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327260KOSDAQ

RF Materials

53,200
-200 (-0.37%)

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 100M

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

RF Materials was established on December 28, 2007, as a corporate entity. The company is listed on the KOSDAQ market and has one consolidated subsidiary.

The company develops and produces compound semiconductor packages for RF and optical communications, laser modules, and military infrared sensors. Its main products include packages for indium phosphide, gallium arsenide, gallium nitride, and gallium arsenide semiconductors.

Business overview as filed

화합물 반도체 패키지 전문기업 알에프머트리얼즈는 RF 및 광 통신에 사용되는 통신용 패키지, 레이저 모듈에 채용되는 레이저용 패키지 및 적외선 센서에 활용되는 군수용 패키지와 같이 각 각의 산업분야에서 요구되는 화합물 반도체 패키지를 개발 및생산하고 있습니다.

당사의 주력 제품인 화합물 반도체 패키지는 밀폐성, 방열, 낮은 열팽창 계수, 전기적연결, 내열성, 내구성과 같은 여러 특성을 동시에 만족해야 하며, 어느 하나라도 충족되지 않을 경우, 화합물 반도체 소자의 출력저하 또는 기능 상실 등이 발생할 수 있으며, 나아가 RF 통신 또는 광 통신 망의 오류, 레이더 모듈의 오작동 등으로 이어지는 심각한 상황을 초래할 수 있는 핵심 기술입니다.

당사는 화합물 반도체 패키지의 주요 원재료인 적층 세라믹 제조의 제조를 위한 설비및 기술을 보유하고 있으며, 이를 이용하여 화합물 반도체 패키지에 요구되는 다수의특성들을 모두 만족하는 설계 기술들과 자체적으로 조립/표면처리/검사 등을 거쳐 화합물 반도체 패키지 완제품을 생산하는 제조 공정을 보유하고 있습니다.

당사는 보유하고 있는 소재 기술을 활용하여 세계 최초로 CPC212, CPC300 등 높은열전도율을 갖는 Heat Sink소재를 GaN 트랜지스터용 패키지에 적용하였으며, Cu-Graphite와 같은 신소재의 세계 최초 양산 적용을 위해 개발을 진행하고 있습니다. 또한, Mo/W 소재를 이용한 용침(Infiltration)기술 및 HIP(Hot Isostatic Pressing)기술과 Hot Press 기술로 개발된 CPC, CMC, Super-CMC를 패키지에 적용시켜 특히 방열 성능이 중요시되는 고성능 반도체 패키지시장에서 활용도가 높아질 것으로 예상됩니다.

당사의 매출 실적은 다음과 같습니다.

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)

(1) 연결대상 종속회사 현황(요약)

보고서 제출일 현재 연결대상 종속기업은 1개사 입니다.

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 알에프머트리얼즈 주식회사라고 표기합니다. 또한, 영문으로는 'RF Materials Co., Ltd.(약호 RF Materials)'이라 표기합니다.

다. 설립일자당사는 2007년 12월 28일에 법인 형태로 설립되었으며, 2019년 12월 24일 코스닥시장에 기업공개를 실시하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요사업의 내용 및 향후 추진하려는 신규사업

당사는 광통신 패키지, RF Power 트랜지스터용 패키지, Laser 모듈용 패키지 등 광화합물 반도체인 인듐인과 갈륨비소, RF화합물 반도체인 질화갈륨과 갈륨비소를 안전하게 트랜지스터와 전력증폭기에 안착시킬 수 있는 패키지를 제조 판매하는 사업을 영위하고 있습니다. 한편, 당사는 화합물 반도체용 패키지를 제조해오면서 확보해온 핵심 요소기술과 히트싱크 소재기술, 적층세라믹 기술을 활용하여 광통신 및 5G 시장 등 다양한 분야에 진출하였으며, 레이저용 패키지분야에서는 레이저 모듈화사업으로 전환, 고부가가치사업으로 변모해 나아갈 계획입니다.

사. 신용평가에 관한 사항

[한국평가데이터㈜ 신용평가등급의 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

8.80%
[6.16%, 12.07%] · 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 71.0% (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

