KC케이씨

KC, a semiconductor and display utility-equipment maker, shows thin margins and a share price well off its 52-week high, with a sale process reported.

KC makes gas and chemical supply systems for semiconductor and display plants, and its subsidiaries cover piping, equipment, industrial gases and new-industry investments. Trailing results to H1 2026 show revenue of ₩814B and operating income of ₩42B, a 5.2% operating margin, with the share price at ₩34,800, down 19.7% over one month but up 32.3% over one year. Recent press reports say a consortium is preferred bidder for the company at a ₩300B valuation.

What stands out

• Trailing revenue is about ₩814B with a 5.2% operating margin, versus 5.8% for full-year 2025 and 3.8% for 2024.
• Full-year 2025 revenue rose 8% to ₩797B, though operating income of ₩46B was below 2023's ₩66B.
• Valuation metrics are low: P/E of 7.1, P/B of 0.4, and a 1.2% dividend yield, while the DCF base value is ₩58,631 against a bear case of ₩33,235 and a bull case of ₩102,216.
• Balance sheet looks modest: liabilities are 22.1% of equity, cash is about ₩80B against borrowings of about ₩18B, and free cash flow is about ₩2.5B.
• Foreign ownership rose from 12% to 14.7% over about 60 days, while retail investors were net sellers of about ₩2.4B over 20 days.

What to watch

• Press reports on the ₩300B sale process: the data does not show deal terms or whether it will proceed.
• Filings on largest-shareholder holding changes and 5%+ holding reports, which were frequent in July and August 2026.
• Full-year 2026 results, since the data only covers trailing figures to H1 2026 and the share price has been volatile over the past month.