MAKUS, Inc (093520) Fair Value & Analysis
Technology · KR · Market cap 165B KRW
Fair value as of: Jul 20, 2026
From 24 valuation models · updated 21 days ago
Fair value updated Jul 20, 2026, revised from 27,255 KRW to 15,743 KRW (−42.2%) since Jul 6, 2026. Share price +42.1% over the past month.
A strong business, but screening 37% overvalued on our models.
What matters now
- A high-quality business (quality 87/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- A fairly wide model range (11,807 KRW to 25,236 KRW) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range 4,633 KRW – 33,300 KRW · fair‑value band 11,807 KRW – 25,236 KRW · the 25,050 KRW price screens above the 15,743 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.
Analysis
MAKUS, Inc (093520) currently trades at 25,050 KRW, while our model-based Fair Value estimate is 15,743 KRW, implying the stock looks roughly 37.2% overvalued today. The Quality Score stands at 87/100 (high quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, MAKUS, Inc generated revenue of 187B KRW at a net margin of 14.8%. Revenue grew 60.7% year over year. Net debt stands at 20.7B KRW. Fundamentals as of Jul 20, 2026
Our scenario range runs from 11,807 KRW (bear case) to 25,236 KRW (bull case); at 25,050 KRW, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 26% below its 52-week high and 76% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -68% fair-value upside, at -37%, 093520 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: DCF Models (64,717 KRW) versus Asset-Based (5,855 KRW). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 85 · Market factors (momentum, volatility) 40
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
MAKUS, Inc. operates as a non-memory semiconductor solutions company in South Korea. The company sells and supports non-memory semiconductors, such as FPGA and analog semiconductors. It also distributes storage and server products. The company was founded in 1997 and is headquartered in Seoul, South Korea.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
MAKUS, Inc reported revenue of 227B KRW in FY2025 versus 141B KRW in FY2021, a compound +12.7%/yr. Reported net income was 23.1B KRW in FY2025, compounding −2.0%/yr from FY2021.
093520 screens 37% overvalued. Compare with TES Co →
Peer Group
Semiconductors & Semiconductor Equipment · 46 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Semiconductors & Semiconductor Equipment median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Semiconductors & Semiconductor Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| TES Co 095610 | 194,300 KRW | 48,953 KRW | -75% |
| Eugene Technology Co 084370 | 146,800 KRW | 38,128 KRW | -74% |
| TSE Co 131290 | 282,500 KRW | 69,101 KRW | -76% |
| ISC Co 095340 | 151,200 KRW | 46,504 KRW | -69% |
| PSK HOLDINGS Inc 031980 | 136,200 KRW | 69,242 KRW | -49% |
| Jeju Semiconductor Corp 080220 | 81,900 KRW | 23,473 KRW | -71% |
| Tokai Carbon Korea Co 064760 | 232,000 KRW | 112,596 KRW | -51% |
| HANA Micron Inc 067310 | 35,750 KRW | 11,501 KRW | -68% |
| RFHIC Corporation 218410 | 46,250 KRW | 20,781 KRW | -55% |
| S&S Tech Corporation 101490 | 39,600 KRW | 46,799 KRW | +18% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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