JONBUR Research · Update note
You're reading an earlier report from Oct 23, 2026. See the latest report
GigaVis · 420770 · Machinery
GigaVis Wins ₩46.9B Semiconductor Substrate Inspection Equipment Order, Equal to 89.5% of 2025 Revenue
GigaVis disclosed a ₩46.9B supply contract for semiconductor substrate inspection equipment, equal to 89.5% of its 2025 consolidated revenue. It supports the earnings-recovery side of our earlier view, while the model now gives a fair value far below the share price.
Written Oct 23, 2026 · Data as of Oct 22, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
What happened
On 2026-10-23 GigaVis filed a major sales or supply contract. The confirmed amount is ₩46,937M (₩46.9B), excluding VAT, against 2025 consolidated revenue of ₩52.4B, or 89.5%. The product is semiconductor substrate inspection equipment, supplied domestically to a Korean substrate maker with no relationship to the company. The counterparty has done similar contracts with GigaVis in the last three years.
The contract period runs from 2026-10-22 to 2027-12-31. The amount is the sum of individual purchase orders. The end date is the final delivery deadline on those orders. Payment terms are a 10% advance, 70% interim payments and 20% on completion. Some details are withheld until 2027-12-31 at the counterparty's request for confidentiality. The filing says amounts and period may change as the work proceeds.
The company also filed three amended contract disclosures on 2026-10-19 and 2026-10-21, and several contract filings between July and September. Their sizes are not given in this data. A Money Today article on 2026-10-22 discussed the stock, but its content is not available here.
Every earlier JONBUR Research report and update note on GigaVis, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩13,400
- -86%
- Base
- ₩15,521
- -83%
- Bull
- ₩18,996
- -80%
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
- Major sales or supply contractOct 23, 2026
- Amended: Major sales or supply contractOct 21, 2026
- Amended: Major sales or supply contractOct 21, 2026
- Amended: Major sales or supply contractOct 19, 2026
- Major sales or supply contractSep 15, 2026
- Major sales or supply contractAug 19, 2026
- Half-year report (Jun 2026)Aug 14, 2026
- Change of Head Office LocationAug 13, 2026
- Major sales or supply contractAug 11, 2026
- Major sales or supply contractJul 30, 2026
- Major sales or supply contractJul 29, 2026
- Insider shareholding reportJul 29, 2026
- [Yeouido Investment HQ Part 1] GigaVis, DreamCIS: Stocks Destined for the Hall of Fame?Oct 22, 2026
- Daily prices up to 2026-10-22
- Financial statements, trailing 12 months as of H1 2026
- Our fair value model, statements as of TTM to H1 2026
Report history
- Oct 28, 2026Update noteMajor contractGigaVis Signs ₩30.6B Substrate Inspection Equipment Order From Chinese Customer, 58.3% of 2025 Revenue
- Oct 23, 2026Update noteMajor contractGigaVis Wins ₩46.9B Semiconductor Substrate Inspection Equipment Order, Equal to 89.5% of 2025 Revenue
- Oct 13, 2026InitiationStart of coverage (300 largest)GigaVis: Revenue Recovery and Frequent Supply Contracts Meet a Sharp Share Price Rise and High Multiples
Source: KRX statistical information