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
Samyang NC Chem, which localized polymer and PAG—core raw materials for semiconductor photoresist (PR)—has seen both revenue and profitability improve on the back of Samsung Electronics' NAND generation transition and expansion of higher-margin ArF/EUV materials.
FY2025 consolidated revenue reached KRW125.4bn (+13.5% YoY) with operating profit of KRW17.6bn (+64.0% YoY), a record full-year result.
1Q26 and 2Q26 revenue came in at KRW40.7bn and KRW38.0bn respectively, sustaining a scale of roughly KRW40bn per quarter for two consecutive quarters.
PR material sales accounted for 67.2% of revenue in 2025, with expansion of higher-margin ArF/EUV materials cited as the key driver of margin improvement.
The company is developing glass-substrate PR materials targeting 2026 commercialization, while also pursuing new growth drivers such as bump polymer for HBM.
A 100% bonus share issuance in February 2026 doubled total shares outstanding from 10.94mn to 21.89mn, expanding the free float.
Samyang NC Chem, founded in 2008, is a specialty chemical materials company for semiconductors that was acquired by Samyang Holdings in 2021 and listed on KOSDAQ in February 2025.
Its core business is producing polymer and photo acid generator (PAG), the key raw materials for photoresist (PR) used in the lithography process, having localized KrF polymer for the first time domestically in 2015.
As of 2025, product mix was PR materials at 67.2% of revenue, wet chemical (PERR intermediates) used in cleaning processes at 27.4%, and other items at 5.4%.
KrF PR materials, mainly used in 3D NAND processes, made up roughly 50% of 2025 revenue, the largest share, while ArF and EUV materials for DRAM and foundry combined accounted for about 15%. The company's key customer is Dongjin Semichem, and it is expanding supply to global finished-PR makers in the US and Japan.
In the raw-material segment it competes with Japan's Maruzen and Toyo Gosei, while Japanese firms such as TOK, JSR, and Fujifilm have historically dominated the finished PR market.
The company has stated it has secured production capacity sufficient to support roughly KRW200bn in annual revenue, centered on its Jeongan plant in Gongju, South Chungcheong. CEO Jeong Hoe-sik has outlined a mid-term target of KRW300bn in revenue by 2030, with ArF/EUV materials rising to 30% of the mix.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩30.7B | ₩4.3B | 14.0% |
| 2025Q3 | ₩28.5B | ₩4.1B | 14.2% |
| 2025Q4 | ₩35.6B | ₩4.8B | 13.5% |
| 2026Q1 | ₩40.7B | ₩6.5B | 16.0% |
| 2026Q2 | ₩38B | ₩5.6B | 14.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩98.6B | ₩7.4B | ₩4.7B | 7.5% | 6.3% | 75.8% |
| 2024 | ₩110.5B | ₩10.7B | ₩9B | 9.7% | 10.7% | 53.4% |
| 2025 | ₩125.4B | ₩17.6B | ₩14.9B | 14.1% | 12.5% | 21.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Annual results show a clear upward trajectory.
From FY2023 revenue of KRW98.6bn and operating profit of KRW7.4bn (7.5% margin), the company grew to FY2024 revenue of KRW110.5bn (+12.1%) and operating profit of KRW10.7bn (+45.9%, 9.7% margin), then to FY2025 revenue of KRW125.4bn (+13.5%), operating profit of KRW17.6bn (+64.0%, 14.1% margin), and owner net profit of KRW14.9bn (+66.2%), marking three consecutive years of margin expansion and a record full-year result.
On a quarterly basis, revenue slipped modestly from KRW30.7bn/operating profit KRW4.3bn in 2Q25 to KRW28.5bn/KRW4.1bn in 3Q25 before rebounding to KRW35.6bn/KRW4.8bn in 4Q25.
In 2026, 1Q set a quarterly record with revenue of KRW40.7bn and operating profit of KRW6.5bn (owner net profit KRW5.7bn), while 2Q26 revenue was KRW38.0bn with operating profit of KRW5.6bn—a slight sequential decline in operating profit—yet owner net profit rose to KRW7.1bn.
