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KREDKRED
281740KOSDAQ

Lake Materials

12,820
+150 (+1.18%)

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

Lake Materials was established in 2010 and is headquartered in Sejong. The company is listed on the KOSDAQ market.

The company specializes in the development and supply of ultra-high purity organometallic compounds. Its business segments include materials for semiconductors, solar cells, LEDs, displays, and petrochemical catalysts. The company supplies these products to domestic and international clients in Taiwan and China.

Business overview as filed

연결회사는 유기금속화합물 설계 및 TMA 제조기술 기반으로 하여 반도체, Solar, LED, 메탈로센촉매, 디스플레이 등의 소재로 사용되는 초고순도 유기금속 화합물을 개발 및 공급하는 유기금속 화합물 전문 회사 입니다.

연결회사는 소재전문기업(산업통상자원부장관 확인)으로 국내 최초로 TMA를 개발하여 국산화한 기술력을 보유하고 있습니다. 2010년 "Global 최고의 소재기업으로 성장”이라는 사업비전을 가지고 일부 해외기업에 의존하던 LED용 소재의 국산화를 목표로 설립하였으며 이후 반도체, Solar, 디스플레이 소재 및 석유화학촉매를 자체 기술로 개발 소재 국산화를 주도하고 있습니다.

또한 반도체, Solar, LED, 디스플레이 소재 및 석유화학 촉매로 이어지는 안정적인 사업 포트폴리오를 갖추고 있으며, 독보적인 기술력을 바탕으로 설계, 합성, 정제 등 일괄 생산 공정을 구축하여 반도체, 촉매, LED, Solar시장의 빠른 변화에 효과적으로개발 및 양산을 진행하여 초고순도 제품공급을 통해 Global 기업과 공동 개발 프로젝트를 수행할수 있는 공신력과 기술력을 보유하고 있습니다.

[ 주요 제품군에 대한 설명 ]

(1) 반도체소재 사업

반도체 소재 부분의 첫 시작은 당사의 TMA를 국내 반도체업체에 공급하면서 시작되었습니다. 당사의 핵심 인력 대부분이 반도체 소재 연구개발과 마케팅 경력을 보유하고 있어, 반도체 소재 사업에 대한 전망, 시장과 기술개발 현황 등을 명확히 인지하고있었습니다. 2014년부터 반도체 소재 연구개발을 본격적으로 시작하였고 국내 주요 반도체 회사에 업체등록 이후 대만과 중국 등으로 사업영역을 확대하고 있습니다.

(2) 태양광소재 사업

마지막으로 사업화된 부분은 Solar용 소재이며, Solar 소재 분야의 진입은 고효율 쏠라셀을 제조하기 위하여 PERC 공정에서 Passivation Layer로 Al2O3 박막이 적용되면서 전구체로 TMA를 국내 태양광 업체 등에 공급하면서 시작하게 되었습니다.(3) LED소재 사업 당사는 2010년 LED TV가 출시되어 전세계적으로 LED 전구체가 부족하던 시점에 LED 전구체를 제조하기 위해 설립되었습니다. 사업 초기에는 기존 TMA 제조업체들이 당사의 LED 전구체 사업 진출을 막기 위해 TMA 판매를 거절하여 TMA를 수급할 수 없던 애로사항 때문에 당사는 전세계 3개 회사만이 생산하던 TMA 제조기술을 자체 개발하게 되었습니다. 어려운 과정을 거쳐 TMA양산에 성공하면서 TMA를 원료로 TMG를 안정적으로 생산하고 관련 전구체인 TEG, TMI, TMA, Cp2Mg 모두를 제품화함으로써 LED 산업에 성공적으로 진입하게 되었습니다.

(4) 촉매사업

LED 원료로 사용하고 남는 TMA의 수요처를 검토하면서 메탈로센 조촉매인 MAO 개발을 시작하였고 석유화학 업체의 어려운 평가 과정을 통과 후 MAO 양산에 성공하였습니다. 더불어 관련 아이템인 메탈로센 컴파운드와 담지촉매 개발까지 성공하여 촉매사업에도 안정적으로 진입하게 되었습니다.

