Fact Summary
KOSES (089890) closed at KRW 24,850 on 2026-07-24, down -7.28% from the previous close (KRW 26,800), with trading volume of 466,650 shares (Toss Securities Open API). On the same day, the KOSPI and KOSDAQ plunged -5.73% and -5.32% respectively, triggering the year's 21st sidecar (program trading suspension), with large-cap semiconductor stocks such as Samsung Electronics and SK Hynix declining together (Hankook Ilbo, Korea Economic Daily, 2026-07-24). On 2026-07-13, KOSES disclosed a KRW 150.4 billion supply contract with US-based Bloom Energy for AI-server SOFC electrode cell automation equipment (equivalent to 183% of recent revenue) (Bloter, 2026-07-13). No individual disclosures regarding contract termination, litigation, or other special items for KOSES were found in the Seoul Economic Daily corporate disclosure and daily memo listings (2026-07-23, 24).
Context Note
The 2026-07-24 decline coincided with a surge in international oil prices (WTI at $92.19) driven by escalating US-Iran military conflict and the resulting global equity risk-off environment; KOSES's individual decline (-7.28%) exceeded the KOSDAQ index's decline (-5.32%). On the supply-demand side, institutional investors were net buyers for three consecutive trading days from 2026-07-22 to 07-24, while foreign investors turned to net selling of -99,267 shares on 07-24 (Naver Finance).
Business Overview and Revenue Composition
KOSES was founded in 1994 for the manufacture and sale of semiconductor manufacturing equipment, listed on KOSDAQ in 2006, and changed to its current company name in 2018 (WiseReport, ThinkPool). Starting with semiconductor back-end process equipment (Solder-Ball Attach, PKG Stack System, etc.), the company expanded into display (micro-LED repair), secondary battery (front-end turnkey), and energy (SOFC electrode cell manufacturing equipment).
As of cumulative Q3 2024 · Source: Web research synthesis (C) · Share of remaining segments (energy, other) and share as of the latest quarter not available
5-Year Financial Trend
| Year | Revenue (KRW 100mn) | Operating Profit (KRW 100mn) | Net Income (KRW 100mn) | Operating Margin | ROE |
|---|---|---|---|---|---|
| 2022(A) | 729 | 85 | 79 | - | 14.17% |
| 2023(A) | 957 | 80 | 70 | 8.4% | 10.5% |
| 2024(A) | 692 | -56 | -2 | -8.1% | -0.3% |
| 2025(A) | 824 | 174 | 132 | 21.1% | 17.8% |
Debt ratio and ROE show slight discrepancies between the two sources for 2025 (fnguide 24.6%/17.8% vs. alphasquare 24.65%/19.58%). [Not available] 2021 revenue and operating profit, cross-check against the original DART audit report.
Valuation (Factual Multiples)
Based on the reference closing price (KRW 24,850) and 2025 EPS (KRW 796, A), the reverse-calculated PER ≈ 31.2x; based on BPS (KRW 4,635, A), the reverse-calculated PBR ≈ 5.36x (self-calculated, requires verification). [Not available] EV/EBITDA, dividend yield, comparison against industry peer averages.
Competitive Landscape
In the semiconductor back-end process segment (solder-ball attach, package stack), KOSES's main customers are Samsung Electronics and SK Hynix, and Japan's ATHLETE (micro solder-ball attach equipment) is mentioned in secondary sources as an international competitor (quantitative market-share comparison data not available). In the SOFC (solid oxide fuel cell) electrode cell automation equipment segment, KOSES is reported to hold a dominant position, and has continuously signed supply contracts with US-based Bloom Energy over the past three years.
[Not available] Quantitative comparison of KOSES vs. ATHLETE, competitor comparison in the secondary battery equipment segment, KOSES's exact market share in the SOFC market.
Supply-Demand Trend (Past 1 Month, 2026-06-24 to 07-24)
Institutional investors were net buyers for three consecutive trading days from 2026-07-22 to 07-24, while foreign investors turned to net selling of -99,267 shares on 07-24 (Naver Finance). [Not available] Short-selling ratio/balance, individual net buying, margin loan balance (KRX login restriction).
Governance and Ownership Structure
| Category | Ownership | As of |
|---|---|---|
| Park Myeong-sun (CEO, self) | 49.71% | 2026-03-31 |
| Park Du-sun (related party) | 0.05% | 2026-03-31 |
| Largest shareholder and related parties (total) | 49.76% | 2026-03-31 |
Total shares outstanding: 16,584,962 (unchanged between 2025-12-31 and 2026-03-31). On 2026-01-26, the company disposed of its entire treasury stock holding of 614,016 shares (approximately 3.70% of shares outstanding) via after-hours block trade (KRW 25,223 per share, total KRW 15.487 billion, arranged by KB Securities) — this had no impact on the largest shareholder's ownership ratio. At the 2026-03-31 annual general shareholders' meeting, in-house director Park Geum-yeol was reappointed for a three-year term.
[Not available] Existence of sub-subsidiaries under KOSES VIETNAM, confirmation of litigation and the latest audit opinion.
Macro Environment
| Factor | Value as of date | Relevant Channel to KOSES |
|---|---|---|
| DRAM contract price | Q2 2026, approx. +67% QoQ | Channel: increased back-end equipment orders from customers (Samsung Electronics, SK Hynix) |
| KOSPI/KOSDAQ | 6,690.62(-5.73%)/748.22(-5.32%), 2026-07-24 | Large-cap semiconductor stocks declined together, sidecar triggered |
| International Oil Price (WTI) | $92.19/barrel, 2026-07-24 | Channel: broad equity market risk-off due to US-Iran tensions (indirect) |
| KRW/USD Exchange Rate | KRW 1,479.84, 2026-07-24 | Channel: imported component procurement cost (latest export share not available) |
| Bank of Korea Base Rate | 2.75%, raised on 2026-07-16 | Channel: higher discount rate for KOSDAQ small/mid-cap growth stocks |
Risk Factors (Fact-Based)
- The semiconductor segment's major customers are concentrated among a small number of clients, Samsung Electronics and SK Hynix, and consolidated revenue in 2024 recorded a -27.66% decline year-over-year (turning to an operating loss).
- The new SOFC business is highly dependent on contracts with a single customer, US-based Bloom Energy — the 2026-07-13 contract amount corresponds to 183% of recent revenue.
- Daily price fluctuations were large over the past month (e.g., 2026-07-13 -15.47%, 07-16 -10.04%, 07-24 -8.29% [per Naver]).
- It was reported that in H1 2026, the domestic margin loan balance increased from KRW 27.3 trillion (end of 2025) to KRW 37.3 trillion (end of June 2026), and the daily average forced-liquidation amount also increased from KRW 7.1 billion to KRW 52.7 billion, as broader market context (KOSES-specific margin loan data not available).
- Japan's ATHLETE is mentioned in secondary sources as an international competitor in the semiconductor back-end (solder-ball attach) segment, but quantitative market-share comparison data is not available.
[Not available] The company's own official risk factor disclosures, receivables/inventory asset health, status of pending litigation/patent disputes, latest audit opinion.
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Fact Highlights
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Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR