코스닥 영업이익 9위 기업 지금이 매수 기회일까? — Transcript

Full transcript

1. 0:01Hello. I am investor So Young-ju. Today
2. 0:04, I will analyze the operating profits
3. 0:05of KOSDAQ-listed companies for the
4. 0:07second quarter of 2026.
5. 0:09I will also check where GRT stands in
6. 0:11the current rankings.
7. 0:13I will also provide brief comments on
8. 0:16the revenue, operating profit, and
9. 0:19assets of the top 30 KOSDAQ companies by
10. 0:22market cap.
11. 0:24Regarding KOSDAQ operating profits, GRT
12. 0:25is currently in 9th place.
13. 0:27Its ranking has dropped slightly
14. 0:29compared to the past. If you look here,
15. 0:31various semiconductor companies—well,
16. 0:32it's the semiconductor sector.
17. 0:34Semiconductor companies have moved up
18. 0:35the rankings with significantly higher
19. 0:36operating profits; this explains why the
20. 0:38materials, parts, and equipment sector
21. 0:39is doing well recently. The operating
22. 0:41profits of semiconductor companies are
23. 0:42improving greatly. GRT is also a
24. 0:44materials, parts, and equipment company
25. 0:44, after all. In a broader sense, at
26. 0:46least.
27. 0:48Now, let's look at the rankings in
28. 0:50detail.
29. 0:51Silicon Two has risen to the 1st spot.
30. 0:54Its operating profit is excellent, but
31. 0:57its corporate valuation remains on the
32. 0:59lower side. It is at a level slightly
33. 1:01higher than SM Entertainment here. This
34. 1:04is likely because, rather than having
35. 1:06its own brand, it deals with various
36. 1:10distribution businesses, which seems to
37. 1:11prevent it from getting a higher
38. 1:12valuation.
39. 1:14I am personally interested in Silicon
40. 1:15Two as well; its operating profit is
41. 1:17great, but its market cap is truly low.
42. 1:20And then there is Leeno Industrial, a
43. 1:22socket company. That is also an
44. 1:24exceptionally outstanding company.
45. 1:26Also, Simmtech, a semiconductor
46. 1:27substrate company, has risen
47. 1:28significantly. Its operating profit was
48. 1:30around 10 billion won in the previous
49. 1:32quarter, but it pulled off a surprise,
50. 1:34causing its stock price to surge.
51. 1:36Dongjin Semichem has always been an
52. 1:38undervalued company, and it is also
53. 1:40posting decent operating profits. TS has
54. 1:42also seen improved performance. It's
55. 1:46improving. Its operating profit margin
56. 1:47is quite high. The revenue was only
57. 1:49about 1.8 billion won, but the operating
58. 1:52profit margin was so good that the stock
59. 1:54price went up a lot.
60. 1:56And looking at companies like Pharma
61. 1:59Research or Hugel, the beauty sector
62. 2:01seems to be losing a bit of steam.
63. 2:03Operating profits are still being
64. 2:05maintained, but the corporate valuations
65. 2:07have dipped slightly.
66. 2:08For entertainment stocks, SM had good
67. 2:11operating profits, but its ranking
68. 2:13continues to fall. Companies like JYP or
69. 2:17others have now fallen out of the
70. 2:19rankings. GRT originally had strong
71. 2:22performance.
72. 2:24This data is for the recent second
73. 2:26quarter of 2026. Looking back at the
74. 2:29past, let’s examine the operating
75. 2:30profits for the third and fourth
76. 2:32quarters of 2025. Back then, EcoPro and
77. 2:34the EcoPro group had strong operating
78. 2:36profits.
79. 2:37The companies that dropped out—Leeno
80. 2:39Industrial was always there, and the
81. 2:41others remain the same.
82. 2:42In the case of GRT, its operating profit
83. 2:45rank was 8th, its total market cap rank
84. 2:47was 356th, and its operating profit was
85. 2:5042.9 billion won.
86. 2:51The market cap was 250 billion won back
87. 2:53then, and it is 250 billion won now, so
88. 2:56the stock price is in a similar
89. 2:57situation.
90. 2:58And
91. 3:02this is the fourth quarter.
92. 3:04For EcoPro and EcoPro BM, the parts
93. 3:06marked in black were higher than GLT but
94. 3:09have now dropped. It has fallen
95. 3:11significantly to 40.9 billion won. GLT
96. 3:14is at 51.9 billion won.
