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420770KOSDAQ

Giga Vis

137,500
+2,200 (+1.63%)

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

Giga Vis was established in 2004. The company is listed on the KOSDAQ market.

The company provides automatic optical inspection and automatic optical repair equipment for semiconductor substrates. Its main products include AOI and AOR systems that detect defects and repair them using laser processing technology to improve yield. The company supplies these solutions to global semiconductor substrate manufacturers and IDM companies.

Business overview as filed

기가비스 주식회사는 2004년 설립된 반도체 기판 자동광학검사기(AOI: Automatic Optical Inspection) 및 자동광학수리기(AOR: Automatic Optical Repair)를 제작/판매하는 글로벌 반도체 장비 업체입니다.당사는 광학기술을 통해서 반도체 기판의 결함을 검사(AOI장비)하고, 레이저 가공 기술을 통해서 불량을 수리하여 수율을 향상(AOR장비)시키는 장비를 생산하고 있습니다. 2004년 설립 이후, 글로벌 반도체 기판 및 IDM 기업과 지속적인 기술 교류 및 다년간의 연구 개발을 통하여 글로벌 Top-tier 광학 검사 기술력을 보유하기에 이르렀으며, 타 경쟁사의 제품 대비 검출력과 생산성을 획기적으로 높였습니다.FC-BGA는 반도체 기판 중 최고 사양 제품으로 독보적인 기술력과 엄격한 품질 관리 역량을 갖춘 업체만이 진입 가능한 시장입니다. 당사는 글로벌 Top-tier 반도체 기판 제조사에 고해상도 검사 및 수리 플랫폼을 제공하여 매우 높은 시장 점유율을 보유하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "기가비스 주식회사"이며, 영문으로는 GigaVis Co., Ltd.(약호 GigaVis)로 표기합니다.

다. 설립일자 및 존속기간

당사는 2004년 2월 18일에 설립되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

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

공시대상기간 중 해당사항 없습니다.

사. 주요 사업의 내용 및 향후 추진하려는 신규 사업에 관한 간략한 설명

기가비스 주식회사는 글로벌 기판 제조사에 고성능 반도체 기판을 대상으로 결함 검사에 특화된 광학검사장비를 공급하고 있으며, 반도체 패키징 기술의 발전으로 인한 기판 수율의 중요성이 부각됨에 따라 수율 향상에 기여하는 광학수리장비를 제공하고 있습니다.당사는 지속적인 성장을 위한 사업 확대를 목적으로 반도체 산업 분야로의 진출을 적극 추진하고 있습니다. 특히, L/S=2/2um급 초미세 패턴 검사 및 수리 역량을 바탕으로 반도체 패키징 기술의 핵심 공정인 WLP와 PLP에서 RDL 검사가 가능한 솔루션을 개발하였으며, 반도체 기판 기술의 고도화에 따른 Glass 기판에 대해서도 검사가 가능한 솔루션을 구축하였습니다.현재 신규 사업(WLP, PLP, Glass 기판 등) 관련 검사 분야 전반에 걸쳐 기술 검증이 진행되고 있으며, 반도체 제조사 및 OSAT 업체를 대상으로 신규 영업을 전개하고 있습니다. 특히, 국내 주요 반도체 기업과의 협업을 통해 중장기적 성과를 기대하고 있으며, 이를 통해 반도체 기판뿐만 아니라 다양한 첨단 패키징 영역에서 수율을 관리할 수 있는 고객 맞춤형 Total Solution을 통해 글로벌 시장에서의 입지를 더욱 확대해 나갈 계획입니다.상세한 내용은 동 공시서류의 'Ⅱ.사업의 내용'을 참조해주시기 바랍니다.

아. 신용평가에 관한 사항

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

7.91%
[4.38%, 14.17%] · 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 56.2% (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

0.81
Beta [0.60, 1.03] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.611%[-0.001%, +1.224%]
R squared
0.24
Observations
252
Trading-time corrected beta
0.67[0.21, 1.13]
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

