Daeduck Electronics makes printed circuit boards (PCBs), which connect the components inside electronic products, and semiconductor package substrates, the platforms that mount a chip onto a main board. Its core products are multi-layer PCBs, memory package substrates, FC-CSP substrates for smartphone application processors, and FC-BGA substrates for high-performance chips; FC-BGA in particular ties directly to demand for AI accelerators and server chips. In April and May the company confirmed a strong recovery in first-quarter revenue and profit through its preliminary results and quarterly report, and on May 11 it formalized a new facility investment by board resolution to meet rising demand for high-value substrates. The clear strength is that AI, server and data-center demand for FC-BGA has driven profit, which bottomed in 2024, to grow rapidly quarter by quarter, so the trailing P/E of about 160x on last year's earnings falls to roughly a quarter of that on this year's earnings trajectory. The main caution is that with an ROE of 5.3% and an operating margin of 4.6%, the profitability recovery is still early, and if the semiconductor investment cycle slows, utilization and profit would come under pressure together.
At-a-glance assessment financial health · growth · profitability · valuation
- 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%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
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
- Daeduck Electronics makes money by producing printed circuit boards (PCBs), which connect components and carry signals within electronic products, and semiconductor package substrates, which serve as the platform that attaches a chip to a main board.
- The main pillars of revenue are the multi-layer boards (MLBs) used in telecom, networking and server equipment, the memory package substrates that carry memory chips, FC-CSP substrates for smartphone application processors, and the FC-BGA (flip-chip ball grid array) substrates used in high-performance chips such as CPUs, GPUs and networking chips.
- FC-BGA in particular has many layers and requires fine circuitry, making it difficult to produce and therefore expensive, so the more demand there is for AI accelerators and server and data-center chips, the more directly it feeds into the company's results.
- In other words, it works on a 'when semiconductors sell well, the substrates that hold them sell well too' basis, so its direction moves in step with the semiconductor industry.
- The recent close is ₩112,000 and the market cap is ₩5.5 trillion.
- The price sits below its 20-day line (₩143,025) and below its 60-day line (₩134,388).
- Trading below both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs upward versus downward strength over the last 14 days on a 0-100 scale) is 37.1, a neutral level.
- The one-month change is -24.5%, the three-month change is +35.8%, and the position versus the 52-week high is -41.3%.
- Relative strength against the KOSPI is 91 (on a 1-99 scale, converting 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 8% of all stocks by strength.
- Over the past three months it led the index by 1.8%.
- It is best to read the chart alongside trading volume and the dates of disclosures.
- On last year's (2025) confirmed annual results, the P/E ratio (how many times one year's profit the share price represents) is 116.27x and the P/B (how many times book net assets) is 6.17x.
- The reason this P/E is high is simple: 2025 was a profit trough.
- When the denominator (profit) is temporarily small, the P/E looks inflated regardless of how expensive the stock actually is.
- In fact, first-quarter 2026 operating profit alone (₩51.3 billion) already exceeded full-year 2025 operating profit (₩49.1 billion), and first-quarter net profit (₩45.5 billion) is close to last year's full-year net profit (₩47.6 billion).
- So this 160x is a figure derived from the low base of 'last year's profit,' which overstates the real burden for a stock whose profit has turned direction.
- On profitability, an ROE (how much is earned in a year per unit of equity) of 5.3% and an operating margin of 4.6% are still low in absolute terms, but these are values from the moment profit has only just started to climb.
- The debt ratio (the size of debt relative to equity) of 131% is unremarkable for the substrate business, which is capital-intensive, and the current ratio of 237% means short-term solvency is ample.
- The dividend is ₩500 per share (a dividend yield of about 0.32%), reflecting a strong bias toward reinvesting in growth.
- Results are passing a clear inflection point.
- Over five years, revenue moved from ₩1.0 trillion in 2021 to ₩1.3 trillion in 2022, ₩909.7 billion in 2023, ₩892.1 billion in 2024 and ₩1.07 trillion in 2025 - pressured for two years after the 2022 boom before rebounding in 2025.
- Operating profit over the same span swung from ₩72.5 billion to ₩232.5 billion, ₩23.7 billion, ₩11.3 billion and ₩49.1 billion, bottoming in 2024 and recovering sharply by +335.7% in 2025.
- Net profit also doubled year over year to ₩47.6 billion in 2025.
- The pace of recovery has quickened into the new year.
- In the most recent quarter, first-quarter 2026 revenue was ₩346.3 billion, up +60.8% year over year, and this single quarter's operating profit (₩51.3 billion) surpassed all of last year's operating profit.
- The growth engine is FC-BGA for AI and data centers.
- Data-center applications such as optical modules and SSD controllers are taking up a larger share of FC-BGA, and mass production of high-spec, large-format networking substrates is set to be added as the year progresses, so utilization and profitability are on a path to rise as the quarters go by.
- Reflecting this upward trajectory, this year's profit has ample room to build above a simple quadrupling of the first quarter.
- On this year's earnings, then, the 160x P/E seen earlier falls sharply to about a quarter of that - and that is because actual quarterly results are supporting it to that degree, not because profit is temporarily inflated.
- The core of recent disclosures rests on two axes: improving results and capacity expansion.
- The April 29 preliminary results disclosure and the May 14 quarterly report formally confirmed the strong first-quarter recovery in revenue and profit, and on May 11 the company disclosed a new facility investment via board resolution, formalizing a capacity expansion to meet rising demand for high-value substrates.
- A company expanding capacity in a phase where strong demand is lifting profit can be read as a signal that it is laying a foundation for mid-term growth.
