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KREDKRED
213420KOSDAQ

DUK SAN Neolux

29,950
+150 (+0.50%)

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

DUKSAN NEOLUX CO.,LTD was established on December 31, 2014. The company is listed on the KOSDAQ market and is a consolidated subsidiary of Hyundai Heavy Industries Turbo Machinery Co., Ltd.

The company specializes in the development and production of organic light emitting materials for OLED displays. Its product portfolio includes Black PDL and conductive particles.

Business overview as filed

[덕산네오룩스 (주)]

oled 발광재료 구조.jpg oled 발광재료 구조 white pdl과 black pdl의 비교.jpg white pdl과 black pdl의 비교 스마트폰 oled 침투율 전망치와 it용 oled 패널 출하량 전망(2023.10.19_ibk투자증권).jpg 스마트폰 oled 침투율 전망치와 it용 oled 패널 출하량 전망(2023.10.19_ibk투자증권)

[현대중공업터보기계 (주)]

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

참고공시 :

최초 2024년 12월 6일(정정 후: 2025년 2월 21일) 주요사항보고서(타법인주식및출자증권양수결정)(*) 현대중공업터보기계(주)의 연결대상 종속회사입니다.

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '덕산네오룩스 주식회사'라고 표기합니다. 또한 영문으로는 'DUKSAN NEOLUX CO.,LTD'입니다.

다. 설립일자

당사는 2014년 12월 31일에 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

[덕산네오룩스 (주)]

덕산네오룩스(주)는 OLED(Organic Light Emitting Diode) 디스플레이의 핵심 구성요소인 유기발광 소재를 전문적으로 개발 및 생산하고 있으며, 2021년에 기존 PDL 소재의 한계를 개선한 차세대 비발광 소재 'Black PDL'을 세계 최초로 개발하여 양산 및 공급하고 있습니다. 2023년에는 덕산하이메탈(주)로부터 도전입자(Conductive Particle, CP) 사업을 이관 받아 관련 신소재 개발에 박차를 가하고 있으며, 비발광 소재 분야 전반으로 사업 영역을 확대해 나가고 있습니다.

[현대중공업터보기계 (주)]

현대중공업터보기계(주)는 HD현대중공업의 엔진기계 사업부문에서 2016년 4월 분사되어 설립된 터보기계 전문회사로써, 국내 유일의 펌프 및 압축기를 아우르는 대형 터보기계 종합 공급업체입니다.

사. 신용평가에 관한 사항(1) 최근 3년간 신용평가내역

(2) 기업 신용등급의 체계 및 정의

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

5.07%
[3.07%, 8.48%] · 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 53.6% (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

0.83
Beta [0.74, 0.93] · KOSDAQ150 · As of 2026-10-08
Intercept
-0.179%[-0.553%, +0.196%]
R squared
0.47
Observations
252
Trading-time corrected beta
0.75[0.56, 0.93]
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 basis2020Separate basis2021Consolidated basis2022Consolidated basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M4034231,0049079791,4421,9141,7671,6372,1233,4433,929
Revenue growth%—4.99137.19-9.677.9247.29—-7.67-7.3429.6662.22—
Operating incomeKRW 100M2439184203208401510449329525607762
Operating income growth%—61.16368.6210.462.1793.21—-11.98-26.6359.3915.76—
Net incomeKRW 100M2247168188192333468389358458540735
Net income growth%—115.64258.8412.161.8374.05—-16.90-8.0127.8117.91—
Attributable to ownersKRW 100M——————468389358458532713
Attributable to minoritiesKRW 100M——————-0-0-0-0822
Operating margin%6.049.2718.3222.4121.2127.8226.6425.3920.1124.7217.6419.38
Net margin%5.3811.0416.7020.7419.5723.1324.4722.0321.8721.5615.6718.72
ROE%——————16.3212.1510.1411.4711.7714.61
ROA%1.903.9611.2411.7310.5715.0913.9110.778.8610.127.569.44
Debt ratio%9.558.8521.8513.7513.3614.6117.2612.8614.4813.3651.8053.40
Current ratio%775.75885.21391.15527.29488.11457.26830.061,171.06426.46529.15362.75356.77
Quick ratio%624.38773.18299.98355.85343.60324.34659.59993.13296.34395.04302.04274.99
Reserve ratio%——2,444.162,828.663,224.263,907.585,630.766,431.877,162.158,070.649,137.349,853.57
Free cash flowKRW 100M——931793194335345340434484—
FCF margin%——9.311.929.5513.4417.4819.5020.7520.4714.04—
OCF conversion%262.93195.08117.7343.37115.66127.4494.98125.76139.52128.55112.23—
Capex to revenue%——10.367.0813.0916.035.768.209.777.253.54—
Receivable daysdays—20.88.35.61.41.3—14.831.315.554.7—
Inventory daysdays—87.865.6124.5131.8100.1—105.2102.387.077.8—
Payable daysdays—34.028.0————16.120.615.127.7—
Cash conversion cycledays—74.646.0————103.8113.087.3104.8—
EPSKRW1813896997847981,3891,9461,5741,4561,8632,1652,872
PERx—81.7535.1918.1132.9625.0928.9324.8430.5614.9016.8611.42
BPSKRW——————11,55812,89614,22016,06518,19719,656
PBRx——————4.873.033.131.732.011.67
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Profit flowKRW 100M

