Koses코세스

Koses shares have risen sharply over the past year, while recent profits have swung widely from loss-making 2024 to a strong first half of 2026.

Koses makes back-end semiconductor packaging, laser and battery manufacturing equipment, with customers including multinational chip packagers and major Korean semiconductor firms. Trailing twelve-month figures to H1 2026 show revenue of ₩77.7B, operating income of ₩13.8B and net income of ₩15.6B, with ₩38.0B in cash and no reported borrowings. The share price is ₩30,000, up 27.7% over one year, and sits well below its 52-week high of ₩51,400.

What stands out

• Revenue fell 27.7% in 2024 to ₩69.2B with an operating loss, then recovered to ₩82.4B in 2025 with a 21.1% operating margin.
• Trailing figures show a 17.7% operating margin and 20.1% net margin, with free cash flow of about ₩11.3B.
• The DCF-based fair value model gives a base value of ₩6,703, below the current price of ₩30,000; the bull case is ₩9,429, also below it. This model is an internal estimate in the data, not a forecast by an analyst.
• Valuation is high on the given metrics: P/E 31.9, P/B 5.2, EV/EBITDA 31.5, with no dividend yield.
• Recent filings include several major sales or supply contracts in April, July and August 2026, plus a trading halt on 13 July 2026, though the data does not explain the halt or the contract values.

What to watch

• The half-year report for June 2026 was filed on 14 August; the next quarterly results and any further contract amendments will show whether margins hold.
• The reason for the 13 July 2026 trading halt is not in the data and is worth checking in the original filing.
• Investor flow, foreign ownership and short-selling data are not available in the pack, so positioning cannot be assessed.