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KREDKRED
033640KOSDAQ

Nepes

33,300
+2,150 (+6.90%)

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

Nepes was established on December 27, 1990, to manufacture and distribute semiconductor and electronic components, materials, and chemical products. The company is listed on the KOSDAQ market.

The company operates in advanced semiconductor packaging, electronic materials, and secondary battery components. Its products include WLP, FOWLP, and PLP for smart applications, as well as developers, etchants, and cleaners for semiconductor and LCD manufacturing.

Business overview as filed

가. 사업의 내용

회사는 시스템 반도체의 소형화, 고성능화에 기여하는 첨단 후공정 파운드리 사업과 반도체/디스플레이 제조에 사용되는 전자재료사업으로 구분되어 있습니다.

즉, 반도체사업은 당사가 사업화에 성공한 플립칩 Bumping 기술을 확보하여 스마트폰, 서버, 고성능컴퓨터, 웨어러블 디바이스, 자동차 등 다양한 스마트 어프리케이션등의 Chip-set을 위한 WLP(Wafer Level Package), FOWLP/PLP로 국내외에서 확고한 입지를 구축하고 있으며, 전자재료 사업은 고순도재료생산 기술을 바탕으로 반도체, LCD등 미세회로 Pattern을 구성하기 위하여 사용되는 공정재료인 현상액(Developer), Etchant, PR(Photo regist), 세정제(Cleaner)등의 소재사업에 집중하고 있습니다.

(반도체 분야) 반도체 산업은 점차 시스템반도체의 중요성이 부각되고 있으며 국내 대표 반도체 업체들 역시 시스템반도체 시장의 중요성을 인식하여 해당 영역의 투자에 박차를 가하고 있는 상황으로, 시스템반도체 시장은 메모리 대비 그 규모면에서도 3배 이상 거대한 시장입니다. 현재 IT Application 시장을 주도하는 제품은 Mobile에 기반을 둔 Smart Device들이며, 최근에는 AI 기능을 탑재한 컴퓨터, 서버 등으로 확장되고 있습니다. 이를 구성하는 주요 부품들이 대부분 시스템 반도체로, 본사의 첨단 후공정 파운드리 비즈니스는 시스템반도체 Supply Chain의 핵심 공정이며 국내 공급업체는 전무한 상황에서 세계수준의 기술로 산업을 선도하고 있습니다.

(전자재료 부문) 전자재료는 케미컬 시장의 특수성에 기인하여 변동성이 낮으며, 제품인 기능성 Chemical이 매출에 기여하기 시작하였습니다.

특히 전자재료 사업부문은 높은 국내 시장 점유율과 그간 집약한 기술 노하우를 바탕으로 수입에 의존하던 Chemical을 국산화하였으며 내재화를 통한 신뢰성 검증으로 주요 고객 대상 신규 매출을 기대하고 있습니다.

(2차전지 부문) 2차전지용 부품을 국산화하여 ESS, EV/HEV용 배터리에 적용, 급성장하는 에너지 분야로 영역을 확대하고 있습니다.

연결회사의 2025년 당기 전체 매출액은 5,214억원이며, 반도체부문 매출액은 3,524억원, 전자재료부문 매출액은 916억원, 2차전지부문 매출액은 767억원, 기타 매출액은 7억원입니다.자세한 내용은 II. 사업의 내용의 2. 주요 제품 및 서비스부터 7.

나. 영업부문 정보

-. 회사는 재화와 용역의 종류별로 사업부문을 구분하고 있으며, 각 세부 부문별로 수익을 창출하는 재화와 용역은 다음과 같습니다.

Company overview

가. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

지배회사의 명칭은 주식회사 네패스이며, 영문으로는 NEPES Corporation으로 표기합니다. 단, 약식으로 표기할 경우에는 (주)네패스 또는 nepes Corp. 라고 표기합니다.

다. 설립일자 및 존속기간

지배회사는 반도체 및 전자관련 부품, 전자재료 및 화학제품 제조, 판매를 영위할 목적으로 1990년 12월 27일에 설립되었습니다. 또한 회사의 주식이 1999년 12월 14일자로 상장되어 코스닥시장에서 매매가 개시되었습니다.

라. 본점의 주소, 전화번호 및 홈페이지

마. 중소기업 등 해당 여부

바. 주요사업의 내용

연결회사는 시스템 반도체의 소형화, 고성능화에 기여하는 반도체 첨단 패키징 사업과 반도체/디스플레이 제조에 사용되는 전자재료사업, 이차전지 부품·소재 사업으로 구분되어 있습니다.

사. 신용평가에 관한 사항

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

8.47%
[5.75%, 12.31%] · As of 2026-10-02
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 69.2% (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

