Soulbrain (357780) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Soulbrain makes and sells the chemical materials (etchants) used in the semiconductor process to carve away circuits (etch) and to rinse wafers (clean). Most of its 2025 revenue of about ₩923.4 billion (roughly 83%) comes from semiconductor materials, and its phosphoric-acid NAND etchant holds more than a 90% domestic share, so the more chips its customers make, the more material it sells. In its Q1 2026 quarterly report, revenue, operating profit and net profit all rebounded year over year, and treasury-share purchase disclosures recurred from March through June, continuing shareholder returns. What stands out recently is that supplying high-share, high-barrier etchants to Samsung Electronics and SK Hynix gives it strong demand leverage — as memory utilization and stack counts rise, so does the amount of material used — while on the other side its results are heavily swayed by the memory cycle and customers' investment pace, so if the second-half NAND utilization recovery is slower than expected, the scope of the earnings improvement could also narrow.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Semiconductor Materials & Components” (Semiconductors & IT Components · Semiconductors), a type typically read first through forward P/E.
Semiconductor materials and components supply the inputs used in chip fabrication, and results move sharply ahead of and behind the chip investment cycle and customers' fab utilization. Because future earnings from recovering demand matter more than results already booked, the forward P/E — based on expected earnings — is the first lens.
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 7.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 25.9% higher than a year earlier.
- ROE is 7.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 14.5%.
- 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 Soulbrain Holdings 31% (corporate)
Controlling bloc incl. related parties 44.92%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis Reading
Soulbrain makes and sells the chemical materials (etchants) used in the semiconductor process to carve away circuits ('etch') and to rinse wafers ('clean'). Of its 2025 revenue of about ₩923.4 billion, most (about 83%) comes from semiconductor materials, with display materials and secondary-battery materials making up the rest. Its phosphoric-acid etchant, which carves NAND memory in particular, holds more than a 90% domestic share, and its hydrofluoric-acid etchants for Samsung Electronics and SK Hynix are also known to hold high shares in the 70-90% range, so the more chips its customers make, the more material it sells. That it supplies the special etchant used in Samsung Electronics' latest 3-nanometer GAA process also shows this company's technological competitiveness.
The latest close is ₩297,500 and the market capitalization is ₩2.3 trillion. The price sits above its 20-day moving average (₩277,975) and below its 60-day moving average (₩344,392). 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 51.6, a neutral level. The one-month change is -2.9%, the three-month change is -36.2%, and the position relative to the 52-week high is -40.6%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged the index by 6.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On the metrics alone, the P/E ratio (how many times one year's profit the price represents) looks high at 33.3x. But that number is divided by 2025 results (net profit of ₩79.1 billion, -33% year over year) when earnings were depressed, so in the current phase, with earnings bottoming and turning up, it creates an illusion of the stock looking more expensive than it is. The finances themselves are solid. The debt ratio (debt relative to equity) of 137% is not heavy for a chemical-facilities business, the current ratio (cash-like assets against debt due within a year) of 396% gives ample short-term payment ability, and the interest-coverage ratio (how many times operating profit covers interest) of 8.9x is stable. ROE (how much is earned in a year on equity) of 7.5% is ordinary for now, but that is the value from a trough-earnings year, with room to improve alongside rising utilization.
Five-year revenue was depressed after peaking at ₩1,090.9 billion in 2022 and is recovering to ₩923.4 billion in 2025, while net profit fell from ₩162.8 billion in 2022 to ₩79.1 billion in 2025, following the memory downturn. The important change appears in Q1 2026: revenue of ₩263.8 billion (+25.9% year over year), operating profit of ₩44.7 billion (+24.0%) and net profit of ₩37.9 billion (+15.0%), all three metrics rebounding by double digits. This is a signal that structural demand — a NAND utilization recovery and higher memory stacking (the more layers, the more etch and clean material used) — is beginning to show up in results. A recovery of this scale came through even though Q1 is seasonally a low quarter, and with the utilization-driven boost growing toward the second half, this year's earnings are seen tracing a path clearly above last year's trough. Reflecting this recovery trajectory, the valuation on this year's earnings falls well below the 33x calculated on last year's results.
Recent disclosures come down to two lines. First, the Q1 2026 quarterly report (May 15) confirmed the earnings improvement, with revenue, operating profit and net profit all rebounding year over year. Second, the company has steadily continued shareholder returns: treasury-share purchase disclosures recurred from March through June, an activity in which the company buys its own shares to raise shareholder value. Also, in April a decision by a subsidiary to acquire shares of another company was disclosed, suggesting that investment of a business-expansion and capability-strengthening nature is underway. At the March AGM, governance items such as the appointment of outside directors were handled.
