KOSDAQMachinery255440

Yas

₩8,580 0.00%2026-10-02 close

Market Cap

₩111.9B

Turnover

₩1B

Volume

110,000 shares

Shares out.

13.1M

PER

2.3×

PBR

0.5×

EPS

₩3,120

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

OLED Equipment Maker Turns Profitable, Durability in Question

YAS has posted three consecutive quarters of operating profit since Q4 2025, but this turnaround is heavily tied to order recognition from specific customers within the 8.6-generation OLED investment cycle, making its durability a key question.

1
Q2 2026 consolidated revenue reached 87.2 billion won with operating profit of 28.0 billion won, marking a sharp turnaround from the prior-year quarter.
2
The company's core asset is its position as the only global maker with mass-production experience in both 8th-generation-plus deposition systems and evaporation sources.
3
Expanding 8.6-generation OLED investment by global panel makers including BOE, CSOT, and Samsung Display has become the key variable for the order environment.
4
LG Display signed a 6.8 billion won equipment supply contract in May 2026, but has not yet decided on its own 8.6-generation investment.
5
Annual operating profit was in the red for four consecutive years from 2022 to 2025, and operating cash flow was also negative every year.

Business structure

Founded in 2002, YAS has manufactured vacuum, semiconductor, and flat-panel display equipment, and listed on KOSDAQ in 2017.

Its core business is the manufacture and sale of deposition systems and evaporation sources used in OLED display panel production, with key products including In-Line systems for OLED TV and lighting applications and evaporation sources.

The company is the only global maker with mass-production success in both 8th-generation-plus deposition systems and evaporation sources, providing turnkey deposition processes for the large-panel market using chuck technology capable of precise temperature control and flatness maintenance.

It has internalized evaporation source technology using a Linear Nozzle Source (LNS) structure that improves material deposition efficiency, with actual usage efficiency estimated at around 70%.

Its major customers are LG Display, for 8th-generation WOLED deposition systems, and BOE, for 8.6-generation evaporation sources, with revenue skewed toward domestic sales and China exports.

The company is preparing to operate its Fab4 plant targeting 10.5-generation production, which is linked to expanding its capability in the large-panel market.

In the competitive landscape, Applied Materials (AMAT)'s mask-less eLEAP deposition method, domestic rival Sunic System, and Japan's Canon Tokki are cited as key competitors.

More recently, China's Visionox has been moving toward adopting a mask-less deposition method called ViP (Visionox intelligent Pixelization), positioning YAS as a new candidate for orders given its mask-less deposition experience.

Earnings trend

Quarterly revenue · Operating profit

₩6.1B-₩4.2B25Q2₩10.6B-₩24,868,62625Q3₩13.9B₩2.4B25Q4₩32.6B₩5.2B26Q1₩87.2B₩28B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩54.8B-₩4.8B2022₩42B-₩5.4B2023₩28.6B-₩9.7B2024₩34.8B-₩6.5B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩6.1B	-₩4.2B	−67.8%
2025Q3	₩10.6B	-₩24,868,626	−0.2%
2025Q4	₩13.9B	₩2.4B	17.5%
2026Q1	₩32.6B	₩5.2B	15.9%
2026Q2	₩87.2B	₩28B	32.1%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩54.8B	-₩4.8B	-₩800M	−8.8%	−0.5%	35.7%
2023	₩42B	-₩5.4B	-₩3.4B	−12.9%	−2.2%	31.1%
2024	₩28.6B	-₩9.7B	-₩10B	−33.7%	−7.3%	27.5%
2025	₩34.8B	-₩6.5B	-₩5.5B	−18.6%	−4.1%	28.7%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

YAS's annual revenue declined from 54.8 billion won in 2022 to 42.0 billion won in 2023 and 28.6 billion won in 2024, before rebounding to 34.8 billion won in 2025, though the company posted an operating loss in all four years.

The 2025 operating loss narrowed to 6.46 billion won (operating margin of -18.6%) from a 9.66 billion won loss in 2024, and the net loss attributable to owners also narrowed to 5.51 billion won from 9.99 billion won a year earlier.

However, operating cash flow remained negative at -12.09 billion won in 2025, marking four consecutive years of weak cash generation.

On a quarterly basis, revenue of 6.15 billion won and an operating loss of 4.17 billion won in Q2 2025 narrowed to revenue of 10.64 billion won and a near-breakeven operating loss of 0.02 billion won in Q3 2025, before the company turned profitable in Q4 2025 with revenue of 13.95 billion won and operating profit of 2.44 billion won.

