PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩650 per share · Prices as of the 2026-10-02 close
GST is layering AI data-center immersion and direct liquid cooling businesses on top of a steadily growing core semiconductor scrubber-and-chiller franchise.
2025 consolidated revenue of KRW 347.2bn and operating profit of KRW 59.2bn were similar in scale to 2024, keeping the operating margin in the 17% range.
Q1 2026 revenue of KRW 115.9bn was the highest in the recent four-quarter window, before Q2 2026 slowed to KRW 99.2bn in revenue and KRW 15.5bn in operating profit.
SK hynix has been added to a supply structure previously centered on Samsung Electronics and Micron, advancing customer diversification.
The data-center cooling business is expanding at the validation stage, including in-house immersion cooling tests with NVIDIA H200 servers and a joint cooling value-chain trial with S-OIL and KTNF.
IBK Securities estimated 2026 revenue of KRW 435.3bn and operating profit of KRW 74.5bn in an August 6, 2026 report (a preliminary estimate).
GST is a KOSDAQ-listed semiconductor equipment maker whose core businesses are scrubbers, which treat harmful gases generated in semiconductor and display manufacturing, and chillers, which precisely control the temperature of process equipment.
Scrubbers and chillers are GST's core businesses, with scrubbers accounting for the largest share of revenue.
Major customers are centered on Samsung Electronics and Micron, and SK hynix has been added to this existing supply structure centered on Samsung Electronics and Micron, with scrubber-applicable processes expanding.
For Taiwan's TSMC, analysis suggests earnings estimates could be revised further upward if electric chiller supply is scaled up.
Large-scale capital investment by major customers, including Samsung Electronics' P4 and Taylor Fab, and Micron building two new fabs in Boise, Idaho with a USD 50 billion investment and a USD 100 billion semiconductor complex in Syracuse, New York, feeds directly into GST's order base.
On diversification, while securing global top-tier semiconductor makers as key customers, GST has recently been actively pursuing liquid and immersion cooling for AI data centers as a next growth driver.
The company recently directly introduced a high-performance AI server equipped with NVIDIA H200 GPUs and began actual operation in its self-developed 6U immersion cooling equipment.
In September it began a joint effort with S-OIL and domestic server developer KTNF to pursue immersion cooling technology validation and cooperation for AI data centers.
Earlier, in March, GST showcased a large-scale data-center cooling solution designed to address surging power density trends at the MWC 2026 exhibition through a partnership with LG Uplus.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩99.4B | ₩17.3B | 17.4% |
| 2025Q3 | ₩80.8B | ₩16.7B | 20.6% |
| 2025Q4 | ₩92.2B | ₩15.6B | 16.9% |
| 2026Q1 | ₩115.9B | ₩20.2B | 17.4% |
| 2026Q2 | ₩99.2B | ₩15.5B | 15.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩312.8B | ₩56.9B | ₩46.8B | 18.2% | 24.0% | 25.1% |
| 2023 | ₩279.2B | ₩42.5B | ₩35.7B | 15.2% | 15.8% | 20.0% |
| 2024 | ₩346.2B | ₩59.1B | ₩45.4B | 17.1% | 17.5% | 24.8% |
| 2025 | ₩347.2B | ₩59.2B | ₩45.3B | 17.0% | 15.0% | 26.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
GST's consolidated revenue fell from KRW 312.8bn in 2022 to KRW 279.2bn in 2023, recovered to KRW 346.2bn in 2024, and held at a similar KRW 347.2bn in 2025. The operating margin dipped from 18.2% in 2022 to 15.2% in 2023, then climbed back to 17.1% in 2024 and 17.0% in 2025, staying in a relatively stable band.
Owner's net income fell from KRW 46.8bn in 2022 to KRW 35.7bn in 2023, then recovered to KRW 45.4bn in 2024 and KRW 45.3bn in 2025. By quarter, Q1 2026 revenue of KRW 115.9bn and operating profit of KRW 20.2bn were the highest within the recent four-quarter window (Q3 2025 through Q2 2026).
However, according to the 2026 semiannual report, Q2 consolidated revenue came to about KRW 99.2bn, operating profit about KRW 15.5bn, and net income about KRW 12.2bn.
