GigaVis기가비스

GigaVis shares have fallen sharply from their 52-week high, even as recent contract wins and a steep rise in revenue stand out.

GigaVis, a KOSDAQ-listed maker of inspection and repair equipment for semiconductor substrates, reported trailing revenue of ₩67.2B and net income of ₩20.7B for the twelve months to H1 2026, well above its 2024 results. The share price closed at ₩96,900 on 2026-10-26, down 21.3% over one month but still up 186.3% over one year. Recent filings are dominated by major sales or supply contracts, and news coverage is focused on order backlog and analyst target-price changes.

What stands out

• Revenue rose from ₩26.1B in 2024 to ₩52.4B in 2025 (up 100.6%), after a loss-making 2024 with an operating margin of -6.8%.
• Trailing operating margin is 26.2% and net margin is 30.8%, but net income is well above operating income, so non-operating or other items in the filings matter to the bottom line.
• Valuation is high: P/E of 59.4 and P/B of 5.9 at the current price, against a DCF base fair value of ₩15,591 in the provided model, far below the share price.
• Balance sheet looks light: liabilities-to-equity of 17.7%, cash of ₩46.5B against borrowings of ₩20.0B, though trailing free cash flow is only about ₩0.4B.
• Filings show many major sales or supply contracts since July 2026, and news reports a record ₩46.9B order, though the data does not give contract values or customer names.

What to watch

• Half-year and full-year results, since trailing free cash flow is very small relative to reported profit and the data does not explain the gap.
• Whether the contract flow and amended contract filings translate into revenue, given the amendments filed in October 2026.
• Foreign and institutional ownership shifts: foreign ownership rose to 6.5% from 5.6% sixty days ago, while institutions were net sellers over the last 20 days.