Wonik IPS (240810): Where It Stands — 2026-09-12 Deep Dive

2026-09-12 · semiconductor · Wonik IPS data page

As of 2026-09-11 (Seoul close). Live numbers on the Wonik IPS data page.

Metric	Value
Close	₩110,300
Day	-7.15%
5d / 20d / 60d	-3.92% / -8.08% / -31.79%
52w position	49.7% (₩38,150–₩183,300)
MA20 / MA60	₩112,275 / ₩118,860

Price Action and Relative Positioning

Wonik IPS (KRX 240810) fell sharply on September 11, 2026, closing at ₩110,300, down 7.15% in a single session. The move significantly outpaced the broader Korean equity market’s retrenchment, with the benchmark KOSPI declining 1.76% and the KOSDAQ slipping 1.95%.

Today’s drop deepens a sustained phase of medium-term underperformance. Wonik IPS has posted negative returns across all recent horizons: down 3.92% over five sessions, 8.08% over 20 sessions, and 31.79% over 60 sessions. This trajectory reveals a stark divergence from the broader domestic semiconductor space. While the median 20-day return for covered Korean semiconductor names stood at +2.21%, Wonik IPS retreated 8.08% over the same frame—an underperformance gap exceeding 10 percentage points.

                  20-Day Performance Spread
Wonik IPS (240810)  [-8.08%]
Peer Group Median             [+2.21%]
                    |---------|---------|
                  -10%       0%       +5%

From a technical perspective, the stock has slipped below key trend lines. At ₩110,300, it sits beneath both its 20-day moving average (₩112,275) and its 60-day moving average (₩118,860). Against its 52-week trading band of ₩38,150 to ₩183,300, the stock now sits at 49.7% of its range, effectively halving the advance logged between its cyclical trough and its prior peak.

Drivers: Deposition Exposure and Fab Spending Dynamics

Wonik IPS’s multi-month drawdown (-31.79% over 60 sessions) reflects its high operating sensitivity to front-end memory capital expenditure cycles. The company is a key domestic supplier of Plasma-Enhanced Chemical Vapor Deposition (PE-CVD) and Atomic Layer Deposition (ALD) equipment, serving as a primary front-end tool vendor to tier-one Korean memory manufacturers, led by Samsung Electronics.

The divergence between Wonik IPS (-8.08% over 20 days) and the broader peer group (+2.21%) underscores shifting tool spending within the semiconductor supply chain:

Front-End Deposition vs. Back-End HBM Outlays: While the domestic semiconductor basket has drawn support from packaging and High Bandwidth Memory (HBM) infrastructure spending, front-end deposition toolmakers face a more muted environment. When memory producers concentrate near-term capex on TSV (Through-Silicon Via) lines and advanced packaging rather than expanding greenfield 3D NAND or advanced DRAM wafer starts, suppliers tied to pure deposition volumes see extended delivery lead times and order lulls.
NAND Fab Utilization and Migration Pace: Wonik IPS holds substantial exposure to NAND layer-stacking transitions (where ALD and CVD steps proliferate). Any pauses or measured step-ups in high-layer 3D NAND capacity expansions directly dampen booking visibility for deposition chambers, leaving the stock vulnerable during broader risk-off sessions like today’s 7.15% drop.

Risks and Caveats

Flow Data Blind Spot: Exchange-level investor flow data (foreign institutional and domestic institutional net balances) was unavailable for today’s session. It remains unconfirmed whether today’s -7.15% move stemmed from programmatic selling, an institutional block liquidation, or passive rebalancing.
Customer Capex Concentration: The company’s revenue remains heavily tied to the capex schedules of Samsung Electronics and, to a secondary extent, SK Hynix. Any further deferral in conventional memory line additions remains a primary operational risk.
Elevated Beta: With a 52-week high of ₩183,300 and a low of ₩38,150, the stock exhibits substantial cyclical volatility, routinely overshooting both the KOSPI and its equipment peer group during market drawdowns.

This note was produced by Chip & Cell’s data pipeline with model-assisted analysis. It is not investment advice; verify all figures against primary sources.

Not investment advice. Figures are as of publication and may contain errors — see methodology.