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Korean maker of high-pressure hydrogen annealing equipment, a near-monopoly tool used in advanced semiconductor manufacturing.
Korean maker of high-pressure hydrogen annealing equipment, a near-monopoly tool used in advanced semiconductor manufacturing.
Sells high-pressure annealing tools in orders tied to customers' fab expansions, then earns recurring revenue from service and process materials. With no other commercial supplier of this process, it has no direct competitor, but depends on a few chipmakers adopting it for each new chip generation.
In one line: A tiny, single-product Korean equipment monopolist with no comparable-scale US peer..
Moat: wide (IP/patents, process know-how, customer qualification). World's only commercial supplier of high-pressure hydrogen annealing technology used in advanced-node chips.
Headquarters: Hwaseong, South Korea · Founded: 2005 · Employees: 127
Size HPSP (403870.KS) is a South Korea Information Technology company (Semiconductors) with a market value of $1.95B, the 138th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩33,350 on 6 Nov 2026.
Performance Over six months the shares fell 36.6%, against -26.1% for the median peer and -24.5% for the South Korea market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 20.4% over the last twelve months (peer median +18.2%); the operating margin is 53.4% (peer median 5.9%).
Valuation It trades at 22.1× forward earnings against a peer median of 29.0× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 53.3 points above its cost of capital (9.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩163B | ₩173B | ₩181B | ₩179B | ₩159B |
| Revenue growth | — | -5% | +1% | +12% | — |
| Gross profit | ₩117B | ₩123B | ₩127B | ₩118B | ₩110B |
| EBITDA | ₩91.3B | ₩94.1B | ₩97.5B | ₩96.5B | ₩86.3B |
| Net income | ₩85.7B | ₩72.7B | ₩86.3B | ₩80.4B | ₩66.0B |
| Free cash flow | ₩92.3B | ₩97.9B | ₩40.7B | ₩41.7B | ₩72.7B |
| Capital expenditure | ₩2.27B | ₩2.43B | ₩43.6B | ₩26.2B | ₩9.45B |
| Total debt | ₩2.03B | ₩822M | ₩1.51B | ₩2.24B | ₩3.05B |
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 |
|---|---|---|---|---|---|---|
| HPSP 403870.KS | $1.95B | -37% | -20% | 53% | 22.1× | 15.6% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| ASM International ASM.AS | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% |
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 | 403870.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -49.1% | -25.0% | 2nd lowest of 21 |
| 6-month return | -36.6% | -26.1% | 6th lowest of 21 |
| Distance from 52-week high | -63.8% | -49.9% | 5th lowest of 21 |
| Revenue growth (TTM) | -20.4% | +18.2% | lowest of 21 |
| Operating margin | 53.4% | 5.9% | highest of 21 |
| Forward P/E | 22.1× | 29.0× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 15.6% | 20.4% | 3rd least demanding of 7 |
| Growth delivered (Del g) | +23.1% | +15.8% | 2nd highest of 7 |
| Hurdle (Req g minus delivered) | -7.5 pp | +9.2 pp | 2nd least demanding of 7 |
| ROIC minus cost of capital | +53.3 pp | -6.3 pp | highest of 20 |
| EV / EBITDA | 26.7× | 9.9× | 3rd most expensive of 11 |
| Net debt / EBITDA | -2.3× | -0.2× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HPSP 403870.KS | South Korea | $1.95B | -37% | -20% | 53% | 22.1× | 15.6% | +23.1% |
| Southchip Semiconductor Technology (Shanghai) 688484.SS | China | $1.95B | -21% | +9% | -2% | 882.8× | n/a | n/a |
| Chengdu Sino-Microelectronics Tech 688709.SS | China | $1.90B | -47% | -15% | -19% | 29.9× | n/a | n/a |
| Psk 031980.KS | South Korea | $1.89B | -4% | +7% | 36% | 19.2× | 19.3% | +39.2% |
| Siltronic WAF.DE | Germany | $1.86B | -46% | +1% | -16% | n/a | n/a | n/a |
| Emmvee Photovoltaic Power EMMVEE.NS | India | $1.84B | -5% | +116% | 29% | 11.4× | n/a | n/a |
| Ferrotec 6890.T | Japan | $2.08B | -19% | +43% | 12% | 8.3× | n/a | n/a |
| ISC 095340.KS | South Korea | $1.82B | -50% | +61% | 30% | 29.8× | 10.5% | +12.6% |
| Cohu COHU | United States | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% | -6.6% |
| Shanghai V-Test Semiconductor Tech 688372.SS | China | $1.82B | -53% | +53% | 18% | 29.2× | n/a | n/a |
| BOE HC SemiTek 300323.SZ | China | $1.81B | -38% | +23% | -8% | 53.6× | n/a | n/a |
| China Wafer Level CSP 603005.SS | China | $2.10B | -31% | +7% | 23% | 28.7× | 28.3% | +6.2% |
| Beijing BDStar Navigation 002151.SZ | China | $2.10B | -36% | +35% | -14% | n/a | n/a | n/a |
| Micronics Japan 6871.T | Japan | $2.11B | -33% | +38% | 28% | 14.1× | n/a | n/a |
| Elmos Semiconductor ELG.DE | Germany | $2.13B | -36% | +9% | 20% | 16.2× | 12.9% | +20.2% |
| Elite Semiconductor Microelectronics Technology 3006.TW | Taiwan | $1.79B | +14% | +273% | 49% | 1.6× | n/a | n/a |
| Shanghai Belling Corp.,Ltd 600171.SS | China | $2.14B | -30% | +11% | 4% | n/a | 39.4% | +19.1% |
| ams-OSRAM AMS.SW | Switzerland | $1.78B | -16% | -3% | 8% | n/a | n/a | n/a |
| Union Semiconductor (Hefei) 688403.SS | China | $2.15B | -14% | +13% | 3% | 56.1× | n/a | n/a |
| Shanghai New Vision Microelectronics 688593.SS | China | $1.76B | -22% | +7% | -4% | 643.2× | n/a | n/a |
| Guangdong Tianyu Semiconductor 2658.HK | Hong Kong | $2.17B | -3% | +52% | -30% | 59.4× | n/a | n/a |