Financials Advanced Process Systems Corporation

Equities

A265520

KR7265520007

Semiconductor Equipment & Testing

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
26,050 ^KRW	-3.52%		-24.60%	+16.82%

Mar. 13	Advanced Process Systems Corporation agreed to acquire a 4.65% stake in NEXTIN, Inc. from APS Inc. for KRW 35 billion	CI
2023	Tranche Update on Advanced Process Systems Corporation's Equity Buyback Plan announced on July 25, 2022.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	482,817	357,083	379,667	275,803	334,949	391,274	-	-
Enterprise Value (EV) ²	588.9	407.6	367	162.2	334.9	191.1	160.3	391.3
P/E ratio	53.8 x	15.1 x	6.66 x	3.36 x	5.58 x	9.19 x	8.89 x	-
Yield	0.15%	0.48%	0.95%	1.47%	-	0.77%	0.77%	-
Capitalization / Revenue	1.04 x	0.6 x	0.72 x	0.57 x	0.63 x	0.82 x	0.76 x	0.68 x
EV / Revenue	1.27 x	0.69 x	0.69 x	0.33 x	0.63 x	0.4 x	0.31 x	0.68 x
EV / EBITDA	13.8 x	7.18 x	5.02 x	1.67 x	5.07 x	3.04 x	2.48 x	-
EV / FCF	35.2 x	6.59 x	5.87 x	1.68 x	-	5.24 x	4.42 x	-
FCF Yield	2.84%	15.2%	17%	59.7%	-	19.1%	22.6%	-
Price to Book	4.47 x	2.58 x	1.91 x	1.02 x	-	1.07 x	0.96 x	-
Nbr of stocks (in thousands)	14,370	14,370	15,066	15,030	15,020	15,020	-	-
Reference price ³	33,600	24,850	25,200	18,350	22,300	26,050	26,050	26,050
Announcement Date	3/4/20	3/3/21	3/3/22	3/8/23	3/6/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	462.1	591.8	528.7	486.6	533.6	476.9	513.5	575.3
EBITDA ¹	42.77	56.8	73.05	97.32	66.05	62.8	64.68	-
EBIT ¹	28.43	46.28	64.3	90.48	60.12	61.3	72.99	110.5
Operating Margin	6.15%	7.82%	12.16%	18.6%	11.27%	12.85%	14.21%	19.21%
Earnings before Tax (EBT) ¹	12.4	34.65	75.55	110.5	76.19	56	57.88	-
Net income ¹	9.33	24.95	57.17	82.24	60.03	57.3	60.19	90.9
Net margin	2.02%	4.22%	10.81%	16.9%	11.25%	12.02%	11.72%	15.8%
EPS ²	625.0	1,646	3,781	5,463	3,997	2,833	2,929	-
Free Cash Flow ³	16,727	61,880	62,546	96,741	-	36,508	36,232	-
FCF margin	3,619.85%	10,455.92%	11,829.23%	19,880.72%	-	7,655.33%	7,055.79%	-
FCF Conversion (EBITDA)	39,112.17%	108,940.69%	85,624.51%	99,410%	-	58,137.11%	56,015.47%	-
FCF Conversion (Net income)	179,276.62%	248,017.05%	109,411.2%	117,635.63%	-	63,714.24%	60,190.34%	-
Dividend per Share ²	50.00	120.0	240.0	270.0	-	200.0	200.0	-
Announcement Date	3/4/20	3/3/21	3/3/22	3/8/23	3/6/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	96.04	174.2	-	122.5	157.7	159.3	91.79	120	140	145
EBITDA	-	-	-	-	-	-	-	-	-	-
EBIT ¹	16.08	19.76	11.71	11.15	16.58	20.68	7.238	14.9	17.9	13.5
Operating Margin	16.74%	11.34%	-	9.1%	10.51%	12.98%	7.89%	12.42%	12.79%	9.31%
Earnings before Tax (EBT) ¹	24.17	18.88	-	12.06	22.29	26.18	14.38	15.2	18.2	13.8
Net income ¹	17.57	14.28	-	10.46	16.94	20.45	11.68	11.6	13.8	10.5
Net margin	18.29%	8.2%	-	8.54%	10.74%	12.83%	12.73%	9.67%	9.86%	7.24%
EPS	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/4/21	3/3/22	5/15/23	8/10/23	11/8/23	3/6/24	5/8/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	106	50.5	-	-	-	-	-	-
Net Cash position ¹	-	-	12.7	114	-	200	231	-
Leverage (Debt/EBITDA)	2.48 x	0.8893 x	-	-	-	-	-	-
Free Cash Flow ²	16,727	61,880	62,546	96,741	-	36,508	36,232	-
ROE (net income / shareholders' equity)	8.57%	19.8%	34.7%	35.6%	20.3%	16.4%	15%	18.5%
ROA (Net income/ Total Assets)	2.25%	6.3%	14.3%	16.8%	-	7.31%	7.08%	-
Assets ¹	415.6	396.1	400	488.4	-	783.9	850.1	-
Book Value Per Share ³	7,523	9,615	13,173	17,948	-	24,435	27,164	-
Cash Flow per Share ³	1,191	4,193	4,183	7,380	-	3,496	3,477	-
Capex ¹	1.34	1.72	0.7	14.4	-	16	16	-
Capex / Sales	0.29%	0.29%	0.13%	2.95%	-	3.36%	3.12%	-
Announcement Date	3/4/20	3/3/21	3/3/22	3/8/23	3/6/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Advanced Process Systems Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

26,050 KRW

Average target price

36,500 KRW

Spread / Average Target

+40.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
ADVANCED PROCESS SYSTEMS CORPORATION	+16.82%	286M
APPLIED MATERIALS, INC.	+27.49%	172B
DISCO CORPORATION	+48.57%	36.56B
ASM INTERNATIONAL N.V.	+32.27%	32.98B
GLOBALFOUNDRIES, INC.	-13.15%	29.13B
NAURA TECHNOLOGY GROUP CO., LTD.	+18.68%	21.41B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-14.72%	11.23B
BE SEMICONDUCTOR INDUSTRIES N.V.	-3.92%	10.93B
HANMI SEMICONDUCTOR CO., LTD.	+126.42%	9.86B
KOKUSAI ELECTRIC CORPORATION	+26.26%	5.96B

Semiconductor Machinery Manufacturing