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Hpsp Co Ltd (403870) Fair Value & Analysis

Industrials · KR · Market cap 3.5T KRW (≈ $2.4B) · ISIN KR7403870009

What is Hpsp Co Ltd really worth?

HC Hpsp Co Ltd 403870 · KQ
Price50,800 KRW
Fair Value22,031 KRW
Upside−56.6%
Quality73/100

A solid business, but trading 131% above our fair value of 22,031 KRW.

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Strengths

Highly profitable · 49.0% net margin
generates free cash flow
Ranks above peers (7/10)
Wide moat 90/100

Risks

!Mixed Growth (revenue 5y +23.1 %/yr)
!Evidence only medium, so the estimate is less certain
!Weak on dividend: 20 out of 100

For context

·0.98% dividend yield
Evidence: Medium Range 14,422 KRW – 27,250 KRW

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from 16,232 KRW to 22,031 KRW (+35.7%) since Jul 19, 2026. Share price +38.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 73/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (27,250 KRW). The favourable scenario is already priced in.
  • A fairly wide model range (14,422 KRW to 27,250 KRW) leaves room in how you read the outcome.

Price vs Fair Value (4 years)

83,500 KRW 10,333 KRW Fair Value 22,031 KRW Jul 2022 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

50‑month range 10,333 KRW – 83,500 KRW · fair‑value band 14,422 KRW – 27,250 KRW · the 50,800 KRW price screens above the 22,031 KRW fair value. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Hpsp Co Ltd (403870) currently trades at 50,800 KRW, while our model-based Fair Value estimate is 22,031 KRW, implying the stock looks roughly 130.6% overvalued today. The Quality Score stands at 73/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of 24,967 KRW per share, and 0 of the 26 models we run sit above the 50,800 KRW price. Bear case: the Asset-Based group reads lowest at 2,541 KRW, and 26 of the 26 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Hpsp Co Ltd generated revenue of 168B KRW at a net margin of 49.0%. Revenue declined 13.4% year over year. It earns a return on equity of 30.5%. Fundamentals as of Aug 13, 2026

Our scenario range runs from 14,422 KRW (bear case) to 27,250 KRW (bull case); at 50,800 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 122% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −52% fair-value upside, at −57%, 403870 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence 16,503 KRW 27,544 KRW 46,393 KRW 76
Growth DCF 16,639 KRW 27,475 KRW 46,135 KRW 73
Owner Earnings 12,862 KRW 21,284 KRW 35,661 KRW 72
All 26 models by family
DCF Models
FCF DCF best evidence 16,503 KRW 27,544 KRW 46,393 KRW 76
Owner Earnings 12,862 KRW 21,284 KRW 35,661 KRW 72
5Y Revenue Exit 11,001 KRW 16,494 KRW 23,550 KRW 70
5Y EBITDA Exit 15,731 KRW 25,783 KRW 37,897 KRW 72
5Y P/E Exit 17,654 KRW 29,559 KRW 42,611 KRW 67
10Y Revenue Exit 12,472 KRW 18,192 KRW 26,120 KRW 64
10Y EBITDA Exit 15,868 KRW 24,967 KRW 37,848 KRW 65
10Y P/E Exit 17,147 KRW 27,722 KRW 41,701 KRW 61
Earnings-Based
Graham-Dodd 6,080 KRW 23,465 KRW 31,809 KRW 64
Lynch FV 5,739 KRW 8,199 KRW 10,659 KRW 61
PEG = 1.0 5,739 KRW 8,199 KRW 10,659 KRW 57
EPV 9,895 KRW 11,438 KRW 12,809 KRW 68
Dividend Discount
Gordon GGM 5,707 KRW 12,460 KRW 20,965 KRW 65
DDM Multi-Stage 5,707 KRW 10,207 KRW 12,985 KRW 66
Multiples
P/E Multiple 18,776 KRW 25,035 KRW 31,294 KRW 63
P/S Multiple 8,779 KRW 11,706 KRW 14,632 KRW 58
P/B Multiple 11,400 KRW 15,200 KRW 19,000 KRW 55
EV/EBIT 21,069 KRW 27,706 KRW 34,344 KRW 63
EV/EBITDA 16,812 KRW 22,031 KRW 27,250 KRW 64
EV/Revenue 8,605 KRW 11,798 KRW 14,990 KRW 51
Asset-Based
NCAV (Graham) 1,896 KRW 2,541 KRW 3,793 KRW 51
Growth DCF
Growth DCF 16,639 KRW 27,475 KRW 46,135 KRW 73
Rev-Margin DCF 11,001 KRW 16,419 KRW 22,635 KRW 70
Economic Profit
Residual Income 5,764 KRW 7,057 KRW 23,432 KRW 64
ROIC Compounder 10,740 KRW 13,562 KRW 16,966 KRW 70
Growth Earnings
Growth-Adj P/E 12,428 KRW 17,754 KRW 23,080 KRW 67

