Q.S.ICo큐에스아이

Q.S.ICo's first-half 2026 operating profit is thin at about ₩0.8B, though reported net income is far higher, and the share price has fallen 11.5% over the past month.

Q.S.ICo makes semiconductor lasers, mainly laser diodes used in power tools, scanners, printers, factory sensors and medical devices. Trailing twelve-month revenue is about ₩25.8B with an operating margin of 3.2%, and net income of about ₩6.4B is well above operating income, which the data does not explain. The shares trade at about ₩7,230, a P/E of 10.4 and P/B of 0.7, below the DCF base value of ₩2,259? No: the DCF base case in the data is ₩2,259, well below the current price.

What stands out

• Revenue has moved around considerably: down 22.7% in 2022 and 17.7% in 2023, then up 14.3% in 2024 and 9% in 2025, with an operating loss of about ₩4.2B in 2023.
• Operating margin fell from 5.5% in 2024 to 1.3% in 2025, and trailing operating margin is 3.2%, so core profitability is slim.
• Net income far exceeds operating income in the trailing figures, so non-operating items or one-off gains likely matter; the data does not break this down.
• The company holds about ₩14.0B in cash and reports no borrowings, with liabilities at 6.9% of equity.
• Filings include a buyback trust contract signed in September 2026 and amended annual and quarterly reports; no news headlines were provided.
• Foreign ownership eased from 8.5% to 7.9% over 60 days, while the 20-day flows show retail net selling of about ₩466M against institutional net buying of about ₩392M.

What to watch

• The half-year 2026 report and any follow-up on how the buyback trust is executed.
• Whether operating margin recovers from the 1.3% to 3.2% range, and what drives the gap between operating and net income.
• Amended filings have appeared for both the annual and quarterly reports, so further corrections are worth checking.