- On April 17 it announced an investor briefing (IR), holding a session in which the company explained its business situation directly.
- Meanwhile, from April to early June there was a series of large-holding and largest-shareholder ownership-change reports and a corporate governance report disclosure, which are the reporting-type disclosures that typically arise in a stretch where the share price has risen sharply and are worth noting together.
- This is a stock with clear strengths.
- AI, server and data-center demand for high-value FC-BGA substrates has pushed profit, which bottomed in 2024, to grow rapidly quarter by quarter into 2026, and the company is expanding facilities to match that demand.
- Above all, the 160x P/E on last year's confirmed results is merely a figure inflated by the profit trough; on this year's earnings trajectory the multiple falls to about a quarter of that.
- Compared with peer Isu Petasys in the same semiconductor-substrate area, which has already been re-valued as its profit built up substantially, Daeduck Electronics can be seen as at a slightly earlier stage where profit has only just begun to build, so on this year's earnings it is hard to view it as carrying an excessive premium versus peers.
- Points to keep in mind: with an ROE of 5.3% and an operating margin of 4.6%, the absolute level of profitability is still in early recovery, and because semiconductors and substrates ride the upstream semiconductor and data-center investment cycle, a slowdown in the pace of investment could pressure utilization and profit together.
- Also, with the share price having more than tripled in six months, much of the good news is already reflected in the price, so whether actual results keep meeting those upside expectations is the key.
- It is strong 'when AI substrate demand translates into actual profit' and weak 'when the semiconductor investment cycle slows or added capacity gets ahead of demand.'
🔎 Valuation vs peers Fairly valued
Domestic direct peers that make semiconductor package substrates and PCBs; the comparison uses Isu Petasys (MLB and AI networking substrates), Simmtech (memory substrates and FC-CSP) and Samsung Electro-Mechanics (a large diversified maker including FC-BGA and MLCC).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Isu Petasys | 41.99x | 8.92x | 21.24% |
| Simmtech | 0.00x | 7.67x | -28.52% |
| Samsung Electro-Mechanics | 157.93x | 11.69x | 7.40% |
(a) Position versus peers: the trailing 160x P/E and 8.5x P/B look high on the surface, but they are figures based on 2025, a year of low profit, so they overstate the burden for a stock at a profit inflection. Isu Petasys, whose profit has already built up substantially, has been re-valued at a trailing P/E of 60x and an ROE of 21%, while Simmtech, in early recovery, is still loss-making, and the large diversified Samsung Electro-Mechanics trades at a 233x P/E. (b) Premium/discount: Daeduck Electronics is at a stage earlier than Isu Petasys, whose profit has only just begun to build, and 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 forward basis: because 2025 was a profit trough, the trailing P/E is distorted at the inflection point. On this year's earnings, reflecting confirmed first-quarter results and the second-half FC-BGA upward trajectory, the multiple falls substantially. Even so, given the cyclical nature of the industry and the sharp rise over a short period, it is judged Fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩112,000 and the market capitalization is ₩5.5 trillion. The price sits below its 20-day moving average (₩143,025) and below its 60-day moving average (₩134,388). 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 37.1, a neutral level. The one-month change is -24.5%, the three-month change is +35.8%, and the position relative to the 52-week high is -41.3%. Relative strength versus the KOSPI is 91 (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 92% of all stocks. Over the past three months it outpaced the index by 1.8%. 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 +1.80% / 6M +56.38% / 12M +168.75%
Key metrics vs whole-market median
Valuation
The P/E of 116.27x is above the whole-market median (13.81x). The P/B of 6.17x is above the whole-market median (1.15x).
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%, in line with the whole-market average (5.0%). The operating margin is 4.6%. The debt ratio is 131.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $602.9M | $591.3M | $706.0M | +19.41% ↑ faster |
| Operating profit | $15.7M | $7.5M | $32.5M | +335.73% ↑ faster |
| Net profit | $16.8M | $15.7M | $31.6M | +100.34% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $663.4M | $872.3M | $602.9M | $591.3M | $706.0M |
| Operating profit | $48.0M | $154.1M | $15.7M | $7.5M | $32.5M |
| Net profit | $44.7M | $121.9M | $16.8M | $15.7M | $31.6M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 19.4% year over year, a sign of growth.
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 rising demand for high-value semiconductor substrates.In the short term, cash outflow and depreciation burden rise, but over the mid term the capacity expansion can be seen as a growth signal that enlarges the capacity for high-value revenue such as FC-BGA. Source
- 2026-04-29EarningsPreliminary consolidated first-quarter 2026 operating results disclosure - revenue ₩346.3 billion (+60.8% year over year), operating profit ₩51.3 billion, net profit ₩45.5 billion.First-quarter operating profit surpassed the prior full year's operating profit, confirming a profit inflection point. It signals that the profit contribution from high-value substrates such as FC-BGA is starting in earnest. Source
- 2026-05-14FilingSubmission of the first-quarter 2026 quarterly report - the revenue and profit figures reported in the preliminary results are reflected in the confirmed financial statements.The preliminary results are confirmed in a formal report, raising confidence in the recovery. It is source material for confirming the growing FC-BGA share through segment-by-segment trends. Source
- 2026-04-17IRAnnouncement of an investor briefing (IR) - a company briefing timed to the results release.It serves as a channel through which the company directly explains its results, business situation, and FC-BGA growth and investment plans, providing official information to investors. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Market capitalization (close x share count) | ₩112,000 | ₩112,000 | 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 |
| Estimated 2026 net profit and forward P/E | net profit approx. ₩155.0 billion / forward PER approx. 49x | — | Unverified | link |
Recent filings
- 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.