Added to YB: 2026-05-01
Pitch date: 2026-04-29
281820.KS [bullish]
KCTech Co., Ltd.
-1.76%
current return
Author Info
No bio for this author
Company Info
KCTech Co., Ltd. engages in the manufacture and distribution of semiconductor systems, display systems, and electronic materials in South Korea.
Market Cap
KRW 1.3T
Pitch Price
KRW 62.4K
Price Target
N/A
Dividend
N/A
EV/EBITDA
12.70
P/E
22.98
EV/Sales
2.55
Sector
Semiconductors and Semiconductor Equipment
Category
value
Deep Dive Equity Research Report: KC TECH Co., Ltd. (KRX: 281820)
281820.KS (deep dive): Korean CMP equipment & slurry maker serving Samsung/SK Hynix. FY24 rev 385B KRW (+34% YoY), FCF 89.8B KRW. Q1'25 rev -15% YoY on memory digestion but gross margin +35%. Zero debt, 265B KRW net cash (7.5x current ratio). R&D 15.3% of sales targeting HBM & advanced packaging. Reverse DCF shows market prices only 2.5-3% FCF growth vs 6-7% CMP market CAGR through 2034. Forward P/E ~10x vs Applied Materials 25x. Risks: extreme Samsung/Hynix concentration, memory cyclicality, competing vs Applied Materials' scale.
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