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Korean maker of CMP (chemical-mechanical polishing) equipment and slurry/consumables used in semiconductor wafer fabs.
Korean maker of CMP (chemical-mechanical polishing) equipment and slurry/consumables used in semiconductor wafer fabs.
Sells polishing tools as large capital orders that follow its two big Korean chipmaker customers' investment plans, then earns more steadily from consumables and service. Because Samsung and SK hynix provide most demand, its fortunes track Korean memory-chip spending.
Moat: narrow (customer qualification, process know-how). Qualified domestic CMP supplier reducing reliance on foreign polishing equipment/consumables.
Headquarters: Cheonan, South Korea · Employees: 782
Size Kctech (281820.KS) is a South Korea Information Technology company (Electronic Production Equipment) with a market value of $770M, the 273rd largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩52,800 on 6 Nov 2026.
Performance Over six months the shares fell 13.9%, against -34.0% for the median peer and -24.5% for the South Korea market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 18.9% over the last twelve months (peer median +9.3%); the operating margin is 20.3% (peer median 5.5%).
Valuation It trades at 8.7× forward earnings against a peer median of 13.2× (3rd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points above its cost of capital (8.5% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩495B | ₩383B | ₩385B | ₩287B | ₩378B |
| Revenue growth | — | -1% | +34% | -24% | — |
| Gross profit | n/a | ₩140B | ₩122B | ₩96.2B | ₩129B |
| EBITDA | n/a | ₩76.9B | ₩66.1B | ₩47.9B | ₩75.7B |
| Net income | ₩100B | ₩53.4B | ₩52.7B | ₩31.7B | ₩55.4B |
| Free cash flow | n/a | ₩32.6B | ₩89.8B | ₩13.7B | ₩41.6B |
| Capital expenditure | n/a | ₩28.6B | ₩12.0B | ₩13.7B | ₩15.0B |
| Total debt | n/a | ₩2.02B | ₩2.63B | ₩4.17B | ₩4.37B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kctech 281820.KS | $770M | -14% | +19% | 20% | 8.7× | 2.8% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Ebara 6361.T | $9.28B | -40% | +9% | 11% | 14.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 281820.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -57.1% | -15.8% | lowest of 21 |
| 6-month return | -13.9% | -34.0% | 6th highest of 20 |
| Distance from 52-week high | -60.6% | -49.4% | 5th lowest of 21 |
| Revenue growth (TTM) | +18.9% | +9.3% | 8th highest of 21 |
| Operating margin | 20.3% | 5.5% | 4th highest of 21 |
| Forward P/E | 8.7× | 13.2× | 3rd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 2.8% | 7.0% | 4th least demanding of 12 |
| Growth delivered (Del g) | +3.7% | +6.3% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | -0.9 pp | +0.8 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +5.4 pp | -1.4 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kctech 281820.KS | South Korea | $770M | -14% | +19% | 20% | 8.7× | 2.8% | +3.7% |
| Suzhou Shihua New Material Technology 688093.SS | China | $772M | -43% | -26% | 32% | 9.5× | 7.0% | +27.0% |
| Japan Display 6740.T | Japan | $773M | -74% | -25% | -9% | n/a | n/a | n/a |
| Foxsemicon Integrated Technology 3413.TW | Taiwan | $778M | -29% | +16% | 13% | 8.6× | n/a | n/a |
| Suzhou Jinfu Technology 300128.SZ | China | $781M | -38% | +33% | -12% | n/a | n/a | n/a |
| Ceres Power CWR.L | United Kingdom | $758M | -63% | -23% | -125% | n/a | n/a | n/a |
| Team 4967.TW | Taiwan | $783M | -7% | +91% | 35% | 39.4× | n/a | n/a |
| Radiant Opto-Electronics 6176.TW | Taiwan | $795M | -15% | -11% | 9% | 9.5× | n/a | n/a |
| DKE 1770.HK | Hong Kong | $796M | n/a | +35% | 5% | n/a | 17.5% | +9.6% |
| Beken 603068.SS | China | $810M | 0% | +35% | 1% | n/a | n/a | n/a |
| Suzhou Wanxiang Technology 301180.SZ | China | $724M | -32% | +8% | 2% | n/a | 25.2% | +4.4% |
| LianChuang Electronic Technology 002036.SZ | China | $818M | -42% | -32% | -25% | n/a | n/a | n/a |
| Thinking Electronic Industrial 2428.TW | Taiwan | $721M | 0% | +11% | 23% | 11.2× | 0.8% | +6.3% |
| Shenzhen S-king Intelligent Equipment 688328.SS | China | $718M | -7% | +31% | 11% | n/a | 29.2% | +0.7% |
| Guoguang Electric Co., Ltd.Chengdu 688776.SS | China | $709M | -46% | -38% | -89% | 30.3× | n/a | n/a |
| AcBel Polytech 6282.TW | Taiwan | $838M | -35% | +14% | 3% | 22.5× | 15.7% | +8.6% |
| JVCKENWOOD 6632.T | Japan | $694M | -34% | +2% | 7% | 7.0× | -17.0% | +5.5% |
| Evertz Technologies ET.TO | Canada | $689M | -21% | +4% | 13% | 15.1× | 5.0% | +8.5% |
| Shenzhen Yanmade Technology 688312.SS | China | $682M | -56% | +1% | 17% | 25.1× | 26.6% | +12.0% |
| Chicony Power Technology 6412.TW | Taiwan | $680M | -38% | +62% | -128% | 9.9× | -5.2% | -0.2% |
| Scanfil SCANFL.HE | Finland | $877M | -7% | +19% | 6% | 16.2× | 6.9% | +6.0% |