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KREDKRED
095340KOSDAQ

ISC

199,400
-3,100 (-1.53%)

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 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

ISC was established in 2001 and is listed on the KOSDAQ market. Headquartered in Seongnam, Gyeonggi-do, the company operates with subsidiaries including ISC International INC, ISC VINA MANUFACTURING COMPANY LIMITED, and TechDream Co., Limited.

The company provides semiconductor test sockets and test solutions. Its main products include silicone rubber sockets, pogo pin sockets, and burn-in test sockets. It also supplies module testers, burn-in testers, EFEM, cleaning chemicals, and PCBs. Distribution is managed through subsidiaries and agents globally.

Business overview as filed

당사는 본사인 ISC를 거점으로 총 4개의 생산 및 판매법인으로 구성된 글로벌 반도체 테스트 부품 기업입니다. 당사의 주력사업은 반도체 칩을 테스트하는 반도체테스트 소켓입니다. 또한 반도체 테스트 장비와 공정에 필요한 부품을 공급하는 테스트솔루션 사업을 병행하고 있습니다.

당사는 제품 생산을 위한 전체 공정을 내재화해 다품종, 단납기라는 반도체 테스트 소켓 시장의 특성에 맞게 안정적인 품질과 신속한 납기를 위한 생산기술로 경쟁 우위를 확보하고 있습니다.

해외는 제품 유통형태로 북미지역은 자회사인 ISC International을 통해 대응하고 있으며 그 외 지역은 현지 바이어에 대한 직접 판매와 대리점을 통한 판매 등 다양한 방식으로 대응하고 있습니다. 국내는 전략적 기술 영업판매 조직을 구축하여 개발 초기부터 양산까지 적극적으로 대응하고 있습니다.

사업의 상세내용은 다음과 같습니다.

(1) 테스트 소켓

테스트소켓은 반도체 개발 단계와 양산, 번인 테스트에 사용되는 핵심 부품입니다. 소켓의 종류는 스프링을 사용하는 포고핀 소켓과 탄성소재를 사용하는 실리콘 소켓으로 구분됩니다. ISC는 두 가지 제품을 모두 생산, 공급하고 있습니다.

① 실리콘 소켓 ISC가 세계 최초로 상용화, 양산화한 실리콘 소켓은 메모리 반도체 테스트 개발, 양산에 사용되어 왔으며 2011년 비메모리 반도체테스트 시장에 진입했습니다.

실리콘 소켓은 ISC 매출의 80%를 차지하며 글로벌 실리콘 소켓 시장에서 ISC의 점유율은 90% 수준으로 평가받고 있습니다.

2023년부터 비메모리 양산 시장에 진입했으며 2024년부터는 글로벌 팹리스 고객사들의 양산 시장에 본격 공급을 시작하고 있습니다. 현재 글로벌 빅테크, 팹리스, OSAT, ASIC 기업들에 다양한 어플리케이션에 적용가능한 AI반도체 테스트 소켓을 공급하고 있습니다.

② 포고핀 소켓 당사는 2014년부터 포고핀 사업에 진출, 2018년부터 시장 공급을 시작했으며 대부분 글로벌 스마트폰 고객사들의 AP, SoC 칩 테스트용으로 공급하고 있습니다.

③ 번인 테스트 소켓 번인 테스트(Burn-In Test)는 반도체칩의 초기 고장(Early Failure)을 걸러내기 위해 일정 시간 동안 고온 및 고전압 환경에서 동작시키는 신뢰성 테스트입니다.

ISC는 지난 2019년 세계 최초로 실리콘 소재의 실리콘 번인 소켓을 상업화했으며 2020년부터 메모리 고객사의 양산 시장에 진입하는데 성공했으며 2023년 하반기부터는 비메모리 고객사에도 진입, 높은 평가를 받고 있습니다.

(2) 장비소재 사업

당사는 25년 2분기 반도체 후공정 테스트 장비와 HBM 및 DRAM 식각공정에 사용하는 세정용 케미컬 소재 사업을 영위하는 아이세미, 테크드림을 인수하였습니다. 해당 사업은 AI·HBM 반도체 테스트 시장을 겨냥한 테스트 플랫폼 확보 전략의 일환입니다. 해당 사업부문의 주요 사업아이템은 다음과 같습니다. ① 모듈 테스터 : DRAM 모듈의 CPU /GPU 호환성 및 신뢰성 테스트장비, 메모리 모듈 (LPCAMM, SOCAMM) 테스트 장비 ② 하이스피드 번인 테스터 : 고온 및 저온 환경에서 메모리/비메모리 성능평가 ③ EFEM : 반도체 제조장비의 핵심 자동화 모듈 ④ 케미컬 : 식각공정을 거친 DRAM, HBM 세정용 케미컬 ⑤ PCB : 테스트장비 및 메모리 모듈용 PCB 기판

