JUSTEM (417840) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
JUSTEM is a company that makes N2 purge systems, which prevent wafers inside semiconductor fabs from being exposed to moisture and dust and developing defects. By blowing nitrogen inside the carrier (FOUP) and equipment (LPM, EFEM), it protects yield; about 85% of revenue comes from semiconductor equipment, and it is expanding into display and solar. In February 2026 it signed a ₩7.4 billion display-equipment supply contract with LG Electronics and confirmed a swing to profit that same month, and in December 2025 a bonus issue of two new shares per one share raised outstanding shares from about 7.26 million to about 21.47 million, so per-share metrics must be read separately before and after the issue. The notable point lately is that with a recovery in memory demand meshing with its N2 purge market position it swung to profit, and its forecast P/E on this year's expected earnings is actually lower than peer fab-equipment companies (19-27x), a strength; on the other hand, a current ratio of 82% means short-term liquidity is tight, and earnings hinge heavily on the semiconductor and memory cycle, so if the cycle turns, swings can be large.
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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 “Semiconductor Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Chip-equipment makers see orders surge and dry up with their customers' capital-spending cycles, so earnings can move sharply from here. Since future orders and profits drive the price more than past results, 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
- Revenue rose 24.8% year over year, and the pace is quickening (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 66.6% higher than a year earlier.
- ROE is 10.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 12.8%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lim Young-jin 26.18% (individual)
Controlling bloc incl. related parties 29.72%
With the controlling bloc holding 30%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
JUSTEM is a company that makes 'N2 purge systems,' which prevent wafers inside semiconductor-manufacturing fabs from being exposed to airborne moisture and dust and developing defects. Its core role is to precisely blow nitrogen (N2) inside the carrier (FOUP) that holds and moves wafers and the equipment (LPM, EFEM) on which that carrier rests, driving humidity extremely low to protect 'yield,' the share of chips that come out as good product. The revenue mix the company itself disclosed is about 85% semiconductor equipment, about 7% display equipment and about 6% solar equipment, so it is effectively a semiconductor-equipment company, expanding into display, secondary batteries and solar. In other words, it earns money by selling 'manufacturing-environment control equipment' that helps make chips and panels well, rather than the chips or panels themselves.
The latest close is ₩10,900 and the market capitalization is ₩249.3 billion. The price sits above its 20-day moving average (₩10,472) and below its 60-day moving average (₩13,632). 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 50.1, a neutral level. The one-month change is +5.1%, the three-month change is -21.6%, and the position relative to the 52-week high is -42.6%. Relative strength versus the KOSDAQ is 83 (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 84% of all stocks. Over the past three months it outpaced the index by 20.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's (2025) confirmed results, the P/E ratio (how many times one year's net profit the share price represents) is 71.20x and the P/B (how many times the company's net assets the share price represents) is 3.88x. On the numbers alone this looks high, but there is an important circumstance. This company has just swung from a loss in 2024 to a profit in 2025, so last year's net profit, used as the denominator, is still small. That makes the P/E on finished results look far more inflated than it really is; it is not a number to read directly as the stock being expensive. In fact, first-quarter 2026 operating profit (₩4.1 billion) reached about 88% of full-year 2025 operating profit (₩4.6 billion), earnings are rising so quickly, so the forecast P/E using this year's expected earnings as the denominator comes down. This is actually below the same semiconductor fab-equipment companies (broadly 19-27x), so judged on earnings that have entered a normal track, it is closer to a reasonable range than to a bubble. ROE (how much is earned in a year on one's own money) is 6.6%, above the peer median (5.0%), and the operating margin is 9.6%. The debt ratio (debt relative to equity) is 166.5%, a normal level, and the current ratio, which measures assets readily convertible to cash against debt due within a year, is 82.1%, so short-term liquidity is on the tight side, a point worth watching.
