DIT Corp. 110990

DIT Corp. (디아이티) — KOSDAQ 110990 — deep-value analysis

Analysis date: 08.24.2026 · Reference price: … (Yahoo, last quote 08.24.2026; the tracker has …, close of 08.21.2026) · Market cap … · Single currency: reporting KRW / price KRW, no conversion exposure · Not an SEC issuer — no CIK, EDGAR wasn't run; primary sources are K-IFRS via DART/KIND, aggregated through yfinance and cross-checked against the K-IFRS tables in the Yuanta Securities report of 02.12.2025.

Method note on the ticker. The bare symbol "110990" is a 404 on Yahoo. The morning run produced a completely empty data pack (the same error class as "1318" → Mao Geping). I added the 110990 → 110990.KQ alias to _BVB_ALIASES in deep_data_pack.py and regenerated the data pack; every figure in this report comes from the 11:07 run, not the empty one.

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Executive summary (1 page: thesis, estimated value, verdict)

DIT Corp. is a Korean maker of process and inspection equipment for semiconductor fabs, headquartered in Hwaseong-si with 239 employees (March 2026, Wisereport). Over the last three years the company underwent a complete business-model transformation: the AOI segment (automated optical inspection for displays) went from … revenue in 2023 to 41.1 bn in 2024, while the Laser Solution segment — essentially laser annealing equipment for SK Hynix's DRAM and HBM lines — exploded from 16.1 bn to 72.1 bn (table 2 in the Yuanta Securities report, 02.12.2025). Today the revenue mix is Laser 87.06% / AOI 10.43% / other 2.51% (Wisereport). The economic result of the pivot is brutally good: gross margin went from 12.9% (2022) and 16.2% (2023) to 34.3% (2025) and 44.2% in Q1 2026, and operating margin from 4.2% to …%. Q1 2026 delivered … revenue (… versus Q1 2025) and 16.44 bn operating profit (…), figures independently confirmed by Korean aggregators.

Despite this, the stock trades at …, 43% below its 2026 high (…) and 50% below its 2024 high (…). The reason isn't in the financials — it's in a courtroom. On 06/27/2025, the Daejeon District Prosecutors' Office indicted the company itself and three employees/directors for violating the Act on Prevention of Divulgence and Protection of Industrial Technology and the Unfair Competition Prevention and Trade Secret Protection Act (cases 2024형제19427 and 27532, Daejeon District Court). The charge targets exactly the laser annealing technology generating 87% of revenue, allegedly appropriated from a Korean competitor. On the day of the announcement, the stock fell 10.28%, to … (DigitalToday, Alphabiz). Fourteen months after the indictment, I found no first-instance verdict.

The valuation figures are, consequently, dislocated. Of the … market cap, 188.07 bn is net cash — 64.6% of the price, i.e. … per share out of a … price. The remaining enterprise value is … for a business that produced 34.22 bn operating profit over the last four quarters: EV/EBIT 3.03x, EV/EBITDA 2.82x (Stockanalysis). ROIC on invested capital excluding excess cash is ~48…. Normalized owner earnings, cleaned of interest earned on the cash reserve (to avoid double-counting cash, added separately), are … — a 21.3% yield on enterprise value.

Estimated value: 9,973 – … per share, with the median of the five triangulated models at … (… versus price). The Monte Carlo simulation over 20,000 scenarios gives a median of … (…) and a …% probability the stock is undervalued — but this …% is misleading and must be read as such: the simulation varies owner earnings, growth, the discount rate, and terminal growth, it doesn't vary net cash and can't model a criminal verdict. This company's real risk is binary and sits outside the distribution.

Verdict: SPECULATIVE BUY, with explicitly capped position size (maximum 1… of portfolio), not a concentration holding. The price paid for the operating business is three times its annual operating profit, and cash covers two-thirds of the price — this is a structure where, if the trial ends in acquittal or a bearable fine, a re-rating toward …-… is mechanical. If it ends in conviction and a civil injunction on the laser annealing equipment, 87% of revenue disappears within 12-24 months and fair value falls toward 9,900-…, essentially the net cash, with the business at zero. There's no modeling assumption that resolves this bifurcation — it resolves at the Daejeon court. Hence the verdict "option, not investment": position size, not margin of safety, is the control variable.

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