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KREDKRED
077360KOSDAQ

DUK SAN HI Metal

14,110
+330 (+2.39%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 100M

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

DUKSAN HI METAL CO.,LTD. was established in 1999 and is listed on the KOSDAQ market. The company operates as a corporate group with subsidiaries including DS Myanmar, Duksan Nepcores, Sirius Holdings, and Duksan Ether City.

The company specializes in the research, development, and manufacture of solder balls and solder paste for semiconductor packaging. Its business segments also include navigation technology for defense and aerospace, management consulting, and the production of high pressure gas and hydrogen containers.

Business overview as filed

당사는 반도체 패키징용 접합 소재인 Solder Ball과 Paste 중심의 R&D 및 제조, 판매를 주 사업으로 영위 중에 있습니다. 반도체의 후공정 접합 공정에 기판과 소자 등을 서로 Soldering(납땜) 하는 기술이 점점 발전함과 더불어 집적화, 소형화 추세가 이어지면서 현재 반도체 후공정에서 BGA(Ball Grid Array), CSP(Chip Scale Package) 등의 수요가 지속적으로 증가하고 있습니다. 또한 당사는 130마이크론 미만의 초정밀솔더볼인 Micro Solder Ball을 독점적 지위를 통해 시장에 공급하고 있으며, 반도체가 고집적화 미세화로 발전함에 따라 마이크로 솔더볼의 수요도 지속 증가 할 것으로 예상하고 있습니다.

솔더볼 외 신규 아이템으로 Solder Paste가 있습니다. 솔더볼의 Powder 형태인 Solder Paste는 Flux와 Powder 형태의 합금을 혼합한 크림 형태의 접합용 소재이며 기판과 디바이스의 접합과 접촉면의 산화 방지 및 Solder Ball 대체용으로서의 Bump 형성과 Pre-solder 역할을 합니다. Solder Paste 또한 솔더의 한 종류이므로 솔더볼과 유사한 시장 환경에서 사업을 영위하고 있습니다.

덕산하이메탈 솔더제품 구성.jpg 덕산하이메탈 솔더제품 구성 사업 다각화 목적으로 방위ㆍ우주항공산업 전문 기업인 덕산넵코어스 주식회사의 지분 63.24%를 취득 완료하였습니다. 덕산넵코어스 주식회사는 항법기술을 보유하고 있으며 이는 방위 산업 뿐만 아니라 우주항공, 5G, 자율주행 등에 핵심 기술로 폭넓게 활용될 것으로 기대하고 있습니다.또한 2023년 11월 8일에 경영 자문 및 컨설팅업인 시리우스홀딩스를 지분출자, 설립하였습니다. 이어 2023년 12월 11일에는 시리우스홀딩스(주)가 고압가스용기 제조 및 판매업체인 덕산에테르씨티(주)의 지분을 91.88% 인수하며, 고압가스 용기와 더불어 수소 용기 시장에 진출하여 향후 성장을 기대하고 있습니다. 덕산에테르씨티(주)는 국내 유일의 반도체/디스플레이용 초대형 용기 및 수소용기 제조 업체입니다. 주요 제품으로는 반도체 및 디스플레이용의 특수가스용 용기와 항공/우주 및 기초과학, 방위산업, 드릴쉽용 저장용기 등의 산업가스 및 특수 목적 용기를 생산하고 있습니다. 특히, 수소 운반 및 수소 저장 목적인 튜브트레일러와 고정식 저장용기에 쓰이는 Type1 수소용 용기를 독점적으로 생산 및 공급하고 있으며 차량 수소연료 탱크 목적 등으로 쓰이는 Type4의 용기 등의 제품군으로 사업의 영역을 확대해 나가고 있습니다.본 사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등은 "II. 사업의 내용"의 "2. 주요 제품 및 서비스"부터 "7. 기타 참고사항"까지의 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

Company overview

당사는 반도체 패키징용 접합 소재인 Solder Ball과 Paste 중심의 R&D 및 제조, 판매를 주 사업으로 영위 중에 있습니다. 2019년 6월, 100% 지분투자방식으로 미얀마 현지법인(DS Myanmar)을 설립하였습니다. 미얀마 현지법인은 미얀마의 풍부한 광물자원을 활용하여 주석을 제련 및 판매하여 소재산업 경쟁력을 강화하고 솔더소재 시장에서 글로벌 경쟁력을 확보하기 위해 설립되었습니다. 2021년 3월, 사업 다각화 목적으로 방위ㆍ우주항공사업 전문 기업인 덕산넵코어스의 지분 63.24%를 취득 완료하였습니다. 덕산넵코어스는 항법기술을 보유하고 있으며, 이는 방산뿐만 아니라 우주항공, 5G, 자율주행 등에 핵심기술로 폭넓게 활용될 것으로 기대하고 있습니다. 또한 2023년 11월 8일에 경영 자문 및 컨설팅업인 시리우스홀딩스를 지분출자, 설립하였습니다. 이어 2023년 12월 11일에는 시리우스홀딩스(주)가 고압가스용기 제조 및 판매업체인 덕산에테르씨티(주)의 지분을 91.88% 인수하며, 고압가스 및 수소용기 시장으로 진출하였습니다.

가. 연결대상 종속회사 개황1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 덕산하이메탈 주식회사라고 표기합니다.영문으로는 DUKSAN HI METAL CO.,LTD라 표기합니다. 단, 약식으로 표기할 경우에는 덕산하이메탈(주)로 표기합니다.

다. 설립일자 및 존속기간

당사는 1999년 5월 6일 설립된 이후 반도체 소재ㆍ부품의 제조 및 판매를 주력으로하여 사업을 영위중에 있습니다.