The profitable trend continued into Q1 2026 with revenue of 32.65 billion won and operating profit of 5.18 billion won, before revenue and profit expanded sharply in Q2 2026 to 87.22 billion won in revenue, 28.02 billion won in operating profit, and 28.40 billion won in net income attributable to owners.

Q2 2026 revenue was reported to have increased 1,318.8% year over year. This sharp jump is interpreted as the result of large equipment orders from specific customers being recognized as revenue in a concentrated manner within a single quarter, highlighting the company's very high quarter-to-quarter revenue volatility.

The combined net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) stands in stark contrast to the company's previously chronic loss pattern, though whether this trend persists in future quarters depends on follow-on orders and the timing of revenue recognition.

Industry analysis

The OLED deposition equipment market is heavily dependent on the large-panel investment cycles of global panel makers at the 8th generation and above.

Samsung Display is building an 8.6-generation IT OLED line in Asan, South Chungcheong Province, targeting mass production in 2026, while BOE began mass production at its 8.6-generation line in Chengdu, China in June 2026, supplying its first OLED panels to customers.

CSOT is known to plan to begin ordering equipment for its 8.6-generation OLED line starting in Q1 2026, with capacity discussed in stages from an initial 22,500 sheets per month up to 45,000 sheets.

LG Display, in contrast, has maintained a cautious stance on 8.6-generation investment, with CEO Jeong Cheol-dong stating at CES in January 2026 that current market demand can still be met with existing 6th-generation equipment.

These differing investment paces among customers create significant timing gaps in order intake and revenue recognition for equipment makers.

In terms of competitive positioning, unlike Samsung Display and BOE, which have adopted the fine-metal-mask (FMM) method, Visionox is considering a mask-less ViP method, which could open new opportunities for companies with mask-less deposition experience such as YAS.

Overall, expanding OLED adoption in IT devices and line expansions by major panel makers form the medium-to-long-term demand base, but delays or cancellations in individual project orders remain a cyclical risk.

Outlook

In May 2026, the company signed a 6.8 billion won equipment supply contract with LG Display for display manufacturing equipment, running from May 22, 2026 to March 3, 2027, under a payment structure of 90% upon acceptance inspection after delivery and the remaining 10% upon completion of the acceptance test.

Some brokerages have noted that if CSOT's equipment ordering for its 8.6-generation OLED line, expected to begin in early 2026, proceeds and equipment selection is finalized, YAS could secure large-scale, high-specification overseas orders.

However, the scale or finalization of any such order has not yet been confirmed through official disclosure. The Fab4 plant is being prepared for operation targeting 10.5-generation production, with the timing of its startup and its linkage to actual orders cited as a key variable for future revenue growth.

Visionox's supplier selection process for its 8.6-generation IT OLED line is also reportedly underway, and YAS has been mentioned as a candidate should the mask-less ViP method be adopted.

LG Display's decision on 8.6-generation investment remains undetermined, and the timing and scale of any such decision remain a variable that could affect future performance.

Overall, the company's growth path is strongly tied to individual customers' large investment decisions and order timing, making continuous monitoring of specific project progress important.

Valuation

PER

2.3×

PBR

0.5×

ROE

25.2%

EPS

₩3,120

BPS

₩14,044

Dividend per share

₩0

After posting operating losses for four consecutive years from 2022 through 2025, YAS entered a profit-recovery phase starting with its return to quarterly operating profit in Q4 2025.

As a result, the price-to-earnings multiple, which was difficult to calculate during the loss-making period, has now become computable, though it should be noted that the figure heavily reflects large profit recognition concentrated in a specific quarter such as Q2 2026.

The price-to-book ratio trades at a discount to net asset value, a pattern that should be considered alongside the steady decline in shareholders' equity resulting from years of accumulated losses.

The company has not paid dividends in the most recent fiscal year, making its dividend yield less attractive relative to other dividend-paying equipment makers in the sector.

Since the persistence of the recent profit has not yet been verified across multiple quarters, interpreting the valuation metrics requires further confirmation through upcoming earnings releases.

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

Bull factors

Three Consecutive Quarters of Profit

The company posted three consecutive quarters of operating profit from Q4 2025 through Q2 2026, with Q2 2026 marking its largest quarterly results on record with 87.2 billion won in revenue and 28.0 billion won in operating profit. This can be viewed as a clear inflection point away from a chronic loss structure.

However, whether this profitability stems from one-off large project revenue recognition or structural improvement requires confirmation over additional quarters.

Unique Technology Position

YAS is the only global maker with mass-production success in both 8th-generation-plus deposition systems and evaporation sources, having internalized LNS-structure evaporation source technology and precision chuck technology.

