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Advanced Process Systems Corporation (265520) Fair Value & Analysis

Technology · KR · Market cap 290B KRW

AP Advanced Process Systems Corporation 265520 · KQ
Price20,400 KRW
Fair Value31,638 KRW
Upside+55.1%
Quality46/100
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Weak Growth
Thin margins · 7.1% net margin
Low debt · negative free cash flow
1.78% dividend yield
Mixed vs. peers (5/9)
Narrow moat 42/100
Evidence: Medium Range 23,729 KRW – 39,548 KRW Share as image

Fair value as of: Jul 22, 2026

From 12 valuation models · updated 19 days ago

Share price −3.8% over the past month.

Below-average quality, screening 55% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (23,729 KRW). The market is more pessimistic than our downside scenario.
  • Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

33,290 KRW 13,635 KRW Fair Value 31,638 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range 13,635 KRW – 33,290 KRW · fair‑value band 23,729 KRW – 39,548 KRW · the 20,400 KRW price screens below the 31,638 KRW fair value. Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Advanced Process Systems Corporation (265520) currently trades at 20,400 KRW, while our model-based Fair Value estimate is 31,638 KRW, implying the stock looks roughly 55.1% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Advanced Process Systems Corporation generated revenue of 534B KRW at a net margin of 7.1%. Revenue grew 60.9% year over year. It earns a return on equity of 10.6%. Net debt stands at 47.6B KRW. Fundamentals as of Jul 22, 2026

Our scenario range runs from 23,729 KRW (bear case) to 39,548 KRW (bull case); at 20,400 KRW, the current price sits below 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 34% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -75% fair-value upside, at 55%, 265520 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
Residual Income 19,839 KRW 20,787 KRW 22,051 KRW 76
ROIC Compounder 18,209 KRW 20,165 KRW 21,904 KRW 72
Growth-Adj P/E 16,787 KRW 23,982 KRW 31,176 KRW 68
All 12 models by family
Earnings-Based
Graham-Dodd 10,757 KRW 13,147 KRW 14,791 KRW 54
EPV 18,209 KRW 20,165 KRW 21,904 KRW 59
Multiples
P/E Multiple 23,729 KRW 31,638 KRW 39,548 KRW 63
P/S Multiple 20,169 KRW 26,892 KRW 33,615 KRW 58
P/B Multiple 20,169 KRW 26,892 KRW 33,615 KRW 55
EV/EBIT 37,051 KRW 47,026 KRW 57,000 KRW 53
EV/EBITDA 34,185 KRW 43,205 KRW 52,224 KRW 54
EV/Revenue 27,298 KRW 35,942 KRW 44,587 KRW 43
Asset-Based
NCAV (Graham) 12,223 KRW 16,379 KRW 24,446 KRW 50
Economic Profit
Residual Income 19,839 KRW 20,787 KRW 22,051 KRW 76
ROIC Compounder 18,209 KRW 20,165 KRW 21,904 KRW 72
Growth Earnings
Growth-Adj P/E 16,787 KRW 23,982 KRW 31,176 KRW 68

Widest divergence: Multiples (31,638 KRW) versus Earnings-Based (13,147 KRW). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 534B KRW
Revenue growth (YoY) +60.9%
Net margin 7.1%
Return on equity 10.6%
Free cash flow −30.9B KRW FY2025
Operating margin 9.2%
More key figures
Dividend yield 1.3%
EPS growth (YoY) +246%
Net debt 47.6B KRW FY2020

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 46 · Market factors (momentum, volatility) 32

Profitability 34
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 24
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 47
Disciplined investing over empire-building
Low Volatility 22
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 92
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

Advanced Process Systems Corporation develops and sells semiconductors and display manufacturing equipment primarily in South Korea, China, and Vietnam. It offers semiconductor, such as rapid thermal process, sputter system, descum system, laser dicing, laser de-bonder, wafer dicing, and laser and laser ablation.

