Zeusco제우스

Zeusco is loss-making on a trailing basis with falling revenue, and its share price is well above the company's own DCF model output.

Zeusco makes semiconductor and display manufacturing equipment, mostly built to customer order. Over the trailing twelve months to H1 2026 it had revenue of ₩322.9B, an operating loss of ₩31.5B and a net loss of ₩11.3B, after profitable years in 2022 to 2024. At ₩12,000 the shares are up 35.9% over three months but down 23.4% over one year, and the data shows no dividend.

What stands out

• Revenue fell 21.9% in 2025 to ₩383.3B, and the trailing figures are lower again, with operating margin at -9.8%.
• The 2025 full year was loss-making at the operating line (₩4.5B loss), compared with ₩49.2B operating profit in 2024.
• Free cash flow was negative at -₩4.4B on a trailing basis, and borrowings of ₩61.7B exceed cash of ₩49.7B, with liabilities at 66.2% of equity.
• Price-to-book is 1.2 and price-to-sales is 1.2, but P/E is not meaningful because earnings are negative. The DCF base value is ₩2,218 and the bull case is ₩5,611, both well below the current price.
• Over the last 20 days institutions were net buyers (about ₩3.8B), while retail (about -₩3.7B) and foreign investors (about -₩0.8B) were net sellers; foreign ownership rose from 7.1% to 7.6% over 60 days.

What to watch

• Next quarterly results and whether operating losses narrow from the trailing figures, given that the data has no forward forecasts.
• Progress of the buyback trust arrangement, following the June contract and the September status report on the acquisition.
• The recent news headline about mobile game sales (Solo: Enchant and Zeus) does not appear to relate to this equipment maker's profile, so its relevance to the company is unclear and should be verified.