Jusung Engineering Tops Korean Chip Peers with 610% TSR
Jusung Engineering outperforms major memory makers with a 610% total shareholder return, driven by high-k ALD demand and a recent earnings turnaround.
Key points
- Jusung Engineering achieved a 610% TSR from Jan 2024 to Sept 2026, outperforming Samsung Electronics and SK hynix.
- The company reversed operating losses in Q4 2024 and Q1 2025 to return to profit in Q2 2025.
- High-k ALD technology demand and expanded memory capex from SK hynix and CXMT drive current growth expectations.
Jusung Engineering has emerged as the top performer among large-cap Korean semiconductor stocks, posting a cumulative total shareholder return of 610% from January 2024 to September 2026. This return exceeds that of industry giants Samsung Electronics (195%) and SK hynix (466%), according to data cited by fntimes.com. The company’s share price rebound was sharp, reversing negative returns in 2024 and 2025 into a 629% gain year-to-date this year.
The outperformance is attributed to Jusung Engineering’s position in front-end deposition equipment, specifically its high-k atomic layer deposition technology. As industry standards shift toward finer process nodes and vertically stacked transistors, demand for this specific equipment class has increased. Investors have priced in both current order volumes and the potential for new technology adoption as process structures evolve.
Earnings recovery supports valuation
Financial performance underpinned the stock rally after a period of losses. Jusung Engineering reported an operating loss of KRW 12.6 billion in the fourth quarter of 2024 and another loss of KRW 7 billion in the first quarter of 2025. The company returned to profitability in the second quarter of 2025, signaling an earnings bottom and boosting investor confidence in its operational trajectory.
Memory capex drives equipment demand
Expanded capital expenditure by memory manufacturers serves as a primary growth driver for the equipment maker. Key demand catalysts include SK hynix’s investment in its M15X fab, planned future fab constructions, and capacity expansions at Chinese memory maker CXMT. These investments necessitate updated deposition tools, directly benefiting Jusung Engineering’s order book.
Peers show divergent performance trends
Other Korean chip-related stocks have shown mixed results over the same period. ISU Petasys, a supplier of high-layer-count PCBs for AI servers, saw its TSR drop to -10% this year after a strong 2025, as market expectations for AI infrastructure growth were adjusted. WONIK IPS, which supplies deposition and etching equipment, posted a 76% return this year, moving in tandem with Samsung Electronics’ recovery in memory cycle spending.