This divergence suggests a contribution from non-operating items, and whether the gap between operating profit and net profit persists in coming quarters warrants monitoring.
Over the trailing four quarters (3Q25 through 2Q26), combined revenue reached roughly KRW142.8bn and owner net profit about KRW20.4bn, exceeding the full-year FY2025 scale.
Management attributes this profit growth to a combination of higher KrF PR sales volume and pricing tied to Samsung Electronics' NAND V8/V9 generation transition, alongside expanding sales of higher-margin ArF and EUV materials.
The upstream memory semiconductor market is in a phase where DRAM shipments are rising and NAND process layers are increasing simultaneously, driven by AI server and data center demand.
Industry estimates put the photoresist market growing from about USD1.4bn in 2024 to about USD2.4bn by 2030, with the EUV materials segment expanding from roughly USD170mn in 2022 to about USD1.1bn by 2030.
A Daishin Securities report noted that Samsung Electronics has been carrying out V8/V9 NAND conversion investment at its Xi'an, China plant since the second half of 2025, with the number of KrF PR-applied layers rising from 5-6 in V6/V7 to 7 in V8 and 10 in V9.
This is cited as a structural factor that increases KrF material usage as long as the generational transition continues.
In the competitive landscape, Japan's Maruzen and Toyo Gosei lead in raw materials (polymer/PAG), while TOK, JSR, and Fujifilm dominate finished PR products, positioning Samyang NC Chem as a beneficiary of supply-chain diversification given its domestic localization capability.
Some analyses point to rising Chinese demand to reduce reliance on Japanese materials amid Sino-Japanese tensions, cited as a backdrop for interest in Samyang NC Chem as an alternative KrF raw-material supplier in China's legacy-process-heavy market, though this remains at an early stage with actual revenue contribution yet to be confirmed.
In next-generation packaging, industry observers expect the glass substrate market to enter a full growth phase after 2030, with domestic players such as Samsung Electro-Mechanics and SKC's Absolics competing to establish commercialization timelines, placing Samyang NC Chem's glass-substrate PR material development within this broader value-chain competition.
The company expects KrF PR sales volume and pricing to continue improving through the end of 2026 as Samsung Electronics' NAND V8/V9 conversion investment continues. It has also stated that full-scale HBM4 mass production and a recovery in conventional memory pricing/demand could positively affect results.
Over the medium term, it has set a target of raising the ArF/EUV materials mix to about 30% by 2030, while pursuing new mass production of bump polymer for HBM processes and joint development of EUV/ArF materials with major domestic and overseas customers.
As a new growth driver, the company is developing glass-substrate PR materials with a 2026 commercialization target, currently in the prototype-supply and performance-verification stage.
On the capacity side, it is reportedly considering additional investment of over KRW10bn centered on its Jeongan plant, interpreted as an effort to expand its ability to respond to volume requests.
Sell-side views on this growth story vary: DS Securities initiated coverage in a July 30, 2026 report with a Buy rating and a target price of KRW25,000, while Daishin Securities initiated coverage in an April 15, 2026 report with a Buy rating and a target price of KRW24,000.
Both reports, however, flagged the pace of securing new ArF/EUV customers and China market entry as variables that will determine whether actual results meet their estimates.
Samyang NC Chem has not paid a dividend since its February 2025 listing, with profits instead being reinvested into capacity expansion and new product development.
Its price relative to net assets has moved within a trading range shaped by post-listing improvements in the semiconductor cycle and the bonus share issuance, a range that can be compared against the multiples brokerages applied when initiating coverage (20x at Daishin, around 16x at DS Securities).
The fact that trailing four-quarter profit has expanded beyond the full FY2025 level suggests the profit base underlying valuation math is itself growing.
That said, given that operating profit and net profit diverged in a quarter such as 2Q26, the composition of earnings (operating versus non-operating) is worth watching, as it can affect how the same multiple should be read.
