# Isupetasys (007660.KO)

Canonical: https://gigainvestors.com/s/007660.KO

Analysis as of: 2026-10-16T07:37:24.281Z. Financial observations: FY2002–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 96,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 24,018.69 per share, central KRW 33,097.95 per share, high KRW 38,384.82 per share. Buy at or below the central value KRW 33,097.95 per share. Valuation as of 2026-10-16T07:37:24.281Z; scenarios are not confidence intervals.

Expected annual return: 5.3% at the stated quote. About 5.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 1.03×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.02×

- FY2018: 0.01×

- FY2019: -0.05×

- FY2020: 0.00×

- FY2021: 0.10×

- FY2022: 0.18×

- FY2023: 0.09×

- FY2024: 0.12×

- FY2025: 0.19×

- LTM to Jun 2026: 0.21×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.1%

- ROIC, second-lowest year: -2.1%

- Typical minus recent gross margin: -4.9 pp

- Typical gross margin (annual median): 13.8%

- Recent gross margin (lower of latest and 3-year median): 18.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.1%

- FY2017: -2.1%

- FY2018: 1.7%

- FY2019: -6.7%

- FY2020: 0.5%

- FY2021: 12.6%

- FY2022: 28.8%

- FY2023: 12.1%

- FY2024: 16.6%

- FY2025: 24.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.73×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 277B

- Net income, five-year total: KRW 381B

- Return on incremental invested capital: 33.5%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 3.8 pp

- Working capital / revenue, final three-year average: 34.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.47×

- FY2022: 0.99×

- FY2023: 0.08×

- FY2024: 0.98×

- FY2025: 0.60×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 1.7% vs 16.6%

- Per-share earnings: -170.23 to 1117.99 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 11.3%

- Market cap gain: KRW 8.23T

- Cumulative retained earnings: KRW 178B

- Diluted shares, 5-year annual growth: 11.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 1K

- Per-share value, starting three-year median: KRW -170.23

- Per-share value, ending three-year median: KRW 1K

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.9%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 5.9B

- Cumulative net income, 10 years: KRW 259B

- ROIC, first three-year median: 1.7%

- ROIC, last three-year median: 16.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 93.55

- FY2017: KRW -356.62

- FY2018: KRW -170.23

- FY2019: KRW -2K

- FY2020: KRW -327.24

- FY2021: KRW -56.98

- FY2022: KRW 2K

- FY2023: KRW 720.82

- FY2024: KRW 1K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -0.6%

- Receivables to sales index (DSRI): 0.72×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.05×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.7%

- FY2017: -4.3%

- FY2018: 3.9%

- FY2019: -25.6%

- FY2020: 2.0%

- FY2021: -1.7%

- FY2022: 13.3%

- FY2023: -0.8%

- FY2024: -1.4%

- FY2025: -0.6%

## Holders

## Price story

Down 36% since Apr 2026 · sales +20.8%

Story as of 2026-10-16T10:00:09.047Z; price observation 2026-10-15.

Price needs cash profits to grow 21% a year for ten years

### Sales · FY2025–2026

sales +20.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 531B 

- FY2018: KRW 560B 

- FY2019: KRW 514B 

- FY2020: KRW 514B 

- FY2021: KRW 470B 

- FY2022: KRW 643B 

- FY2023: KRW 675B 

- FY2024: KRW 837B 

- FY2025: KRW 1.09T 

- FY2026: KRW 1.31T 

### Gross margin · FY2025

gross margin 25.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 10.3% 

- FY2017: 7.2% 

- FY2018: 10.1% 

- FY2019: 5.1% 

- FY2020: 9.1% 

- FY2021: 18.2% 

- FY2022: 25.5% 

- FY2023: 17.2% 

- FY2024: 18.7% 

- FY2025: 25.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are KRW 1.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2025: revenue 1088025119170; grossProfit 282304402340; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 007660.KO: ISU Petasys Co., Ltd. manufactures and sells printed circuit boards (PCBs). The company offers network equipment, including router/switch and backplane; server/storage PCB; supercomputer high-performance computing PCB; aerospace PCB; and IC testers, including probe card, load board, and burn-in board. It also provides advanced driver assistance system RF radar PCBs; and radio frequency (RF) PCBs. The company was formerly known as Petasys Co., Ltd. and changed its name to ISU Petasys Co., Ltd. in March 2002. ISU Petasys Co., Ltd. was founded in 1972 and is headquartered in Daegu, South Korea.

