DI디아이

DI's shares have roughly doubled over three months on a sharp rise in trailing revenue and profit, but valuation is now stretched and the 2025 numbers are far weaker than the trailing figures.

DI makes semiconductor test equipment, shielding and thermal materials, and secondary battery inspection gear, with subsidiaries in Japan, China, Poland and Vietnam. On trailing figures to H1 2026 it reports revenue of ₩477B and operating income of ₩73B, a 15.3% operating margin, after a much weaker 2024 and 2025 on an annual basis. The share price of ₩37,350 sits well above the DCF base value of ₩8,344 in the data, which is a model output and not a forecast.

What stands out

• Trailing revenue of ₩477B and operating income of ₩73B are far above full-year 2025 revenue of ₩432B and operating income of ₩37B, so recent momentum is strong.
• Trailing net income of ₩29B compares with ₩5B in 2025, and free cash flow is only ₩3.5B against ₩95B of borrowings.
• Valuation is high: P/E of 36.2, P/B of 5.0 and EV of about ₩1.09T, against a DCF bear-to-bull range of ₩1,941 to ₩18,704.
• Foreign ownership rose from 14.6% to 21.1% over about 60 days, while institutions and retail were net sellers over the last 20 days.
• Recent filings are mostly contract announcements, shareholding reports and investor relations events; the one news item is a short stock-tip style piece.

What to watch

• The full-year 2026 results, since the trailing figures cover only H1 2026 and the 2025 base was much weaker.
• Whether free cash flow catches up with reported profit, given debt of ₩95B against cash of ₩58B.
• The share price is 36% below its 52-week high of ₩45,850 but more than double its 52-week low of ₩15,550, so volatility is high.