97. 3:17EcoPro is doing fine, and since it’s a
98. 3:19holding company, operating profit was
99. 3:21good, while Leeno Industrial dipped
100. 3:23slightly back then.
101. 3:25Hugel has been consistently maintaining
102. 3:27its position.
103. 3:29For ITsen Global, the gain appears to be
104. 3:31a one-time profit due to the surge in
105. 3:33gold prices. PharmaResearch dipped for a
106. 3:35while, but it has improved again now.
107. 3:38Silicon Two was also lower than GLT back
108. 3:40then, but this time it skyrocketed to
109. 3:43nearly 1 trillion won. Looking again,
110. 3:45Silicon Two, PharmaResearch, and Hugel
111. 3:48still remain.
112. 3:50And these semiconductor material
113. 3:52companies have risen quite a bit. So,
114. 3:54GLT's ranking has actually been pushed
115. 3:56back. Even back then, it was around the
116. 3:59top 5 level. It has fallen behind a bit
117. 4:02now.
118. 4:03Although semiconductor material, parts,
119. 4:05and equipment companies are seeing
120. 4:07explosive earnings growth, and GRT is
121. 4:09also showing significant growth, it
122. 4:10hasn't been quite as explosive.
123. 4:13Looking roughly at the companies from
124. 4:151st to 15th in KOSDAQ market cap, EcoPro
125. 4:17and EcoPro BM reached 20 trillion won,
126. 4:18but their stock prices have dropped
127. 4:20significantly.
128. 4:21Although Alteogen’s stock price has
129. 4:24fallen, it is the only one in KOSDAQ
130. 4:26maintaining over 10 trillion won.
131. 4:28Celltrion Pharm also reached nearly 20
132. 4:31trillion won, but it has now fallen
133. 4:34quite a bit.
134. 4:36Looking at other things, this operating
135. 4:38profit is for one year.
136. 4:41Companies like Alteogen and EcoPro have
137. 4:43seen significant drops in this area.
138. 4:44Looking at operating profit, bio
139. 4:46companies have dropped a lot, and EO
140. 4:48Technics has low operating profit, but
141. 4:50its market cap has risen to 6th place.
142. 4:53Inpak’s operating profit wasn't good
143. 4:54last year, but it has improved a lot,
144. 4:56and Leeno Industrial was good last year
145. 4:57and remains strong this year.
146. 4:59Bio companies have very low operating
147. 5:01profits, and PSK Holdings also doesn't
148. 5:02have great operating profit, but it has
149. 5:04caught up quite a bit.
150. 5:06Robotis is a robot company, so it barely
151. 5:08has any operating profit, but it has
152. 5:11risen significantly.
153. 5:16Also, companies like ISC and PSK have
154. 5:18seen their market caps rise
155. 5:20significantly due to the strong
156. 5:22semiconductor sector.
157. 5:24It has risen significantly to 3 trillion
158. 5:25won. These two companies have
159. 5:27consistently shown good operating profit
160. 5:29and still do, but their market caps have
161. 5:31decreased a lot.
162. 5:33PharmaResearch has also fallen
163. 5:34significantly now.
164. 5:35Hugel has fallen as well. So, overall,
165. 5:38the KOSDAQ is currently in a very good
166. 5:40situation for semiconductor materials,
167. 5:42parts, and equipment companies.
168. 5:44And there have been some changes in the
169. 5:47rankings for Wonik Holdings and Hugel.
170. 5:50In the case of SFA, its operating profit
171. 5:52wasn't great last year, but it has
172. 5:54improved significantly and climbed up to
173. 5:568th place. Total market cap has risen a
174. 5:58lot, and many semiconductor companies
175. 6:00here have also gone up significantly.
176. 6:03Meanwhile, biotech companies have
177. 6:04dropped quite a bit.
178. 6:07Most were either semiconductor or
179. 6:09biotech; just last year, biotech
180. 6:10companies occupied almost all top 10
181. 6:12spots, but they have fallen sharply by
182. 6:13early this year.
183. 6:15Legochem, Peptron, and ABL Bio have all
184. 6:18plummeted significantly. Anyway, most
185. 6:21semiconductors have pulled back, and
186. 6:22this sector is optical communication; it
187. 6:24doesn't generate much profit, but seems
188. 6:26to have risen due to the optical theme.
189. 6:29But if we go back to the beginning, look
190. 6:32here.