1.13
Beta [0.92, 1.34] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.402%[-0.116%, +0.919%]
R squared
0.43
Observations
252
Trading-time corrected beta
1.16[0.79, 1.53]
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 100M2,7922,5452,8502,7333,5633,4364,1845,8804,8014,6435,2145,488
Revenue growth%—-8.8411.98-4.1130.37-3.5821.7740.56-18.35-3.2912.30—
Operating incomeKRW 100M3982193220616-36-164-67-70034238376
Operating income growth%—112.61134.2214.11179.59-105.79————598.49—
Net incomeKRW 100M-16318039229311-627-292945-1,095-794202230
Net income growth%——-78.06482.2035.48-301.54——-215.77———
Attributable to ownersKRW 100M-8718466251319-488-397776-985-622166122
Attributable to minoritiesKRW 100M-76-5-27-21-8-138105170-110-17236108
Operating margin%1.393.246.778.0617.29-1.04-3.92-1.14-14.580.734.566.85
Net margin%-5.857.061.388.408.73-18.24-6.9716.08-22.80-17.103.874.19
ROE%-7.8014.095.0415.5215.14-23.47-22.4431.20-66.52-56.5013.429.56
ROA%-4.596.021.288.145.96-7.82-2.648.35-11.36-11.182.903.22
Debt ratio%157.70157.81154.9199.70173.63207.63314.08188.52240.12242.66183.67177.76
Current ratio%91.5779.1298.0686.42139.07178.45113.4372.5970.9049.5786.2490.27
Quick ratio%78.6971.7489.6379.65128.17167.70107.4564.5764.9342.1573.2275.35
Reserve ratio%——1,136.871,354.041,712.411,713.901,406.072,075.521,203.39662.36767.25866.57
Free cash flowKRW 100M—————————777493—
FCF margin%—————————16.749.46—
OCF conversion%—246.811,514.79181.70289.22——103.27——513.64—
Capex to revenue%—————————6.7610.39—
Receivable daysdays—58.849.352.450.556.148.644.954.145.939.5—
Inventory daysdays—21.415.014.317.119.018.018.121.720.823.6—
Payable daysdays—45.850.159.971.885.3117.884.053.146.848.1—
Cash conversion cycledays—34.414.26.9-4.3-10.2-51.1-21.022.619.915.0—
EPSKRW-3898653101,1361,405-2,117-1,7213,399-4,330-2,737719529
PERx—9.5730.488.6417.12——4.60——21.7048.54
BPSKRW—5,9946,0127,0399,1299,0237,66710,7826,4204,7775,3605,536
PBRx—1.381.571.392.634.715.001.453.061.372.914.64
Dividend per shareKRW50—100100270———————
Payout ratio%——32.268.8019.22———————

Consolidated basis

Profit flowKRW 100M

Revenue
5,214
Cost of sales
4,206
Gross profit
1,009
SG&A expenses
771
Operating income
238
Non-operating income
118
Profit before tax
355
Income tax benefit
72
Other
226
Net income
202

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
3,5592,9863,0812,8205,2168,01711,04911,3199,6317,1016,962
2,1781,8281,8721,4083,3105,4118,3807,3966,8005,0294,508
1,3811,1581,2091,4121,9062,6062,6683,9232,8322,0722,454

Income statement

20152016201720182019202020212022202320242025
2,7922,5452,8502,7333,5633,4364,1845,8804,801*4,6435,214
3982193220616-36-164-67-700*34238
-11122195366441-607-261839-1,112*-107355
-16318039229311-627-292945-1,095-794202
Basic earnings per shareKRW-389865310*1,1361,405-2,117-1,7213,399-4,330-2,737719
Diluted earnings per shareKRW-389861310*1,1001,389-2,117-1,7213,399-4,330-2,737719
-15818638220301-657*-245*993-1,089-657218

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-16318039229311-627-292945-1,095-794202
Total adjustments to operating cash flowcomputed5322645581875881,0901,051311,8941,885834
3694435974178994637599768001,0911,035
-563-275-580-123-1,751-2,818-2,523-3,007-1,540557-468
-105-77-26-4111,6712,9272,511926328-1,961-322
Cash at beginning of periodKRW 100M7604714894803231,1341,7092,4651,362950640
4715614803621,1341,7092,4651,362950640879
Net change in cash and cash equivalentsKRW 100M-28990-9-117811575757-1,103-412-310239

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 36삼일회계법인2025-12-31
2024적정의견Term 35삼일회계법인2025-12-31
2023적정의견Term 34삼일회계법인2025-12-31
2022적정Term 32우리회계법인2022-12-31
2021적정Term 31우리회계법인2022-12-31
2019적정Term 30대주회계법인2019-12-31
2018적정Term 29대주회계법인2019-12-31
2017적정Term 28대주회계법인2019-12-31
2016적정Term 27대주회계법인2016-12-31
적정Term 26대주회계법인2016-12-31
적정Term 25대주회계법인2016-12-31

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 capital9.33%
Initial growth13.4%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW33,300

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF45,919+37.9%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM9,193-72.4%
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(13.42% × (1 − 0.00%), 0) = 13.42%

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

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 = 5,360 KRW, ROE = 13.42%, payout ratio = 0.00%, r = 9.63%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
15,3607195162030.9122185
26,0798165852300.8321192
36,8949256642610.7590198
47,8191,0497532960.6924205
58,8691,1908543360.6316212
Terminal value4,4970.63162,840

P_0 = 5,360 + 993 + 2,840 = 9,193 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 = 1,035.4 − 542.0 + 155.5 × (1 − 0.00%) = 648.9 KRW hundred million

Weighted average cost of capital

E = 7,678.7, D = 1,914.1 KRW hundred million; equity weight = 80.05%, debt weight = 19.95%; cost of debt k_d = 8.12%

WACC = 80.05% × 9.63% + 19.95% × 8.12% × (1 − 0.00%) = 9.33%

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
113.42%736.00.9147673.2
210.56%813.80.8367680.8
37.71%876.50.7653670.8
44.85%919.00.7000643.3
52.00%937.40.6403600.2
Terminal value2.00%13,050.40.64038,355.8
Total11,624.2

Firm value = 11,624.2; less borrowings 1,914.1; plus cash 878.5 → 10,588.6 KRW hundred million

P_0 = 10,588.6 KRW hundred million ÷ 23,059,202 (shares) = 45,919 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.

Other issues on the same market

Neighbours in the market capitalisation order.

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