KOSDAQ · Materials localization · EUV blankmask & pellicle
S&S Tech
A leader in localizing blankmask (photomask substrate), a core semiconductor/display material, ramping EUV blankmask and pellicle with Samsung holding an 8% strategic stake. Blankmask has effectively been a Japanese (Hoya and others) monopoly, so Samsung's adoption of a domestic blankmask in EUV is both the symbol of localization and the key growth axis. Its main customers are top-tier chip/display makers — Samsung Electronics, Samsung Display, SK hynix, LG Display (top disclosed customers KRW 46.7-26.9B) — and entry into the EUV/High-NA generation is the re-rating trigger.
101490.KQ Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, S&S Tech is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 9 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Blank masks and EUV pellicles — FY2025 revenue ₩243.7bn (+38%); EUV blank-mask mass production from 1H 2026 (₩15-20bn est.)
- Segments · Blankmask and EUV pellicle
Revenue from
- Samsung Electronics High confidence
Supplies blankmask and pellicle to Samsung — a strategic partner (8% stake) whose adoption of a domestic EUV blankmask is the key growth axis.Mentions KO DS Investment & Securities Published Jun 12, 2026: S&S Tech — EUV blank-mask ramp, 'well-founded confidence' (DS Investment)Confirms KO ETNews Published Jan 12, 2026: Samsung to adopt domestic EUV blank masks (reducing dependence on Japan's Hoya) - SK hynix Medium confidence
Supplies blankmask and pellicle to SK hynix — the second axis of customer diversification in localization.Confirms KO ETNews Published Jan 12, 2026: Samsung to adopt domestic EUV blank masks (reducing dependence on Japan's Hoya)
Pays to
- raw materials (undisclosed) Low confidence
Raw materials for blankmask and pellicle (undisclosed). - equipment & R&D (undisclosed) Low confidence
Production equipment and R&D (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| S&S Tech | node | -17.3 | -5 | +45.8 | -31.2 | +210.8 | -47.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
A leading materials maker localizing blankmask (photomask substrate), effectively a Japanese (Hoya and others) monopoly, with Samsung's 8% strategic stake at the heart of the localization story. Samsung's adoption of a domestic blankmask in EUV — plus SK hynix and Samsung/LG Display as top customers — makes the EUV/High-NA generational shift the growth trigger. But EUV pellicle and blankmask mass production hinge on yield and qualification, so earnings are volatile and concentration in a few large customers is a risk. Upstream on the graph the trigger is expanding EUV adoption at Samsung and SK hynix, and this node is the materials beneficiary of that localization demand.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩76,000 · Price ₩47,750 (07-10) · Upside +59%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| DS Investment & Securities | Buy | ₩76,000 | Oct 22, 2025 | Report ↗ |
| DS Investment Securities | Buy | ₩76,000 | Oct 22, 2025 | Report ↗ |
With the Yongin plant completed (Oct 15) and EUV blank-mask mass production ready, DS sees 2026 EUV blank-mask revenue at a conservative KRW 15-20B and argues it can be a decisive valuation re-rating catalyst even with modest near-term earnings; raises the target to KRW 76,000 from KRW 56,000 and maintains Buy.