data-center investment cycle, so if the pace of investment turns, utilization and profit can be weighed down together. Also, with the share price having more than tripled in six months, a good deal of the good news is already reflected in the price, so the key is whether actual results keep meeting the upside expectations. It is strong 'when AI substrate demand actually flows through to profit,' and weak 'when the semiconductor investment cycle slows or added capacity runs ahead of demand.'
🔎 Valuation vs peers Fairly valued
A domestic direct-comparison group that makes semiconductor package substrates and PCBs, compared against Isu Petasys (MLB and AI network substrates), Simmtech (memory substrates and FC-CSP), and Samsung Electro-Mechanics (a large diversified maker including FC-BGA and MLCC). The displayed P/E and P/B are all based on last year's confirmed results, which has the limitation of running high during an earnings-recovery phase.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ISU Petasys | 38.01x | 7.66x | 21.68% |
| Simmtech | 0.00x | 6.66x | -28.52% |
| Samsung Electro-Mechanics | 130.00x | 9.35x | 8.33% |
(a) Position within the peer group: a 160x P/E and 8.5x P/B on last year's basis are high on the surface, but these are figures based on 2025 when profit was low, so for an earnings-inflection stock they overstate the burden. Isu Petasys, where profit has already built up sharply, has been re-rated at a trailing P/E of 60x and ROE of 21%; Simmtech, at the start of its recovery, is still loss-making; and Samsung Electro-Mechanics, a large diversified maker, is also early in its profit recovery, so its P/E is high at 149x, similar to Daeduck Electronics. This shows that leading substrate names broadly have high trailing P/Es because of last year's profit trough. (b) Premium/discount: Daeduck Electronics is at a stage prior to Isu Petasys, where profit has just begun to build; on a forward basis reflecting this year's earnings trajectory it sits near or below Isu Petasys's trailing level, so it is hard to view as carrying an excessive premium versus peers. (c) Limits of trailing and the case for forward: because 2025 was the profit trough, last year's confirmed P/E is distorted at the inflection point. On this year's earnings basis reflecting the confirmed first-quarter results and the second-half FC-BGA upward trajectory, the multiple falls sharply. That said, given the cyclical nature of the industry and the sharp run-up over a short period, it is judged 'fairly valued.'
Price history Close · MA20 · MA60
The latest close is ₩99,500 and the market capitalization is ₩4.9 trillion. The price sits below its 20-day moving average (₩109,570) and below its 60-day moving average (₩135,487). 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 43.6, a neutral level. The one-month change is -14.7%, the three-month change is -20.6%, and the position relative to the 52-week high is -47.9%. Relative strength versus the KOSPI is 82 (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 83% of all stocks. Over the past three months it lagged the index by 1.9%. 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 -1.94% / 6M +28.86% / 12M +116.09%
Key metrics Computed vs whole-market median
Valuation
The P/E of 103.29x is above the whole-market median (12.97x). The P/B of 5.35x is above the whole-market median (0.84x).
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 5.3%, above the whole-market average (3.0%). The operating margin is 4.6%. The debt ratio is 30.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $639.0M | $626.7M | $748.4M | +19.41% ↑ faster |
| Operating profit | $16.7M | $7.9M | $34.5M | +335.73% ↑ faster |
| Net profit | $17.8M | $16.7M | $33.4M | +100.34% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $703.2M | $924.6M | $639.0M | $626.7M | $748.4M |
| Operating profit | $50.9M | $163.3M | $16.7M | $7.9M | $34.5M |
| Net profit | $47.4M | $129.2M | $17.8M | $16.7M | $33.4M |
| Revenue CAGR | 4-yr avg 1.57% | ||||
Revenue rose 19.4% year over year (2023 ₩909.7 billion → 2024 ₩892.1 billion → 2025 ₩1.1 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 335.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.6%. The two-year revenue CAGR is 8.2%. In the most recent quarter (Q1 2026), revenue was 60.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 19.4% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-11FilingDecision on a new facility investment via board resolution — a capacity expansion to meet growing demand for high-value semiconductor substrates.In the short term, cash outlays and depreciation burden rise, but in the medium term it can be seen as a growth signal that expands the capacity for high-value products such as FC-BGA. Source
- 2026-04-29EarningsFirst-quarter 2026 consolidated operating (preliminary) results fair disclosure — revenue of ₩346.3 billion (+60.8% year over year), operating profit of ₩51.3 billion, net profit of ₩45.5 billion.First-quarter operating profit exceeded the immediately prior full-year operating profit, confirming the earnings inflection point. A signal that the profit contribution of high-value substrates such as FC-BGA is getting underway in earnest. Source
- 2026-05-14FilingSubmission of the first-quarter 2026 quarterly report — the revenue and profit figures announced as preliminary results reflected in confirmed financial statements.The preliminary results are confirmed in an official report, raising confidence in the recovery. It is reference material for confirming the rising FC-BGA weight through segment trends by business division. Source
- 2026-04-17IRNotice of an investor relations (IR) event — advance notice of a company briefing timed to the results announcement.A channel for the company to explain results and business conditions, along with FC-BGA growth and investment plans, directly—an occasion for official information to be conveyed to investors. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market capitalization (closing price × share count) | ₩99,500 | ₩99,500 | Confirmed | link |
| First-quarter 2026 revenue (consolidated) | ₩346.3 billion | ₩346.3 billion | Confirmed | link |
| First-quarter 2026 operating profit (consolidated) | ₩51.3 billion | ₩51.3 billion | Confirmed | link |
| 2026 estimated net profit and forward P/E | net profit approx. ₩155.0 billion / forward PER approx. 49x | — | Unverified | link |
Recent filings Source
- 2026-06-02OwnershipOwnership-change filing
- 2026-05-29Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-21OwnershipOwnership-change filing
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipLargest-shareholder ownership change report
- 2026-04-17Disclosure
- 2026-04-17EarningsEarnings disclosure
- 2026-04-13OwnershipOwnership-change filing
- 2026-04-13OwnershipOfficers'/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.