### Why customers stay

Margins ranged from 17.2% to 25.9% during 2023–25; it earns 7.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2023: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2024: grossProfit / revenue = 18.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2025: grossProfit / revenue = 25.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); 10-year return on capital observations [[2016,0.021146221670815816],[2017,-0.020634701973096362],[2018,0.016514164473401025],[2019,-0.0668968413635806],[2020,0.005371455842529655],[2021,0.126025520736643],[2022,0.2876248329766987],[2023,0.12124853789108317],[2024,0.16627117923109075],[2025,0.24819980795751675]]; median 0.07119737978094949. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 64.9% of cash earnings on expansion; earns 33.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2021: growth capex 0; upkeep 11337402420; owner earnings 1685081180. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2022: growth capex 26670072170; upkeep 13026997000; owner earnings 101672782400. Growth capex / owner earnings = 0.2623127993593692.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2023: growth capex 8168861180.311195; upkeep 58134686569.688805; owner earnings 3772285910.3111954. Growth capex / owner earnings = 2.165493648819769.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2024: growth capex 37906482110; upkeep 24333194000; owner earnings 72847056770. Growth capex / owner earnings = 0.5203570849771203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); FY2025: growth capex 62788199940.4346; upkeep 92319343119.5654; owner earnings 96685140510.4346. Growth capex / owner earnings = 0.6494089951046643.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); Incremental return on capital 0.33465413200699434, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); Dividend observations: [[2016,3585636360],[2017,3976861600],[2018,2757522320],[2019,2783659970],[2020,2385994260],[2021,0],[2023,6324641900],[2024,6324641900],[2025,9486962850]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 26.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 007660.KO SharesStats.PercentInsiders = 26.199 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.281Z); Ten-year compound average after fade. Initial solved rate 0.2928244526471854. Price 96300; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 4,175.00 per share

