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KREDKRED
319660KOSDAQ

PSK

145,100
+7,900 (+5.76%)

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

PSK was established in 2019 through a spin-off from PSK Holdings. The company is listed on the KOSDAQ market and is headquartered in Hwaseong, Gyeonggi Province.

The company manufactures and distributes semiconductor front-end process equipment and components. Its main products include Dry Strip, Selective Material Removal, New Hard Mask Strip, and Bevel Etch. It operates through its headquarters and various overseas subsidiaries in the United States, Taiwan, China, and Japan to provide equipment, parts, and technical services.

Business overview as filed

당사는 2019년 4월 1일 설립되어 반도체 제조용 장비(전공정 장비) 및 부품의 제조, 판매, C/S를 주요사업으로 영위하고 있으며, 현재는 화성시 동탄 신도시 지구에 본사 및 공장, 성남시에 판교캠퍼스를 두고 있습니다.

당사는 현재 반도체장비(전공정 장비) 사업을 영위하고 있으며, 단일 사업부문으로 그 현황을 기재하였습니다. 또한 종속회사의 주요사업이 반도체 장비 (전공정 장비)의 제조 및 이와 관련한 부품 및 원자재 제조, 판매, 기술서비스 법인으로 구성되어 있어 따로 구분하지 아니하였습니다.

당사는 본사를 거점으로 한국의 제조 및 판매 법인과 해외 법인 5개 (미국지역 1개, 대만 1개, 중국 2개, 일본 1개)의 동종업종을 영위하는 종속회사로 구성 된 기업입니다. 사업군별로 보면 반도체장비의 제조와 판매(그 부속 부품 및 기술서비스 포함)라는 1개의 주된 사업부문을 영위하고 있습니다.

[사업부문별 주요 제품]

지역별로 보면 국내 본사에서는 반도체장비를 제조, 판매 및 부품 판매, 기술서비스를 총괄하고 있습니다. 해외에는 미국, 유럽 아일랜드 지역과 대만 및 싱가포르 등 동남아시아 지역, 중국 지역, 일본 지역의 반도체장비 분야 마케팅, 부품판매, 기술서비스를 담당하는 5개의 해외 현지법인과 9개의 해외 지점이 운영되고 있습니다.

미국 지역은 현지 고객사에 대한 반도체장비 분야 부품 판매 및 기술 서비스를 담당하는 PSK AMERICA Inc.(Texas Austin 소재)가 운영되고 있고, 유럽 아일랜드에 동일한 사업영역을 담당하는 PSK AMERICA Inc.의 아일랜드 지점이 운영되고 있습니다.

동남아 지역은 대만, 싱가포르 등 동남아시아의 반도체장비 분야 마케팅, 부품판매, 기술서비스를 담당하는 PSK Asia Inc.(Taiwan 소재) 1개사와 싱가포르 지역에 동일한 사업영역을 담당하는 PSK Asia Inc.의 싱가포르 지점이 운영되고 있습니다.

일본 지역은 일본 고객사에 대한 반도체장비 분야 마케팅, 부품판매, 기술서비스를 담당하는 일본법인(Hiroshima 소재) 1개가 운영되고 있습니다. 중국 지역은 중국 고객사에 대한 반도체장비 분야 마케팅, 부품판매, 기술서비스를 담당하는 PSK(CHINA)CO.,LTD. (Xi'an 소재)와 PSK(SHANGHAI) SEMICONDUCTOR CO.,LTD (Shanghai 소재), 7개의 분공사(Wuxi, Xiamen, Dalian, Beijing, Wuhan ,Hefei , Chegndu)가 운영되고 있습니다.

Company overview

가. 회사의 법적, 상업적 명칭

당사의 명칭은 피에스케이 주식회사로 표기합니다. 영문으로는 PSK INC.로 표기합니다.

나. 설립일자 및 존속기간

당사는 피에스케이홀딩스(주)(피에스케이(주)에서 2019.04.01 사명 변경.)로 부터 인적분할(2019년 4월 01일)을 통해 신규 설립되었으며, 2019년 5월 10일 코스닥시장에 상장하였습니다.