라. 본사의 주소, 전화번호 및 홈페이지

마. 중소기업 등 해당 여부

바. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

사. 신용평가에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

6.32%
[2.93%, 13.15%] · 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 64.8% (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

1.07
Beta [0.78, 1.35] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.475%[-0.194%, +1.145%]
R squared
0.28
Observations
252
Trading-time corrected beta
0.79[0.35, 1.22]
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 100M6114284514785185529271,7151,4452,3592,3642,943
Revenue growth%—-29.915.245.958.386.7267.8784.97-15.7863.300.22—
Operating incomeKRW 100M38542712416460-27-11018628110
Operating income growth%—39.42-49.91-56.63251.1256.17-6.01-145.64——-84.91—
Net incomeKRW 100M-171-167801211121533176133313-1,157-975
Net income growth%———51.80-7.1936.04107.86-80.76-45.52840.91-469.72—
Attributable to ownersKRW 100M-122-748112111215331961-97204——
Attributable to minoritiesKRW 100M-50-92-2-1-0-0-10-23109-97-95
Operating margin%6.2812.505.952.447.8911.546.46-1.59-7.597.901.193.75
Net margin%-28.06-38.8917.6725.3221.6827.6434.223.562.3013.27-48.94-33.13
ROE%——4.506.275.567.0312.172.07-3.346.51——
ROA%-7.84-9.084.386.165.346.649.801.680.453.82-17.56-13.64
Debt ratio%19.639.923.663.735.097.0318.8119.5476.1379.9594.5299.16
Current ratio%270.93330.92991.10953.64703.27611.77217.42224.14193.56197.6992.1496.77
Quick ratio%239.30295.62889.44841.56603.51512.17104.66118.42138.11152.5465.6861.70
Reserve ratio%5,873.155,724.745,906.296,180.736,359.786,700.527,418.573,746.283,802.694,013.892,850.423,046.68
Free cash flowKRW 100M-4522-742-12-18-187-69-53-71-98—
FCF margin%-7.405.16-1.598.75-2.41-3.17-20.15-4.02-3.65-3.03-4.14—
OCF conversion%——16.9267.8264.7151.29-43.0261.57160.6544.04——
Capex to revenue%26.8313.894.588.4216.4417.355.436.227.358.876.19—
Inventory daysdays—66.251.054.768.189.0135.1110.7147.4106.795.1—
Payable daysdays—17.8——————————
EPSKRW-676-3734076095637651,502134125449-2,333—
PERx——19.637.4113.5916.7313.6835.7557.288.57——
BPSKRW——7,9348,5358,9049,56311,5286,4806,3696,8974,5444,993
PBRx——1.010.530.861.341.780.741.120.561.342.17
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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
2,1851,8351,8201,9632,1022,3003,2373,6357,421*8,1856,590
35916664711021515125943,208*3,6363,202
1,8271,6691,7561,8922,0002,1492,7243,0414,214*4,5493,388

Income statement

20152016201720182019202020212022202320242025
611*4284514785185529271,715*1,4452,3592,364
38*54271241*6460-27*-11018628
-179*7973106122*21337137*-137427-1,201
-171-167801211121533176133313-1,157
Basic earnings per shareKRW-676-3734076095637651,502*134125449-2,333
Diluted earnings per shareKRW-676-373399*6095637651,502*134125449-2,333
-175-1558112610615230410826Not applicable-1,177

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-171-167801211121533176133313-1,157
Total adjustments to operating cash flowcomputed290248-66-39-40-74-454-2320-1751,205
119*8213827378-137385313848
-128*-23618954-81-147-270-117-2,968-320197
-247-6-86Not applicable-1-22752303,135314-273
Cash at beginning of periodKRW 100M575322169270406391309185330550694
322169270406391309185330550694666
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable-28

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

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 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 27삼일회계법인2025-12-31
2024적정의견Term 26삼정회계법인2025-12-31
2023적정의견Term 25삼정회계법인2025-12-31
2022적정Term 24삼정회계법인2022-12-31
2021적정Term 23신우회계법인2022-12-31
2020적정Term 22신우회계법인2022-12-31
2019적정Term 21신우회계법인2019-12-31
2018적정Term 20신우회계법인2019-12-31
2017적정Term 19삼일회계법인2019-12-31
2016적정Term 18삼일회계법인2016-12-31
2015적정Term 17삼일회계법인2016-12-31
2014적정Term 16삼일회계법인2016-12-31

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.

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 5Y0.98
%
%
Cost of equity9.28%
Weighted average cost of capital9.28%
Initial growth2.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW14,110

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 FCFF-29-100.2%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIMNo book value or return on equity
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% + 0.98 × 5.00% = 9.28%

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 = g_T = 2.00%

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 = 48.4 − 146.3 + 122.8 × (1 − 0.00%) = 24.9 KRW hundred million

Weighted average cost of capital

E = 6,411.2, D = 1,027.6 KRW hundred million; equity weight = 86.19%, debt weight = 13.81%; cost of debt k_d = 9.28%

WACC = 86.19% × 9.28% + 13.81% × 9.28% × (1 − 0.00%) = 9.28%

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
12.00%25.40.915023.3
22.00%25.90.837321.7
32.00%26.40.766220.3
42.00%27.00.701118.9
52.00%27.50.641517.7
Terminal value2.00%385.30.6415247.2
Total349.0

Firm value = 349.0; less borrowings 1,027.6; plus cash 665.5 → -13.1 KRW hundred million

P_0 = -13.1 KRW hundred million ÷ 45,437,002 (shares) = -29 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.

See the full KOSDAQ list