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PI Advanced Materials Co (178920) Fair Value & Analysis

Basic Materials · KR · Market cap 542B KRW

PA PI Advanced Materials Co 178920 · KO
Price20,650 KRW
Fair Value17,590 KRW
Upside-14.8%
Quality77/100
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Weak Growth
Solidly profitable · 13.4% net margin
Low debt · generates free cash flow
1.83% dividend yield
Ranks above peers (9/10)
Moderate moat 59/100
Evidence: High Range 13,192 KRW – 21,987 KRW Share as image

Fair value as of: Jul 24, 2026

From 24 valuation models · updated 17 days ago

Share price +8.1% over the past month.

A strong business, but screening 15% overvalued on our models.

What matters now

  • Our model range runs from 13,192 KRW (bear) to 21,987 KRW (bull), base 17,590 KRW. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 77/100 (high quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

57,605 KRW 13,759 KRW Fair Value 17,590 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range 13,759 KRW – 57,605 KRW · fair‑value band 13,192 KRW – 21,987 KRW · the 20,650 KRW price screens above the 17,590 KRW fair value. Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

PI Advanced Materials Co (178920) currently trades at 20,650 KRW, while our model-based Fair Value estimate is 17,590 KRW, implying the stock looks roughly 14.8% overvalued today. The Quality Score stands at 77/100 (high quality), in the Basic Materials 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, PI Advanced Materials Co generated revenue of 263B KRW at a net margin of 13.4%. Revenue declined 0.1% year over year. It earns a return on equity of 10.2%. Net debt stands at 56.6B KRW. Fundamentals as of Jul 24, 2026

Our scenario range runs from 13,192 KRW (bear case) to 21,987 KRW (bull case); at 20,650 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 36% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at -15%, 178920 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.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 28,851 KRW 39,988 KRW 56,854 KRW 80
Residual Income 10,397 KRW 11,337 KRW 15,299 KRW 76
Rev-Margin DCF 15,901 KRW 21,247 KRW 27,301 KRW 74
All 24 models by family
DCF Models
FCF DCF 27,783 KRW 39,354 KRW 57,733 KRW 38
Owner Earnings 22,522 KRW 31,857 KRW 46,684 KRW 31
5Y Revenue Exit 15,901 KRW 20,756 KRW 26,784 KRW 39
5Y EBITDA Exit 21,226 KRW 30,004 KRW 40,064 KRW 41
5Y P/E Exit 17,638 KRW 23,771 KRW 30,038 KRW 38
10Y Revenue Exit 19,740 KRW 24,814 KRW 30,501 KRW 36
10Y EBITDA Exit 23,389 KRW 31,131 KRW 40,032 KRW 37
10Y P/E Exit 21,116 KRW 26,874 KRW 32,836 KRW 35
Earnings-Based
Graham-Dodd 7,036 KRW 13,982 KRW 17,546 KRW 54
EPV 12,409 KRW 14,499 KRW 16,356 KRW 59
Dividend Discount
Gordon GGM 3,367 KRW 4,895 KRW 6,534 KRW 70
DDM Multi-Stage 3,367 KRW 4,816 KRW 6,574 KRW 61
Multiples
P/E Multiple 13,192 KRW 17,590 KRW 21,987 KRW 63
P/S Multiple 10,091 KRW 13,455 KRW 16,819 KRW 58
P/B Multiple 13,192 KRW 17,590 KRW 21,987 KRW 55
EV/EBIT 15,958 KRW 21,087 KRW 26,217 KRW 53
EV/EBITDA 20,170 KRW 26,704 KRW 33,238 KRW 54
EV/Revenue 9,988 KRW 14,024 KRW 18,061 KRW 43
Asset-Based
NCAV (Graham) 6,047 KRW 8,103 KRW 12,094 KRW 50
Growth DCF
Growth DCF 28,851 KRW 39,988 KRW 56,854 KRW 80
Rev-Margin DCF 15,901 KRW 21,247 KRW 27,301 KRW 74
Economic Profit
Residual Income 10,397 KRW 11,337 KRW 15,299 KRW 76
ROIC Compounder 12,447 KRW 15,072 KRW 18,012 KRW 72
Growth Earnings
Growth-Adj P/E 9,656 KRW 13,794 KRW 17,932 KRW 68

