KOSDAQSemiconductors092870

Exicon

₩52,900▼ 0.38%2026-10-02 close

Market Cap

₩686.5B

Turnover

₩21.4B

Volume

410,000 shares

Shares out.

13.1M

PER

20.0×

PBR

2.1×

EPS

₩1,636

Dividend Yield

0.31%

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

Report overview

Exicon Rides Samsung CLT Orders, Eyes on Profit Durability

Exicon has swung from a 2024 loss to profitability in 2025-2026 on large Samsung Electronics CLT and SSD tester contracts, but revenue recognition tied to contract completion dates produces sharp quarterly swings.

1
2025 revenue of KRW 66.0 billion more than doubled year-on-year, with both operating profit and net income turning positive
2
Contract completions concentrated in Q4 2025 and Q2 2026 caused large lump-sum revenue and profit recognition from Samsung Electronics orders
3
The Chambered Low-frequency Tester (CLT) has emerged as a new growth driver, with repeated KRW 20-50 billion contracts signed with Samsung Electronics
4
Samsung Electronics is diversifying its CIB supply chain to include Neosem, intensifying competition in the CLT segment
5
In the SSD tester and CXL 3.1 segment, Exicon is undergoing quality evaluation alongside US-based Teradyne

Business structure

Exicon is a KOSDAQ-listed semiconductor test equipment specialist headquartered in Pangyo, Seongnam. The company operates a semiconductor test equipment manufacturing and testing service business, having built a diverse product portfolio including DDR5 memory testers.

Drawing on more than 20 years of development know-how, it has secured next-generation memory semiconductor tester technology and is expanding into non-memory test equipment.

Its recently launched Chambered Low-frequency Tester (CLT) is a next-generation chambered low-frequency memory inspection device developed by Exicon that checks the secondary stability of DRAM after burn-in testing, examining slow-speed read/write behavior and idle-state operational stability and durability.

The company has also become the first domestic test equipment maker to successfully develop a CMOS image sensor (CIS) tester, with related sales also expected, extending into non-memory areas.

On the revenue side, these products are supplied to Samsung Electronics' Onyang facility, which is a dedicated back-end packaging and test plant, reflecting heavy dependence on a single customer.

In the CLT supply chain, Samsung Electronics is pursuing diversification so that CIBs from different manufacturers are mutually compatible, allowing rivals such as Neosem to enter.

In the SSD tester segment, Samsung Electronics is reportedly conducting quality evaluations for sixth-generation SSD testers together with both US-based Teradyne and Exicon.

Earnings trend

Quarterly revenue · Operating profit

₩7.6B-₩2.9B25Q2₩11.4B-₩2B25Q3₩45.1B₩10.7B25Q4₩9.8B-₩2B26Q1₩31.5B₩4.1B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩91.2B₩10.3B2022₩82.3B₩1.5B2023₩31.6B-₩15.9B2024₩66B₩80,123,7462025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩7.6B	-₩2.9B	−38.1%
2025Q3	₩11.4B	-₩2B	−17.8%
2025Q4	₩45.1B	₩10.7B	23.7%
2026Q1	₩9.8B	-₩2B	−20.0%
2026Q2	₩31.5B	₩4.1B	13.1%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩91.2B	₩10.3B	₩15.2B	11.2%	10.5%	17.2%
2023	₩82.3B	₩1.5B	₩4.9B	1.8%	3.3%	13.7%
2024	₩31.6B	-₩15.9B	-₩1.4B	−50.3%	−0.8%	7.9%
2025	₩66B	₩80,123,746	₩9B	0.1%	4.6%	14.7%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21

Earnings analysis

Consolidated revenue for 2025 reached KRW 66.03 billion, up sharply from KRW 31.61 billion in 2024.

In 2024 the company posted an operating loss of KRW 15.90 billion (operating margin of -50.3%) and a net loss of KRW 1.36 billion, but in 2025 it turned profitable with operating profit of KRW 80 million (margin of 0.1%) and net income of KRW 8.96 billion.

On a quarterly basis, losses persisted in Q2 2025 (revenue KRW 7.57 billion, operating loss KRW 2.88 billion) and Q3 2025 (revenue KRW 11.41 billion, operating loss KRW 2.03 billion), but Q4 2025 revenue surged to KRW 45.13 billion, producing operating profit of KRW 10.70 billion and net income of KRW 13.01 billion.

This is attributable to three Samsung Electronics contracts worth a combined KRW 48.8 billion for CLT and burn-in testers all reaching completion in the fourth quarter, causing results to be recognized at once.

Q1 2026 revenue fell back to KRW 9.81 billion with an operating loss of KRW 1.97 billion, though net income remained positive at KRW 935 million. Q2 2026 showed marked improvement again, with revenue of KRW 31.47 billion, operating profit of KRW 4.13 billion, and net income of KRW 7.59 billion.

