Gigabis (420770) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Gigabis makes equipment that inspects the fine circuitry etched into semiconductor package substrates (AOI), repairs defects with lasers (AOR), and re-verifies them (VRS). Its customers include leading Japanese FC-BGA substrate makers such as Ibiden and Shinko, and the company is understood to hold a leading share of this inspection-equipment market. In April and June 2026 it signed supply contracts with a Korean and a Japanese substrate maker worth ₩9.04 billion and ₩9.47 billion respectively (₩18.5 billion combined, about 35% of last year's revenue); this volume is booked as revenue across 2026-2027, and the company is also developing inspection equipment for PLP and glass substrates. What stands out is that earnings are recovering from a 2024 trough and the company has the net-cash and high-margin cushion to weather a downturn, but results swing heavily with customers' investment schedules, so quarterly variation is large, and the share price has risen sharply over the past half-year, adding to the valuation burden.
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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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 100.6% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 29.9% higher than a year earlier.
- ROE is 7.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 23.1%.
- 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 Kim Jong-jun 18.05% (individual)
Controlling bloc incl. related parties 60.88%
With the controlling bloc holding 61%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Gigabis makes equipment that inspects and repairs the fine circuitry etched into semiconductor package substrates (the wiring boards that connect the chip to the mainboard). Its flagship product is AOI (automated optical inspection) equipment, which uses cameras and optics to detect defects, followed by AOR equipment that repairs defects with lasers, VRS equipment that re-verifies defects, and inspection software. As of Q1 2026, AOI is the largest slice of product revenue at about 40%, with VRS, AOR, software, and service and rental revenue making up the rest. Customers are top-tier FC-BGA (high-performance semiconductor substrate) makers such as Japan's Ibiden and Shinko, and Gigabis is understood to hold one of the leading global shares in this substrate-inspection equipment market.
The latest close is ₩113,200 and the market capitalization is ₩1.4 trillion. The price sits below its 20-day moving average (₩129,005) and below its 60-day moving average (₩137,843). 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 43.0, a neutral level. The one-month change is -19.1%, the three-month change is +9.5%, and the position relative to the 52-week high is -41.1%. Relative strength versus the KOSDAQ 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 61.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E is 124.28x, which looks very high at first glance. But that figure is based on 2025 results, when profit was heavily depressed, so it overstates the company's true footing. For a company at the start of an earnings recovery, the picture fits better on this year's earnings than on last year's P/E. Profitability itself is solid: a 2025 operating margin of 23.1% and net margin of 29.5% are high for an equipment maker. ROE is 7.3%, which came out low because it was a year of depressed profit. The balance sheet is very safe: the company is in a net-cash position (net debt of minus ₩19.8 billion), with short-term assets more than 22 times short-term debt. The debt ratio appears to be 113%, but there is almost no interest-bearing debt; most of it is advances received and provisions. EV/Sales (enterprise value divided by revenue) is a high 41.9x, but this too is based on recent results when revenue was at a bottom, and it falls quickly as revenue grows.
Results swing directly with customers' investment cycles. Revenue went from ₩91.4 billion in 2023 (a peak) to ₩26.1 billion in 2024 (a trough) to ₩52.4 billion in 2025, a 100.6% rebound last year. Net profit also jumped from ₩3.4 billion in 2024 to ₩15.4 billion in 2025. The recovery continued into 2026: Q1 2026 revenue was ₩5.99 billion, up 29.9% from the same period a year earlier. The Q1 operating result was minus ₩0.97 billion, but the first half is seasonally weak for this company and revenue is concentrated in the second half, so quarterly profit alone is hard to judge on. What comes next matters: the order backlog at the end of Q1 was about ₩19.1 billion, and on top of that the new supply contracts of ₩18.5 billion in April and June were added. With major customers ramping up their 2026 capital spending, this year's revenue and profit are likely to step up another notch from 2025.
Supply contracts came one after another in 2026. On April 24 the company signed a supply contract for inspection and repair equipment with a Korean substrate maker worth ₩9.04 billion (17.2% of 2025 revenue), and on June 4 one with a Japanese substrate maker worth ₩9.47 billion (¥1 billion, 18.1% of revenue). Combined, the two contracts total ₩18.5 billion, or about 35% of last year's revenue in new orders. This volume is booked as revenue across 2026-2027. Separately, there were several filings on holdings changes by executives and major shareholders in May and June, but these are administrative disclosures with little direct bearing on earnings. In its quarterly report, the company said it is developing inspection equipment for next-generation packaging using PLP and glass substrates.
