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KREDKRED
353200KOSPI

Daeduck Electronics

147,800
-1,600 (-1.07%)

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

Daeduck Electronics was established on May 4, 2020, through a spin-off from Daeduck Co., Ltd. The company is headquartered in Ansan, Gyeonggi-do, and is listed on the KOSPI market.

The company specializes in the production and distribution of printed circuit boards. Its main business segments include semiconductor package substrates and multi-layer boards, which are supplied to semiconductor and electronic device manufacturers.

Business overview as filed

당사는 PCB(Printed Circuit Board) 전문업체로 우리말로는 인쇄회로기판을 생산 및 판매하고 있습니다. 구체적으로는 반도체 Package용 substrate 기판과 MLB 기판을 주력사업으로 영위하고 있습니다.기판은 제품의 전자적 구동을 위하여 회로를 형성하여 반도체 및 수동소자 부품들을 전기적으로 연결해주는 부품으로, 전자제품의 혈관이나 신경망에 비유됩니다.따라서 PCB는 모든 전자제품에서 없어서는 안 될 핵심 부품으로, 전자기기의 초기 개발단계부터 대량생산에 이르기까지 반도체, 전자기기 및 정보통신 제조업체의 주문에 따라 생산이 이루어지는 구조입니다.

당사는 제6기 연결기준 1,065,295백만원의 매출을 기록하였으며, 사업부문별 실적은 다음 표와 같습니다.

메모리/비메모리 반도체 및 AI, 자율주행, 초고속 통신과 더불어 제품의 부가가치가 높아짐으로 PCB 산업은 지속적으로 발전할 수 있을 것으로 전망됩니다.

주요 원재료는 다양한 국내외 기업으로부터 공급받고 있어 자재공급에 대한 유동성 확보는 양호한 수준입니다.

당사의 전반적인 위험관리는 이사회에서 승인한 정책에 따라 이루어지며, 금융시장의 예측 불가능성에 초점을 맞춤으로써 재무성과에 잠재적으로 불리할 수 있는 효과를 최소화하는데 중점을 두고 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

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 대덕전자 주식회사이며 영문명은 DAEDUCK ELECTRONICS Co., Ltd.입니다. 단, 약칭으로는 대덕전자㈜라고 표기합니다.

다. 설립일자대덕전자 주식회사(이하 "당사")는 2020년 5월 1일을 분할기일로 주식회사 대덕(구, 대덕전자 주식회사)에서 인적분할의 방법으로 2020년 5월 4일 신규설립되었으며, 2020년 5월 21일 한국거래소 유가증권시장에 당사의 주식을 재상장하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소주소 : 경기도 안산시 단원구 강촌로 230전화번호 : 031-8040-8000홈페이지 : https://www.daeduck.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

사. 신용평가에 관한 사항(1) 최근 신용평가에 관한 내용

(2) 신용평가 회사의 신용등급체계 및 등급부여의미

[이크레더블]

주1) 'AA'부터 'CCC'등급까지는 등급내 우열에 따라 '+' 또는 '-' 로 등급구분

아. 회사의 주권상장(또는 등록ㆍ지정)여부 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

7.22%
[4.90%, 10.51%] · As of 2026-09-29
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 61.0% (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

1.08
Beta [0.90, 1.26] · KOSPI200 · As of 2026-10-02
Intercept
+0.430%[-0.165%, +1.025%]
R squared
0.40
Observations
252
Trading-time corrected beta
0.81[0.44, 1.18]
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 KOSPI200 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 100M6,20610,00913,1629,0978,92110,65313,514
Revenue growth%—61.2831.49-30.89-1.9319.41—
Operating incomeKRW 100M277252,3252371134911,750
Operating income growth%—2,602.83220.87-89.79-52.56335.73—
Net incomeKRW 100M-876301,8392542384761,521
Net income growth%——191.82-86.20-6.36100.34—
Attributable to ownersKRW 100M————2384761,521
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%0.437.2417.672.611.264.6112.95
Net margin%-1.416.3013.972.792.664.4711.25
ROE%————2.715.3115.57
ROA%-1.086.7015.432.252.184.0411.12
Debt ratio%26.8738.0039.3929.8524.3531.2840.02
Current ratio%167.41204.39187.94245.04291.74237.17229.82
Quick ratio%108.59143.63142.58193.80228.79177.27163.88
Reserve ratio%2,388.502,539.902,833.972,261.482,212.202,411.452,701.81
Free cash flowKRW 100M-14274388863738267—
FCF margin%-2.297.426.757.004.280.63—
OCF conversion%—323.37159.64712.23411.66150.30—
Capex to revenue%15.6412.9415.5612.876.686.09—
Receivable daysdays—56.349.962.951.956.0—
Inventory daysdays—42.141.446.142.047.5—
Payable daysdays—48.737.941.036.836.2—
Cash conversion cycledays—49.753.368.057.167.4—
EPSKRW-170———4819633,077
PERx————32.2348.8949.91
BPSKRW12,90613,79917,30217,57217,71718,15819,768
PBRx0.981.801.091.540.872.597.77
Dividend per shareKRW300300400—300400—
Payout ratio%————62.3941.52—

