[Edaily Reporter Shin Ha-yeon ] On the 8th, the independent research firm Value Finder analyzed that Handok Clean Tech Co., Ltd.(256150)could see filters for semiconductor CMP (chemical-mechanical polishing) processes become a new growth driver, in addition to the recovery in earnings from its carbon block filter business for water purifiers. With operating profit for the first half of this year already surpassing last year’s full-year results, the firm noted that the company’s shareholder return policy also warrants attention. No investment opinion or target price was provided.

Ji-hoo, a senior researcher at ValueFinder, stated, “With stable growth in the core business, diversification of the product portfolio, and expansion of new businesses all proceeding simultaneously, medium- to long-term earnings growth is expected.”

Founded in 2003 and listed on the KOSDAQ market in 2019, Handok Clean Tech Co., Ltd. is a company specializing in carbon block filters. Based on its carbon block manufacturing technology, the company operates businesses in water purifiers and commercial filters. As of the first half of this year, revenue breakdown was 87.6% for carbon filters, 12.1% for composite filters, and 0.3% for air filters.

The company supplies its flagship product—water purifier filters—to major domestic water purifier manufacturers such as COWAY, CUCKOO HOMESYS, LGELECTRONICS, SK Magic, and SamsungElectronics. Value Finder explained that the company possesses manufacturing technology that allows it to handle the entire production process in-house—from raw material development to particle size and blend ratio design, binder selection, molding, and pore structure control—rather than merely assembling filters.

Financial performance is also showing signs of improvement. Handok Clean Tech Co., Ltd.’s revenue for the first half of this year reached 40.4 billion won, a 17.6% increase compared to the same period last year. Operating profit rose 70.4% to 3.3 billion won, and net income increased 112% to 3.6 billion won. In just the first half of the year, the company surpassed both last year’s full-year operating profit of 2.8 billion won and net income of 2.7 billion won.

Analyst Ji explained, “Increased orders from major clients drove revenue growth, and combined with cost savings resulting from product price hikes and the localization of raw materials, profitability appears to have improved significantly.”

In particular, ValueFinder highlighted the semiconductor CMP slurry filter currently under development by Handok Clean Tech Co., Ltd. CMP is a process that uses a slurry containing fine abrasive particles, such as silica and ceria, to flatten the wafer surface to the nanometer level. Aggregated particles or foreign matter generated during the slurry manufacturing, storage, and transfer processes can cause microscopic scratches and defects on wafers, necessitating precision filtration technology to remove them.

Researcher Ji stated, “As semiconductor microfabrication processes become increasingly sophisticated, the importance of particle control is growing, and the performance of CMP slurry filters is now recognized as a key factor in determining process yield.”

He also highlighted the advantage of being able to apply existing carbon block filter manufacturing technology to the development of semiconductor filters. He explained that for both carbon block filters and CMP slurry filters, the key factors are material selection and formulation, control of pore size and distribution, and optimization of flow rate and removal performance.

Researcher Ji analyzed, “The technical foundation—designing pore structures to selectively filter materials—is considered to be similar,” adding, “Since technology for optimizing materials and pore structures to meet required performance specifications is also crucial for semiconductor slurry filters, we believe we can leverage the manufacturing know-how accumulated from our existing filter business.”

The slurry filter is currently in the development stage. The company is proceeding with development by selecting a materials supplier for membrane filters through collaboration with a Japanese firm. The target completion date for development is the second half of next year. Researcher Ji predicted, “Depending on the progress of future development, plans for securing clients and mass production schedules are expected to gradually take shape.”

The company is also pursuing expansion into the eco-friendly and new materials sectors. Through a government-funded project by the Ministry of SMEs and Startups, it is developing high-efficiency filter paper for refining waste cooking oil, and is also working on the development of “LEON,” a titanium-based heavy metal adsorption material. Analysts note that the waste cooking oil refining filter could potentially be linked to the future transition to Sustainable Aviation Fuel (SAF) feedstocks.

The report also highlighted the potential for further profitability improvements in the company’s core business. Since last year, Handok Clean Tech Co., Ltd. has successfully localized key raw materials that were previously imported from Europe and the United States through in-house development, and has also completed the localization of filter materials for refrigerators, for which it is currently filing a patent application.

Researcher Ji explained, “Securing cost competitiveness through the localization of raw materials is also positive,” adding, “If combined with the effect of product price increases, we believe operating leverage will also expand.” He continued, “We expect medium- to long-term growth to continue as the company secures profitability based on its stable filter business, coupled with the expansion of new business ventures.”

The shareholder return policy was also highlighted as an investment point. In March, Handok Clean Tech Co., Ltd. announced a plan to enhance corporate value, including maintaining a dividend payout ratio of at least 40% and pursuing the cancellation of treasury shares.

Analyst Ji noted, “The company has already exceeded last year’s operating performance in the first half of 2026,” adding, “I believe it is important to pay attention to the current situation, where there are also expectations regarding the shareholder return policy.”