ISCISC

ISC remains highly profitable on trailing figures, but its shares have fallen 33.8% in a month and trade well above the model's base-case fair value.

ISC is a Korean semiconductor test parts maker with trailing twelve-month revenue of ₩278B, a 30.3% operating margin, and no borrowings. Revenue grew 26.2% in 2025, though 2023 was weak with revenue down 21.6%. The share price is ₩140,600, about ₩2.98T market cap, and the valuation is high at a P/E of 38.4 and P/B of 5.1.

What stands out

• Trailing operating income is ₩84.3B and net income is ₩77.6B, with free cash flow of ₩49.8B and cash of ₩78.1B against zero borrowings.
• The 2025 annual figures show revenue of ₩220B and operating income of ₩60.1B, a sharp recovery from 2023 when operating margin fell to 7.7%.
• The DCF model in the data gives a base value of ₩60,954, a bear case of ₩47,992 and a bull case of ₩80,844, all below the current price.
• Preliminary Q3 results reported operating profit of ₩21.8B, up 25.4% year on year, and a headline cites a 30% Q3 operating margin despite currency pressure.
• Foreign ownership fell from 31.3% to 27.3% over 60 days, and foreign investors were net sellers over the last 20 days while retail investors were net buyers.

What to watch

• The full Q3 consolidated earnings filing and the earnings outlook, both dated 27 October 2026, which the data does not yet contain in detail.
• Currency pressure, which a news headline names as a factor in margins.
• Continued foreign and institutional selling, and whether the share price keeps moving toward or away from the model's fair value range.