191. 6:34With the film division rising about 148
192. 6:37%in the first half, it seems
193. 6:40semiconductor sales will rank first by
194. 6:43next year or 2027.
195. 6:45If you include MLCC, it’s probably
196. 6:47already number one.
197. 6:50Combining semiconductor and MLCC, it's
198. 6:52already an overwhelming number one in
199. 6:54sales, and since it will be number one
200. 6:57in semiconductors alone by next year, I
201. 6:59hope it gets evaluated as a
202. 7:01semiconductor company.
203. 7:04It is currently a film company, but I
204. 7:05hope it gets evaluated as a
205. 7:07semiconductor materials company.
206. 7:09The problem is that while there are many
207. 7:11excellent companies here, you have to
208. 7:13look at the market cap.
209. 7:15Ultimately, you need to look at the
210. 7:19market cap; they are valued between 1.7
211. 7:22trillion and 4 trillion won, while GLT's
212. 7:26market cap is only 0.225 trillion won.
213. 7:30So, roughly speaking, it is in a
214. 7:32situation where it is undervalued by
215. 7:35about ten times. Well, that can happen.
216. 7:37Since it's a Chinese stock, it hasn't
217. 7:39gained recognition, and with no
218. 7:40institutional interest or liquidity,
219. 7:41being undervalued by ten times is
220. 7:43possible. There were some disappointing
221. 7:46aspects regarding the company's IR this
222. 7:49time as well. However, it is currently
223. 7:51undervalued by ten times, and what's
224. 7:53more important is the future. We need to
225. 7:55look at the future value of the stock,
226. 7:57and this is the data organized by the
227. 7:59blogger Uyu Gyeldang.
228. 8:01This is the data organized by Uyu Gyeol
229. 8:03; as you can see, three plants are
230. 8:05currently operating, and the third one
231. 8:08is the most important, accounting for
232. 8:1066.7%.
233. 8:14They estimated the maximum revenue for
234. 8:16this one at around 2 trillion won, and
235. 8:17the other two at around 0.6 trillion won
236. 8:19. It is a truly possible, reachable
237. 8:21figure. I'm not sure about the 2
238. 8:23trillion won, but it's not a bad figure
239. 8:25. And this place I visited is officially
240. 8:27at 0.6 trillion won.
241. 8:28Also, I went to visit Jiangyin Tongli,
242. 8:31and the factory was quite large. They
243. 8:34see it at a maximum of about 400 billion
244. 8:37, or 0.4 trillion won.
245. 8:39And this is the Yangzhou plant; this is
246. 8:42really a Yangzhou plant.
247. 8:45This isn't the whole thing, and below
248. 8:47this is a NASDAQ-listed company.
249. 8:52This right here is the GLT factory, and
250. 8:56this one belongs to CSI Solar, a
251. 9:00Canadian company listed on the NASDAQ.
252. 9:06The films made here form an industrial
253. 9:08chain where they can be supplied to this
254. 9:10side.
255. 9:11This site alone is 150,000 pyeong; I
256. 9:13initially estimated 4 trillion won, but
257. 9:15let's be more conservative and estimate
258. 9:18it at 2 trillion won, as we can't be
259. 9:20certain.
260. 9:21As for this 2 trillion won figure, this
261. 9:23is 260,000 square meters, and this one
262. 9:26is 510,000 square meters.
263. 9:28So, this is about 9 times larger. But
264. 9:31since the maximum revenue here is 2
265. 9:32trillion won, it’s unlikely to reach
266. 9:33that if we take a conservative approach
267. 9:34. And now, the bird's-eye view for the
268. 9:37European factory in Turkey has been
269. 9:38released. We are looking at roughly 600
270. 9:40billion won for this one as well.
271. 9:42And if you look here,
272. 9:46This is the recently released bird's-eye
273. 9:48view of the semiconductor-dedicated
274. 9:49factory in Nanjing, which we also
275. 9:51estimate at roughly 2 trillion won.
276. 9:53Looks clean, doesn't it?
277. 9:55For this Jiangsu Zhongxin Nanjing
278. 9:57factory, they initially said 1 trillion
279. 10:00won, but recently they announced a
280. 10:02target revenue of 2 trillion won.
281. 10:06If you look closely, with the current
282. 10:09setup, it’s about 1.2 trillion won, and
283. 10:12looking at recent performance, it seems
284. 10:15we might reach around 1.5 trillion won.
