KOSDAQ · 094360 · Semiconductors · ₩094360

Chips&Media칩스앤미디어

094360 · KOSDAQ · ₩094360 · 칩스앤미디어

₩11,400▼ ₩740 (6.10%)End-of-day · Oct 30, 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

₩7,099

vs the current price (₩11,400)

Enterprise value: ₩96B
Equity value: ₩152B
WACC: 8.1%

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 38% 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 ₩11,400, the model needs an operating margin of 48.5% every year (it uses 25.4%).
Or revenue growth +17.1 points a year higher than assumed in each of the 5 years.
Margins ranged from 19.5% to 30.3% 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.
34% 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.
Today's P/E is 33.4× against a typical 34.9× 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: ₩5,731; −49.7%
Base: ₩7,099; −37.7%
Bull: ₩9,232; −19.0%

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

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (25.4%).

Revenue growth

Revenue growth, year 15.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 25%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.7% 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 (5.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin25.4%
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 & amortisation2.6%
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 spending3.3%
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 capital17.6%
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.
Beta0.74
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 0.61, 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): ₩29B
Net debt (borrowings and leases − cash and deposits): −₩41B
+ Stakes and investments: ₩14B; Associates, long-term financial assets and deposits (book value)
Shares: 21,355,274
Share price: ₩11,400
Market cap: ₩243B

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	₩28B	₩27B	₩28B	₩31B	₩33B	₩34B	₩35B	₩36B
Growth	14.7%	−2.0%	5.1%	5.7%	5.0%	4.4%	3.7%	3.0%
EBIT	₩7.8B	₩5.3B	₩7B	₩7.9B	₩8.3B	₩8.6B	₩9B	₩9.2B
EBIT margin	28.1%	19.5%	24.5%	25.4%	25.4%	25.4%	25.4%	25.4%
After-tax EBIT	₩5.6B	₩3.8B	₩5B	₩5.7B	₩6B	₩6.3B	₩6.5B	₩6.7B
+ Depreciation	—	—	—	₩807M	₩847M	₩884M	₩917M	₩945M
− Capital spending	₩1.4B	₩361M	₩1B	₩1B	₩1.1B	₩1.1B	₩1.2B	₩1.2B
− Working capital	−₩6.9B	₩3.9B	₩4.9B	₩294M	₩273M	₩252M	₩221M	₩186M
Free cash flow	—	—	—	₩5.2B	₩5.5B	₩5.8B	₩6B	₩6.2B
Discount factor	—	—	—	0.925	0.856	0.792	0.733	0.678
Present value	—	—	—	₩4.8B	₩4.7B	₩4.6B	₩4.4B	₩4.2B

Terminal value ₩109B, worth ₩74B today: 76% 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 ₩4,039 a share)Now 2.82×	₩15,5533.85×	₩20,0254.96×	₩47,44711.7×
Price / earnings (last 12 months: ₩342 a share)Now 33.4×	₩7,25021.2×	₩11,93434.9×	₩21,70963.5×

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%
7.1%	₩7,292	₩7,616	₩8,004	₩8,475	₩9,062
7.6%	₩6,926	₩7,194	₩7,511	₩7,889	₩8,349
8.1%	₩6,612	₩6,837	₩7,099	₩7,408	₩7,777
8.6%	₩6,339	₩6,530	₩6,750	₩7,006	₩7,307
9.1%	₩6,100	₩6,264	₩6,450	₩6,665	₩6,915

Now (TTM)

Market cap: ₩243B
Enterprise value: ₩199B
P/E: 33.4×
P/B: 2.8×
P/S: 8.3×
EV/EBITDA: —
Dividend yield: 1.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩18,050	₩15,720	₩31,850	₩7,050	₩11,850
Market cap	₩385B	₩336B	₩680B	₩151B	₩253B
P/E	65.1×	33.5×	—	15.1×	40.4×
P/B	4.6×	4.4×	9.7×	3.6×	6.7×
P/S	13.5×	12.4×	24.6×	6.2×	12.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.6%	0.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Chips&Media	33.4×	2.8×	8.3×	—	1.0%
SK hynix	6.4×	3.9×	5.5×	—	0.2%
DB HiTek	11.6×	1.7×	2.6×	—	0.9%
Fadu	—	36.3×	12.7×	—	0.0%
Hana Micron	13.0×	4.0×	1.1×	—	0.2%
Jeju Semiconductor	9.6×	4.9×	3.3×	—	0.0%
SFA Semicon	—	2.8×	3.0×	—	0.0%
Similar companies (median)	10.6×	4.0×	3.1×	—	0.1%

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

Also known as: Chips&Media / 칩스앤미디어 / 094360 / KRX:094360

Source: KRX statistical information