Samyang NC Chem does not make semiconductors itself; instead it produces the raw materials that go into photoresist (the light-sensitive fluid used in the lithography step that etches circuits with light) - namely polymers and photoacid generators - along with wafer-cleaning chemicals, which it supplies to photoresist makers such as Dongjin Semichem. It is a supplier focused on localizing semiconductor materials. In 2025 its revenue split into photoresist materials 67.2%, cleaning materials 27.4%, and other 5.4%, and roughly 77% of the photoresist materials were exported. First-quarter revenue and profit both grew at double-digit rates, and with an ROE of 12.5% its profitability is on the high side within the materials sector. What stands out recently is that, as long as memory and foundry investment and demand for advanced materials continue, its strong profitability and low forward multiple shine together; on the other hand, with about 63% of revenue exported, its results can be swayed by exchange rates and the order flow from a small number of customers.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 13.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 32.9% higher than a year earlier.
- ROE is 12.5% (total-net basis). It is above the sector average.
- Operating margin is 14.1%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Samyang Holdings 59.97% (corporate)
Controlling bloc incl. related parties 68.72%
With the controlling bloc holding 69%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Samyang NC Chem does not make semiconductors itself; it makes and sells the chemical materials that go into the manufacturing process.
- Its core products are the raw materials for photoresist (the light-sensitive fluid used in the lithography step that etches circuits with light).
- Rather than selling finished photoresist, it makes the polymers and photoacid generators (PAG - substances that release acid when exposed to light to form circuit patterns) that go inside it, and supplies these to photoresist makers such as Dongjin Semichem.
- A second pillar is materials for the wafer-cleaning process (wet chemicals - PERR intermediates that remove residue left after etching).
- Per its quarterly report, its 2025 revenue breaks down into photoresist materials 67.2%, cleaning materials 27.4%, and other 5.4%, with roughly 77% of the photoresist materials exported.
- In substance, this is a company focused on localizing semiconductor materials used across both memory (DRAM and NAND) and foundry (non-memory).
- The latest closing price is ₩13,040 and the market cap is ₩285.4 billion.
- The price sits below the 20-day line (₩16,993) and below the 60-day line (₩18,145).
- Trading below both the short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (an auxiliary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 35.6, a neutral level.
- The one-month change is -10.2%, the three-month change is -14.8%, and the position versus the 52-week high is -68.4%.
- Relative strength versus the KOSDAQ is 55 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 44% of all stocks by strength.
- Over the past three months it outpaced the index by 7.4%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On a confirmed annual basis (last year, FY2025), the P/E ratio (how many times one year's profit the price represents) is 19.16x and the P/B (how many times per-share net assets the price represents) is 2.39x.
- The ROE (how much is earned in a year on equity) is 12.5%, among the highest within the same materials sector, and the operating margin is 14.1%.
- The debt ratio (debt versus equity) is 121.4%, but with a current ratio of 356% and an interest coverage ratio of about 16x, its capacity to service debt is ample.
- An important point here is that this 25.9x is a trailing figure divided by 'last year's confirmed profit'.
- In an inflection phase where profit is rising quickly, a multiple based on last year's numbers tends to look more expensive than it really is.
- The forward P/E, based on this year's expected profit, is actually lower than that of semiconductor-materials peers such as Dongjin Semichem (29.1x) and Soulbrain (34.1x).
- Since it posts the highest profitability while trading at a lower multiple than peers on this year's profit, this is not a place to conclude it is expensive from last year's multiple alone.
- Annual revenue rose every year, from ₩98.6 billion in 2023 to ₩110.5 billion in 2024 to ₩125.4 billion in 2025, and the pace of increase quickened (+13.5% year over year).
- In the same year operating profit rose +64.0% and net profit +66.2%, far outpacing revenue.
- In the first quarter of 2026, revenue of ₩40.7 billion (+32.9%), operating profit of ₩6.5 billion (+45.4%), and net profit of ₩5.7 billion (+50.1%) widened the growth gap further.
- The reason profit is growing faster than revenue is that, as semiconductor processes become finer and move into demanding areas such as EUV and Bump, more sophisticated photoresist materials are required, and Samyang NC Chem is commercializing and filling that high-value-added demand.
- Materials demand is rising simultaneously across memory and foundry, and localization and customer diversification are supporting both price and volume.
- The forward P/E falling to 16.1x on this year's expected profit reflects this profit growth.
- In its quarterly report the company noted that semiconductor seasonality has weakened compared with the past, so the strong first-quarter growth is hard to view as a temporary phenomenon concentrated in a single quarter.
- Recent developments center on earnings and IR (investor relations).
- On May 11, the quarterly report disclosed confirmed Q1 results, showing both revenue and profit up at double-digit rates.
- On May 18, a disclosure announced a non-deal roadshow (NDR) for institutional investors in Yeouido on May 22, with the agenda being a review of Q1 performance and an explanation of key business status and management plans; the presentation materials were noted as being posted to the KRX KIND system.
- Meanwhile, several reports on changes in shareholdings by executives and major shareholders appeared between March and May, but these are routine filings common at a newly listed company and are hard to read as standalone positive or negative news.
- The strengths are clear.
- It has already commercialized advanced photoresist materials such as those for EUV and Bump, and as revenue and profit grow quickly, its ROE of 12.5% is the highest profitability within the same materials sector.
- Moreover, this year's forward P/E of 16.1x is lower than that of peers such as Dongjin Semichem and Soulbrain, so it amounts to buying the best-earning company at a cheaper multiple.
