Source Facts: Yuanta Securities / June 30, 2026
Investment Opinion and Target Price: Not Rated / Current Price 12,620 KRW
Key Momentum: Expansion in demand for CO2 dry cleaning equipment and enterprise-wide revenue growth driven by strong HTCC MLC sales from subsidiary IMTP.
📊 1. [Valuation Metrics and Investment Indicators Analysis]
- Current price (as of June 29, 2026): 12,620 KRW.
- Valuation based on 2026 earnings projections: PER 40.3x, PBR 2.9x, EV/EBITDA 12.3x, and ROE 7.4%.
🚀 2. [Market Opportunity (TAM) and Detailed Performance Estimates]
- 2026 Annual Performance Outlook: Projected revenue of 49.7 billion KRW (YoY +50.7%).
- Core Business (Equipment): Projected revenue of 20.6 billion KRW (YoY +78.6%), re-driving consolidated performance growth.
- Subsidiary (IMT Plus): Projected revenue of 21.9 billion KRW (YoY +38.5%), continuing solid growth based on strong HTCC MLC sales.
- Growth Strategy and Market Opportunity:
- Equipment Lineup: Demand for CO2 dry cleaning is expected to rise as particle issues intensify during HBM high-stacking processes, offering superior yield improvement compared to wet cleaning methods.
- Technical Superiority: The WWC equipment can handle complex warpage by inspecting and selectively correcting individual Warpage spots, unlike PECVD methods.
- Subsidiary Performance: Demand for high-strength HTCC ceramic substrates is increasing due to a rise in probe card pin counts following the HBM generation transition.
- Market Environment: Positive impact is expected due to a structural shortage, as there are no domestic manufacturers of HTCC ceramic substrates in China.
📝 Editor’s Comment (by K-STOCK Editor)
IMT’s strength lies in its ability to secure both essential equipment and materials (HTCC MLC) that can resolve technical difficulties occurring during the advancement of the High Bandwidth Memory (HBM) market. In particular, dry cleaning technology is expected to gain further attention in the current memory manufacturing process where yield improvement is critical. As the performance of its subsidiary, IMT Plus, is also building a solid foundation for growth in line with supply chain issues within China, it is judged that the company has entered a phase where enterprise-wide top-line growth is accelerating through both equipment and materials.
📢 Disclaimer and Source Notice Source: This content is structured and written based on financial facts and numerical data from an officially released securities report
Investment Risk Notice: This content is provided for information and linguistic reference purposes only. Under no circumstances does it constitute financial advice or a recommendation to buy/sell any specific stock. All investment decisions and financial responsibilities rest solely with the investor.
Contact: For compliance or copyright-related inquiries, please contact ksb220805@gmail.com.
🔥 Bulls vs Bears, drop your analysis in the comments!
