1. After-Hours Trading Analysis

On September 22, 2025, 170,000 shares of KOSES (₩2.6 billion) were traded after hours. Foreign investors were net buyers (₩3.4 billion), while institutional investors were net sellers (₩3.1 billion). This suggests positive sentiment from foreign investors, but further analysis is needed to understand the institutional selling.

2. Fundamental and Market Analysis

2-1. Improving Fundamentals: Growth in Secondary Batteries

Based on the first half of 2025, KOSES demonstrated improved fundamentals, achieving a turnaround in operating profit and increased net income despite a decrease in sales. The growth in the secondary battery equipment segment is particularly noteworthy. The stability of the semiconductor equipment division also adds to the investment appeal. Financial soundness is also at a healthy level.

2-2. Market Environment: Opportunities and Threats

The growth outlook for the semiconductor and secondary battery equipment markets is positive. However, the possibility of a global economic slowdown and uncertainty in the semiconductor industry are threats. The rising exchange rate could be both an opportunity and a threat for KOSES, an export-oriented company.

3. Investment Opinion and Future Observations

3-1. Investment Opinion: Neutral

KOSES’s improved fundamentals and growth momentum in secondary batteries are positive. However, given the global economic uncertainty and the need for further analysis of institutional selling, the investment opinion is neutral.

3-2. Future Observations

  • Continued foreign buying
  • Identity and reasons for institutional selling
  • Future earnings outlook and guidance
  • Semiconductor and secondary battery market trends
  • Exchange rate and interest rate volatility