Semiconductor etch materials · World No.1 in SiC focus rings
TCK (Tokai Carbon Korea)
The world No.1 (80%+ share) in consumable SiC (silicon carbide) focus rings for etch chambers, a back-end materials maker. It supplies fabs indirectly through etch toolmakers Tokyo Electron, Applied Materials and Lam Research, so revenue tracks front-end etch-tool shipments and wafer utilization rather than any single fab. Being a consumable, replacement demand accumulates as tools run — giving it cycle leverage that rises as etch intensity and step counts climb.
064760.KQ Updated Sep 4, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, TCK (Tokai Carbon Korea) is directly linked to 5 companies (0 supply, 3 revenue, 2 investment relationships) and reaches 20 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-09-04).
Financials & Segments
- Total revenue · FY2025 consolidated revenue KRW 301.3bn, operating income KRW 83.9bn (27.8% margin). High-purity graphite and SiC parts for semiconductor etch
- Segments · SiC focus rings and etch consumables
Revenue from
- Tokyo Electron (TEL) High confidence· Market share >80% · 2024 · global share of SiC etch consumables
Supplies SiC focus rings and consumables to Tokyo Electron, the world's top etch-toolmaker; with 80%+ global share in these consumables, the more TEL tools installed, the more recurring replacement demand — a bottleneck relationship. - Applied Materials Medium confidence
Supplies SiC focus rings and consumables into Applied Materials' etch tools; an indirect toolmaker channel, so revenue tracks Applied's etch-tool shipments rather than any fab.Mentions KO Kiwoom & others Published Jan 16, 2026: TCK analyst consensus (Kiwoom PT KRW 220,000; consensus avg ~KRW 347,500): SiC/graphite parts on semi capex - Lam Research Medium confidence
Supplies SiC focus rings and consumables into Lam Research etch tools; with Applied, one of the two Western etch-tool anchors, spreading exposure across fabs.
Pays to
- raw materials (undisclosed) Low confidence
Raw materials for SiC focus rings and consumables (undisclosed). - equipment & R&D (undisclosed) Low confidence
Production equipment and R&D (undisclosed).
Investors
- KC Tech High confidence
Korean equipment/materials maker KC Tech co-founded TCK and holds ~8% — the domestic root of its early SiC material technology. - Tokai Carbon High confidence
Japan's Tokai Carbon is the largest shareholder (~51%), tying the core SiC material technology and control to the parent.
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 |
|---|---|---|---|---|---|---|---|
| SanDisk | lead2 | · | · | · | · | · | +633 |
| Micron Technology | lead2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| United Microelectronics (UMC) | lead2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +168.9 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| Kioxia | lead2 | · | · | · | · | +1082.1 | +155 |
| Tower Semiconductor | lead2 | +53.7 | +8.9 | -29.4 | +68.8 | +128 | +89.4 |
| ROHM | lead2 | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +82 |
| SK hynix | lead2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Nanya Technology | lead2 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +52.4 |
| Texas Instruments | lead2 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +51.5 |
| TSMC | lead2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| onsemi | lead2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +37.4 |
| GlobalFoundries | lead2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +29.7 |
| SMIC | lead2 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | -10.9 |
| Lam Research | lead1 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +80.1 |
| Applied Materials | lead1 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +77.6 |
| Tokyo Electron (TEL) | lead1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| TCK (Tokai Carbon Korea) | node | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | +5.9 |
| Tokai Carbon | benef1 | -20.4 | -3 | -3.2 | -14.2 | +26.8 | +72.5 |
| KC Tech | benef1 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +45.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
TCK (Tokai Carbon Korea) operates across KOSDAQ, Semiconductor etch materials, World No.1 in SiC focus rings. It is +5.9% in 2026. The demand side (avg +62.7%) leads the stock (+5.9%), so customer moves come first here. Among connected nodes the furthest ahead is Lam Research (+80.1%) and the furthest behind is Tokyo Electron (TEL) (+30.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Being a consumable, replacement demand accumulates as tools run — giving it cycle leverage that rises as etch intensity and step counts climb.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩270,000 · Price ₩252,000 (09-04) · Upside +7%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Shinhan Securities | Buy | ₩320,000 | Mar 26, 2026 | Report ↗ |
| Kiwoom Securities | Buy | ₩220,000 | Jan 16, 2026 | Report ↗ |
Record 2026 earnings on customer node transitions and higher utilization; a front-end consumable benefiting from NAND stacking, with Chinese customers driving double-digit growth to 2028. Target raised to KRW320,000.