Global Standard TechnologyGST

GST's profit margins stay healthy in the first half of 2026, but its share price has pulled back about 8% over the past month.

GST makes scrubbers and chillers used in semiconductor and display factories, and its trailing figures to H1 2026 show revenue of ₩388B with operating income of ₩68B and net income of ₩56B. The balance sheet looks modest, with cash of ₩69B against borrowings of ₩10B and a liabilities-to-equity ratio of 29.7%. At ₩45,600 the shares trade about 36% below their 52-week high of ₩70,800 but are up 79.5% over one year.

What stands out

• Trailing operating margin is 17.5% and net margin is 14.3%, broadly in line with the 2024 and 2025 annual levels.
• Revenue was roughly flat in 2025 at ₩347B, up 0.3%, after a 24% rise in 2024 and a 10.8% fall in 2023.
• The filed trailing free cash flow is ₩46B, and the company holds more cash than borrowings.
• The company's own fair value model gives a base value of ₩43,738, a bear case of ₩31,297 and a bull case of ₩63,231, which sits close to the current price in the base case.
• Valuation now shows a P/E of 15.1, P/B of 2.6 and a dividend yield of 1.4%, well below the much higher multiples of several listed peers.

What to watch

• Next periodic filings for full-year 2026 results, to see whether revenue growth resumes after a flat 2025.
• Treasury share disposal and trust-acquisition filings made in October 2026, which may affect the share count and supply.
• Insider and 5%+ holding reports filed in October, and the foreign ownership level, currently 22.9%, after recent net foreign selling over 20 days.