What Does Wonik IPS's Price Assume About the Unnamed Financial Line?
The 9 November close is a claim on the tool margin. A same-day deck puts KRW 49.0 billion of financial expense under operating profit and does not name it.
ANALYSIS · MEMBERS CONTINUE · 6 min free / 17 min full · Data as at 10 Nov 2026
Wonik IPS's last labelled close, KRW 67,300 on 9 November 2026, is a claim on the tool margin, not on the net income the quarter kept. The same-day English deck puts a financial expense of KRW 49.0 billion under operating profit of KRW 66.7 billion, and it does not name the instrument.
In short
- The close pays for the operating line. A year of this quarter's net income is a different sum. The multiples are below.
- The fair disclosure prints both ends of the hole and does not split them. The deck splits them into a financial line and an other line, then stops.
- Members get who gets paid, three scenarios with the arithmetic, the read, the dates that would change it, and the takeaways. No target. No recommendation.
The numbers that matter
The price is the company's stock page. The million-won lines are the 9 November fair disclosure. The split under operating profit is the English deck of the same day, in billion won to one decimal, before the external audit.
| What | Figure | Where it is from |
|---|---|---|
| Last labelled close | KRW 67,300 on 9 November | Stock page, daily close column, read 10 November at 16:06 Korea time. No 10 November close row. |
| Issued shares | 49,083,901 | Same page, and the deck's shareholder slide as of 30 September. |
| Market value | KRW 3,303,346,537,300 | Our arithmetic: 49,083,901 × 67,300. |
| Revenue | KRW 337,787 million | Fair disclosure. The deck rounds it to 337.8 billion. |
| Operating profit | KRW 66,654 million | Fair disclosure. The deck rounds it to 66.7 billion. |
| Financial income / (expense) | (49.0) billion | Deck only. Not a line on the fair disclosure. |
| Other non-operating | (12.4) billion | Deck only. Not named further. |
| Net income | KRW 3,330 million | Fair disclosure, same figure for owners. Deck rounds it to 3.3 billion. Pretax profit is KRW 5,205 million. |
| Equity, 30 September | KRW 1,082.9 billion | Deck. Debt, on the deck's own definition, is a dash. Debt-to-equity is printed as 0%. |
This morning's [[Korea pulse|https://www.sotkn.com/markets/korea/korea-wonik-ips-q3-net-line-november-2026/]] is that fair disclosure. It stops where the filing stops. This page starts at the price, and it uses the deck.
Why does the 9 November close matter?
It is the last figure the company page labels as a close, on the day of the paper. Read at 16:06 Korea time on 10 November, the real-time line was still printing: last trade KRW 68,000 at 16:05:50, up 700 won, inside a session that opened at 71,100, reached 71,500, and fell to 66,700. A live print is not a close. The sums below use 67,300. The same sums at 68,000 are 1.0% larger (68,000 ÷ 67,300), which does not change the scenario.
The path into the close is mostly earlier than the filing. The page's closes are 86,400 on 4 November, 72,800 on 5 November (a printed change of 13,600), 66,700 on 6 November, and 67,300 on 9 November (a printed change of 600). From 86,400 to 67,300 is 22.1% lower, our arithmetic. This page does not assign the 5 and 6 November moves to a filing dated 9 November. The filing cites a preview notice of 30 October. That notice is not restated here.
Issued shares are 49,083,901. At KRW 67,300 the market value is 49,083,901 × 67,300 = KRW 3,303,346,537,300, or KRW 3.303 trillion. Par is 500 won, and 49,083,901 × 500 rounds to the deck's capital stock of 24.5 billion.
Deck equity at 30 September is KRW 1,082.9 billion. 3,303.3 ÷ 1,082.9 = 3.05, our arithmetic. The close is 3.05 times that equity, only as sharp as the tenth-of-a-billion rounding. Treasury shares are 376,755, 0.8% on the deck and 0.77% on the count. Without them, 48,707,146 × 67,300 = KRW 3,277,990,925,800, still 3.03 times equity. Treasury does not choose the scenario.
What does the deck name, and what does it leave out?
Operating profit minus pretax profit is 66,654 − 5,205 = 61,449 million won, our arithmetic. The fair disclosure does not name that hole. Pretax minus net income is 5,205 − 3,330 = 1,875, also unnamed.
The deck, listed as Wonik IPS_IR_Eng_3Q26 and dated 9 November, names two buckets. Financial income/(expense) is (49.0) billion and other non-operating income/(loss) is (12.4). Together, (61.4) billion, which is the 61,449 million hole rounded to a tenth. 66.7 − 49.0 − 12.4 = 5.3, against pretax of 5.2. The spare tenth is rounding. This page does not invent an account for it.
The instrument inside (49.0) is not named. The deck defines debt as short-term borrowings, the current portion of long-term borrowings, debentures, and long-term borrowings, then prints a dash and a debt-to-equity ratio of 0%. A borrowing coupon is not what that dash can carry. The deck is silent on foreign exchange, a derivative, an equity-method result, and on whether the line repeats.
The line also swings. Financial income/(expense) is 11.5 billion, then 81.0, then (49.0). The nine-month total is 43.5, still a gain. Other non-operating is 4.2, then 1.8, then (12.4), and (6.4) for the nine months. The year has not lost the bridge. This quarter has. The deck does not say why the sign flipped.
The sales chart does have a name. The third-quarter bar prints 306.9 and 30.9, and those add to the 337.8 sales line. The legend marks the larger segment semiconductor and the smaller one display. The prior quarter is 189.6 and 26.9, adding to 216.5. A year earlier is 197.4 and 71.0, adding to 268.4. Sequential sales rose 337.8 − 216.5 = 121.3. Semiconductor rose 117.3 and display rose 4.0. The semiconductor increase is 117.3 ÷ 121.3 = 96.7% of the sales increase, and 306.9 ÷ 337.8 = 90.9% of the quarter, our arithmetic.
The chart names no customer and no tool model. The about page, read the same day, says the company has localized plasma-enhanced and metal chemical vapour deposition for high-bandwidth memory, with more than 1,800 thin-film systems and more than 1,050 diffusion systems. The deck does not repeat those sentences. [[HBM, explained|https://www.sotkn.com/explained/hbm-explained/]] is not an invoice on this print.
[[What Besi does|https://www.sotkn.com/stack/semiconductors/what-does-besi-do/]] is the placement tool, a different clock from this film tool. [[The latest Wire|https://www.sotkn.com/wire/softbank-grab-1-85bn-malaysia-ai-data-centre-seed-wire/]] is a hall seed. Yesterday's analysis was an uncommissioned switch. This page is the financial line, on [[the semiconductor stack|https://www.sotkn.com/stack/semiconductors/]].
What are the three ways this can sit?
The close is one number. It can be written for three earnings years.
- The quarter repeats. Operating profit stays here, and the financial expense of (49.0) billion comes back.
- The operating line repeats and the financial line does not.
- The semiconductor bar gives back to the prior quarter, and the financial expense repeats.
Our read, in one line: the second. The close pays for the operating line, not for a year of KRW 3,330 million. The worked multiples are members-only.
The free preview ends here.
—— Still to read · the scenarios and the multiples ——
MEMBERS CONTINUE HERE — who gets paid · the three scenarios · our read · takeaways · FAQ
