[Edaily Reporter Kwon Oh Seok ] IBK Investment & Securities announced on the 28th that it is initiating coverage on CMTX Co.,Ltd. with a “Buy” rating and a target price of 115,000 won.

CMTX Co.,Ltd. is a semiconductor materials and components manufacturer that produces silicon electrodes and rings—components used in semiconductor etching and deposition processes—and listed on the KOSDAQ market in November 2025.
Lee Geon-jae, Head of the KOSDAQ Research Center at IBK Investment & Securities, explained, “The company has successfully expanded its customer base, starting with SamsungElectronics and extending to U.S.-based Micron and TSMC, the world’s largest foundry. CMTX Co.,Ltd. is the only domestic semiconductor component company registered as a Tier 1 vendor for TSMC, and it is recognized in the market for its technological capabilities and supply capacity as a Tier 1 partner of SamsungElectronics and a top-tier partner of Micron.”
Earnings are linked to process sophistication and rising customer utilization rates. The structure is such that as process complexity increases, component wear accelerates, driving up replacement demand; and as utilization rates rise, recurring revenue expands. He believes that the recent improvement in the semiconductor market is the key driver of CMTX Co.,Ltd.’s earnings growth.
In 2025, the company recorded an operating profit margin of 32.3%, achieving the highest profitability among domestic silicon parts companies. Center Director Lee noted, “Its growth potential is also excellent, as it has recorded a 50% annual revenue growth rate for the past two years.” We forecast 2026 earnings to reach 200.6 billion won in revenue (up 24.9% year-over-year) and 63.5 billion won in operating profit (up 22.6%). With an expected operating profit margin of 31.5%, the company is expected to maintain high profitability of over 30% alongside revenue expansion,” he emphasized.
He continued, “Although the company attracted market attention with a steep rise in its stock price shortly after its IPO, it has now entered a phase where it is building trust by substantiating growth expectations with actual results,” adding, “The key to a future stock price revaluation lies in whether revenue growth and high profitability can be sustained.”
He added, “If this trend is confirmed in the upcoming third-quarter earnings report, we believe market confidence in CMTX Co.,Ltd.’s profit-generating capabilities will increase, and investor interest will rise once again.”