Revenue moved ₩35.9 billion (2023) → ₩38.7 billion (2024) → ₩48.3 billion (2025), rising +24.8% last year with the pace of growth quickening. The change in the earnings trend is more striking: operating profit swung from a ₩4.6 billion loss in 2024 to a ₩4.6 billion profit in 2025, and net profit also turned positive. The company directly stated in disclosure that the cause of the swing to profit was 'an upgrading of the revenue mix toward high-value-added products on recovering demand in the semiconductor downstream and memory market, and the resulting operating leverage.' Put simply, as the memory cycle recovered, products that could be sold at higher prices increased, and because fixed costs stay the same as revenue grows, a structure works in which profit swells even faster. This trend grew clearer in the first quarter of 2026, with revenue of ₩17.7 billion (+66.6%), operating profit of ₩4.1 billion (+147.4%) and net profit of ₩4.6 billion (+199.5%), profit rising far faster than revenue. In effect it earned in a single quarter close to a full year's worth from last year, so this year's annual earnings may well step up to a level in a different league from last year. The forecast P/E on this year's expected earnings reflects exactly this picture of demand recovery, a rising share of high-value-added products and operating leverage carrying through for the full year.
Over the past year the disclosures fall broadly into three strands. First, results and contracts: in February 2026 it signed a ₩7.4 billion display manufacturing-equipment supply contract with LG Electronics (19.1% of 2024 revenue), and that same month a results disclosure confirmed the swing to profit. Second, shareholder returns and capital policy: in December 2025 it decided a bonus issue of two new shares per one share, raising outstanding shares from about 7.26 million to about 21.47 million, and disposed of some treasury shares as a source for employee RSUs (dilution effect about 0.7%). Third, stakes and insider transactions: in May-June 2026 there were frequent ownership-change and large-holding reports by executives and major shareholders, which appear to be largely filings stemming from the bonus issue, treasury shares and stock-option exercises. Because such capital events directly affect quoted values and share counts, per-share metrics are best read separately before and after the issue.
This company's strengths are clear. An environment of recovering memory demand meshed with its market position in N2 purge to bring a swing from loss to profit; the recovery pace was steep enough that first-quarter 2026 earnings approached a full year from last year; and the LG Electronics display-equipment supply contract offered a clue to diversifying revenue beyond semiconductors. Above all, the P/E on finished last-year results looks high only because the denominator is still small right after the swing to profit; the forecast P/E on this year's expected earnings is actually lower than the same semiconductor fab-equipment companies (19-27x). Judged on earnings that have entered a normal track, the price reads not as expensive but rather as undervalued versus peers. There are points to watch together. The current ratio of 82% means short-term liquidity is tight, and earnings hinge heavily on the semiconductor and memory cycle, so if the cycle turns, swings can be large. In sum, this company is strong 'when the memory-cycle recovery and quarterly earnings improvement carry through to annual results,' and weaker 'when the cycle turns or the earnings pace of the first quarter slows,' and on this year's expected earnings the current price is not at an unreasonable level.
🔎 Valuation vs peers Overvalued
The base's 'machinery/equipment' is a coarse KSIC classification. JUSTEM is effectively a front-end equipment company that controls the process environment of a semiconductor fab (humidity, contamination, utilities), so companies that make the same semiconductor fab-environment and utility equipment were chosen as the true comparison set. The comparison uses on-site figures (on the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| GST | 18.72x | 2.74x | 17.66% |
| STI | 21.77x | 1.15x | 6.01% |
| Cymechs | 23.95x | 1.84x | 6.88% |
| Komico | 11.41x | 4.00x | 16.58% |
(a) True-peer position: the P/E of the same semiconductor fab-environment and utility equipment group (GST, STI, SICMAX, KoMiCo) is broadly 26-34x and the P/B is in the 1.7-4.8x range. JUSTEM's last-year confirmed P/E of 114.3x and P/B of 7.55x are far above the top of this comparison set. (b) Premium/discount: the fast earnings recovery right after the swing to profit and the market position are factors that justify a premium, but a P/B of 7.55x is higher than anywhere in the comparison set, so expectations are pre-reflected even against net assets. (c) Limits of trailing and the forward basis: last year's P/E of 114x looks excessive because it uses low earnings just after emerging from a loss as the denominator. No official company outlook is confirmed, so on a seasonality approximation of DART confirmed results (this year's operating profit of about ₩11.5 billion) the denominator grows and the multiple comes down considerably. However, this approximation has low reliability and is not the company's official outlook, and on a forward basis it is still high versus peers, so the overall judgment is set to Overvalued. Rather than concluding one way or the other, the key is to confirm each quarter whether this year's quarterly earnings actually accumulate as much as the approximation implies.