When comparing against finished-PR peers such as Dongjin Semichem, differences in business structure—raw material supplier versus finished product maker—should also be factored in.
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 2026-09-05
Operating margin rose from 7.5% in 2023 to 14.1% in 2025 as the sales mix shifted toward higher-margin ArF/EUV materials. DS Securities estimated 2025 ArF/EUV revenue at KRW30.1bn (+46.2% YoY), representing 24.6% of total sales. Further margin improvement is possible as the share of higher-margin products continues to expand.
Samsung's NAND V8/V9 transition increases the number of KrF PR-applied layers, lifting both volume and pricing—a dynamic confirmed by a record-high 1Q26 revenue quarter. As the conversion investment is expected to continue through the end of 2026, the associated tailwind could persist.
Development of bump polymer for HBM and PR materials for glass substrates is underway, with glass substrate commercialization targeted for 2026. Successful commercialization could create a new revenue stream separate from the existing KrF/ArF/EUV business.
The customer base is concentrated around Dongjin Semichem, and end demand is tied to the capex cycles of a small number of semiconductor makers such as Samsung Electronics. A change or delay in upstream investment plans could increase earnings volatility.
Japan's Maruzen and Toyo Gosei have long-established technology in the raw-material market, while TOK, JSR, and Fujifilm dominate finished PR products. Delays in securing new customers for advanced ArF/EUV materials could slow the pace of the growth story.
In 2Q26, operating profit softened slightly quarter-on-quarter while owner net profit actually rose, a divergence suggesting non-operating factors were at play. This warrants confirming whether operating results and net profit trends reconverge in coming quarters.
The memory semiconductor cycle is heavily dependent on AI server demand; a slowdown in that demand or a change in customers' NAND/DRAM investment pace could negatively affect both material sales volume and pricing.
Some raw materials needed for polymer/PAG production may rely on imports, so international commodity prices and FX movements could affect cost structure. Profitability on sales to global customers could vary depending on won strength or weakness as export exposure grows.
PR materials for glass substrates target 2026 commercialization, but the broader glass substrate commercialization timeline has been revised multiple times among competitors, raising the possibility that revenue recognition for Samyang NC Chem's related materials could also be delayed.
Around the statutory filing deadline for the Q3 report, confirmed 3Q26 (Jul-Sep) results will be disclosed. It will be worth checking whether the operating-profit/net-profit divergence seen in 2Q recurs and whether KrF sales volume momentum continues.
Progress toward the 2026 commercialization target for glass-substrate PR materials, and whether the prototype-supply and performance-verification stage advances, should be monitored.
The pace of Samsung Electronics' NAND V9 conversion investment and its resulting effect on KrF PR sales volume and pricing should be tracked continuously.
Whether China's demand to replace Japanese KrF raw materials—amid Sino-Japanese tensions—and Samyang NC Chem's visibility into that market translate into actual revenue should be confirmed.
Built on the entry barrier of localizing core photoresist raw materials, Samyang NC Chem has benefited simultaneously from Samsung Electronics' NAND generation transition and an improving ArF/EUV material mix, delivering three consecutive years of revenue and margin growth from 2023 to 2025.
Growth continued into 1H26, with quarterly revenue holding around KRW40bn, and trailing four-quarter profit expanding beyond the full FY2025 level.
That said, a divergence between operating profit and net profit in a quarter such as 2Q26 calls for ongoing scrutiny of earnings quality, while customer concentration and the degree to which the technology gap with Japanese incumbents narrows remain variables for the durability of the growth story.
New growth drivers such as glass substrates and HBM bump polymer are still in early commercialization stages, with the timing and scale of their revenue contribution to be confirmed through future quarterly disclosures.
On the sell side, DS Securities and Daishin Securities each expressed positive views with target prices in their July and April 2026 reports respectively, but both flagged the pace of securing new customers and China market entry as key variables for their estimates.
Investors should continue to monitor the upcoming Q3 earnings disclosure and progress on glass substrate commercialization to assess whether the growth story materializes.
Report written 2026-09-05 · Data as of 2026-09-04
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