[Edaily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 7th that it has initiated coverage of Global Standard Technology Co., Ltd.(083450)and is issuing a new “Buy” rating with a target price of 65,000 won.

Kang Min-gu, an analyst at IBK Investment & Securities, stated, “We believe the semiconductor capacity expansion cycle driven by AI (artificial intelligence) is on a completely different level in terms of duration and scale compared to past investments, and we assess that there is ample room for growth even at the current stock price, which is near its historical high.” He added, “We project that revenue, which has not exceeded 300 billion won over the past decade or so, will surpass 400 billion won starting this year.”
In the second half of the year, new orders from TSMC are also anticipated, and the company’s inclusion among the client base of global foundry firms is expected to provide additional momentum for the stock price.
He noted, “Utility equipment has been elevated from mere infrastructure to an essential component for yield improvement, and the market has entered a phase of expanding demand. Utility equipment is located beneath or beside the main equipment and helps control the environment and yield in semiconductor processes,” adding, “As semiconductors become increasingly highly integrated and miniaturized, the importance of utility equipment—which can affect yield—is growing.”
He further explained, “Global Standard Technology Co., Ltd. is engaged in the development and production of utility equipment for semiconductor processes, with its main products including scrubbers that reduce harmful gases and dust, and chillers that maintain a constant temperature inside chambers.”
He emphasized that, given the company’s track record of supplying the four major memory manufacturers, GST is expected to benefit the most among utility equipment providers during the current expansion cycle. Analyst Kang stated, “Due to the semiconductor supply-demand imbalance, new fabs are becoming larger—shifting from the existing two-story structure to a three-story design—and will evolve into ‘mega fabs’ equipped with six or more clean rooms,” adding, “As fabs grow in size, the demand for utility equipment is also expected to increase.”
He added, “Reflecting market conditions, the price of scrubbers—a cash cow product—rose 13% year-over-year to approximately 150 million won per unit in the first quarter. Annual production volume is also projected to increase by 23%, from 1,789 units in 2025 to around 2,200 units this year.”