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '주식회사 아이에스시'라고 표기합니다. 또한 영문으로는 ISC Co., Ltd.라 표기합니다. 보고서 작성기준일 현재 연결대상 종속회사로는 ISC International INC, ISC VINA MANUFACTURING COMPANY LIMITED, TechDream Co., Limited가 있습니다.

나. 설립일자 및 존속기간

당사는 2001년 02월 22일에 반도체 및 전자부품 검사장비의 핵심소모부품인 후 (後)공정의 테스트 소켓 제품 생산 등을 주 영업목적으로 설립되었으며, 2007년 10월 01일 코스닥시장에 주권을 상장한 법인입니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

- (주)아이에스시 주 소 : 경기도 성남시 수정구 금토로 40번길 26 (금토동) 전 화 : 031-777-7675 홈페이지 : http://www.isc21.kr- ISC International, INC 주 소 : 5201 Great America Parkway 446, Santa Clara, CA, USA- ISC VINA MANUFACTURING COMPANY LIMITED 주 소 : 베트남 하노이 빈푹성 바티엔 2공단 LOT A12-2- TechDream Co., Limited 주 소 : Flat/RM 701,7F, Tower 2, Silvercord, 30, Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong, China

라. 주요 사업의 내용

당사는 세계 최초 상용화, 양산화 시킨 반도체 테스트용 실리콘 러버 소켓(Silicone Rubber Contactor: iSC)과 테스트용 PROBE(SPRING CONTACT PROBE: iSP)를 포함한 반도체, ICT 토탈솔루션을 공급하고 있습니다.

마. 신용평가에 관한 사항

주) 상기 신용평가는 (주)아이에스시의 평가등급이며, 종속회사에 대한 신용평가 내역은 없습니다.

(주)이크레더블 신용등급의 정의- 신용등급의 정의

- 현금흐름등급의 정의

1. 연결대상 종속회사 개황

연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용 중소기업 등 해당 여부 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

7.38%
[5.30%, 10.79%] · 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 60.7% (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

1.03
Beta [0.89, 1.18] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.454%[-0.036%, +0.944%]
R squared
0.39
Observations
252
Trading-time corrected beta
0.90[0.63, 1.18]
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 100M9909361,1411,1598771,2181,4471,7891,4021,7452,2022,781
Revenue growth%—-5.4621.841.56-24.3238.8818.8123.64-21.6124.4326.20—
Operating incomeKRW 100M15710822213220181375559107448601843
Operating income growth%—-31.55106.18-40.60-84.63792.42107.5348.95-80.79317.1134.10—
Net incomeKRW 100M45881611223255301439136549563780
Net income growth%—93.6783.54-24.62-73.8273.05446.4746.04-69.08304.172.63—
Attributable to ownersKRW 100M—9817213844—302440132547561776
Attributable to minoritiesKRW 100M—-10-11-12-12—-2-04224
Operating margin%15.8811.5019.4511.382.3114.8525.9331.247.6625.6727.2730.31
Net margin%4.589.3814.1310.493.634.5220.8024.569.6931.4625.5928.04
ROE%—6.5410.758.192.57—13.5816.402.7910.4610.4613.32
ROA%2.324.477.635.611.532.3011.4912.262.519.429.0511.94
Debt ratio%24.4120.7122.9821.7416.8438.6417.5933.7314.4411.4215.8511.98
Current ratio%235.92267.94298.32316.79261.50132.11282.19198.74621.09775.01538.97713.31
Quick ratio%208.04228.36266.02275.30215.79111.79240.60171.04594.60745.47508.80665.93
Reserve ratio%2,095.282,189.132,294.472,366.992,360.782,441.492,683.913,306.404,604.21———
Free cash flowKRW 100M3841143-28-3012825145979393360—
FCF margin%3.854.4112.50-2.39-3.4210.4917.3525.655.6022.5216.37—
OCF conversion%401.62185.03143.63135.73375.20449.69130.48148.89164.7592.3074.03—
Capex to revenue%14.5412.957.8016.6317.049.849.7810.9210.366.522.58—
Receivable daysdays—70.169.276.193.366.559.748.060.6———
Inventory daysdays—53.450.545.761.050.559.271.581.556.360.3—
Payable daysdays—59.658.656.660.441.941.571.289.3———
Cash conversion cycledays—64.061.265.293.975.177.448.352.8———
EPSKRW—7591,268994309—1,8282,5267492,6712,7433,659
PERx—21.9515.468.6731.58—19.3412.41107.2126.9940.5049.61
BPSKRW—11,60611,79612,13912,01112,20913,45915,40822,33024,66325,31627,463
PBRx—1.431.660.710.812.212.632.033.602.924.396.61
Dividend per shareKRW25017035015050150200600200810850—
Payout ratio%—22.4127.6015.1016.20—10.9423.7526.7030.3330.99—