Full company description

Advanced Process Systems Corporation develops and sells semiconductors and display manufacturing equipment primarily in South Korea, China, and Vietnam. It offers semiconductor, such as rapid thermal process, sputter system, descum system, laser dicing, laser de-bonder, wafer dicing, and laser and laser ablation. The company also provides displays excimer laser annealing, laser lift-off, glass encapsulation, ALD, film laser cutting, and PECVD for front end process; and module lamination, dispenser, and OCR inkjet for back end process. In addition, it offers EV batteries, including NG sorter, tray washer, cell taping, and cell packing; and solar cells, comprising laser edge isolation, laser doped selective emitters, and laser contact openings. The company was formerly known as Kornic Systems Corporation and changed its name to Advanced Process Systems Corporation in 2009. Advanced Process Systems Corporation was founded in 1994 and is headquartered in Hwaseong-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Advanced Process Systems Corporation reported revenue of 460B KRW in FY2025 versus 529B KRW in FY2021, a compound −3.4%/yr. Reported net income was 23.8B KRW in FY2025, compounding −19.7%/yr from FY2021.

Growth Quality 14/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
460B KRW
Latest YoY
−10.9%
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.
−1.8%
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.
−4.9%
Avg. growth/yr (8Y) 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.
−8.8%
Revenue −3.4%/yr
FY21 529B KRW
FY22 487B KRW
FY23 534B KRW
FY24 517B KRW
FY25 460B KRW
Net income −19.7%/yr
FY21 57.2B KRW
FY22 82.2B KRW
FY23 60.0B KRW
FY24 51.8B KRW
FY25 23.8B KRW

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Cite: Fair Value Calculator (2026). "Advanced Process Systems Corporation Fair Value". https://www.fairvalue-calculator.com/stock/265520

Peer Group

Semiconductor Equipment & Materials · 212 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 46 · Below median
Fair Value upside +55% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 7% · Below median
Operating margin (TTM) 9% · Below median
Revenue growth 61% · Top 25%
Dividend yield (TTM) 1.8% · Above median
Debt / equity 0.22× · Higher than median

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 100 · sector 0
FUTURE 100 · sector 58
PAST 42 · sector 30
HEALTH 89 · sector 96
DIVIDEND 36 · sector 16

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 Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
ASML Holding ASML C$50.50 C$15.57 -69%
Applied Materials, Inc AMAT $579.43 $143.08 -75%
Lam Research Corporation LRCX $346.10 $67.57 -80%
KLA Corporation KLAC $212.75 $53.01 -75%
NAURA Technology Group 002371 ¥774.20 ¥151.43 -80%
Advanced Micro-Fabrication Equipment Inc 688012 ¥350.69 ¥41.79 -88%
Piotech Inc 688072 ¥832.00 ¥431.44 -48%
Hon. Precision, Inc 7769 6,005 TWD 1,804 TWD -70%
Hangzhou Changchuan Technology Co 300604 ¥325.24 ¥33.33 -90%
MPI Corporation 6223 5,600 TWD 609.44 TWD -89%

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Frequently asked questions

Is Advanced Process Systems Corporation (265520) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of 31,638 KRW versus a price of 20,400 KRW, about +55% (undervalued).
What is the fair value of 265520?
Our model-based fair value for Advanced Process Systems Corporation is 31,638 KRW (as of Jul 22, 2026), built from audited fundamentals. The current price is 20,400 KRW.
What is the quality score of 265520?
Advanced Process Systems Corporation has a Quality Score of 46/100. 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 Advanced Process Systems Corporation (265520)?
Advanced Process Systems Corporation reported trailing-twelve-month revenue of about 534B KRW (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 265520?
The net profit margin of Advanced Process Systems Corporation is about 7.1%, meaning it keeps roughly 7.1% of revenue as net income. Based on the latest reported figures.
Does Advanced Process Systems Corporation pay a dividend?
Advanced Process Systems Corporation currently shows a dividend yield of about 1.34% relative to its recent price (as of Jul 22, 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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