Justem저스템

Justem's trailing earnings have swung to solid profit, but its share price has been very volatile and it trades at a high multiple.

Justem makes humidity and contamination control equipment for semiconductor wafer carriers. Trailing twelve-month revenue to H1 2026 is ₩73.4B with operating income of ₩14.3B and net income of ₩11.7B, a sharp improvement on 2024 losses. The company has set a target of ₩300B in revenue by 2030, which the data describes as a goal rather than a forecast.

What stands out

• Trailing revenue of ₩73.4B and a 19.4% operating margin contrast with 2024, when operating margin was -11.9%.
• Full-year 2025 revenue rose 24.8% to ₩48.3B, with net income of ₩3.5B after losses in 2023 and 2024.
• Free cash flow over the trailing period was negative at about -₩5.3B, while borrowings of ₩21.0B exceed cash of ₩5.9B.
• The share price is ₩13,430, up 245% over one year and 57.8% over three months, but down 21.4% over one month; it is well below its 52-week high of ₩22,250.
• Valuation is high: P/E 26.3, P/B 4.4, EV/EBITDA 20.3, with no dividend.
• Recent filings include a share buyback decision in August 2026 and a report on treasury stock acquisition results in September 2026.

What to watch

• Next half-year or annual results, to see whether the trailing margin and profit levels hold given negative trailing free cash flow.
• Progress on the third plant, M&A and the ₩300B 2030 revenue target mentioned in October 2026 news; the data gives no timeline or detail on funding.
• Recent 20-day flows were mixed, with foreign investors net buyers of about ₩10.8B and institutions net sellers of about ₩11.1B, and the sharp one-month price fall; the data does not explain the cause.