1.22
Beta [0.93, 1.52] · KOSDAQ150 · As of 2026-10-08
Intercept
+1.056%[+0.336%, +1.776%]
R squared
0.28
Observations
251
Trading-time corrected beta
0.83[0.20, 1.47]
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 100M193162182378504479445641808
Revenue growth%—-15.87—107.3833.55-5.02-7.1344.02—
Operating incomeKRW 100M4611-6-027-0-1574131
Operating income growth%—-75.47———-101.27———
Net incomeKRW 100M3712-2-4367-76104163
Net income growth%—-68.00———-79.95-1,161.90——
Attributable to ownersKRW 100M——-6-933-7-4871121
Attributable to minoritiesKRW 100M——45214-283342
Operating margin%23.896.97-3.43-0.075.42-0.07-3.2711.5016.27
Net margin%19.427.39-1.28-0.987.061.49-17.0416.1920.12
ROE%——-2.09-2.587.80-1.51-11.6713.3813.97
ROA%21.034.03-0.40-0.523.710.74-6.688.099.74
Debt ratio%35.7315.7980.8669.0681.5361.9262.5448.3933.40
Current ratio%543.43681.44219.16237.62221.17248.83251.84272.06333.06
Quick ratio%392.91541.53157.38183.60184.45205.09215.06222.55254.72
Reserve ratio%970.831,377.711,513.76761.46938.25940.52904.961,135.151,819.27
Free cash flowKRW 100M1-9-56-6-7413848—
FCF margin%0.49-5.35-30.51-1.66-14.592.781.837.42—
OCF conversion%46.317.14——129.04725.47—69.00—
Capex to revenue%8.505.8828.8312.1523.718.042.683.75—
Receivable daysdays—64.3—58.247.852.973.177.5—
Inventory daysdays—115.1—118.792.8100.7120.9105.9—
Payable daysdays—71.7—137.566.365.477.774.1—
Cash conversion cycledays—107.8—39.474.388.2116.3109.3—
EPSKRW1,587453-171-230411-80-5748591,420
PERx—61.92——29.20——26.5937.32
BPSKRW——8,1138,6735,2335,2594,8716,25910,170
PBRx——3.461.692.292.020.983.655.21
Dividend per shareKRW————100————
Payout ratio%————24.33————

Profit flowKRW 100M

Revenue
641
Cost of sales
462
Gross profit
179
SG&A expenses
105
Operating income
74
Non-operating income
9
Profit before tax
83
Other
42
Net income
104
Income tax expense
21

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

20182019202020212022202320242025
1782985867139599701,1351,282
4741262291431371437418
131257324422528599698864

Income statement

20182019202020212022202320242025
193162182378504479445641
4611-6-027-0-1574
4311-9-1304-7583
3712-2-4367-76104
Basic earnings per shareKRW1,587453-171*-230411-80-574*859
Diluted earnings per shareKRW1,493453-171*-230408-80-574*859
Not applicableNot applicable-2-4348-75103

Cash flow statement

20182019202020212022202320242025
Net incomefrom the income statement3712-2-4367-76104
Total adjustments to operating cash flowcomputed-20-11-143104596-32
171-34046522072
-17-10-84-185-148-48169-130
24114119*88231-32-15-19
Cash at beginning of periodKRW 100M2146150*183125253215389
46150183*125253225389313
Net change in cash and cash equivalentsKRW 100M2510533*-58128-28174-77

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 19삼일회계법인2025-12-31
2024적정의견Term 18삼일회계법인2025-12-31
2023적정의견Term 17삼덕회계법인2025-12-31
2019적정Term 13한영회계법인2019-12-31
2018적정Term 12삼덕회게법인2019-12-31
2017한정Term 11삼덕회계법인2019-12-31

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 5Y0.95
%
%
Cost of equity9.15%
Weighted average cost of capital9.08%
Initial growth13.4%
Effective tax rate25.4%
Base fiscal year2025
Current priceKRW53,200

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 FCFF6,603-87.6%
Discounted cash flow FCFE7,209-86.4%
Residual income model RIM5,724-89.2%
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% + 0.95 × 5.00% = 9.15%

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(13.38% × (1 − 0.00%), 0) = 13.38%

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 = 6,259 KRW, ROE = 13.38%, payout ratio = 0.00%, r = 9.15%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
16,2598375722650.9162243
27,0979506493000.8394252
38,0461,0777363410.7691262
49,1231,2218343860.7046272
510,3431,3849464380.6456283
Terminal value6,2490.64564,035

P_0 = 6,259 + 1,312 + 4,035 = 11,605 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 = 71.6 − 24.1 + 2.4 × (1 − 25.42%) = 49.3 KRW hundred million

Weighted average cost of capital

E = 9,096.3, D = 97.5 KRW hundred million; equity weight = 98.94%, debt weight = 1.06%; cost of debt k_d = 4.40%

WACC = 98.94% × 9.15% + 1.06% × 4.40% × (1 − 25.42%) = 9.08%

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
113.38%55.90.916751.3
210.53%61.80.840452.0
37.69%66.60.770451.3
44.84%69.80.706249.3
52.00%71.20.647446.1
Terminal value2.00%1,025.40.6474663.9
Total913.8

Firm value = 913.8; less borrowings 97.5; plus cash 312.7 → 1,129.0 KRW hundred million

P_0 = 1,129.0 KRW hundred million ÷ 8,433,231 (shares) = 13,388 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 = 71.6 − 24.1 + 19.6 (net borrowing) = 67.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
113.38%76.10.916269.8
210.53%84.20.839470.6
37.69%90.60.769169.7
44.84%95.00.704666.9
52.00%96.90.645662.6
Terminal value2.00%1,383.20.6456893.0
Total1,232.6

P_0 = 1,232.6 KRW hundred million ÷ 8,433,231 (shares) = 14,616 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