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GigaVis · 420770 · Machinery

GigaVis Signs ₩30.6B Substrate Inspection Equipment Order From Chinese Customer, 58.3% of 2025 Revenue

Why this report

Written after:

GigaVis disclosed a ₩30.6B contract to supply semiconductor substrate inspection and repair equipment to a Chinese substrate maker, equal to 58.3% of 2025 consolidated revenue. It adds to the order book described in the previous report, but the model estimate remains far below the share price.

Written Oct 28, 2026 · Data as of Oct 27, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

On 2026-10-28 GigaVis filed a firm supply contract worth ₩30,589,092,800 (about USD 23.1M at the 1,322.60 won rate on the signing date). That equals 58.3% of 2025 consolidated revenue of ₩52.4B. The counterparty is an unrelated Chinese semiconductor substrate manufacturer, and the filing says GigaVis has completed similar contracts with it in the past three years. The equipment is self-produced and sold overseas.

The order was signed on 2026-10-27 and the delivery deadline is 2027-10-30. Payment terms are 10% as a down payment (within 90 days after shipment), 80% as an interim payment (within 90 days after arrival at the customer), and 10% as a final payment (within 360 days after inspection is complete). Some contract details were withheld at the customer's request for confidentiality, until 2027-10-30. The filing notes that the amount and period may change as the contract proceeds. The filing does not say how this order relates to the ₩46.9B contract reported on 2026-10-23.

What it changes for the thesis

The previous report saw an earnings rebound, with 2025 revenue up 100.6% to ₩52.4B, and noted that contract filings were frequent. This is another sizeable order and a repeat customer, which is consistent with that recovery thesis. It also adds to the picture of strong demand.

The earlier cautions still apply. Revenue was ₩91.4B in 2023, and trailing free cash flow is only ₩0.4B. Most of the payment is due after shipment and delivery, so cash may arrive well after sales are booked, and the contract terms can change. We cannot tell from the filings whether this order is additional to, or overlaps with, earlier ones.

What it changes for the valuation

The model estimate is based on the assumptions shown and uses trailing figures to H1 2026, so it does not yet include this contract. It is now bear ₩13,438, base ₩15,591, bull ₩19,128 per share (DCF at an 8.2% discount rate), against the previous bear ₩13,400, base ₩15,521, bull ₩18,996. The small change reflects a minor update, not this order.

The latest share price is ₩111,600 (2026-10-27), up from ₩104,600 in the previous report and about 7.2 times the base estimate, above even the bull case. Market capitalization is about ₩1.41T. P/E is 68.4, P/B 6.8 and P/S 21.0. The 52-week range is ₩29,800 to ₩206,000. The gap implies the market expects far more growth than trailing results support.

Closing view

The contract is a further concrete positive for the order book and fits the recovery described earlier. It is also a single order with flexible terms, long payment timing and some confidential details, and the model does not yet include it. The evidence supports stronger operating momentum but does not close the large gap between the model estimate and the market price. Upcoming results will show how much of these orders turns into revenue and cash.

Model estimate of fair value

Bear
₩13,438
-86%
Base
₩15,591
-83%
Bull
₩19,128
-79%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 8.2%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 28, 2026Update noteMajor contractGigaVis Signs ₩30.6B Substrate Inspection Equipment Order From Chinese Customer, 58.3% of 2025 Revenue
  2. Oct 23, 2026Update noteMajor contractGigaVis Wins ₩46.9B Semiconductor Substrate Inspection Equipment Order, Equal to 89.5% of 2025 Revenue
  3. Oct 13, 2026InitiationStart of coverage (300 largest)GigaVis: Revenue Recovery and Frequent Supply Contracts Meet a Sharp Share Price Rise and High Multiples

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information