PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
ELP Corp turned operating profitable in 2025 and extended the streak to four consecutive quarters, but revenue and profit both slowed in the second quarter of 2026, testing the durability of the recovery.
Full-year operating profit turned positive in 2025, and operating profit continued from the third quarter of 2025 through the first quarter of 2026.
Revenue and operating profit both slowed quarter-on-quarter in the second quarter of 2026, exposing the volatility of order-driven revenue.
The company effectively remains the sole supplier of OLED panel inspection equipment to Samsung Display, but this comes with concentrated customer exposure.
The company is expanding its product portfolio into Micro LED and Micro Display inspection equipment, though the revenue contribution still appears to be at an early stage.
The stock trades below its net asset value per share, and the company continues to pay semiannual dividends.
Founded in 1999 and transferred from KONEX to KOSDAQ in 2017, ELP Corp is a maker of display and semiconductor inspection equipment headquartered in Hwaseong, Gyeonggi Province.
Its core products are AMOLED and LCD panel inspection systems, spanning OLED pattern generators (PG), automated optical inspection (AOI), panel aging systems, touch testers and DeMura systems that cover the full inspection process from cell to module stages.
The company has stated that since 2014 it has effectively been the sole supplier of OLED panel inspection equipment to a major domestic customer known to be Samsung Display, a relationship rooted in its participation in localizing inspection equipment from the early days of that customer's OLED business in 2003.
It also supplies LCD module touch inspection equipment to another major customer known to be LG Display and has a history of transactions with overseas panel makers including China's BOE.
More recently the company has expanded into Micro Display and Micro LED equipment, adding pattern generators, AOI, EL/PL testing and optical testing systems for Micro LED, while also broadening into semiconductor package test systems and antenna-in-package (AiP) testers.
Companies commonly cited for comparison in this space include HB Technology, Nextin, APS Innovation, Donga Eltec and TSE. The company points to in-house equipment drive and control algorithm technology as a competitive strength.
It also operates a subsidiary in Suzhou, China to support overseas expansion, and its largest shareholder is the company's own CEO, who recently disclosed a modest increase in his shareholding.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩5.5B | -₩800M | −15.2% |
| 2025Q3 | ₩10.4B | ₩2.6B | 25.0% |
| 2025Q4 | ₩9.3B | ₩2.6B | 27.6% |
| 2026Q1 | ₩9.9B | ₩700M | 7.0% |
| 2026Q2 | ₩6.1B | ₩400M | 6.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩23.6B | -₩3.2B | -₩1.6B | −13.6% | −2.5% | 31.8% |
| 2023 | ₩21.4B | -₩5.6B | ₩600M | −26.3% | 0.9% | 11.1% |
| 2024 | ₩28B | -₩4.2B | -₩1.3B | −15.0% | −2.1% | 21.2% |
| 2025 | ₩27.3B | ₩2.3B | ₩2.6B | 8.4% | 4.0% | 24.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
ELP Corp's annual results have shown clear volatility. In 2022 the company posted revenue of KRW 23.6 billion, an operating loss of KRW 3.2 billion (operating margin of -13.6%), and a net loss of KRW 1.6 billion.
In 2023 revenue fell to KRW 21.4 billion and the operating loss widened to KRW 5.6 billion (margin of -26.3%), yet net income turned positive at KRW 0.57 billion.
In 2024, revenue rose to KRW 28.0 billion but the company slipped back into an operating loss of KRW 4.2 billion (margin of -15.0%) and a net loss of KRW 1.3 billion.
Then in 2025, despite revenue easing slightly to KRW 27.3 billion, operating profit turned clearly positive at KRW 2.3 billion (margin of 8.4%) with net income of KRW 2.6 billion.
On a quarterly basis, an operating loss of KRW 0.84 billion on revenue of KRW 5.5 billion in the second quarter of 2025 reversed sharply into an operating profit of KRW 2.6 billion on revenue of KRW 10.4 billion in the third quarter, and profitability continued into the fourth quarter with revenue of KRW 9.3 billion and operating profit of KRW 2.6 billion.