2022Separate basis2023Separate basis2024Separate basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M997914261524672
Revenue growth%—-8.33-71.41——
Operating incomeKRW 100M338350-18121176
Operating income growth%—3.51-105.10——
Net incomeKRW 100M27832734155210
Net income growth%—17.70-89.55——
Attributable to ownersKRW 100M———155210
Attributable to minoritiesKRW 100M———00
Operating margin%33.9238.30-6.8423.0826.23
Net margin%27.8335.7313.0629.4731.21
ROE%———7.3210.11
ROA%19.6214.461.496.468.59
Debt ratio%40.946.2311.6513.4017.72
Current ratio%321.921,131.224,656.742,258.71491.19
Quick ratio%265.56991.524,183.772,068.20421.08
Reserve ratio%4,631.808,286.668,013.718,222.908,084.52
Free cash flowKRW 100M34687-289210—
FCF margin%34.739.55-110.5340.09—
OCF conversion%129.1140.2687.54166.02—
Capex to revenue%1.204.83121.968.84—
Receivable daysdays—116.5338.1——
Inventory daysdays—188.8470.8——
Payable daysdays—57.752.7——
Cash conversion cycledays—247.6756.2——
EPSKRW2,7282,7522691,2191,655
PERx—26.8291.2625.84116.10
BPSKRW———16,64616,371
PBRx———1.8911.74
Dividend per shareKRW750800800800—
Payout ratio%27.4929.07297.4065.63—

Profit flowKRW 100M

Revenue
524
Gross profit
284
Cost of sales
241
SG&A expenses
163
Operating income
121
Non-operating income
33
Profit before tax
154
Income tax benefit
1
Net income
155

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

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

2022202320242025
1,4152,2592,2972,393
411132240283
1,0042,1262,0572,110

Income statement

2022202320242025
997914261524
338350-18121
33940344154
27832734155
Basic earnings per shareKRW2,7282,7522691,219
Diluted earnings per shareKRW2,7282,7522691,219
28331232154

Cash flow statement

2022202320242025
Net incomefrom the income statement27832734155
Total adjustments to operating cash flowcomputed81-195-4102
35813130257
-270-808-23752
4781199-101
Cash at beginning of periodKRW 100M47175306201
175306201398
Net change in cash and cash equivalentsKRW 100M128131-104196

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

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 2026.03.19.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 22신한회계법인2025-12-31
2024적정의견Term 21신한회계법인2025-12-31
2023적정의견Term 20신한회계법인2025-12-31

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 1Y0.81
%
%
Cost of equity8.47%
Weighted average cost of capital8.42%
Initial growth2.5%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW137,500

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 model12,616-90.8%
Dividend discount model DDM12,767-90.7%
Discounted cash flow FCFF29,122-78.8%
Discounted cash flow FCFE26,465-80.8%
Residual income model RIM13,648-90.1%
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% + 0.81 × 5.00% = 8.47%

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(7.32% × (1 − 65.63%), 0) = 2.52%

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 = 800 × (1 + 2.00%) / (8.47% − 2.00%) = 816 / 0.0647 = 12,616 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 = 800, g_1 = 2.52%, g_T = 2.00%, r = 8.47%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.52%8200.9219756
22.39%8400.8500714
32.26%8590.7836673
42.13%8770.7224634
52.00%8950.6660596
Terminal value2.00%14,1060.66609,395
Total12,767

P_0 = 12,767 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 = 16,646 KRW, ROE = 7.32%, payout ratio = 65.63%, r = 8.47%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
116,6461,2191,410-1910.9219-176
217,0651,2501,445-1950.8500-166
317,4951,2811,481-2000.7836-157
417,9351,3131,519-2050.7224-148
518,3871,3461,557-2110.6660-140
Terminal value-3,3200.6660-2,211

P_0 = 16,646 + -787 + -2,211 = 13,648 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 = 256.5 − 46.3 + 7.1 × (1 − 0.00%) = 217.3 KRW hundred million

Weighted average cost of capital

E = 17,429.2, D = 200.0 KRW hundred million; equity weight = 98.87%, debt weight = 1.13%; cost of debt k_d = 4.40%

WACC = 98.87% × 8.47% + 1.13% × 4.40% × (1 − 0.00%) = 8.42%

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
12.52%222.80.9223205.5
22.39%228.10.8507194.1
32.26%233.30.7846183.0
42.13%238.30.7237172.4
52.00%243.00.6674162.2
Terminal value2.00%3,860.00.66742,576.3
Total3,493.6

Firm value = 3,493.6; less borrowings 200.0; plus cash 397.8 → 3,691.4 KRW hundred million

P_0 = 3,691.4 KRW hundred million ÷ 12,675,758 (shares) = 29,122 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 = 256.5 − 46.3 + 0.0 (net borrowing) = 210.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.52%215.50.9219198.7
22.39%220.60.8500187.5
32.26%225.60.7836176.8
42.13%230.40.7224166.5
52.00%235.00.6660156.5
Terminal value2.00%3,706.50.66602,468.6
Total3,354.6

P_0 = 3,354.6 KRW hundred million ÷ 12,675,758 (shares) = 26,465 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.

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