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KREDKRED
031980KOSDAQ

PSK Holdings

204,000
+7,000 (+3.55%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

PSK Holdings was established in 1990 and is listed on the KOSDAQ market. Based in Hwaseong, Gyeonggi-do, the company operates as a holding company with subsidiaries.

The company specializes in the manufacture and supply of semiconductor packaging equipment, including related components and technical services. It manages these operations through its headquarters in Korea and a subsidiary, SEMIgear Inc., located in Texas, USA.

Business overview as filed

당사는 현재 반도체 장비(패키징 장비)의 제조와 판매(그 부속 부품 및 기술 서비스 포함)라는 1개의 주된 사업부문을 영위하고 있으며, 종속회사의 주요사업 역시 동일하므로 따로 구분하지 아니하였습니다. 당사는 국내 본사에서 반도체 장비를 제조, 판매 및 부품 판매, 기술서비스를 총괄하고 있으며, 미국 지역 법인인 SEMIgear Inc.(Texas Austin 소재) 1개의 종속회사가 운영되고 있습니다.

[사업부문별 주요 제품]

[사업부문별 요약 재무현황]

Company overview

가. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 피에스케이홀딩스 주식회사로 표기합니다. 영문으로는 PSK HOLDINGS INC.로 표기합니다.

다. 설립일자 및 존속기간

당사는 1990년 6월 11일에 설립되었으며, 1997년 1월 7일 KRX 코스닥시장에 상장하였습니다. 2019년 4월 1일에 존속회사, 신설회사로 인적분할하고 존속법인은 피에스케이홀딩스로 신설법인은 피에스케이로 사명을 정하였습니다. 2020년 2월 1일에 피에스케이홀딩스(평택소재, 비상장)와 합병하였습니다.

라. 본점의 주소, 전화번호 및 홈페이지

■ 주 소 : 경기도 화성시 동탄구 삼성1로 4길 48(석우동)■ 전 화 : 031-660-8700■ 홈페이지 : http://www.pskholding.com

마. 중소기업 등 해당 여부

바. 주요사업의 내용

지배회사인 당사는 정관에 아래와 같은 사업을 영위함을 규정하고 있습니다. (1) 반도체 제조장비, 플랫패널 디스플레이 제조장비 및 관련 제품 제조, 판매, 배포(2) 산업용 기계 장비 제조 및 판매(3) 태양전지 제조장비의 제조 및 판매(4) 신재생에너지 관련 사업(5) 인터넷, 정보통신 관련 사업(6) 전자 상거래 관련 사업(7) 전기 목적에 관련된 기술용역이나 보수용역의 제공(8) 부동산 임대업(9) 시스템 소프트웨어 개발 및 공급업(10) 전기. 전자공학 연구개발업(11) 화학식품, 제약장치 제조 및 판매(12) 유가증권투자(13) 기계설비 공사업

(14) 전자부품 제조 및 판매(15) 태양광 발전사업

(16) 경영관리 서비스업(17) 전기 목적에 관련된 일체의 부대사업

연결대상 종속회사들이 주로 영위하는 사업으로는 당사의 사업목적에 포함된 반도체장비와 부품의 제조 또는 판매 및 관련된 용역의 제공입니다.

사. 신용평가에 관한 사항

- 평가일 : 2025년 9월 5일- 신용평가전문기관명 : (주)이크레더블- 신용등급 : A+ (총 23개의 등급 중 상위 5번째 등급이며, 누적분포도 0.5%임)- 부여된 신용등급의 정의 : 채무이행 능력이 우량하나, 상위등급에 비해 경기침체 및 환경변화의 영향을 받기 쉬움.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

8.16%
[5.87%, 11.32%] · As of 2026-10-01
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 53.6% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.17
Beta [0.90, 1.45] · KOSDAQ150 · As of 2026-10-07
Intercept
+0.703%[+0.076%, +1.330%]
R squared
0.38
Observations
252
Trading-time corrected beta
1.04[0.70, 1.39]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M1,3841,6312,7543,2874213988167289472,1552,0782,173
Revenue growth%—17.8668.8819.35-87.20-5.48105.22-10.8230.12127.53-3.59—
Operating incomeKRW 100M16725357767615-25226169270885734784
Operating income growth%—51.77127.7717.17-97.84-268.49—-25.3059.56228.07-17.05—
Net incomeKRW 100M136196394535845924664084279589171,031
Net income growth%—44.17100.9035.69-84.32605.25-21.26-12.574.76124.42-4.32—
Attributable to ownersKRW 100M136196394549——————917—
Attributable to minoritiesKRW 100M000———————0—
Operating margin%12.0615.5320.9420.563.48-6.2027.7223.2228.4841.0635.3336.08
Net margin%9.8412.0414.3216.2819.95148.8457.1155.9945.0844.4644.1347.46
ROE%7.459.8717.2820.22——————18.11—
ROA%6.598.3414.2616.738.2624.7515.2412.4110.6418.6615.6816.04
Debt ratio%12.9918.3721.1917.7614.4321.1321.5916.3917.6219.0315.5019.64
Current ratio%1,008.50617.73500.41535.22871.20515.31544.79578.49470.71466.08555.77391.07
Quick ratio%802.78499.44379.08399.42748.80450.86505.33507.62420.25410.90500.93311.67
Reserve ratio%——2,150.382,577.83—————3,734.844,446.054,642.28
Free cash flowKRW 100M103353115180-1154822882146666799—
FCF margin%7.4721.644.195.47-27.2912.0627.9611.3315.4630.9238.46—
OCF conversion%127.61191.0745.6777.58-42.3816.6161.0946.8876.0269.5388.80—
Capex to revenue%5.091.362.357.1618.8412.666.9314.9218.810.000.72—
Receivable daysdays—34.634.345.9261.5104.750.361.350.145.557.4—
Inventory daysdays—115.094.0106.5511.6190.2119.1150.1165.6105.9130.2—
Payable daysdays—59.752.351.2233.490.484.5107.1103.789.2116.2—
Cash conversion cycledays—89.975.9101.2539.7204.585.0104.3111.962.271.5—
EPSKRW6709661,9402,6339503,075————4,252—
PERx—14.0313.274.678.992.70————10.89—
BPSKRW—9,78311,23013,35815,9589,16011,66613,08715,82920,01023,48424,922
PBRx—1.392.290.920.540.911.530.521.701.901.976.42
Dividend per shareKRW2002504004001502004005006007001,080—
Payout ratio%29.8525.8820.6215.1915.796.50————25.40—