In the first quarter of 2026, revenue reached a quarterly high of KRW 9.9 billion but operating profit fell to KRW 0.69 billion as margins compressed noticeably, and in the second quarter of 2026 revenue dropped sharply to KRW 6.1 billion with operating profit of only KRW 0.40 billion, marking a joint slowdown in both revenue and profit.
Net income attributable to owners over the most recent four quarters (third quarter of 2025 through second quarter of 2026) totaled roughly KRW 7.4 billion, exceeding full-year 2025 net income, largely driven by the strong results in the third and fourth quarters of 2025.
This pattern illustrates how the company's quarterly results can swing widely depending on the timing of revenue recognition for specific contracts.
The display inspection equipment industry that ELP Corp operates in is closely tied to the Gen 8.6 OLED investment cycle among major panel makers. Samsung Display is building a Gen 8.6 OLED production base (A6) in Asan and reportedly continues follow-on investment including recent orders for LTPO-related ELA equipment.
In China, BOE is building a Gen 8.6 line (B16) in Chengdu, while Visionox and TCL CSOT have also announced large-scale investments, with industry commentary suggesting the Gen 8.6 transition is reopening opportunities for Korean equipment makers as well.
However, while Chinese local vendors account for a large share of orders by count, the market for high-value core equipment such as deposition and inspection systems is still understood to be led by companies from Korea, the United States and Japan.
Within this landscape, ELP Corp sits in a high-barrier segment given its position as the effective sole supplier of OLED panel inspection equipment to Samsung Display, though a variable is that inspection equipment vendor lineups can be re-evaluated when a generational transition occurs on new Gen 8.6 lines.
Meanwhile, the Micro LED market remains at an early stage, with adoption expected to expand mainly in premium products such as smartwatches and XR devices between 2026 and 2029, while expansion into larger applications like smartphones is seen as requiring considerably more time.
Competitors commonly cited include HB Technology, Nextin, APS Innovation, Donga Eltec and TSE, which share a similar business structure whose results are also driven by the investment timing of major customers' generational transitions.
The company is confirmed to have participated in the 'K-Display 2026' exhibition in June 2026, which is interpreted as an effort to expand customer contacts and promote its Micro LED and Micro Display product lines.
Earlier, the company disclosed a display inspection equipment supply contract with Samsung Display worth roughly KRW 4.2 billion covering the period from June 23, 2025 to March 31, 2026; the fact that this contract period ended during the first quarter of 2026 appears to coincide with revenue peaking in that quarter before dropping sharply in the second quarter.
Samsung Display plans to introduce LTPO-related ELA equipment on its second Gen 8.6 line, with the industry expecting delivery around the first half of 2027, and this kind of follow-on investment schedule could influence future order flow for Korean inspection equipment makers including ELP Corp.
The company has also stated that it jointly developed an oxide-TFT-based Micro LED panel with Sungkyunkwan University, Seoul National University, Hanyang University, ETRI and the Korea Photonics Technology Institute, suggesting it is building a technological base to address future next-generation display inspection equipment demand over the long term.
However, the specific timing and scale at which these new products and technologies will translate into actual revenue have not yet been confirmed through disclosed schedules.
Semiannual dividends have continued through recent periods, and future dividend record date announcements and payments are likely to serve as an indicator of the continuity of the company's shareholder return policy.
ELP Corp's stock appears to trade at a considerable discount to the company's disclosed net asset value per share.
Because of years of recurring losses, the historical price-to-earnings band had been very wide, but reflecting the operating profit turnaround in 2025 and the improved net income over the most recent four quarters, the current earnings multiple sits toward the lower end of that wide historical range.
Dividends have continued on a semiannual basis, confirming a degree of consistency in shareholder returns, though there is no confirmed basis to conclude that the dividend yield itself stands out as particularly high within the industry.
Still, because second-quarter 2026 results slowed from the prior quarter, whether the recent earnings improvement proves durable remains an important variable for how the valuation should be read going forward.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The operating loss structure that continued through 2024 turned into a profit of KRW 2.3 billion in operating income (operating margin of 8.4%) on an annual basis in 2025. Operating profit continued for three consecutive quarters from Q3 2025 through Q1 2026, and operating income was maintained in Q2 2026 as well.
