KOSDAQ · 066310 · Semiconductors · ₩066310

Q.S.ICo큐에스아이

066310 · KOSDAQ · ₩066310 · 큐에스아이

₩7,440▼ ₩110 (1.46%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩2,269

vs the current price (₩7,440)

Enterprise value: ₩6.3B
Equity value: ₩21B
WACC: 7.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 70% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

To match today's price of ₩7,440, the model needs an operating margin of 17.9% every year (it uses 4.5%).
Margins ranged from −22.7% to 9.2% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
91% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
Today's P/E is 10.7× against a typical 31.4× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear: ₩1,629; −78.1%
Base: ₩2,269; −69.5%
Bull: ₩3,522; −52.7%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (4.5%).

Revenue growth

Revenue growth, year 10.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.5%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation9.2%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).
Capital spending11.4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital40%
Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.
Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.35, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.51%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026): ₩26B
Net debt (borrowings and leases − cash and deposits): −₩15B
+ Stakes and investments: ₩194M; Associates, long-term financial assets and deposits (book value)
Shares: 9,271,621
Share price: ₩7,440
Market cap: ₩69B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩19B	₩21B	₩23B	₩26B	₩26B	₩27B	₩28B	₩28B
Growth	−17.7%	14.3%	9.0%	0.8%	1.4%	1.9%	2.5%	3.0%
EBIT	−₩4.2B	₩1.2B	₩294M	₩1.2B	₩1.2B	₩1.2B	₩1.2B	₩1.3B
EBIT margin	−22.7%	5.5%	1.3%	4.5%	4.5%	4.5%	4.5%	4.5%
After-tax EBIT	−₩3.1B	₩859M	₩213M	₩848M	₩859M	₩876M	₩898M	₩925M
+ Depreciation	—	—	—	₩2.4B	₩2.4B	₩2.5B	₩2.5B	₩2.6B
− Capital spending	₩2.7B	₩2.7B	₩1.6B	₩3B	₩3B	₩3.1B	₩3.1B	₩3.2B
− Working capital	−₩3.1B	₩3.2B	−₩2.1B	₩82M	₩145M	₩200M	₩268M	₩330M
Free cash flow	—	—	—	₩194M	₩134M	₩85M	₩24M	−₩29M
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩180M	₩117M	₩69M	₩18M	−₩20M

Terminal value ₩8.4B, worth ₩5.9B today: 94% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩9,883 a share)Now 0.75×	₩7,9760.81×	₩10,4101.05×	₩20,7082.10×
Price / earnings (last 12 months: ₩693 a share)Now 10.7×	₩7,03210.1×	₩21,78931.4×	₩52,36075.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩883 a share)Now 8.43×	₩8,95510.1×	₩27,74831.4×	₩66,68175.6×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →	1.0%	1.5%	2.0%	2.5%	3.0%
6.3%	₩2,465	₩2,461	₩2,455	₩2,446	₩2,434
6.8%	₩2,375	₩2,365	₩2,352	₩2,335	₩2,312
7.3%	₩2,300	₩2,286	₩2,269	₩2,247	₩2,219
7.8%	₩2,237	₩2,220	₩2,200	₩2,176	₩2,146
8.3%	₩2,182	₩2,164	₩2,143	₩2,117	₩2,086

Now (TTM)

Market cap: ₩69B
Enterprise value: ₩54B
P/E: 10.7×
P/B: 0.8×
P/S: 2.7×
EV/EBITDA: —
Dividend yield: 1.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩7,420	₩10,370	₩9,920	₩9,430	₩26,050
Market cap	₩69B	₩96B	₩92B	₩87B	₩242B
P/E	27.3×	29.6×	33.9×	12.5×	155.0×
P/B	0.8×	1.1×	1.1×	1.1×	3.3×
P/S	3.0×	4.5×	4.9×	3.9×	8.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.3%	1.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Q.S.ICo	10.7×	0.8×	2.7×	—	1.3%
SK hynix	6.9×	4.2×	5.9×	—	0.2%
DB HiTek	12.5×	1.8×	2.8×	—	0.8%
Fadu	—	39.2×	13.7×	—	0.0%
Hana Micron	14.4×	4.5×	1.2×	—	0.2%
Jeju Semiconductor	10.5×	5.4×	3.6×	—	0.0%
SFA Semicon	—	3.0×	3.2×	—	0.0%
Similar companies (median)	11.5×	4.4×	3.4×	—	0.1%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Q.S.ICo / 큐에스아이 / 066310 / KRX:066310

Source: KRX statistical information