Consolidated basis

Profit flowKRW 100M

Revenue
2,202
Cost of sales
1,225
Gross profit
977
Operating income
601
SG&A expenses
377
Non-operating income
65
Profit before tax
666
Net income
563
Income tax expense
103

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
1,9531,9652,1122,1682,0852,3952,6173,5845,4185,8296,224
383337395387300667391904684597852
1,5691,6281,7181,7811,7841,7272,2262,6804,7355,2315,373

Income statement

20152016201720182019202020212022202320242025
9909361,141*1,159*8771,2181,4471,7891,4021,7452,202
157108222*132*20181375559107448601
106120200*168*31101374621176696666
45881611223255301439136549563
Basic earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable2,526749*2,6712,743
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable2,477749*2,6222,691
4995148111*23120255419157539566

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement45881611223255301439136549563
Total adjustments to operating cash flowcomputed137757043881939221588-42-146
182163*232165119248393654224507417
-127-242*-146-248-37-100-40-759-16-2,519140
70-81*-63-18-43104-2151441,937-270-171
Cash at beginning of periodKRW 100M276401245*2561521353715115372,680399
4012452561521353715115372,680399799
Net change in cash and cash equivalentsKRW 100M125-15611*-10425236140262,143-2,281400

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 25안진 회계법인2025-12-31
2024적정의견Term 24안진 회계법인2025-12-31
2023적정의견Term 23안진 회계법인2025-12-31
2022적정Term 22삼일 회계법인2022-12-31
2021적정Term 21삼일 회계법인2022-12-31
2020적정Term 20삼일 회계법인2022-12-31
2019적정Term 19한미 회계법인2019-12-31
2018적정Term 18한미 회계법인2019-12-31
2017적정Term 17한미 회계법인2019-12-31
2016적정Term 16회계법인 이촌2016-12-31
2015적정Term 15회계법인 이촌2016-12-31
2014적정Term 14회계법인 이촌2016-12-31

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 5Y0.96
%
%
Cost of equity9.21%
Weighted average cost of capital—
Initial growth7.2%
Effective tax rate15.4%
Base fiscal year2025
Current priceKRW199,400

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 model12,031-94.0%
Dividend discount model DDM13,533-93.2%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE27,070-86.4%
Residual income model RIM30,537-84.7%
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% + 0.96 × 5.00% = 9.21%

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(10.46% × (1 − 30.99%), 0) = 7.22%

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 = 850 × (1 + 2.00%) / (9.21% − 2.00%) = 867 / 0.0721 = 12,031 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 = 850, g_1 = 7.22%, g_T = 2.00%, r = 9.21%

YearGrowthDividend KRWDiscount factorPresent value KRW
17.22%9110.9157835
25.91%9650.8385809
34.61%1,0100.7678775
43.30%1,0430.7031733
52.00%1,0640.6438685
Terminal value2.00%15,0590.64389,695
Total13,533

P_0 = 13,533 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 = 25,316 KRW, ROE = 10.46%, payout ratio = 30.99%, r = 9.21%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
125,3162,6482,3313170.9157291
227,1432,8392,4993400.8385285
329,1033,0442,6793650.7678280
431,2033,2642,8733910.7031275
533,4563,4993,0804190.6438270
Terminal value5,9340.64383,821

P_0 = 25,316 + 1,401 + 3,821 = 30,537 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 = 417.1 − 56.7 + 0.0 (net borrowing) = 360.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
17.22%386.40.9157353.8
25.91%409.30.8385343.2
34.61%428.10.7678328.7
43.30%442.30.7031311.0
52.00%451.10.6438290.4
Terminal value2.00%6,385.30.64384,110.9
Total5,738.1

P_0 = 5,738.1 KRW hundred million ÷ 21,197,058 (shares) = 27,070 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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