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KREDKRED
252990KOSDAQ

Sem CNS

18,270
-780 (-4.09%)

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

Sem CNS was established on June 10, 2016. The company is listed on the KOSDAQ market.

The company manufactures and supplies ceramic Space Transformers used in probe cards for semiconductor testing processes. These components support MEMS pins and transmit electrical signals to test equipment to determine wafer quality.

Business overview as filed

㈜샘씨엔에스(이하 "당사")는 반도체 제조공정 중 테스트 공정에서 필요로 하는 프로브카드에 사용되는 반도체 프로브카드용 세라믹STF(Space Transformer)를 제작하여 납품하고 있습니다. 세라믹STF는 웨이퍼의 전기적 성능평가를 위한 프로브카드의 핵심부품으로, MEMS Pin을 지지하고, 전기적 신호를 PCB를 통해 테스트 검사 장비로 전달하여 웨이퍼의 양품 및 불량품 판정을 담당하는 테스트 장비의 핵심 부품 제조 및 판매사업을 영위하고 있습니다. 당사는 2025년 영업상황으로 재무제표 기준 매출액 780억원, 영업이익은 147억원을 기록하였습니다. 전년 동기실적 대비 매출액은 46.3%,증가, 영업이익은 182.0%증가하였습니다.

세라믹 산업은 기술 및 장치 집약적인 사업으로 부가가치가 높고, 고도의 기술력이 요구됩니다. 당사가 영위하는 다층 세라믹 기판 MLC (Multi Layer Ceramic)는 수십만~수백만개의 Via와 약 40층 정도의 내부 Layer들이 연결되어 있어 한 Point의 오류없이 통전(전기선을 포함한 도체의 전류의 흐름)이 되어야하며, 이 때 단 한 Point라도 통전이 되지 않으면 제품 전체가 불량이 되는 극한 수율이 요구 되는 제품입니다. 또한 고객사, 기종별로 각각 다르게 주문제작을 함에 따라 설계 및 생산도 따로 해야합니다. 이에 초기 개발비를 포함하여, 장비투자까지 큰 비용이 필요하며, 그 후 고객사의 테스트 통과, 양산하기까지는 장시간의 시간이 절대적으로 필요하기 때문에 이러한 요소들이 신규업체의 높은 진입장벽으로 작용하고 있습니다. 당사는 소재부터 제품화까지 전 과정을 자체 개발을 통한 경쟁 우위를 확보하고 있으며, 지속적으로 다층 세라믹 기판 시장점유율을 확대하고 있습니다. 또한 세라믹 기술을 기반으로 한 신사업 (첨단 패키징,5G/6G 통신 모듈, 전장 모듈, 정전척 등) 진출도 모색하고 있습니다. 이처럼 기술 및 제품의 확장으로 매출 확대 및 사업다각화에 성공하게 되면서 글로벌 세라믹 소재 전문 기업으로 나아가고 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

가. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "주식회사 샘씨엔에스"이며, 영문으로는 "SEMCNS Co., Ltd." 라 표기합니다.

다. 설립일자 및 존속기간

당사는 2016년 06월 10일 설립되었습니다. 또한, 회사의 주식이 2021년 05월 20일 상장되어 코스닥시장에서 매매가 개시되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 회사사업 영위의 근거가 되는 법률

당사는 보고서 작성기준일 현재 해당사항이 없습니다.

바. 중소기업 등 해당 여부

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

당사는 보고서 작성기준일 현재 해당사항이 없습니다.

아. 주요 사업의 내용

당사는 반도체 제조 공정 중 테스트 공정에서 필요로 하는 프로브카드에 사용되는 반도체검사용 세라믹STF(Space Transformer)를 제작하여 납품하고 있습니다. 세라믹STF는 웨이퍼의 전기적 성능평가를 위한 프로브카드의 핵심부품으로, MEMS Pin을 지지하고, 전기적 신호를 PCB를 통해 테스트 검사 장비로 전달하여 웨이퍼의 양품 및 불량품 판정을 담당하는 테스트 장비의 핵심 부품입니다.

자. 신용평가에 관한 사항

최근 3년간 신용평가에 관한 내용은 다음과 같습니다.