- 2016-11: KRW 4,120.00 per share

- 2016-12: KRW 4,240.00 per share

- 2017-01: KRW 5,050.00 per share

- 2017-02: KRW 4,705.00 per share

- 2017-03: KRW 4,640.00 per share

- 2017-04: KRW 4,670.00 per share

- 2017-05: KRW 4,585.00 per share

- 2017-06: KRW 4,635.00 per share

- 2017-07: KRW 4,330.00 per share

- 2017-08: KRW 5,180.00 per share

- 2017-09: KRW 4,575.00 per share

- 2017-10: KRW 4,425.00 per share

- 2017-11: KRW 4,325.00 per share

- 2017-12: KRW 4,225.00 per share

- 2018-01: KRW 4,400.00 per share

- 2018-02: KRW 4,110.00 per share

- 2018-03: KRW 3,785.00 per share

- 2018-04: KRW 4,125.00 per share

- 2018-05: KRW 3,945.00 per share

- 2018-06: KRW 3,540.00 per share

- 2018-07: KRW 3,665.00 per share

- 2018-08: KRW 4,025.00 per share

- 2018-09: KRW 6,260.10 per share

- 2018-10: KRW 5,580.00 per share

- 2018-11: KRW 6,560.00 per share

- 2018-12: KRW 6,510.00 per share

- 2019-01: KRW 5,940.00 per share

- 2019-02: KRW 5,460.00 per share

- 2019-03: KRW 5,350.00 per share

- 2019-04: KRW 5,540.00 per share

- 2019-05: KRW 4,455.00 per share

- 2019-06: KRW 6,125.96 per share

- 2019-07: KRW 4,885.00 per share

- 2019-08: KRW 4,165.00 per share

- 2019-09: KRW 4,295.00 per share

- 2019-10: KRW 4,185.00 per share

- 2019-11: KRW 3,730.00 per share

- 2019-12: KRW 4,085.00 per share

- 2020-01: KRW 3,800.00 per share

- 2020-02: KRW 3,230.00 per share

- 2020-03: KRW 2,780.00 per share

- 2020-04: KRW 3,350.00 per share

- 2020-05: KRW 3,940.51 per share

- 2020-06: KRW 3,490.00 per share

- 2020-07: KRW 4,285.00 per share

- 2020-08: KRW 5,370.00 per share

- 2020-09: KRW 4,505.00 per share

- 2020-10: KRW 3,775.00 per share

- 2020-11: KRW 4,215.00 per share

- 2020-12: KRW 3,995.00 per share

- 2021-01: KRW 3,767.24 per share

- 2021-02: KRW 3,355.00 per share

- 2021-03: KRW 3,410.00 per share

- 2021-04: KRW 4,015.00 per share

- 2021-05: KRW 3,530.00 per share

- 2021-06: KRW 4,150.00 per share

- 2021-07: KRW 3,725.00 per share

- 2021-08: KRW 4,285.00 per share

- 2021-09: KRW 3,655.00 per share

- 2021-10: KRW 4,130.00 per share

- 2021-11: KRW 5,170.00 per share

- 2021-12: KRW 7,310.00 per share

- 2022-01: KRW 6,700.00 per share

- 2022-02: KRW 7,360.00 per share

- 2022-03: KRW 7,350.00 per share

- 2022-04: KRW 7,800.00 per share

- 2022-05: KRW 7,670.00 per share

- 2022-06: KRW 6,750.00 per share

- 2022-07: KRW 7,310.00 per share

- 2022-08: KRW 6,690.00 per share

- 2022-09: KRW 4,760.00 per share

- 2022-10: KRW 5,890.00 per share

- 2022-11: KRW 6,330.00 per share

- 2022-12: KRW 5,630.00 per share

- 2023-01: KRW 7,630.00 per share

- 2023-02: KRW 9,150.00 per share

- 2023-03: KRW 9,900.00 per share

- 2023-04: KRW 9,300.00 per share

- 2023-05: KRW 14,630.00 per share

- 2023-06: KRW 28,200.00 per share

- 2023-07: KRW 38,450.00 per share

- 2023-08: KRW 34,350.00 per share

- 2023-09: KRW 27,900.00 per share

- 2023-10: KRW 21,650.00 per share

- 2023-11: KRW 30,350.00 per share

- 2023-12: KRW 29,450.00 per share

- 2024-01: KRW 27,500.00 per share

- 2024-02: KRW 30,550.00 per share

- 2024-03: KRW 42,300.00 per share

- 2024-04: KRW 40,050.00 per share

- 2024-05: KRW 48,000.00 per share

- 2024-06: KRW 58,700.00 per share

- 2024-07: KRW 45,150.00 per share

- 2024-08: KRW 41,400.00 per share

- 2024-09: KRW 36,550.00 per share

- 2024-10: KRW 36,400.00 per share

- 2024-11: KRW 22,300.00 per share

- 2024-12: KRW 27,350.00 per share

- 2025-01: KRW 38,700.00 per share

- 2025-02: KRW 37,650.00 per share

- 2025-03: KRW 35,600.00 per share

- 2025-04: KRW 31,850.00 per share

- 2025-05: KRW 38,400.00 per share

- 2025-06: KRW 52,300.00 per share

- 2025-07: KRW 65,000.00 per share

- 2025-08: KRW 66,600.00 per share

- 2025-09: KRW 71,300.00 per share

- 2025-10: KRW 113,900.00 per share

- 2025-11: KRW 144,000.00 per share

- 2025-12: KRW 119,200.00 per share

- 2026-01: KRW 117,500.00 per share

- 2026-02: KRW 127,600.00 per share

- 2026-03: KRW 98,000.00 per share

- 2026-04: KRW 150,300.00 per share

- 2026-05: KRW 129,200.00 per share

- 2026-06: KRW 115,400.00 per share

- 2026-07: KRW 74,500.00 per share

- 2026-08: KRW 114,000.00 per share

- 2026-09: KRW 115,100.00 per share

- 2026-10: KRW 117,200.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 5,039.73 per share, central KRW 5,504.83 per share, high KRW 6,123.98 per share

- FY2023: low KRW 1,028.59 per share, central KRW 1,241.82 per share, high KRW 1,365.99 per share

- FY2024: low KRW 1,935.49 per share, central KRW 2,346.74 per share, high KRW 2,586.21 per share

- FY2025: low KRW 22,772.80 per share, central KRW 30,604.89 per share, high KRW 35,165.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:44.601Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.