Company overview

가. 연결대상 종속회사 개황가-1. 연결대상 종속회사 현황(요약)

가-2. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 국문 명칭은 「(주)레이크머티리얼즈」이며, 영문 명칭은 LAKE MATERIALS Co., Ltd 입니다.

다. 설립일자 및 존속기간

2010년 5월 13일에 설립되어, 유기금속화합물의 연구, 제조 및 판매 등을 주 영업목적으로 영위하고 있으며, 세종특별시 전의면 산단길 22-144에 본사 및 공장을 두고 있습니다. 또한 당사는 코스닥 시장 상장을 위하여 동부제5호 기업인수목적 주식회사와 2020년 3월 4일(합병등기일)에 합병을 완료하였으며, 합병이후 사명을 주식회사 레이크머티리얼즈로 변경하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

당사 및 그 종속회사는 유기금속화합물 설계 및 TMA 제조기술 기반으로 하여 반도체, Solar, LED, 메탈로센촉매, 디스플레이 등의 소재로 사용되는 초고순도 유기금속 화합물을 개발 및 공급하는 유기금속 화합물 전문 회사 입니다.

사. 신용평가에 관한 사항

사-1. 최근 신용평가 내역 사-2. 신용평가회사의 신용등급 정의 (주)신용등급은 평가자의 필요에 따라 동일 등급내 +,o,-로 세분화할 수 있습니다.

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

5.35%
[3.51%, 8.16%] · 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 65.0% (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 [0.93, 1.14] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.035%[-0.371%, +0.441%]
R squared
0.51
Observations
252
Trading-time corrected beta
1.20[1.02, 1.37]
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

2018Separate basis2019Separate basis2020Consolidated basis2021Consolidated basis2022Consolidated basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M——4658191,3151,1781,3871,4121,484
Revenue growth%———76.0860.66-10.4317.771.81—
Operating incomeKRW 100M-0-147207354295222133165
Operating income growth%———344.4771.08-16.57-24.93-40.13—
Net incomeKRW 100M102018127224421078141
Net income growth%—-43.07—812.6050.22-10.28-13.74-62.88—
Attributable to ownersKRW 100M——2018027024120977137
Attributable to minoritiesKRW 100M——-0022213
Operating margin%——10.0125.2726.9125.0715.989.4011.11
Net margin%——4.2622.0920.6520.6915.155.529.47
ROE%——4.9231.0531.3821.9716.015.719.01
ROA%0.900.512.1912.0312.728.135.982.193.45
Debt ratio%7.998.08121.10156.10146.03170.80167.44161.94165.62
Current ratio%288,298.54960,406.10107.13113.21112.35114.80111.99104.62142.67
Quick ratio%——54.6059.2364.4258.6947.2138.2870.72
Reserve ratio%——514.05783.811,209.101,570.501,880.461,947.052,211.76
Free cash flowKRW 100M——-38-213-267-467-43319—
FCF margin%——-8.23-26.07-20.33-39.64-31.241.35—
OCF conversion%108.89122.40234.26103.5662.5860.624.26198.37—
Capex to revenue%——18.2248.9433.2652.1831.899.61—
Inventory daysdays———152.8136.3228.9234.8255.6—
EPSKRW——31275411367317117209
PERx——89.0319.8510.6347.2834.57126.0769.62
BPSKRW——6148841,3101,6711,9822,0492,314
PBRx——4.496.173.3410.395.537.206.27
Dividend per shareKRW——————5030—
Payout ratio%——————15.7725.64—

Profit flowKRW 100M

Revenue
1,412
Cost of sales
1,124
Gross profit
289
SG&A expenses
156
Operating income
133
Profit before tax
69
Non-operating expenses
64
Income tax benefit
9
Net income
78

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. Where a filing itemized no non-current line, that half is the filed total less the filed current part.