Summing the most recent four quarters from Q3 2025 through Q2 2026, revenue totals roughly KRW 97.8 billion and operating profit roughly KRW 10.8 billion, confirming that results vary considerably by quarter depending on contract completion timing.

Following peak revenue of KRW 91.16 billion and an 11.2% operating margin in 2022, the company went through a weak 2023-2024 period before this recovery trend from 2025 onward.

Industry analysis

The back-end semiconductor test equipment market is experiencing a wave of orders driven by expanded HBM4 and enterprise SSD (eSSD) capacity investment from Samsung Electronics and SK Hynix.

Hanwha Investment & Securities noted that large-scale orders toward memory test equipment makers have been increasing recently, with Samsung Electronics beginning to place large test equipment orders and orders for a new type of tester, the Chambered Low-frequency Tester (CLT), also starting.

Samsung Electronics is reportedly setting up a fab focused on HBM back-end processes in Onyang, while relocating existing general-purpose DRAM and NAND test equipment from Onyang to a newly built plant in Vietnam, increasing tester orders in both locations.

SK Hynix is also expanding HBM4 wafer tester investment, with its advanced packaging-dedicated fab (P&T7) in Cheongju, requiring about KRW 19 trillion in total investment, targeting completion of the wafer test line in October 2027 and the wafer-level package line in February 2028.

At CES 2026, Nvidia's CEO pointed to memory bottlenecks in GPU support processes while mentioning the potential for SSD commercialization, a factor cited as supporting expectations for greater SSD tester demand.

In terms of competitive positioning, Exicon is classified as a memory package tester specialist, facing new competition from Neosem in the CLT segment after its entry at Samsung, while Teradyne is cited as a competitor in SSD testers.

Upcycle periods tend to lift revenue broadly across equipment makers, as illustrated by the case where DI reported second-quarter revenue of KRW 168.6 billion, up 41.4% year-on-year, with operating profit of KRW 39.6 billion, up 223.2% year-on-year and 109.8% quarter-on-quarter.

Outlook

In a June 18, 2026 research report, Daishin Securities forecast Exicon's 2026 consolidated revenue to grow 100.1% year-on-year to KRW 132.1 billion, with operating profit of KRW 16.0 billion.

The report estimated that the CLT, which passed customer qualification testing at the end of 2024, saw 10 units supplied in 2025, with 2026 unit shipments expected to expand to a range of 15 to 20 units, and assessed that new CLT-related orders secured through the first half of this year reached about KRW 42.0 billion, giving high visibility to annual results.

This has been borne out by actual contracts: on March 4, 2026, a KRW 30.2 billion contract covering CLT and SSD Tester supply was signed with Samsung Electronics, running from February 27 to December 31, 2026, and on July 10, an additional CLT and SSD Tester supply contract worth KRW 49.85 billion was signed with Samsung Electronics, confirming continued large-scale order flow.

Yuanta Securities stated in an early-2026 report that portfolio expansion centered on CLT and SSD testers would be the key driver of earnings growth through 2026, and noted expansion into high-bandwidth memory (HBM) and graphics double data rate (GDDR) areas is also being pursued.

The same report assessed that development of a sixth-generation (Gen6) SSD tester is underway with potential revenue this year, and the technically similar CXL 3.1 tester is also expected to see initial sales within the year.

However, as shown in first-quarter 2026 results, revenue varies considerably by quarter depending on contract completion and delivery timing, suggesting that concentrated quarterly results could recur going forward.

Valuation

PER

20.0×

PBR

2.1×

ROE

11.1%

EPS

₩1,636

BPS

₩15,671

Dividend per share

₩100

Exicon's share price reflects both the swing from a large 2024 loss to profitability in 2025 and expectations for further earnings improvement through the first half of 2026, and it trades at a premium to net asset value.

The rise in operating margin to double-digit levels over the most recent four quarters marks a clear directional shift compared with the loss-making, low-margin years that preceded it.

However, because revenue recognition is concentrated around contract completion dates, annualizing recent quarterly results is difficult, leaving a potential gap between growth expectations priced in by the market and the actual quarter-to-quarter variability.

Dividends have been modest cash payouts, suggesting that expectations for earnings growth are reflected more in valuation than in shareholder returns.

How quickly and to what extent the 2026 revenue and operating profit forecasts put forward by brokerages materialize could also change how the market assesses the current valuation level.

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 2026-08-21

Bull factors

Continued Large-Scale CLT Orders from Samsung Electronics

From the second half of 2025 through 2026, Exicon signed a series of large CLT and SSD tester supply contracts with Samsung Electronics worth KRW 20.4 billion, KRW 30.2 billion, and KRW 49.85 billion. Based on this, Daishin Securities estimated CLT unit shipments would rise from 10 units in 2025 to 15-20 units in 2026.