Compared with the prior-year quarter's revenue of KRW 99.44bn and operating profit of KRW 17.34bn, revenue was essentially flat, down about 0.2%, while operating profit fell about 10.6% and net income rose about 7.3%.
Some industry observers interpret this as a short-term pause rather than a breakdown in the growth trend, given the sharp expansion seen in the first quarter.
Indeed, combined first-half consolidated revenue reached about KRW 215.1bn with operating profit of about KRW 35.7bn, meaning the company had already secured a top line exceeding KRW 200bn in the first half alone relative to its historical annual scale.
Reflecting this trajectory, IBK Securities, in a report published on August 6, estimated GST's 2026 revenue and operating profit at KRW 435.3bn and KRW 74.5bn, respectively, though this remains a preliminary estimate not yet confirmed by official disclosure.
The global semiconductor market is in a phase of large-scale capital expenditure expansion centered on AI demand, and one industry report projected the global semiconductor market would grow 54.8% year-on-year to USD 1.23 trillion in 2026, citing WSTS and Trendforce.
Logic is expected to grow 32.1% year-on-year and memory 134.3% year-on-year. Against this backdrop, strong AI-centric semiconductor demand continues, driving capacity expansion among chipmakers.
By customer, Micron's revenue share has reportedly increased substantially, driven by rising demand for burn-wet scrubbers as DRAM conversion investment proceeds at its Taiwan site. Samsung Electronics-related revenue expanded on P4-centered investment, while SK hynix received its first scrubber supply.
By contrast, China-bound revenue is assessed to have already declined substantially due to China's semiconductor equipment localization.
On product competitiveness, the trend includes continued diversification into eco-friendly scrubbers such as catalytic types, alongside expected expansion of overseas customers for electric and CO2 chillers.
On the cycle, some assessments suggest the market has entered a phase where AI demand, rather than past consumer and industrial demand, is the primary driver.
The company expects that Samsung Electronics' P4 and Taylor Fab investments and Micron's U.S. Boise ID1 Fab investment will positively affect earnings, with scrubber share at both customers rising, implying a larger benefit relative to past investment scale.
SK hynix is expected to continue annual investment at M15X, and after its first scrubber supply began in one process in 2025, GST expects supply volume to grow in 2026 as applicable processes expand.
In chillers, some analysis suggests Samsung Electronics still accounts for the overwhelming majority of revenue, while chiller demand is rising alongside expanded NAND conversion investment.
In the new data-center cooling business, GST has been operating NVIDIA H200 GPU servers in its self-developed 6U immersion cooling equipment since July to accumulate data, and in September it began a trial to build a domestic immersion cooling value chain linking servers (KTNF), immersion cooling fluid (S-OIL), and equipment (GST).
The company's technology research center has set a goal to complete product reliability data through in-house lab operation and pilot projects by 2026, and to make commercial revenue visible starting in 2027, when demand for high-heat-density AI servers is expected to rise.
In November, GST plans to unveil its newly developed direct liquid cooling (DLC) equipment at a data-center exhibition. Reflecting these growth drivers, IBK Securities estimated 2026 revenue and operating profit at KRW 435.3bn and KRW 74.5bn, respectively, though this remains an unconfirmed market estimate.
Given the earnings recovery across the recent four quarters and the stable revenue and profit trend since 2025, the market has tended to assign somewhat higher multiples to GST than the average for semiconductor utility equipment makers.
Relative to net asset value, the stock continues to trade at a premium, which can be interpreted as reflecting growth expectations for the immersion cooling and DLC businesses layered on top of the core scrubber and chiller franchise.
Dividend policy is relatively conservative relative to the size of earnings, with the dividend yield positioned on the lower side compared with high-dividend peers in the sector.
Compared with the trading band from the era when the company operated only the scrubber-and-chiller business, valuation discussion has recently shifted to incorporate customer diversification and new-business expectations.
However, how much of this premium will ultimately be supported by actual revenue contribution depends on future developments such as the TSMC chiller demo, SK hynix process expansion, and immersion cooling trial outcomes.
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 2026-09-04
Major customers continue large-scale investment, including Samsung Electronics' P4 and Taylor Fab and Micron's new U.S. fabs. Micron is building a USD 50 billion complex in Boise, Idaho and a USD 100 billion complex in Syracuse, New York.