Consolidated basis

Profit flowKRW 100M

Revenue
10,653
Cost of sales
9,570
Gross profit
1,083
SG&A expenses
592
Operating income
491
Non-operating income
44
Profit before tax
534
Net income
476
Income tax expense
58

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
8,0929,41011,91811,27510,88711,780
1,7142,5913,3682,5922,1322,807
6,3786,8198,5508,6838,7558,973

Income statement

202020212022202320242025
6,206*10,00913,1629,0978,92110,653
27*7252,325237113491
-93*7992,445284302534
-876301,839254238476
Basic earnings per shareKRW-170Not applicableNot applicableNot applicableNot applicableNot applicable
Diluted earnings per shareKRW-170Not applicableNot applicableNot applicableNot applicableNot applicable
-1315911,886340226424

Cash flow statement

202020212022202320242025
Net incomefrom the income statement-876301,839254238476
Total adjustments to operating cash flowcomputed9161,4081,0971,554741239
8292,0382,9361,807978716
-838-1,335-2,588*-1,975-1,161-795
-62-164122*-289-20642
Cash at beginning of periodKRW 100M3012267671,224766382
2267671,224766382339
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicable-389-38

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 6한영회계법인2025-12-31
2024적정의견Term 5한영회계법인2025-12-31
2023적정의견Term 4한영회계법인2025-12-31
2022적정Term 3삼정회계법인2022-12-31
2021적정Term 2삼정회계법인2022-12-31
2020적정Term 1삼정회계법인2022-12-31

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%

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 · 2026-10-024.37%
BetaDaily 5Y1.15
%
%
Cost of equity10.11%
Weighted average cost of capital10.08%
Initial growth3.1%
Effective tax rate10.9%
Base fiscal year2025
Current priceKRW147,800

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 model5,030-96.6%
Dividend discount model DDM5,158-96.5%
Discounted cash flow FCFF1,794-98.8%
Discounted cash flow FCFE8,342-94.4%
Residual income model RIM7,008-95.3%
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 = 4.37% + 1.15 × 5.00% = 10.11%

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(5.31% × (1 − 41.52%), 0) = 3.10%

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 = 400 × (1 + 2.00%) / (10.11% − 2.00%) = 408 / 0.0811 = 5,030 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 = 400, g_1 = 3.10%, g_T = 2.00%, r = 10.11%

YearGrowthDividend KRWDiscount factorPresent value KRW
13.10%4120.9082375
22.83%4240.8248350
32.55%4350.7490326
42.28%4450.6803303
52.00%4540.6178280
Terminal value2.00%5,7050.61783,525
Total5,158

P_0 = 5,158 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 = 18,158 KRW, ROE = 5.31%, payout ratio = 41.52%, r = 10.11%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
118,1589631,836-8730.9082-792
218,7219931,893-9000.8248-742
319,3021,0241,952-9280.7490-695
419,9011,0562,012-9560.6803-651
520,5181,0892,075-9860.6178-609
Terminal value-12,4000.6178-7,661

P_0 = 18,158 + -3,489 + -7,661 = 7,008 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 = 715.5 − 648.8 + 8.1 × (1 − 10.90%) = 74.0 KRW hundred million

Weighted average cost of capital

E = 73,038.2, D = 410.2 KRW hundred million; equity weight = 99.44%, debt weight = 0.56%; cost of debt k_d = 4.37%

WACC = 99.44% × 10.11% + 0.56% × 4.37% × (1 − 10.90%) = 10.08%

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
13.10%76.30.908569.3
22.83%78.40.825364.7
32.55%80.40.749860.3
42.28%82.30.681156.0
52.00%83.90.618851.9
Terminal value2.00%1,059.60.6188655.7
Total957.9

Firm value = 957.9; less borrowings 410.2; plus cash 338.7 → 886.4 KRW hundred million

P_0 = 886.4 KRW hundred million ÷ 49,416,925 (shares) = 1,794 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 = 715.5 − 648.8 + 252.9 (net borrowing) = 319.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
13.10%329.60.9082299.3
22.83%338.90.8248279.5
32.55%347.60.7490260.3
42.28%355.50.6803241.8
52.00%362.60.6178224.0
Terminal value2.00%4,559.90.61782,817.1
Total4,122.2

P_0 = 4,122.2 KRW hundred million ÷ 49,416,925 (shares) = 8,342 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 KOSPI list