다. 본점의 주소, 전화번호 및 홈페이지

■ 주 소 : 경기도 화성시 삼성1로 4길 48(석우동)■ 전 화 : 031-660-8703■ 홈페이지 : http://www.pskinc.com

라. 주요사업의 내용

현재 당사의 주력 생산품은 반도체를 생산하는데 필요한 반도체 제조 장비입니다. 주요 제품으로는 Dry Strip, Selective Material Removal, New Hard Mask Strip, Bevel Etch가 있으며, 종합 프로세스 장비 글로벌 리더가 되기 위해 영역을 넓혀가고 있습니다.당사는 정관에 아래와 같은 사업을 영위함을 규정하고 있습니다.

① 반도체 제조장비, 플랫판넬 디스플레이 제조장비 및 관련제품의 제조, 판매 배포 ② 산업용 기계 장비 제조 및 판매 ③ 태양전지 제조장비의 제조 및 판매 ④ 신재생에너지 관련 사업 ⑤ 인터넷, 정보통신 관련 사업 ⑥ 전자 상거래 관련 사업 ⑦ 전기 목적에 관련된 기술용역이나 보수용역의 제공 ⑧ 부동산 임대업 ⑨ 시스템 소프트웨어 개발 및 공급업 ⑩ 전기ㆍ전자공학 연구개발업 ⑪ 경영관리 서비스업 ⑫ 전기 목적에 관련된 일체의 부대사업 연결대상 종속회사들이 주로 영위하는 사업으로는 당사의 사업목적에 포함된 반도체장비와 부품의 제조 또는 판매 및 관련된 용역의 제공입니다.

마. 계열회사에 관한 사항

- 당사를 포함하여 총 13개사이며, 비상장사는 11개사입니다.

- 당해 기업집단은 독점규제 및 공정거래에 관한 법률에 의한 상호출자제한, 출자총 액제한, 채무보증제한의 대상에 해당하지 않습니다.

국내외 계열회사관련 자세한 사항은 IX.

바. 연결대상 종속회사 개황

(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)1. 연결대상 종속회사 현황 1-1. 연결대상회사의 변동내용

사. 중소기업 등 해당 여부

당사는 본 보고서 제출일 현재 「중견기업 성장촉진 및 경쟁력 강화에 관한 특별법」제2조제1호의 중견기업에 해당합니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

당사는 2025년 8월 26일, 신용평가 전문기관 (주)이크레더블로부터 신용등급 A, 현금흐름등급 A 등급을 받았습니다. 유효기간은 2025년 8월 26일부터 2026년 4월 28일까지입니다.

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

7.89%
[5.32%, 11.19%] · 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 52.1% (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

1.16
Beta [0.95, 1.36] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.729%[+0.083%, +1.374%]
R squared
0.38
Observations
252
Trading-time corrected beta
0.95[0.60, 1.29]
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

2019202020212022202320242025TTM
RevenueKRW 100M1,5462,6574,4584,6093,5193,9814,5725,709
Revenue growth%—71.8767.773.39-23.6613.1314.86—
Operating incomeKRW 100M1693169419185418398851,427
Operating income growth%—86.70198.18-2.38-41.0755.085.44—
Net incomeKRW 100M1502237677745257917851,250
Net income growth%—48.68244.700.93-32.1850.66-0.74—
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%10.9311.8721.1019.9315.3821.0819.3625.00
Net margin%9.688.3817.2116.8014.9319.8817.1821.89
ROENot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
ROA%6.698.2918.5716.3810.6213.9012.1616.64
Debt ratio%19.5923.5642.9633.7825.9420.7019.8422.06
Current ratio%501.63448.07289.00380.46410.59491.13495.38452.72
Quick ratio%373.78302.95218.33264.43275.07357.62378.79345.11
Reserve ratio%2,434.682,837.91——2,574.433,064.743,518.993,965.30
Free cash flowKRW 100M1281181,059334243400432—
FCF margin%8.284.4523.767.246.9110.069.45—
OCF conversion%118.07100.55149.3659.7795.7484.9878.59—
Capex to revenue%3.153.981.942.807.386.834.05—
Receivable daysdays—59.539.343.946.041.661.3—
Inventory daysdays—137.7109.1144.2227.9217.9165.8—
Payable daysdays—68.954.758.566.662.963.0—
Cash conversion cycledays—128.393.7129.6207.3196.7164.1—
EPSKRW1,0581,5705,2295,119——2,712—
PERx22.3125.8310.103.01——13.61—
BPSKRW12,68214,72319,57812,19713,55216,28518,60621,228
PBRx1.862.752.701.261.551.011.989.24
Dividend per shareKRW300300600400200400680—
Payout ratio%28.3619.1111.477.81——25.07—