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

20182019202020212022202320242025
95969041,5022,1352,9993,5133,558
774959161,2671,8912,2002,200
88894095878681,1071,3141,358

Income statement

20182019202020212022202320242025
Not applicableNot applicable4658191,3151,1781,3871,412
-0-147207354295222133
111819930124418669
102018127224421078
Basic earnings per shareKRWNot applicableNot applicable31275411367317117
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
101717828124020678

Cash flow statement

20182019202020212022202320242025
Net incomefrom the income statement102018127224421078
Total adjustments to operating cash flowcomputed00276-102-96-20177
11461871701489155
-1-110-407-448-674-384-177
Not applicableNot applicable1128536564921626
Cash at beginning of periodKRW 100M14142086152235358203
141386152235358203206
Net change in cash and cash equivalentsKRW 100M-0-1676584123-155Not 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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 9다산회계법인2025-12-31
2024적정의견Term 8다산회계법인2025-12-31
2023적정의견Term 7다산회계법인2025-12-31
2022적정Term 6다산회계법인2022-12-31
2021적정Term 5다산회계법인2022-12-31
2020적정Term 4다산회계법인2022-12-31
2019적정Term 3대현회계법인2019-12-31
2018적정Term 2삼영회계법인2019-12-31
2017적정Term 1삼영회계법인2019-12-31

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 5Y1.06
%
%
Cost of equity9.68%
Weighted average cost of capital8.67%
Initial growth4.2%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW12,820

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 model398-96.9%
Dividend discount model DDM419-96.7%
Discounted cash flow FCFF-261-102.0%
Discounted cash flow FCFE1,776-86.1%
Residual income model RIM909-92.9%
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% + 1.06 × 5.00% = 9.68%

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(5.71% × (1 − 25.64%), 0) = 4.25%

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 = 30 × (1 + 2.00%) / (9.68% − 2.00%) = 31 / 0.0768 = 398 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 = 30, g_1 = 4.25%, g_T = 2.00%, r = 9.68%

YearGrowthDividend KRWDiscount factorPresent value KRW
14.25%310.911729
23.68%320.831327
33.12%330.757925
42.56%340.691024
52.00%350.630022
Terminal value2.00%4650.6300293
Total419

P_0 = 419 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 = 2,049 KRW, ROE = 5.71%, payout ratio = 25.64%, r = 9.68%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
12,049117198-810.9117-74
22,136122207-850.8313-71
32,226127216-880.7579-67
42,321132225-920.6910-64
52,419138234-960.6300-61
Terminal value-1,2760.6300-804

P_0 = 2,049 + -336 + -804 = 909 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 = 154.8 − 135.8 + 81.7 × (1 − 0.00%) = 100.8 KRW hundred million

Weighted average cost of capital

E = 8,426.7, D = 2,000.9 KRW hundred million; equity weight = 80.81%, debt weight = 19.19%; cost of debt k_d = 4.40%

WACC = 80.81% × 9.68% + 19.19% × 4.40% × (1 − 0.00%) = 8.67%

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
14.25%105.00.920296.7
23.68%108.90.846892.2
33.12%112.30.779387.5
42.56%115.20.717282.6
52.00%117.50.660077.5
Terminal value2.00%1,797.40.66001,186.2
Total1,622.8

Firm value = 1,622.8; less borrowings 2,000.9; plus cash 206.5 → -171.7 KRW hundred million

P_0 = -171.7 KRW hundred million ÷ 65,730,548 (shares) = -261 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 = 154.8 − 135.8 + 64.5 (net borrowing) = 83.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
14.25%87.10.911779.4
23.68%90.30.831375.1
33.12%93.10.757970.6
42.56%95.50.691066.0
52.00%97.40.630061.4
Terminal value2.00%1,293.80.6300815.1
Total1,167.5

P_0 = 1,167.5 KRW hundred million ÷ 65,730,548 (shares) = 1,776 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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