Widest divergence: DCF Models (26,874 KRW) versus Dividend Discount (4,816 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 263B KRW
Revenue growth (YoY) -0.1%
Net margin 13.4%
Return on equity 10.2%
Free cash flow 73.3B KRW FY2025
Operating margin 21.9%
More key figures
Dividend yield 1.5%
EPS growth (YoY) +34.8%
Net debt 56.6B KRW FY2024

Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 75 · Market factors (momentum, volatility) 39

Profitability 41
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 99
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 36
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

PI Advanced Materials Co., Ltd. engages in the manufacture and sale of polyimide-based materials in South Korea. It offers PI film, and PI varnish and power/mold products for use in IT, electric vehicles, display, semiconductor, and advance industrials. The company was formerly known as SKCKOLONPI, Inc. and changed its name to PI Advanced Materials Co., Ltd.

Full company description

PI Advanced Materials Co., Ltd. engages in the manufacture and sale of polyimide-based materials in South Korea. It offers PI film, and PI varnish and power/mold products for use in IT, electric vehicles, display, semiconductor, and advance industrials. The company was formerly known as SKCKOLONPI, Inc. and changed its name to PI Advanced Materials Co., Ltd. in May 2020. The company was founded in 2001 and is based in Seoul, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PI Advanced Materials Co reported revenue of 263B KRW in FY2025 versus 302B KRW in FY2021, a compound −3.3%/yr. Reported net income was 30.4B KRW in FY2025, compounding −17.0%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
263B KRW
Latest YoY
+4.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.1%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.8%
Revenue −3.3%/yr
FY21 302B KRW
FY22 276B KRW
FY23 218B KRW
FY24 251B KRW
FY25 263B KRW
Net income −17.0%/yr
FY21 64.0B KRW
FY22 45.7B KRW
FY23 −1.8B KRW
FY24 22.3B KRW
FY25 30.4B KRW

178920 screens 15% overvalued. Compare with Linde plc →

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Cite: Fair Value Calculator (2026). "PI Advanced Materials Co Fair Value". https://www.fairvalue-calculator.com/stock/178920

Peer Group

Specialty Chemicals · 668 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.

Quality Score 77 · Top 25%
Fair Value upside −15% · Above median
Return on equity (TTM) 10% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 22% · Top 25%
Revenue growth -0% · Below median
Dividend yield (TTM) 1.8% · Above median
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

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 14 · sector 0
FUTURE 0 · sector 19
PAST 41 · sector 23
HEALTH 95 · sector 95
DIVIDEND 37 · sector 25

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).

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Linde plc LIN $489.98 $222.03 -55%
Nan Ya Plastics Corporation 1303 181.50 TWD 255.83 TWD +41%
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Asian Paints Limited ASIANPAINT ₹2,689 ₹668.81 -75%
Solar Industries India Limited SOLARINDS ₹18,236 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,560 ₹351.84 -77%
PT Chandra Asri Pacific Tbk TPIA 1,805 IDR 2,888 IDR +60%
Linde India Limited LINDEINDIA ₹7,115 ₹757.93 -89%
Berger Paints India Limited BERGEPAINT ₹493.70 ₹164.29 -67%

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Frequently asked questions

Is PI Advanced Materials Co (178920) overvalued or undervalued?
As of Jul 24, 2026, our model estimates a fair value of 17,590 KRW versus a price of 20,650 KRW, about −15% (overvalued).
What is the fair value of 178920?
Our model-based fair value for PI Advanced Materials Co is 17,590 KRW (as of Jul 24, 2026), built from audited fundamentals. The current price is 20,650 KRW.
What is the quality score of 178920?
PI Advanced Materials Co has a Quality Score of 77/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PI Advanced Materials Co (178920)?
PI Advanced Materials Co reported trailing-twelve-month revenue of about 263B KRW (latest available figure, as of Jul 24, 2026).
What is the net profit margin of 178920?
The net profit margin of PI Advanced Materials Co is about 13.4%, meaning it keeps roughly 13.4% of revenue as net income. Based on the latest reported figures.
Does PI Advanced Materials Co pay a dividend?
PI Advanced Materials Co currently shows a dividend yield of about 1.47% relative to its recent price (as of Jul 24, 2026).

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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