From an observation standpoint, the strengths are clear. Because it supplies high-share, high-barrier semiconductor etchants to Samsung Electronics and SK Hynix, it has demand leverage in which the amount of material used rises together with memory utilization and stack counts. The Q1 2026 rebound shows that cycle has already begun to turn. The cautions should be weighed in balance too. Because this company's results ultimately hinge heavily on the memory cycle and customers' investment pace, if the second-half NAND utilization recovery is slower than expected, the scope of the earnings improvement could also narrow. In short, it may not look undervalued when weighed down by the illusion of the P/E calculated on last year's results, but on a this-year basis that reflects the earnings inflection, it is a strong structure under conditions where the memory recovery continues and a weak one under conditions where the recovery is delayed.
🔎 Valuation vs peers Inconclusive
The peer set is materials and parts companies within the semiconductor value chain that supply the semiconductor process at high share and whose results are tied to customers' (Samsung Electronics, SK Hynix and others) utilization and investment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Leeno Industrial | 33.55x | 7.17x | 22.93% |
| DB HiTek | 15.05x | 1.69x | 13.04% |
The current 29.03x P/E is calculated on 2025 results, when earnings were depressed, so in the current phase, with earnings passing through a trough, it creates a large illusion of the stock looking more expensive than it is. In Q1 2026 revenue, operating profit and net profit all rebounded by double digits, marking the start of an earnings inflection, and the valuation on this year's earnings that reflects the recovery trajectory falls well below 33x. That said, because results are strongly tied to the memory cycle and customers' investment pace, the fair multiple can shift with whether the recovery persists, so it is left inconclusive rather than a firm call. Comparing with the point that high-share semiconductor value-chain materials and parts stocks such as Leeno Industrial command high multiples in a recovery phase, if earnings normalize, the current position is hard to see as an excessive premium.
Price history Close · MA20 · MA60
The latest close is ₩297,500 and the market capitalization is ₩2.3 trillion. The price sits above its 20-day moving average (₩277,975) and below its 60-day moving average (₩344,392). 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 51.6, a neutral level. The one-month change is -2.9%, the three-month change is -36.2%, and the position relative to the 52-week high is -40.6%. Relative strength versus the KOSDAQ is 62 (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 62% of all stocks. Over the past three months it lagged the index by 6.5%. 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 -6.51% / 6M -2.84% / 12M +20.02%
Key metrics Computed vs sector median
Valuation
The P/E of 29.27x is above the sector median (14.15x). The P/B of 2.13x is above the sector median (0.90x).
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.892x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.7%, above the sector average (4.0%). The operating margin is 14.5%. The debt ratio is 31.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $592.9M | $606.5M | $648.7M | +6.95% ↑ faster |
| Operating profit | $93.8M | $118.0M | $93.9M | -20.43% ↓ slower |
| Net profit | $91.6M | $83.2M | $55.5M | -33.25% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $719.3M | $766.3M | $592.9M | $606.5M | $648.7M |
| Operating profit | $132.7M | $145.5M | $93.8M | $118.0M | $93.9M |
| Net profit | $104.3M | $114.4M | $91.6M | $83.2M | $55.5M |
| Revenue CAGR | 4-yr avg -2.55% | ||||
Revenue rose 7.0% year over year (2023 ₩844.0 billion → 2024 ₩863.4 billion → 2025 ₩923.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 20.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -2.5%. The two-year revenue CAGR is 4.6%. In the most recent quarter (Q1 2026), revenue was 25.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- 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
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue of ₩263.8 billion (+25.9% year over year), operating profit of ₩44.7 billion (+24.0%), net profit of ₩37.9 billion (+15.0%), all three metrics rebounding by double digitsThe first quarter in which a memory-utilization recovery was confirmed in materials results, a signal of passing the earnings trough (medium-term positive) Source
- 2026-06-09DividendTreasury-share purchase status report (trust) — the company is conducting a return activity, buying its own shares to raise shareholder valueReduction in shares in circulation and continued shareholder returns (medium-term positive, with limited near-term effect) Source
- 2026-04-21FilingDecision by a subsidiary to acquire shares and equity securities of another company — an equity investment of a business-expansion and capability-strengthening natureConfirms the direction of growth investment, though the effect varies with scale and target (medium-term observation) Source
- 2026-03-24FilingAGM results — governance and articles-of-association items such as the appointment of outside directors were handledA regular governance procedure (neutral) Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue, operating profit and net profit | revenue ₩263.8 billion / operating profit ₩44.7 billion / net profit ₩37.9 billion | DART 2026 1 | Confirmed | link |
| 2025 full-year net profit | ₩79.1 billion | DART 2025 | Confirmed | link |
| 2026 estimated net profit (in-house estimate) | approx. ₩150.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-09OwnershipOwnership-change filing
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-21Disclosure
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-30OwnershipOwnership-change filing
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-17Amended filing
- 2026-03-16Audit report
- 2026-03-16Amended filing
📖 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.