Consolidated basis

Profit flowKRW 100M

Revenue
4,572
Cost of sales
2,340
Gross profit
2,232
SG&A expenses
1,347
Operating income
885
Non-operating income
40
Profit before tax
925
Net income
785
Income tax expense
140

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

2019202020212022202320242025
2,2392,6864,1334,7264,9445,6946,460
3675121,2421,1931,0189761,070
1,8732,1742,8913,5333,9264,7175,390

Income statement

2019202020212022202320242025
1,5462,6574,4584,6093,5193,9814,572
169316941918541839885
1923131,0041,000659974925
150223767774525791785
Basic earnings per shareKRW1,0581,5705,2295,119Not applicableNot applicable2,712
Diluted earnings per shareKRWNot applicable1,5525,2255,119Not applicableNot applicable2,712
153218781789*508849789

Cash flow statement

2019202020212022202320242025
Net incomefrom the income statement150223767774525791785
Total adjustments to operating cash flowcomputed271379-312-22-119-168
1772241,146463503672*617
24-384-919-362-364-344-172
-97340-183-41-92-202
Cash at beginning of periodKRW 100M271459371661560649*946
459371661560649948*1,194
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable290-10190299*248

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견삼정회계법인2025-12-31
2022적정Term 4삼정회계법인2022-12-31
2021적정Term 3한영회계법인2022-12-31
2020적정Term 2한영회계법인2022-12-31
2019적정Term 1한영회계법인2019-12-31

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 equity9.36%
Weighted average cost of capital9.34%
Initial growth2.0%
Effective tax rate15.1%
Base fiscal year2025
Current priceKRW145,100

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 model9,429-93.5%
Dividend discount model DDM9,429-93.5%
Discounted cash flow FCFF24,634-83.0%
Discounted cash flow FCFE16,255-88.8%
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% + 0.99 × 5.00% = 9.36%

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%

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 680 × (1 + 2.00%) / (9.36% − 2.00%) = 694 / 0.0736 = 9,429 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 = 680, g_1 = 2.00%, g_T = 2.00%, r = 9.36%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.00%6940.9144634
22.00%7070.8362592
32.00%7220.7647552
42.00%7360.6993515
52.00%7510.6394480
Terminal value2.00%10,4110.63946,657
Total9,429

P_0 = 9,429 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 = 617.3 − 185.3 + 4.1 × (1 − 15.09%) = 435.5 KRW hundred million

Weighted average cost of capital

E = 42,030.7, D = 109.8 KRW hundred million; equity weight = 99.74%, debt weight = 0.26%; cost of debt k_d = 4.40%

WACC = 99.74% × 9.36% + 0.26% × 4.40% × (1 − 15.09%) = 9.34%

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%444.20.9146406.3
22.00%453.10.8364379.0
32.00%462.20.7650353.5
42.00%471.40.6996329.8
52.00%480.80.6399307.7
Terminal value2.00%6,680.90.63994,274.8
Total6,051.1

Firm value = 6,051.1; less borrowings 109.8; plus cash 1,194.2 → 7,135.5 KRW hundred million

P_0 = 7,135.5 KRW hundred million ÷ 28,966,714 (shares) = 24,634 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 = 617.3 − 185.3 + -92.4 (net borrowing) = 339.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%346.40.9144316.7
22.00%353.30.8362295.4
32.00%360.30.7647275.5
42.00%367.60.6993257.0
52.00%374.90.6394239.7
Terminal value2.00%5,198.70.63943,324.2
Total4,708.6

P_0 = 4,708.6 KRW hundred million ÷ 28,966,714 (shares) = 16,255 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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