New CLT-related orders secured through the first half of the year reached about KRW 42.0 billion, giving relatively high visibility into annual results.

Diversification into Non-Memory and New Product Lines

Exicon became the first domestic maker to develop a CMOS image sensor (CIS) tester, and is also developing a sixth-generation SSD tester and a CXL 3.1 tester. Yuanta Securities said it expects initial sales from these new products within the year.

Expansion into high-bandwidth memory (HBM) and GDDR areas is also underway, gradually broadening a business once concentrated on memory package testers.

Benefiting from the HBM4/eSSD Investment Upcycle

Both Samsung Electronics and SK Hynix are expanding HBM4/eSSD production capacity, driving increased orders for related test equipment. Hanwha Investment & Securities highlighted Samsung's initiation of large-scale orders and the emergence of the new CLT tester category as key features.

During upcycles, revenue tends to expand broadly across peer equipment makers, meaning the industry cycle itself is currently supportive.

Bear factors

Customer Concentration and Uneven Contract-Based Recognition

The bulk of revenue depends on supply to Samsung Electronics' Onyang facility, resulting in very high customer concentration. Because results are recognized in a lump at contract completion, periods of surging revenue such as Q4 2025 and Q2 2026 can alternate with sharp declines such as Q1 2026. This variability makes it difficult to gauge annual trends from quarterly results alone.

Intensifying Competition from CLT Multi-Vendor Strategy

Samsung Electronics is pursuing CIB supply chain diversification, ensuring compatibility with equipment from other makers such as Neosem. This suggests Exicon's early advantage in the CLT segment could dilute over time as competition intensifies. If rivalry escalates, negotiating power over volume allocation or pricing terms could weaken.

History of Large Earnings Swings

After posting revenue of KRW 91.16 billion and an 11.2% operating margin in 2022, Exicon experienced a sharp revenue decline and a large operating loss in 2023-2024, with the 2024 operating margin falling to -50.3%.

If customer investment slows or equipment orders are delayed, a similar downturn could recur, underscoring the business's high sensitivity to industry cycles.

Risk factors

Customer Concentration Risk

The overwhelming majority of revenue is concentrated on a single customer, Samsung Electronics, particularly its Onyang facility. Any change in that customer's investment plans or order schedule could have a direct and immediate impact on results. Absent meaningful customer diversification, this structural risk is likely to persist.

Competitive and Technological Risk

Neosem is emerging as a rival in the CLT segment while Teradyne competes in SSD testers. As Samsung Electronics pursues supply chain diversification, failure to sustain technological or cost competitiveness could result in unfavorable volume allocation.

Delays in addressing next-generation specifications such as HBM4, GDDR, and CXL 3.1 could also mean missed new revenue opportunities.

Cash Flow and Contract Recognition Risk

In 2025, despite net income of KRW 8.96 billion, cash flow from operations was negative at KRW -4.03 billion. This shows a potential timing gap between revenue recognition on large contracts and actual cash collection.

Depending on payment terms for individual contracts (advance payments versus payment after full delivery), a divergence between cash flow and reported earnings could recur going forward.

What to watch next

Mid-November 2026
Check the third-quarter 2026 earnings disclosure to assess progress against Daishin Securities' forecast of KRW 132.1 billion in annual revenue and KRW 16.0 billion in operating profit.
Around December 31, 2026
Verify whether the KRW 49.85 billion CLT and SSD tester supply contract with Samsung Electronics signed on July 10 is recognized as revenue as intended by its December 31, 2026 completion date.
Fourth quarter 2026
Confirm whether initial revenue from the sixth-generation (Gen6) SSD tester and CXL 3.1 tester materializes as brokerages have forecast.
Ongoing, at each new disclosure
Continue monitoring new supply contract disclosures for signs of customer diversification beyond Samsung Electronics and shifts in CLT/CIB market share versus competitors such as Neosem.

Overall view

Exicon is a semiconductor test equipment maker that has moved from a large 2024 loss to profitability in 2025, sustaining that improvement through the first half of 2026.

The core driver has been large CLT and SSD tester supply contracts centered on Samsung Electronics' Onyang facility, with multiple contracts worth tens of billions of won signed since 2025.

However, because revenue is recognized in a lump at contract completion, quarterly results vary widely, and periods of sharp revenue decline such as Q1 2026 could recur.

Daishin Securities and others have forecast 2026 annual revenue roughly doubling from 2025, but this assumption hinges on the pace of CLT unit expansion and realization of new orders.

The customer structure's heavy reliance on Samsung Electronics, along with intensifying competition from Neosem's entry into the CIB/CLT market, are factors that warrant balanced consideration.

The favorable industry cycle from expanding HBM4 and eSSD investment is a supportive backdrop, but the structural characteristic that results could slow again if customer investment contracts—as seen in 2023-2024—should also be kept in view.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

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.