[Asia Economy Reporter Hyungsoo Park] Justem, a newcomer to KOSDAQ, is rising compared to its IPO price on the first day of listing.
At 9:48 a.m. on the 28th, Justem was trading at 13,000 won, up 18.18% from the opening price.
Justem started trading at 11,000 won, up 4.76% from the IPO price of 10,500 won.
Founded in 2016, Justem is a leading small and medium-sized enterprise ranked number one globally in semiconductor contamination control solutions. Based on its core elemental technologies, Justem was selected as one of the Top 100 Small and Medium Enterprises in Materials, Parts, and Equipment and recognized as an excellent corporate research institute by the Ministry of Science and ICT. It holds the industry's best design technology and 101 patents, securing global top-tier IDM companies as clients.
Justem's N2 purge system is a solution that equips and applies a nozzle, a core technology, to LPMs for semiconductor wafer transfer and storage.
Im Youngjin, CEO of Justem, said, "As semiconductor processes become finer recently, device losses due to humidity within the process are occurring," adding, "The importance of the N2 purge system, which minimizes device loss, is increasing." He continued, "Existing LPMs have increased humidity due to the miniaturization of semiconductor processes. Justem's N2 purge system injects nitrogen into the wafer transfer container to reduce surface humidity to below 5%, improving wafer quality through FOUP internal environment control."
Justem maintains stable sales growth and high profitability based on its technological competitiveness. The compound annual growth rate (CAGR) of sales from 2016 to 2021 is about 35%, with last year's sales reaching 44.8 billion won and operating profit at 7.2 billion won. Through cost competitiveness and technological improvements, the operating profit margin has been maintained at an average of 16-18% over three years from 2019 to 2021.
Justem plans to expand its product portfolio into the display and solar industries based on the technology secured in the semiconductor industry. Through Justem's convergence design know-how, display vacuum environment transfer equipment and PECVD products for solar deposition have already been developed, and OLED high-vacuum equipment has been jointly developed and verified with major display companies. It has also developed secondary battery heat treatment equipment and plans to enter the secondary battery material heat treatment market by securing major clients.
Han Yugeon, a researcher at KB Securities, analyzed, "Based on verified references, Justem has diversified its client base to include Samsung Electronics, SK Hynix, and Micron, securing competitiveness in order acquisition," adding, "It will expand its business areas to display, solar, and secondary batteries through process technology convergence." He also noted, "Risk factors include slowed sales growth and deteriorating profitability due to delays in expansion investments in the upstream industries."
Choi Jongkyung, a researcher at Heungkuk Securities, introduced, "Justem has already completed the world's first development of the 2nd generation JFS (Justem Flow Straightener) and is about to see significant performance growth," adding, "Development of technology up to the 3rd generation JEM 1 has also been completed." He emphasized, "The expected high external growth next year due to client expansion and contributions from 2nd generation new products should be considered when investing."
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