Revenue
3,443
Cost of sales
2,282
Gross profit
1,161
Operating income
607
SG&A expenses
553
Non-operating income
36
Profit before tax
643
Net income
540
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
1,1421,1811,4921,6031,8132,2093,3673,6154,0434,5237,142
100962681942142824964125115332,437
1,0431,0851,2251,4091,5991,9282,8713,2033,5323,9904,705

Income statement

20152016201720182019202020212022202320242025
4034231,0049079791,4421,9141,7671,6372,1233,443
2439184203208401510449329525607
2745184211208378563448417539643
2247168188192333468389358458540
Basic earnings per shareKRW181389*6997847981,3891,9461,5741,4561,8632,165
Diluted earnings per shareKRW181388*6997847961,3881,9461,5741,4561,8632,165
1749170185190328472398362458537

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement2247168188192333468389358458540
Total adjustments to operating cash flowcomputed354430-1073092-2310014213166
579119782222425445489500588606
-131-37-8-177-208-277-265-376-1,411-271-591
30210-00-2-2648-81-18-8541
Cash at beginning of periodKRW 100M02282934773823895061,3361,327397713
2282934773823895061,3361,3273977131,263
Net change in cash and cash equivalentsKRW 100MNot applicable65184-967117830-9-930315550

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 12삼일회계법인2025-12-31
2024적정의견Term 11안진회계법인2025-12-31
2023적정의견Term 10안진회계법인2025-12-31
2022적정Term 9안진 회계법인2022-12-31
2021적정Term 8태성 회계법인2022-12-31
2020적정Term 7태성 회계법인2022-12-31
2019적정Term 6참 회계법인 (구 세정회계법인)2019-12-31
2018적정Term 5세정회계법인2019-12-31
2017적정Term 4삼일회계법인2019-12-31
2016적정Term 3삼일회계법인2016-12-31
2015적정Term 2삼일회계법인2016-12-31
2014적정Term 1삼일회계법인2016-12-31

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 5Y0.82
%
%
Cost of equity8.48%
Weighted average cost of capital8.11%
Initial growth11.8%
Effective tax rate16.1%
Base fiscal year2025
Current priceKRW29,950

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 FCFF43,989+46.9%
Discounted cash flow FCFE87,725+192.9%
Residual income model RIM30,931+3.3%
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% + 0.82 × 5.00% = 8.48%

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(11.77% × (1 − 0.00%), 0) = 11.77%

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 = 18,197 KRW, ROE = 11.77%, payout ratio = 0.00%, r = 8.48%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
118,1972,1421,5435990.9218552
220,3392,3941,7256700.8498569
322,7332,6761,9287490.7834586
425,4092,9912,1548370.7221604
528,4003,3432,4089350.6657622
Terminal value14,7210.66579,800

P_0 = 18,197 + 2,934 + 9,800 = 30,931 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 = 605.5 − 122.0 + 13.4 × (1 − 16.09%) = 494.7 KRW hundred million

Weighted average cost of capital

E = 7,436.9, D = 628.7 KRW hundred million; equity weight = 92.20%, debt weight = 7.80%; cost of debt k_d = 4.40%

WACC = 92.20% × 8.48% + 7.80% × 4.40% × (1 − 16.09%) = 8.11%

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
111.77%553.00.9250511.5
29.33%604.50.8557517.3
36.89%646.20.7915511.4
44.44%674.90.7322494.1
52.00%688.40.6773466.2
Terminal value2.00%11,499.70.67737,788.3
Total10,288.9

Firm value = 10,288.9; less borrowings 628.7; plus cash 1,262.9 → 10,923.1 KRW hundred million

P_0 = 10,923.1 KRW hundred million ÷ 24,831,179 (shares) = 43,989 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 = 605.5 − 122.0 + 628.7 (net borrowing) = 1,112.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
111.77%1,243.20.92181,146.0
29.33%1,359.10.84981,155.0
36.89%1,452.70.78341,138.0
44.44%1,517.30.72211,095.7
52.00%1,547.60.66571,030.2
Terminal value2.00%24,363.60.665716,218.4
Total21,783.3

P_0 = 21,783.3 KRW hundred million ÷ 24,831,179 (shares) = 87,725 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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