[Edaily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 5th that it is initiating coverage of ISC Co., LTD.(095340)with a “Buy” rating and a target price of 180,000 won.

ISC Co., LTD. is a manufacturer of test sockets, a key consumable in semiconductor testing processes. It was the first in the world to commercialize silicone rubber sockets and maintains its position as the global market leader. Acquired by SKC in 2023, it became part of the SK Group and is expanding its business into the semiconductor equipment and materials sectors following the 2025 acquisitions of “iSemi” and “TechDream.”
Lee Geon-jae, Head of the KOSDAQ Research Center at IBK Investment & Securities, said, “Thanks to the synergies from the acquisitions of these two companies, revenue from equipment and materials surged 3.5-fold year-over-year to 23.5 billion won in 2025, and we expect this growth trend to continue this year in line with the group’s strategy.”
Following last year’s record-breaking performance, the company is expected to set a new record this year as well. Lee analyzed, “Projected results for 2026 are 317.5 billion won in revenue (up 44.5% year-over-year) and 95.9 billion won in operating profit (up 60.1%, with an operating profit margin of 30.2%), and the synergies resulting from the integration into the SK Group are expected to continue.”
He continued, “Among these, the aspect investors should pay attention to is the simultaneous growth across all business divisions driven by the strengthening AI investment cycle. In the memory sector, revenue from new solutions such as HBM and SOCAMM (next-generation DRAM modules) has begun to materialize, while the high-margin non-memory segment is showing meaningful growth in CPUs, GPUs, and ASICs (application-specific integrated circuits)," he noted, adding, "The operating profit margin for GPU sockets stands at around 50%, demonstrating overwhelming profitability; therefore, the global trend of expanding AI investment is expected to drive both quantitative and qualitative growth in earnings."
He noted, “ISC Co., LTD.’s growth story is clear. Its growth DNA exploded following the 2021 sale to a private equity (PE) firm, and SK Group, having recognized that potential, acquired the company in 2023.” He continued, “ISC Co., LTD.’s true competitive edge lies in trust. “Dynamic investor relations”—a rarity among KOSDAQ-listed semiconductor materials, parts, and equipment companies—and the ability to ‘consistently meet achievable targets’ have built up market trust. It is a model case for the domestic semiconductor materials, parts, and equipment sector,” he added.