285. 10:19If we add all of these up,
286. 10:22Well, 600 billion won plus 400 billion
287. 10:25won, that makes about 1 trillion won for
288. 10:28the one in Jiangyin.
289. 10:30And 2 trillion won in Yiwu.
290. 10:34Then for the 4th factory and the Turkey
291. 10:36factory, it's 600 billion won each, but
292. 10:38let's conservatively estimate that at 1
293. 10:40trillion won total.
294. 10:43The Yangzhou factory could reach up to 4
295. 10:45trillion won, but 4 trillion is too high
296. 10:47, so let's conservatively set it at 2
297. 10:49trillion, and for the new Jiangsu
298. 10:51Zhongxin factory that just started
299. 10:52construction in the second quarter,
300. 10:54let's estimate 1 trillion won.
301. 10:57That gives us 3, 4, 6, and 8 trillion
302. 10:59won. This
303. 11:02Even with a conservative estimate, the
304. 11:04maximum revenue is 8 trillion won,
305. 11:05though, of course, that may or may not
306. 11:06be achieved. However,
307. 11:10Even if we are more conservative and
308. 11:12expect 8 trillion won, if we estimate
309. 11:14roughly 5 trillion won and apply a 20%
310. 11:17operating margin, wouldn't an operating
311. 11:19profit of 1 trillion won be plausible?
312. 11:22Calculating 20%of 8 trillion won gives
313. 11:251.6 to 1.5 trillion won, which is quite
314. 11:27an ambitious outlook, but if revenue
315. 11:30comes in as planned, operating profit
316. 11:32could hit 1 trillion won—which is a
317. 11:34fivefold increase from the current 200
318. 11:37billion or 190 billion won.
319. 11:39Revenue would also increase by about
320. 11:41five times.
321. 11:42So, looking at this again,
322. 11:47There is already a tenfold difference
323. 11:49currently.
324. 11:51If GRT grows well and its operating
325. 11:53profit really reaches 1 trillion won—
326. 11:54it's around 50 billion now, so we're
327. 11:56looking at a 200 billion baseline—a
328. 11:58tenfold difference means if it hits 1
329. 11:59trillion, it’s five times further along
330. 12:01, right?
331. 12:02Of course, these companies will grow too
332. 12:05, but I expect their growth rate won't
333. 12:07be as fast as GRT's. Because they are
334. 12:10expanding so aggressively, that tenfold
335. 12:13difference could expand to a fiftyfold
336. 12:16gap in valuation.
337. 12:18So, even if the stock doesn't get a huge
338. 12:21premium, wouldn't it be pushed up by its
339. 12:24performance?
340. 12:26Looking at past cases for GRT, before
341. 12:29the third factory was built, the stock
342. 12:31price had dropped as low as 970 won.
343. 12:36But once the third plant started
344. 12:38operations, it surged from 970 won to a
345. 12:41high of 7,490 won before undergoing a
346. 12:44correction; so, as the fourth plant and
347. 12:47beyond are completed,
348. 12:51For example, if Chinese semiconductors
349. 12:53become an issue in the Korean market, it
350. 12:54could receive a favorable evaluation
351. 12:56again. Even if it doesn't get a good
352. 12:58valuation, I expect it will eventually
353. 13:00be pushed up by its strong performance.
354. 13:02Well, nothing is 100%certain.
355. 13:05Also, the company is preparing for
356. 13:07institutions, independent research firms
357. 13:10, and reporters to visit their site in
358. 13:12China late this year or early next year
359. 13:15so that reports can be published.
360. 13:18If those institutions, independent
361. 13:20researchers, and reporters actually see
362. 13:23that 150,000-pyeong site, they will
363. 13:26probably be overwhelmed.
364. 13:28So, I am anticipating that positive
365. 13:30reports will follow.
366. 13:33The stock price has fallen a lot, and I
367. 13:34intend to upload videos more frequently
368. 13:36when the price drops significantly.
369. 13:38Because that’s when you should buy in
370. 13:39when the price is low. You need to buy
371. 13:41or acquire shares to eventually receive
372. 13:43a good evaluation.
373. 13:45I will reduce the number of videos when
374. 13:47the stock surges too much and upload
375. 13:48more when it’s down and things are tough
376. 13:50.
377. 13:52Please subscribe and leave lots of
378. 13:53supportive comments. Thank you.