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩22.1 billion | approx. ₩5.1 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩10,900 and the market capitalization is ₩249.3 billion. The price sits above its 20-day moving average (₩10,472) and below its 60-day moving average (₩13,632). 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 50.1, a neutral level. The one-month change is +5.1%, the three-month change is -21.6%, and the position relative to the 52-week high is -42.6%. Relative strength versus the KOSDAQ is 83 (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 84% of all stocks. Over the past three months it outpaced the index by 20.5%. 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 +20.51% / 6M +104.58% / 12M +0.43%
Key metrics Computed vs sector median
Valuation
The P/E of 71.20x is above the sector median (14.07x). The P/B of 3.88x is above the sector median (1.01x). 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 10.2%, above the sector average (2.0%). The operating margin is 12.8%. The debt ratio is 53.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $25.2M | $27.2M | $33.9M | +24.78% ↑ faster |
| Operating profit | $218,781 | -$3.2M | $3.3M | — |
| Net profit | -$2.4M | -$1.5M | $2.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $31.5M | $32.4M | $25.2M | $27.2M | $33.9M |
| Operating profit | $5.1M | $5.0M | $218,781 | -$3.2M | $3.3M |
| Net profit | $4.0M | $4.4M | -$2.4M | -$1.5M | $2.4M |
| Revenue CAGR | 4-yr avg 1.88% | ||||
Revenue rose 24.8% year over year (2023 ₩35.9 billion → 2024 ₩38.7 billion → 2025 ₩48.3 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.9%. The two-year revenue CAGR is 15.9%. In the most recent quarter (Q1 2026), revenue was 66.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 10.2% points to solid profitability.
- Revenue grew 24.8% 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
- 2026-02-25UpdateSigned a single-order supply contract for display manufacturing equipment worth ₩7.4 billion with LG Electronics (19.1% of 2024 revenue, contract period 2026-02-25 to 2027-07-30, advance 30%, interim 50%, balance 20%)A signal of revenue diversification into the display segment beyond semiconductors. The single-contract size is not small and helps mid-term revenue visibility, but revenue recognition timing may be spread out depending on the delivery and inspection schedule. Source
- 2026-02-23EarningsDisclosure of 2025 consolidated revenue of ₩48.3 billion (+24.7%) and operating profit of ₩4.6 billion, a swing to profit. The company specified the cause as 'an upgrading of the revenue mix toward high-value-added products on recovering demand in the semiconductor downstream and memory, and operating leverage'An earnings inflection from a prior-year loss to profit. Last year's confirmed metrics alone may understate the current earnings pace, so it should be viewed together with this year's trend. Source
- 2025-12-18FilingBonus-issue decision — two new shares allotted per one share (new-share record date 2026-01-02, new-share listing 2026-01-23). Outstanding shares rise from about 7.26 million to about 21.47 millionShare count roughly triples, so the per-share price and per-share metrics adjust. The break in the price chart versus year-end (rights-off) is due to this bonus issue, and the company's value itself did not change. Source
- 2026-03-11FilingTreasury-share disposal decision — some treasury shares held disposed of as a source for employee RSUs (about 0.70% of outstanding shares, negligible dilution effect)Compensation to retain talent, with limited dilution impact. That said, whether employee compensation via treasury shares and stock options continues is worth tracking cumulatively from a per-share-value standpoint. Source
- 2025-11-14IRFiling of an investor relations (IR) presentation — an official communication venue where the company directly explains its business and results (also held in May and September 2025)An opportunity to update information through the company's official channel. Official IR materials can be used as a primary source rather than an external estimate. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | ₩48.3 billion(₩48,288,744,108) | ₩48,288,744,108 | Confirmed | link |
| 2025 consolidated operating profit | ₩4.6 billion(₩4,634,798,643) | ₩4,634,798,643 | Confirmed | link |
| Bonus-issue allotment ratio | 1 2 | 1 2, 14,211,662 | Confirmed | link |
| This year's seasonality-approximated annual operating profit | approx. ₩11.5 billion | — | Unverified | link |
Recent filings Source
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27Disclosure
📖 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.