PSK Holdings피에스케이홀딩스

PSK Holdings shows very high reported margins and a strong one-year share price gain, but the stock already trades at a rich multiple of its trailing earnings.

PSK Holdings, a Korean maker of semiconductor packaging equipment, reported trailing-twelve-month revenue of ₩217B and operating income of ₩78B to H1 2026, with a 36.1% operating margin and low leverage. Trailing net income of ₩119B is well above operating income, a gap the data does not explain. The shares closed at ₩157,700 on 2026-10-26, up 185.2% over one year but down 3.4% over one month.

What stands out

• Revenue fell 3.6% in 2025 to ₩208B after a 127.5% jump in 2024, so the business has been volatile year to year.
• Trailing net income of ₩119B is about 55% of revenue, well above operating income; the filings data does not say what drove this gap.
• Valuation is elevated: P/E of 28.6 and P/B of 6.3 at the current price, against a DCF base value of ₩74,953 in the data.
• Cash of ₩151B against borrowings of ₩12B, and debt-to-equity of 19.6%, indicate a conservative balance sheet.
• Over the last 20 days, foreign investors were net buyers (about ₩31B) while institutions were net sellers (about ₩26B); foreign ownership rose from 6.7% to 7.2%.

What to watch

• Next quarterly and annual results, to see whether the high margins and the gap between operating and net income persist.
• The company's disclosed advanced packaging expansion, which news coverage linked to the mid-October share price gain.
• Share price stays far from its ₩40,500 52-week low and ₩219,000 high, so sharp swings remain possible; the DCF bear case in the data is ₩53,926.