신용등급 체계

주) 위 등급 중 AA부터 CCC까지는 +, - 부호를 부가하여 동일 등급 내에서의 우열 표시

차. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

* 특례상장 등 적용법규

- 코스닥시장 상장규정 제2조제31항 / 코스닥시장 상장규정 제7조제2항

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

8.01%
[5.87%, 11.12%] · 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 44.4% (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

0.99
Beta [0.77, 1.20] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.469%[-0.102%, +1.039%]
R squared
0.37
Observations
252
Trading-time corrected beta
0.96[0.56, 1.35]
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

202020212022202320242025TTM
RevenueKRW 100M3594765013095337801,020
Revenue growth%—32.365.35-38.2872.3546.27—
Operating incomeKRW 100M78136149-2952147270
Operating income growth%—74.569.33-119.55—182.01—
Net incomeKRW 100M60119151-1333151298
Net income growth%—97.3727.09-108.66—353.96—
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%21.7228.6529.73-9.419.7518.8126.47
Net margin%16.7925.0430.20-4.246.2219.3229.18
ROENot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
ROA%12.927.417.56-0.681.495.9410.89
Debt ratio%90.9450.1278.8887.8954.3052.3640.18
Current ratio%93.012,114.84642.1972.83255.90217.92292.43
Quick ratio%72.442,058.27626.4169.15231.46203.31259.93
Reserve ratio%26.34302.90364.68358.96464.87515.80596.84
Free cash flowKRW 100M106-4129-751-169105—
FCF margin%29.62-8.675.74-242.62-31.6513.48—
OCF conversion%188.00138.40112.09—169.34127.75—
Capex to revenue%1.9443.3228.12243.5742.1911.20—
Inventory daysdays—50.749.747.345.654.9—
Payable daysdays————7.6——
EPSKRW156262309-2760264—
PERx—26.7612.82—65.3325.49—
BPSNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
PBRNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Separate basis

Profit flowKRW 100M

Revenue
780
Cost of sales
406
Gross profit
374
SG&A expenses
227
Operating income
147
Profit before tax
143
Income tax benefit
8
Non-operating expenses
4
Net income
151

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

202020212022202320242025
4671,6082,0031,9182,2222,537
223537883897782872
2451,0711,1201,0211,4401,665

Income statement

202020212022202320242025
359476501309533780
78136149-2952147
74135173-950143
60119151-1333151
Basic earnings per shareKRW156262309-2760264
Diluted earnings per shareKRW156260268-2760260
5911867-998156

Cash flow statement

202020212022202320242025
Net incomefrom the income statement60119151-1333151
Total adjustments to operating cash flowcomputed534618162342
113165170356192
-120-1,173-294-70-494-306
831,01119349329156
Cash at beginning of periodKRW 100M229910217115345
991021711534588
Net change in cash and cash equivalentsKRW 100M77270-18-108Not 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 10삼일회계법인2025-12-31
2024적정의견Term 9삼정회계법인2025-12-31
2023적정의견Term 8삼정회계법인2025-12-31
2022적정의견Term 7삼정회계법인2022-12-31
2021적정의견Term 6한영회계법인2022-12-31
2020적정의견Term 5한영회계법인2022-12-31

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 3Y0.93
%
%
Cost of equity9.05%
Weighted average cost of capital8.80%
Initial growth2.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW18,270

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 FCFF2,386-86.9%
Discounted cash flow FCFE4,566-75.0%
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% + 0.93 × 5.00% = 9.05%

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 = 192.4 − 87.3 + 22.2 × (1 − 0.00%) = 127.3 KRW hundred million

Weighted average cost of capital

E = 10,667.5, D = 604.8 KRW hundred million; equity weight = 94.63%, debt weight = 5.37%; cost of debt k_d = 4.40%

WACC = 94.63% × 9.05% + 5.37% × 4.40% × (1 − 0.00%) = 8.80%

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%129.90.9191119.4
22.00%132.50.8448111.9
32.00%135.10.7765104.9
42.00%137.80.713798.4
52.00%140.60.655992.2
Terminal value2.00%2,108.80.65591,383.3
Total1,910.0

Firm value = 1,910.0; less borrowings 604.8; plus cash 87.9 → 1,393.2 KRW hundred million

P_0 = 1,393.2 KRW hundred million ÷ 58,388,063 (shares) = 2,386 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 = 192.4 − 87.3 + 79.1 (net borrowing) = 184.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%187.90.9170172.3
22.00%191.70.8409161.2
32.00%195.50.7711150.8
42.00%199.40.7072141.0
52.00%203.40.6485131.9
Terminal value2.00%2,943.40.64851,908.7
Total2,666.0

P_0 = 2,666.0 KRW hundred million ÷ 58,388,063 (shares) = 4,566 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