- For reference, the 'overvalued versus the game sector' label attached in the base data is an illusion stemming from a sector misclassification based on the company name and keywords; measured against semiconductor-materials peers, it is in fact an attractive spot.
- There are points to watch as well.
- About 63% of revenue, and roughly 77% of photoresist materials, are exported, so results can be swayed by exchange rates and the order flow of overseas customers, and because direct customers are a small number of material and photoresist makers, dependence on specific customers is a variable.
- In short, as long as memory and foundry investment and demand for advanced materials continue, strong profitability and a low forward multiple shine together; conversely, if the semiconductor cycle slows, key-customer orders shrink, or exchange rates turn into a headwind, earnings swings become larger.
🔎 Valuation vs peers Fairly valued
Because the actual business is precision chemical materials for semiconductor lithography and cleaning, it was compared against semiconductor-materials peers rather than game companies; the on-site figures were checked with tools/peers.py.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dongjin Semichem | 22.17x | 2.03x | 9.14% |
| Soulbrain | 29.03x | 2.17x | 7.49% |
| ENF Technology | 10.62x | 1.23x | 11.60% |
(a) Position versus the true peer set: measured against precision chemical materials peers, 25.6x sits in the middle, between the cheapest E&F Technology (14.3x) and the most expensive Soulbrain (43.4x), and below direct customer Dongjin Semichem (30.4x). The 'overvalued versus the game sector' applied in the base data is an illusion arising from a sector misclassification. (b) Premium/discount: with the highest ROE among peers and double-digit growth, some premium is justified, but with a large share of revenue concentrated in exports and a few customers, an unlimited premium is hard to grant. (c) Limits of trailing and the basis for forward: the confirmed trailing P/E can look more expensive than reality now that profit is inflecting, and the forward P/E on a DART seasonality approximation comes down. However, this forward is an unverified approximation rather than an official company forecast, so firm conclusions should be avoided. On balance, it fits the 'fairly valued' range versus peers, but it is a spot that could move either way - overvalued or undervalued - depending on whether growth continues.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩40.8 billion | approx. ₩6.2 billion | approx. ₩5.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩13,040 and the market capitalization is ₩285.4 billion. The price sits below its 20-day moving average (₩16,993) and below its 60-day moving average (₩18,145). 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 35.6, a neutral level. The one-month change is -10.2%, the three-month change is -14.8%, and the position relative to the 52-week high is -68.4%. Relative strength versus the KOSDAQ is 55 (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 56% of all stocks. Over the past three months it outpaced the index by 7.4%. 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 +7.44% / 6M -38.43% / 12M -28.21%
Key metrics vs sector median
Valuation
The P/E of 19.16x is above the sector median (14.98x). The P/B of 2.39x is above the sector median (1.58x). 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.7%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 12.5%, above the sector average (10.0%). The operating margin is 14.1%. The debt ratio is 121.4%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $65.4M | $73.2M | $83.1M | +13.45% ↑ faster |
| Operating profit | $4.9M | $7.1M | $11.7M | +64.05% ↑ faster |
| Net profit | $3.1M | $5.9M | $9.9M | +66.20% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $65.4M | $73.2M | $83.1M |
| Operating profit | — | — | $4.9M | $7.1M | $11.7M |
| Net profit | — | — | $3.1M | $5.9M | $9.9M |
| Revenue CAGR | 2-yr avg 12.77% | ||||
Revenue rose 13.5% year over year (2023 ₩98.6 billion → 2024 ₩110.5 billion → 2025 ₩125.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 64.0% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is 12.8%. The two-year revenue CAGR is 12.8%. In the most recent quarter (Q1 2026), revenue was 32.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 12.5% points to solid profitability.
- Revenue grew 13.5% 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
- 2026-05-11EarningsQ1 2026 quarterly report disclosed - revenue ₩40.7 billion (+32.9%), operating profit ₩6.5 billion (+45.4%), net profit ₩5.7 billion (+50.1%), confirming continued growthIn the short term, growth is confirmed in the numbers. Given that Q1 typically accounts for about 25% of the year, it serves as a reference point for gauging this year's full-year trajectory. Source
- 2026-05-18IRIR disclosure - a non-deal roadshow for institutional investors on May 22 in Yeouido, reviewing Q1 performance and explaining key business status and management plans, with materials to be posted on the KRX KIND systemIn the medium term, a venue where the company explains its business progress and plans directly. However, the disclosure text contains no numeric targets, so it is hard to use as an official forecast figure. Source
- 2026-05-27FilingReport on holdings of specified securities by executives and major shareholders - a routine early-listing shareholding change reportShort-term impact is limited. It is a common filing at a newly listed company and hard to read as a trend-defining supply/demand signal. Source
- 2026-06-01FilingLarge business group status disclosure - a regular status filing as a member of the Samyang GroupA regular disclosure reconfirming affiliation with the Samyang Group; its direct effect on earnings itself is small. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 annual revenue | ₩125.4 billion | 125,385,914 | Confirmed | link |
| 2025 revenue mix (share of photoresist materials) | — | PR 67.19% / Wet-Chemical 27.43% / 5.38% | Confirmed | link |
| Q1 2026 revenue | ₩40.7 billion(₩40,683,157,794) | 40,683,157 | Confirmed | link |
| This year's annual operating profit (seasonality approximation) | approx. ₩25.6 billion | — | Unverified | link |
Recent filings
- 2026-06-01Large-business-group status disclosure
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18Disclosure
- 2026-05-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14Disclosure
- 2026-05-11PeriodicQuarterly report
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-23Disclosure
📖 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.