As Visionox considers a mask-less ViP method, YAS has emerged as a candidate for new orders given its mask-less deposition experience. This technological differentiation could broaden entry opportunities relative to competitors within new investment cycles.

Potential Beneficiary of the 8.6-Generation Investment Cycle

BOE has already begun mass production at its 8.6-generation line in Chengdu, China, and CSOT is reportedly planning to begin related equipment orders starting in early 2026. Samsung Display is also building an 8.6-generation IT OLED line in Asan.

This expanding investment by global panel makers broadens the demand base for deposition equipment, potentially creating a favorable environment for suppliers with existing track records such as YAS.

Bear factors

Delayed Investment Decision by a Key Customer

LG Display has maintained a cautious stance on 8.6-generation OLED investment, with management stating at CES in January 2026 that current demand can be met with existing 6th-generation equipment.

Since a significant portion of YAS's revenue has come from equipment retrofitting and maintenance related to LG Display, delays in new investment decisions could constrain the pace of the company's earnings recovery.

High Earnings Volatility and Accumulated Losses

The company posted operating losses for four consecutive years from 2022 through 2025, and operating cash flow was also negative every year.

Quarterly revenue has swung sharply from 6.1 billion won to 87.2 billion won, reflecting a structure in which results can shift dramatically depending on whether a large contract is recognized in a given quarter. This volatility raises uncertainty in forecasting future performance.

Intensifying Competition and China Dependence Risk

YAS competes against Applied Materials' mask-less eLEAP method, domestic rival Sunic System, and Japan's Canon Tokki, with competition arising around each new investment project.

In addition, since major revenue sources such as BOE and CSOT are Chinese companies, changes in China's OLED investment environment or trade policy remain an external variable that could affect performance.

Risk factors

Order Dependence and Revenue Recognition Risk

Given the nature of large equipment contracts, results are heavily dependent on the timing of contract signing and revenue recognition in a given quarter. Without follow-on orders, a surge in results similar to Q2 2026 may not recur, and revenue and profit could shrink sharply again during any gap in order flow.

Customer Investment Delay Risk

LG Display's decision on 8.6-generation investment remains unconfirmed, and a significant portion of existing revenue is derived from equipment retrofitting and maintenance parts.

If a major customer's new investment decision is delayed or scaled back, the expansion of new equipment revenue could be slower than planned.

Technology Standard Shift and Competition Risk

Panel makers are considering different deposition and pixel-formation methods including FMM, ViP, and inkjet printing, meaning the degree to which each equipment maker benefits could vary depending on which technology standard is adopted.

If the method in which YAS holds strength is not adopted by the market, there is a possibility that orders could go to competitors instead.

What to watch next

Late October to Early November 2026
The Q3 2026 preliminary earnings disclosure will show whether the large Q2 profit continues or was a one-time phenomenon concentrated in a single quarter.
During the Second Half of 2026
Watch for the outcome of Visionox's supplier selection for its 8.6-generation IT OLED line equipment to see whether YAS actually secures an order.
Second Half of 2026 to Early 2027
If LG Display makes an official decision on 8.6-generation OLED investment, its scale and timing could affect YAS's domestic order outlook.
Through the March 3, 2027 Delivery Deadline of the May 2026 LG Display Contract
Monitor the delivery and inspection progress of the 6.8 billion won equipment supply contract signed with LG Display in May 2026, as well as whether any follow-on contracts are signed.

Overall view

After four consecutive years of operating losses from 2022 through 2025, YAS achieved a clear earnings inflection point, posting three consecutive quarters of operating profit from Q4 2025 through Q2 2026.

In particular, Q2 2026 marked the company's largest quarterly results on record with 87.2 billion won in revenue and 28.0 billion won in operating profit, though this is likely the result of concentrated revenue recognition from a specific large contract, meaning its durability has not yet been verified.

The company benefits from a favorable industry backdrop, being the only global maker with mass-production success in both 8th-generation-plus deposition systems and evaporation sources, amid expanding 8.6-generation OLED investment by BOE, CSOT, and Samsung Display, and Visionox's consideration of a mask-less deposition method.

On the other hand, a decision on 8.6-generation investment by key customer LG Display has not yet been made, and four years of accumulated losses, weak cash flow, and extreme quarter-to-quarter earnings volatility remain burdens.

In terms of valuation, the price-to-earnings multiple has fallen to a computable level reflecting the profit recovery, and the price-to-book ratio trades at a discount to net asset value, though it should be noted that these figures are heavily dependent on results from a specific quarter.

Going forward, tracking quarterly earnings releases and order news related to CSOT, Visionox, and LG Display will be important in confirming whether this turnaround represents a structural improvement.

Sources

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

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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.