Consolidated basis

Profit flowKRW 100M

Revenue
2,078
Gross profit
1,306
Cost of sales
772
Operating income
734
SG&A expenses
572
Non-operating income
339
Profit before tax
1,073
Net income
917
Income tax expense
156

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
2,0662,3552,7673,1981,016*2,3923,0583,2844,0145,1365,849
237365484482128*417543463601821785
1,8281,9892,2832,716888*1,9752,5152,8223,4134,3155,064

Income statement

20152016201720182019202020212022202320242025
1,3841,6312,7543,287*421*3988167289472,1552,078
167253577676*15*-25226169270885734
178271530701*1*5745773394891,1691,073
13619639453584*592466408427958917
Basic earnings per shareKRW6709661,9402,633*950*3,075Not applicableNot applicableNot applicableNot applicable4,252
Diluted earnings per shareKRW6709661,9402,633Not applicable2,984Not applicableNot applicableNot applicableNot applicable4,252
17220234554995*5864894234221,031900

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement13619639453584592466408427958917
Total adjustments to operating cash flowcomputed38179-214-120-120-494-181-216-102-292-103
174375180415-36*98285191325666814
-84-161-56-26984*131-171-174-150-239-8
-41-41-51-116-141*9953-101235-170-175
Cash at beginning of periodKRW 100M239291465526564*253505344638761,215
291465526564200*3505344638761,2151,828
Net change in cash and cash equivalentsKRW 100M521746137-364*325184-71413339613

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 36신한회계법인2025-12-31
2024적정의견Term 35신한회계법인2025-12-31
2023적정의견Term 34신한회계법인2025-12-31
2022적정Term 33서현회계법인2022-12-31
2021적정Term 32서현회계법인2022-12-31
2020적정Term 31서현회계법인2022-12-31
2019적정Term 30한영회계법인2019-12-31
2018적정Term 29한영회계법인2019-12-31
2017적정Term 28한영회계법인2019-12-31
2016적정Term 27삼일회계법인2016-12-31
적정Term 26삼일회계법인2016-12-31
적정Term 25삼일회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y1.05
%
%
Cost of equity9.63%
Weighted average cost of capital9.62%
Initial growth13.5%
Effective tax rate14.5%
Base fiscal year2025
Current priceKRW204,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model14,432-92.9%
Dividend discount model DDM18,593-90.9%
Discounted cash flow FCFF72,188-64.6%
Discounted cash flow FCFE60,239-70.5%
Residual income model RIM61,091-70.1%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.05 × 5.00% = 9.63%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(18.11% × (1 − 25.40%), 0) = 13.51%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,080 × (1 + 2.00%) / (9.63% − 2.00%) = 1,102 / 0.0763 = 14,432 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,080, g_1 = 13.51%, g_T = 2.00%, r = 9.63%

YearGrowthDividend KRWDiscount factorPresent value KRW
113.51%1,2260.91211,118
210.63%1,3560.83201,128
37.75%1,4610.75891,109
44.88%1,5330.69221,061
52.00%1,5630.6314987
Terminal value2.00%20,8900.631413,189
Total18,593

P_0 = 18,593 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 23,484 KRW, ROE = 18.11%, payout ratio = 25.40%, r = 9.63%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
123,4844,2522,2621,9900.91211,815
226,6564,8262,5682,2590.83201,879
330,2575,4782,9152,5640.75891,946
434,3446,2183,3082,9100.69222,014
538,9837,0583,7553,3030.63142,085
Terminal value44,1380.631427,868

P_0 = 23,484 + 9,739 + 27,868 = 61,091 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 814.2 − 15.0 + 4.2 × (1 − 14.53%) = 802.8 KRW hundred million

Weighted average cost of capital

E = 43,987.3, D = 109.8 KRW hundred million; equity weight = 99.75%, debt weight = 0.25%; cost of debt k_d = 4.40%

WACC = 99.75% × 9.63% + 0.25% × 4.40% × (1 − 14.53%) = 9.62%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
113.51%911.20.9123831.3
210.63%1,008.10.8322838.9
37.75%1,086.20.7592824.7
44.88%1,139.20.6926789.0
52.00%1,162.00.6318734.2
Terminal value2.00%15,557.70.63189,829.4
Total13,847.4

Firm value = 13,847.4; less borrowings 109.8; plus cash 1,827.8 → 15,565.4 KRW hundred million

P_0 = 15,565.4 KRW hundred million ÷ 21,562,395 (shares) = 72,188 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 814.2 − 15.0 + -44.7 (net borrowing) = 754.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
113.51%856.40.9121781.1
210.63%947.40.8320788.2
37.75%1,020.90.7589774.7
44.88%1,070.70.6922741.1
52.00%1,092.10.6314689.5
Terminal value2.00%14,593.50.63149,214.1
Total12,988.9

P_0 = 12,988.9 KRW hundred million ÷ 21,562,395 (shares) = 60,239 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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