Juseong Engineering, the unstoppable run aiming for the throne of KOSDAQ and the light and dark side behind it. > News

The surge in Jusung Engineering's stock price is not a coincidence, but is in line with a huge paradigm shift in the semiconductor industry. The company has secured unrivaled technological capabilities in the fields of atomic layer deposition (ALD) and chemical vapor deposition (CVD), and has established itself as a key partner in the next-generation semiconductor process. In particular, SK Hynix's plan to expand its large-scale wafer production capacity, announced by SK Group Chairman Chey Tae-won, served as a strong momentum by increasing the possibility of introducing Jusung Engineering's equipment. As semiconductor microprocessing becomes more sophisticated, the technology to form ultra-fine thin films becomes a necessity rather than an option, and this technological moat has become a catalyst for strong buying momentum among investors.

But behind the market's keen interest, there are cold numbers. Jusung Engineering's price-to-earnings ratio (PER) is very high, dozens of times higher than the average for the same industry, which can be interpreted as a sign that expectations for future growth rather than current performance are too much pre-reflected in the stock price. In fact, the sharp decline that occurred after the historic intraday record of 283,000 won on June 12 shows that a large number of funds aiming for short-term profits were leaving, increasing market volatility. Large-scale liquidity, with trading amounts exceeding 1 trillion won, dominates the market, but on the other hand, this also means that it stands on an unstable foundation where stock prices can fluctuate significantly even with small negative news.

The external environment also acts as an important variable in determining the future of Jusung Engineering. The overall vitality of the KOSDAQ market has led to the simultaneous rise of semiconductor small and medium-sized companies, but geopolitical risks and global macroeconomic uncertainty are detonators that can cool investment sentiment at any time. In particular, foreign investors' shareholding ratio and supply and demand trends serve as indicators of stock price stability, and fierce battles between institutions and individual investors continue every day. Expansion into solar power and new renewable energy businesses based on technological competitiveness is also attractive, but the consensus among experts is that time and verification are still needed before these new businesses actually lead to meaningful profits.

Technically, a fierce battle of power continues between the upper resistance and lower support lines centered around the 250,000 won line. News of semiconductor manufacturers' expansion in domestic facility investment serves as a strong support to ensure downward rigidity, but the fatigue caused by a short-term surge cannot be ignored. In order for Jusung Engineering to break the mold of being simply a semiconductor equipment company and be re-evaluated as a true future technology company, it must catch two birds with one stone: continuous research and development (R&D) performance and actual performance improvement. Even at this moment, market participants are withholding judgment at a crossroads as to whether this company will become the new ruler of KOSDAQ or remain as a temporary theme.