GST's scrubber share at both customers is rising, implying a larger benefit relative to investment scale than in the past. This underpins the core equipment business.
SK hynix has been added to the existing supply structure centered on Samsung Electronics and Micron, with scrubber-applicable processes expanding. Analysts also suggest earnings estimates could be revised upward further if electric chiller supply to TSMC scales up. This could reduce reliance on any single customer over time.
GST has begun actual operation of NVIDIA H200 GPU servers directly in its own immersion cooling equipment.
In September it announced a push to pursue immersion cooling technology validation and cooperation for AI data centers with S-OIL and KTNF, and it had earlier partnered with LG Uplus to showcase immersion cooling equipment at MWC 2026. This growing reference base could form the foundation for future commercialization.
Q2 2026 consolidated operating profit of about KRW 15.5bn and net income of about KRW 12.2bn slowed notably from Q1. Operating profit fell about 10.6% year-on-year, which some interpret as a correction after Q1's sharp growth, but it also shows that quarter-to-quarter growth has not been uniform.
It is still too early to view data-center liquid cooling as a major growth driver behind Q2 results, and the purpose of operating the H200 server is focused on verifying cooling performance and reliability and gathering data rather than immediate revenue expansion.
The company itself has set 2027 as its commercialization target, meaning near-term revenue conversion remains limited.
China-bound revenue is assessed to have already declined substantially due to China's semiconductor equipment localization. This suggests a structural shrinkage in revenue from what was once a growth pillar, increasing reliance on a small number of customers such as Samsung Electronics, Micron, and SK hynix.
Revenue is concentrated among a small number of large chipmakers such as Samsung Electronics and Micron, so changes in a given customer's investment schedule or order timing can directly affect results.
Shifts in customer mix, such as Micron's revenue share increasing significantly, also add quarter-to-quarter volatility.
The market is currently in an expansion phase, with the global semiconductor market projected to grow 54.8% year-on-year in 2026, but given the cyclical nature of capex, a future downturn following this expansion could also slow scrubber and chiller demand. The sharp decline in revenue and profit in 2023 versus the prior year illustrates this cycle risk.
Since the data-center cooling business is still at the technology-verification and reference-building stage rather than the revenue-contribution stage, actual server operating hours, applied IT load, cooling power savings, long-term reliability, and customer trials and first commercial orders are expected to be the key indicators determining the business's success.
If trial results fall short of expectations or technology validation lags peers, the commercialization timeline could be pushed back.
GST is scheduled to unveil its newly developed DLC equipment at a data-center exhibition, making this a point to check both new-business progress and core-business order trends around the Q3 earnings release.
It is worth tracking the progress and any award decision on the electric chiller demo for TSMC, as analysts have noted that scaled-up supply could lead to further upward revisions in earnings estimates.
This is the window to check the outcome of the immersion cooling trial with S-OIL and KTNF and whether it converts into commercial orders.
The realization of the company's stated goal of making immersion cooling commercial revenue visible starting in this year should be checked.
GST's semiconductor scrubber and chiller core business appears to rest on a solid earnings structure, with revenue and operating profit stabilizing at similar scales in 2024-2025 and the operating margin holding around 17%.
Q1 2026 delivered the strongest results within the recent quarters, but Q2 saw both revenue and operating profit slow together, indicating growth has not proceeded at a uniform pace every quarter.
Customer diversification is ongoing, with SK hynix added to a customer base centered on Samsung Electronics and Micron and discussions continuing on electric chiller supply to TSMC; IBK Securities and others have put forward estimates pointing to a potential record year in 2026, though these remain unconfirmed preliminary figures.
The new data-center cooling business, including immersion cooling and DLC, is at the stage of building reference cases through NVIDIA H200 trials, cooperation with S-OIL and KTNF, and exhibitions with LG Uplus, but the company itself has set 2027 as the target for making commercial revenue visible, meaning it remains in a validation phase rather than a near-term revenue contributor.
Customer concentration, the semiconductor capex cycle, and potential delays in new-business execution remain variables to watch. This report is provided for informational purposes and does not include a buy or sell opinion or a target price.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.