Widest divergence: DCF Models (24,967 KRW) versus Asset-Based (2,541 KRW). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/S ratio 20.6 TTM
Dividend yield 1.0%
Net margin 42.0% FY2025
Return on equity 30.5% TTM
Return on assets (EBIT) 33.1% avg 5y
Operating margin 50.5% TTM
More key figures
Growth
Revenue (TTM) 168B KRW TTM
Revenue growth (YoY) −13.4% 3y avg +2.8%
EPS growth (YoY) +63.1%
Balance sheet & cash flow
Free cash flow 97.8B KRW FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 73/100

Of which business quality 72 · Market factors (momentum, volatility) 56

Profitability 74
Margins and returns on capital today
Quality Growth 17
Are margins and returns improving?
Cashflow 90
Earnings quality: real cash, not paper profit
Fin. Strength 97
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 14
Calm price path (market factor)
Momentum 77
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 78
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

HPSP Co., Ltd. manufactures and sells high pressure annealing semiconductor equipment for the semiconductor industry in South Korea. It offers GENI-SYS, a high-pressure hydrogen annealing equipment; and GENI and GENI-SE. The company also provides after-sales service for products; and sells parts. HPSP Co., Ltd.

Full company description

HPSP Co., Ltd. manufactures and sells high pressure annealing semiconductor equipment for the semiconductor industry in South Korea. It offers GENI-SYS, a high-pressure hydrogen annealing equipment; and GENI and GENI-SE. The company also provides after-sales service for products; and sells parts. HPSP Co., Ltd. was founded in 2005 and is headquartered in Hwaseong-si, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hpsp Co Ltd reported revenue of 173B KRW in FY2025 versus 91.8B KRW in FY2021, a compound +17.2%/yr. Reported net income was 72.7B KRW in FY2025, compounding +19.7%/yr from FY2021.

Growth Quality 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
173B KRW
Latest YoY
−4.7%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+23.1%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+22.6% (21.6 + 1.0)
Revenue +17.2%/yr
FY21 91.8B KRW
FY22 159B KRW
FY23 179B KRW
FY24 181B KRW
FY25 173B KRW
Net income +19.7%/yr
FY21 35.3B KRW
FY22 66.0B KRW
FY23 80.4B KRW
FY24 86.3B KRW
FY25 72.7B KRW

403870 screens 131% overvalued. Compare with GE Vernova Inc →

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Cite: Fair Value Calculator (2026). "Hpsp Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/403870

Peer Group

Specialty Industrial Machinery · 792 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 73 · Top 25%
Fair Value upside −57% · Below median
Return on equity (TTM) 31% · Top 25%
Return on assets 15% · Top 25%
Net margin (TTM) 49% · Top 25%
Operating margin (TTM) 51% · Top 25%
Revenue growth −13% · Bottom 25%
Dividend yield (TTM) 1.0% · Below median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/S (TTM) 0.01× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 21
PAST100 · sector 28
HEALTH0 · sector 96
DIVIDEND20 · sector 27

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
GE Vernova Inc GEV $941.84 $131.95 −86%
SIE SIE €289.85 €139.77 −52%
Eaton Corporation ETN $402.78 $168.65 −58%
Parker-Hannifin Corporation PH $995.02 $398.69 −60%
Atlas Copco AB ATCOA kr 206.60 kr 112.59 −46%
Cummins Inc CMI $564.40 $348.94 −38%
Illinois Tool Works Inc ITW $281.67 $145.84 −48%
Emerson Electric Co EMR $155.18 $58.44 −62%
AMETEK, Inc AME $236.25 $125.80 −47%
Rockwell Automation, Inc ROK $417.53 $125.76 −70%

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Frequently asked questions

Is Hpsp Co Ltd (403870) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 22,031 KRW versus a price of 50,800 KRW, about −57% upside (overvalued).
What is the fair value of 403870?
Our model-based fair value for Hpsp Co Ltd is 22,031 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price: 50,800 KRW.
What is the quality score of 403870?
Hpsp Co Ltd has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Hpsp Co Ltd (403870)?
Hpsp Co Ltd reported trailing-twelve-month revenue of about 168B KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 403870?
The net profit margin of Hpsp Co Ltd is about 49.0%, meaning it keeps roughly 49.0% of revenue as net income. Based on the latest reported figures.
Does Hpsp Co Ltd pay a dividend?
Hpsp Co Ltd currently shows a dividend yield of about 0.98% relative to its recent price (as of Aug 13, 2026).
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