Breaking the multi-year trend of losses can be interpreted as evidence of an improvement in the earnings structure.
The company stated that it has effectively been the sole supplier of OLED panel inspection equipment to a major domestic customer since 2014.
Having participated from the development stage, the company has built up technical security and quality trust, a structure that makes it difficult for latecomers to enter the market. This can serve as a foundation for stable, recurring orders.
The company has a new product lineup including pattern generators for Micro LED, AOI, and EL/PL testing, and has jointly developed oxide TFT-based Micro LED panels with academic and research institutions.
Although the Micro LED market is still in its early stages, adoption is expected to expand primarily in premium products such as smartwatches and XR devices from 2026 to 2029, positioning the company to pursue long-term growth opportunities.
After recording revenue of KRW 9.9 billion in Q1 2026, revenue fell sharply to KRW 6.1 billion in Q2, and operating profit also declined from KRW 690 million to KRW 400 million.
This appears to coincide with the end of revenue recognition for a specific supply contract, raising questions about the sustainability of earnings.
A significant portion of revenue is structured to depend on the investment schedule and contract order timing of a specific major customer.
With the contract that ran from June 2025 to March 2026 already concluded, and the scale and timing of a follow-up contract not yet confirmed, quarterly earnings could fluctuate significantly.
The company recorded net losses in two of the three years from 2022 to 2024, and operating losses occurred in all three years.
Given its small market capitalization, liquidity may be limited, and if the earnings improvement turns out to be merely a temporary contract effect, the possibility of returning to a loss-making phase cannot be ruled out.
The core of the company's revenue is structured to be heavily dependent on the investment and order schedule of a single major display manufacturer.
If that customer's investment plans are delayed, or if the inspection equipment vendor lineup is re-evaluated during a generational transition, revenue could be directly affected. The pace of progress in customer diversification is a key variable for mitigating this risk going forward.
The display equipment industry has a characteristic in which demand is concentrated around the generational transition investment cycles of major panel makers, followed by a subsequent lull.
After the 8.6G investment cycle has largely concluded, there is a possibility that revenue could contract again during the gap period until the next investment cycle.
As a small-cap stock with a small market capitalization and a limited number of listed shares, the stock price could experience high volatility if trading volume is low.
It should also be considered that, since the largest shareholder also serves as the CEO, special checks and balances within the governance structure may be relatively limited.
Check for the (preliminary) disclosure of third-quarter 2026 results to assess whether the second-quarter slowdown in revenue and profit was temporary or trend-based.
Check for disclosures on follow-on Gen 8.6 investment and orders from Samsung Display and Chinese panel makers (BOE, Visionox, TCL CSOT) to gauge the potential for new orders at ELP Corp.
Check for the announcement of the next semiannual dividend record date and payment to monitor the continuity of the shareholder return policy.
This is the expected delivery window for LTPO-related ELA equipment on Samsung Display's second Gen 8.6 line, warranting a check on related inspection equipment orders and revenue recognition.
ELP Corp broke a multi-year loss pattern by turning operating profitable in 2025, extending the streak across three consecutive quarters from the third quarter of 2025 through the first quarter of 2026, marking the clearest change on the earnings front.
However, revenue and operating profit both slowed in the second quarter of 2026, making it premature to judge whether this improvement is a temporary effect tied to a specific contract or a structural shift.
The company's effective status as the sole supplier of OLED panel inspection equipment to Samsung Display acts as a barrier to entry, but it is also the flip side of concentrated customer exposure risk.
Expansion into new product lines such as Micro LED and Micro Display could serve as a long-term growth option, though its revenue contribution currently appears to be at an early stage.
The stock trades at a discount to the company's disclosed net asset value and semiannual dividends have continued, but upcoming quarterly results and new order disclosures will be the key evidence for judging whether the earnings improvement proves durable.
Report written 2026-09-05 · Data as of 2026-09-04
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