Skip to main content
KREDKRED
101490KOSDAQ

S&S Tech

52,700
-700 (-1.31%)

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

S&S Tech was established in 2001 and is listed on the KOSDAQ market. The company operates as a specialized materials and components firm with three consolidated subsidiaries.

The company produces and supplies blank masks used as raw materials for photomasks in semiconductor and display manufacturing processes. Its business segments include semiconductor and display materials, new technology venture capital, and bio and science technology services.

Business overview as filed

당사는 대구광역시 및 경기도 용인시에 위치한 반도체ㆍ디스플레이 소재 전문 기업이며, 반도체(IC, Integrated Circuit) 및 디스플레이(FPD, Flat Panel Display)용 블랭크마스크(Blank Mask)를 생산ㆍ판매하고 있습니다.

블랭크마스크는 반도체 웨이퍼에 회로를 새기기 위해 사용되는 포토마스크(Photo Mask)의 원재료로, 석영(쿼츠, Quartz) 기판 위에 금속막(크롬, Cr)과 감광액(Photo Resist, PR)을 도포하여 제조됩니다. 이후, 설계된 회로 패턴을 블랭크마스크에 형상화시켜 포토마스크를 완성하며, 노광 공정(Photo Lithography)을 통해 포토마스크에 빛을 통과시켜 반도체 웨이퍼에 회로를 새깁니다. 이처럼 블랭크마스크는 반도체 및 디스플레이 제조 공정의 핵심 재료로 평가됩니다.

또한, 당사는 종속회사인 에스앤에스인베스트먼트 주식회사 및 주식회사 에스앤에스랩 등을 통해 신기술사업금융업과 바이오 및 과학기술 서비스업 등의 부가적인 사업도 영위하고 있습니다.

아울러, 당사는 2025년(제25기) 연결 기준 매출액 2,437억 원을 기록하였습니다. 기타 상세 내용은 II. 사업의 내용의 7.

Company overview

가. 회사의 법적, 상업적 명칭

당사의 명칭은 주식회사 에스앤에스텍이라고 표기합니다.또한 영문으로는 S&S TECH CORPORATION이라 표기합니다.단, 약식으로 표기할 때는 (주)에스앤에스텍 또는 S&S TECH이라고 표기합니다.

나. 설립일자 및 존속기간

당사는 반도체 및 디스플레이용 블랭크 마스크 제조 및 판매를 주 영업목적으로2001년 2월 22일 설립되었습니다. 또한 2009년 4월 14일 발행 주식을 한국거래소가개설하는 코스닥증권시장에 상장한 주권상장법인입니다.

다. 본사의 주소, 전화번호 및 홈페이지

주소 : 대구광역시 달서구 호산동로 42전화번호 : 053-589-1600홈페이지 : http://www.snstech.co.kr

라. 주요사업의 내용

당사는 최첨단 소재ㆍ부품 전문 기업으로, 반도체, LCD, OLED 노광 공정의 핵심 재료인 포토마스크의 원재료 '블랭크마스크(Blank Mask)'를 판매하고 있습니다. 사업장으로는 대구광역시의 '대구 사업장'과 경기도 용인시의 'EUV 센터'를 두고 있습니다.블랭크마스크는 포토마스크의 원재료로 패턴이 노광되기 전의 마스크를 의미하며, 석영유리기판 위에 금속박막 필름이 증착되고 그 위에 감광액이 도포된 형태로 이루어져 있습니다. 덧붙여 말하자면 블랭크마스크를 이용하여 노광, 현상 및 검사와 같은 일련의 공정을 통해 포토마스크(Photo Mask)를 제조한 후 디자인 패턴을 기판 위에 묘화하게 됩니다. 즉 반도체 및 LCD, OLED 제조 공정의 핵심재료라 할 수 있습니다.당사는 국내에 위치한 삼성전자, 삼성디스플레이, SK하이닉스, LG디스플레이를 중심으로 한 반도체 및 디스플레이 산업의 최고의 기업들과 가까운 곳에 위치하여 지리적 이점을 확보하고 있으며, 국내 1개 연구소를 운영하여 혁신기술과 시장선도제품 개발에 주력하고 있습니다.또한, 현재 연결종속회사는 3개가 있으며 신기술사업금융업, 바이오 및 과학기술 서비스업 사업을 영위하고 있습니다.

마. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

바. 중소기업 등 해당 여부

사. 대한민국에 대리인이 있는 경우에는 이름(대표자), 주소 및 연락처 - 해당사항 없습니다.

아. 신용평가에 관한 사항

신용평가 회사의 신용등급 체계는 다음과 같습니다.

주) 'AA'부터 'CCC'까지는 등급내 우열에 따라 '+' 또는 '-'를 부가하게 됨.

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

자. [상법] 제290조에 따른 변태설립사항

- 해당사항 없습니다.

차. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), 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

7.19%
[5.03%, 10.88%] · 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 67.6% (2026-07-29). 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

1.12
Beta [1.01, 1.22] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.053%[-0.367%, +0.473%]
R squared
0.50
Observations
252
Trading-time corrected beta
1.09[0.86, 1.32]
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

2015Separate basis2016Separate basis2017Separate basis2018Separate basis2019Separate basis2020Consolidated basis2021Consolidated basis2022Consolidated basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M5125405396108458749881,2351,5031,7602,4372,533
Revenue growth%—5.47-0.2113.2038.43—13.1324.9521.7117.0938.47—
Operating incomeKRW 100M103732452111110126160250295504502
Operating income growth%—-29.11-66.56112.29113.99—14.2726.9856.3717.7370.94—
Net incomeKRW 100M74903146101110115175259303581626
Net income growth%—21.54-65.0547.61118.46—4.5751.8748.0417.2591.64—
Attributable to ownersKRW 100M—————110115175259305583629
Attributable to minoritiesKRW 100M—————0000-2-2-2
Operating margin%20.1213.524.538.5013.1412.6312.7612.9716.6616.7520.6719.82
Net margin%14.4016.595.817.5811.9612.5911.6314.1417.2017.2223.8324.73
ROE%—————6.696.599.1711.7112.4219.2218.74
ROA%7.667.412.593.737.455.915.827.7010.0710.2114.7815.02
Debt ratio%46.8660.9954.3755.4153.0513.0913.1919.1016.2920.3329.1823.92
Current ratio%165.57131.06192.90146.21149.72606.61580.24309.09404.43390.77354.73345.10
Quick ratio%130.0599.74147.16109.87109.27468.17481.81247.26336.64311.48292.38276.17
Reserve ratio%571.60661.28694.39730.75821.111,454.921,545.851,692.301,900.892,152.102,657.212,867.00
Free cash flowKRW 100M94-187-1511040-113-15-7044163-165—
FCF margin%18.43-34.57-2.8117.994.70-12.97-1.48-5.692.969.24-6.77—
OCF conversion%194.29141.34304.05266.4186.5061.80109.95142.7198.85118.9280.70—
Capex to revenue%9.5458.0220.482.205.6520.7514.2725.8714.0411.2426.01—
Inventory daysdays—75.368.073.072.9—95.772.668.080.373.2—
EPSKRW4274551592365285565528381,2341,4522,7972,947
PERx—17.6927.1115.9723.1178.2466.6731.4436.7117.6317.2718.87
BPSKRW—————7,6678,1318,87510,29311,44314,20415,723
PBRx—————5.674.532.974.402.243.403.54
Dividend per shareKRW——50505080100150150150200—
Payout ratio%——31.4521.199.4714.3918.1217.9012.1610.337.15—

Profit flowKRW 100M

Revenue
2,437
Cost of sales
1,591
Gross profit
846
Operating income
504
SG&A expenses
342
Non-operating income
10
Profit before tax
514
Income tax benefit
67
Net income
581

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
9631,2101,2101,2381,3561,8601,9742,2682,5682,9703,930
307458426441470215230364360502888
6567517847978861,6451,7441,9042,2082,4683,043

Income statement

20152016201720182019202020212022202320242025
5125405396108458749881,2351,5031,7602,437
103732452111110126160250295504
86782641101110119165277345514
74903146101110115175259303581
Basic earnings per shareKRW4274551592365285565528381,2341,4522,797
Diluted earnings per shareKRW3954541592365285565528381,2331,4522,747
8476324699109114178255299583

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement74903146101110115175259303581
Total adjustments to operating cash flowcomputed70376477-14-421175-357-112
143127951238768126249256360469
-48-370-91-61-54-442138-334-208-192-696
1411970-38-19498-513279-11275
Cash at beginning of periodKRW 100M8619570143167181304519465590*756
19570143167181304519465590756*800
Net change in cash and cash equivalentsKRW 100M109-124732414123214-54126165Not applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 25한미회계법인2025-12-31
2024적정의견Term 24한미회계법인2025-12-31
2023적정의견Term 23선일회계법인2025-12-31
2022적정Term 22선일회계법인2022-12-31
2021적정Term 21선일회계법인2022-12-31
2020적정Term 20선일회계법인2022-12-31
2019적정Term 19선일회계법인2019-12-31
2018적정Term 18안진회계법인2019-12-31
2017적정Term 17안진회계법인2019-12-31
2016적정Term 16안진회계법인2016-12-31
2015적정Term 15삼정회계법인2016-12-31
2014적정Term 14삼정회계법인2016-12-31

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 5Y0.99
%
%
Cost of equity9.34%
Weighted average cost of capital—
Initial growth17.8%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW52,700

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 model2,778-94.7%
Dividend discount model DDM3,923-92.6%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM45,768-13.2%
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% + 0.99 × 5.00% = 9.34%

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(19.22% × (1 − 7.15%), 0) = 17.85%

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 = 200 × (1 + 2.00%) / (9.34% − 2.00%) = 204 / 0.0734 = 2,778 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 = 200, g_1 = 17.85%, g_T = 2.00%, r = 9.34%

YearGrowthDividend KRWDiscount factorPresent value KRW
117.85%2360.9146216
213.89%2680.8364225
39.92%2950.7650226
45.96%3130.6996219
52.00%3190.6398204
Terminal value2.00%4,4300.63982,835
Total3,923

P_0 = 3,923 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 = 14,204 KRW, ROE = 19.22%, payout ratio = 7.15%, r = 9.34%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
114,2042,7311,3271,4040.91461,284
216,7403,2181,5641,6540.83641,384
319,7283,7931,8431,9490.76501,491
423,2494,4692,1722,2970.69961,607
527,3995,2672,5602,7080.63981,732
Terminal value37,6130.639824,066

P_0 = 14,204 + 7,498 + 24,066 = 45,768 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