Neosem네오셈

Neosem's trailing profits are strong on a rebound in first-half 2026, but the stock already trades at a rich multiple and free cash flow is negative.

Neosem, a KOSDAQ-listed maker of semiconductor back-end test equipment, reported trailing revenue of ₩83.3B and net income of ₩18.0B for the twelve months to H1 2026, with a 21.6% net margin. Its 2025 revenue fell 39.2% to ₩63.9B, so the recovery is recent and the 2026 figures are trailing rather than a full year. The share price closed at ₩16,330, up 80.6% over three months, and sits well below its 52-week high of ₩21,400.

What stands out

• Trailing operating margin is 16.9%, well above the 6.3% reported for 2025, but below the 15.6% of 2024.
• Trailing free cash flow is negative at about ₩-19.0B, while cash of ₩28.1B exceeds borrowings of ₩16.1B.
• Valuation is high: P/E of 39.7, P/B of 5.4 and P/S of 8.6, against a DCF base value of ₩2,618 in the supplied model (which is in won per share and far below the current price figure of ₩16,330, so the model's units or inputs should be checked before relying on it).
• Recent filings are mostly major sales or supply contracts and several amendments, plus 5%+ holding reports; the supplied data does not state contract values or customers.
• Institutions were net buyers over 20 days, while foreign and retail investors were net sellers; foreign ownership is 0% now, down from 0.1% sixty days earlier.

What to watch

• Next filings, including the third-quarter report, and whether the trailing margin holds up on a full-year basis.
• Whether the contract amendments and any new major supply contracts change revenue or cash flow, since the data gives no detail on them.
• Free cash flow turning positive, given the negative trailing figure and the rise in the share price; the supplied data names no specific risks beyond these.