The points to watch are clear. Earnings are climbing out of a 2024 trough, and new orders back that up. Because demand for inspection equipment rises together with customer investment, the current reviving cycle is a favorable environment. The balance sheet is net cash and margins are high, giving ample staying power through a downturn. The cautions are equally clear: results swing heavily with customers' investment schedules, so quarterly variation is large. Because the first half is seasonally weak, judging on Q1 results alone can mislead. The share price has risen sharply over the past half-year, so the valuation burden and volatility have grown together. New products such as PLP and glass substrates are a source of hope, but the timing of actual revenue contribution depends on customer investment decisions and remains uncertain. In sum, this is a stock that is strong when the substrate investment cycle rises and weak when customer investment is delayed.
🔎 Valuation vs peers Inconclusive
Compared against materials-and-equipment companies that make semiconductor and precision inspection/metrology equipment; the business substance is semiconductor package-substrate inspection equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Park Systems | 51.39x | 7.72x | 10.74% |
| Wonik IPS | 54.09x | 4.63x | 8.66% |
| Doosan Tesna | 851.47x | 2.90x | 0.35% |
The P/E of 143x is based on 2025, when profit was depressed, so the headline burden is large. As a company at the start of an earnings recovery, the limitation of last year's P/E is pronounced. Reflecting this year's earnings recovery, the burden falls considerably. Even after reflecting that recovery, however, it remains higher than precision-equipment peers (Park Systems at 54x, Wonik IPS at 77x). This can be seen as a premium already reflecting the company's world-class share and expectations for new products. Ultimately the assessment turns on whether the rising cycle and the commercialization of new products translate into actual results. Because that basis is not yet confirmed, it is more appropriate to leave the call inconclusive than to declare it under- or overvalued.
Price history Close · MA20 · MA60
The latest close is ₩113,200 and the market capitalization is ₩1.4 trillion. The price sits below its 20-day moving average (₩129,005) and below its 60-day moving average (₩137,843). 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 43.0, a neutral level. The one-month change is -19.1%, the three-month change is +9.5%, and the position relative to the 52-week high is -41.1%. Relative strength versus the KOSDAQ 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 61.3%. 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 +61.27% / 6M +203.51% / 12M +331.49%
Key metrics Computed vs sector median
Valuation
The P/E of 92.86x is above the sector median (14.07x). The P/B of 7.12x is above the sector median (1.01x).
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 7.3%, above the sector average (2.0%). The operating margin is 23.1%. The debt ratio is 20.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $64.2M | $18.4M | $36.8M | +100.64% ↑ faster |
| Operating profit | $24.6M | -$1.3M | $8.5M | — |
| Net profit | $22.9M | $2.4M | $10.9M | +352.88% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $64.2M | $18.4M | $36.8M |
| Operating profit | — | — | $24.6M | -$1.3M | $8.5M |
| Net profit | — | — | $22.9M | $2.4M | $10.9M |
| Revenue CAGR | 2-yr avg -24.27% | ||||
Revenue rose 100.6% year over year (2023 ₩91.4 billion → 2024 ₩26.1 billion → 2025 ₩52.4 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 3 years on record, revenue compound annual growth (CAGR) is -24.3%. The two-year revenue CAGR is -24.3%. In the most recent quarter (Q1 2026), revenue was 29.9% 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 100.6% 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
- 2026-06-04UpdateSigned a supply contract for semiconductor substrate inspection and repair equipment with a Japanese semiconductor-substrate maker (₩9.47 billion, ¥1 billion, 18.1% of 2025 revenue). Contract period 2026-06-02 to 2027-05-31.A large order booked as revenue in 2026-2027, underpinning this year's earnings recovery. A sign of renewed investment by a top-tier Japanese customer. Source
- 2026-04-24UpdateSigned a supply contract for semiconductor substrate inspection and repair equipment with a Korean semiconductor-substrate maker (₩9.04 billion, 17.2% of 2025 revenue). Contract period 2026-04-24 to 2026-10-30.An order with revenue recognition set for the second half, suggesting a domestic customer is entering an expansion cycle. Source
- 2026-05-15EarningsQ1 2026 report. Revenue of ₩5.99 billion (+29.9% year on year), operating result of minus ₩0.97 billion (seasonally weak first half), and a substrate inspection/repair equipment order backlog of about ₩19.1 billion.Confirms the revenue recovery and the order backlog. Given the seasonally weak first half, the profit picture needs to be confirmed in the second half. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Value of the 2026-06-04 supply contract | — | ₩9,466,300,000 | Confirmed | link |
| Value of the 2026-04-24 supply contract | — | ₩9,035,000,000(vs recent revenue 17.23%) | Confirmed | link |
| 2025 revenue | ₩52.4 billion | ₩52,434,995,936 | Confirmed | link |
| 2026 estimated net profit (basis for forward P/E) | approx. ₩19.0 billion(self-estimate) | — | Unverified | — |
Recent filings Source
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-04Single supply/sales contract
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Disclosure
- 2026-04-24Single supply/sales contract
📖 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.