Yuanta Securities, in a report published on 21st August 2026, examined the second-quarter results of Intech Plus (KOSDAQ: 064290), a specialist in visual inspection equipment for semiconductors and displays, and highlighted a dramatic surge in the company's order backlog as grounds for cautious optimism about a second-half recovery.
Persistent losses, but a backlog that tells a different story
Intech Plus recorded revenue of 8.96 billion won and an operating loss of 5.12 billion won in the second quarter (April–June 2026), a sharp deterioration compared with the same period a year earlier. The results extend a painful streak: after reaching peak revenue of 118.8 billion won and operating profit of 19.4 billion won in 2022, the company has posted operating losses in every subsequent year — 11.1 billion won in 2023, 15.6 billion won in 2024, and 3.7 billion won in 2025. The first half of 2026 has brought no relief.
Yet Yuanta Securities argues that the income statement is the wrong place to look right now. The figure that matters, it contends, is the order backlog, which stood at 121.67 billion won at the end of the second quarter — up 107.0% from 60.96 billion won at the end of the first quarter, and up 148.6% from 50.75 billion won at the close of 2025. In short, the backlog more than doubled in the space of half a year.
Semiconductors drive the quality of the pipeline
Crucially, the bulk of new orders came from semiconductor visual inspection, rather than from the lower-margin display and secondary battery segments. Yuanta Securities notes that semiconductor inspection equipment carries superior profitability. Given that the company's average lead time from order to delivery is approximately six months, the analysts conclude that the first-half surge in orders should translate into meaningfully higher revenue in the second half of the year — with margin improvement following in tandem.
An expanding customer base tied to AI investment
The report also points to broadening demand as a structural positive. A North American customer in semiconductor packaging is stepping up capital expenditure, driven in turn by its own clients' plans to invest in artificial-intelligence data centres. Intech Plus has additionally passed quality certification audits for a global foundry customer this year, opening the door to new shipments to associated OSAT (outsourced semiconductor assembly and test) companies. Domestic and international customers in mid-end semiconductor packaging are also increasing their investment. Perhaps most notably, the company secured its first high-end Japanese customer during 2026 — a meaningful addition to a client list that had previously been concentrated in Korea.
Technology as a barrier to entry
On the competitive front, Yuanta Securities argues that Intech Plus holds a genuine edge over rivals. Miniaturisation and high-speed, large-area inspection are the defining technical requirements in semiconductor packaging and substrate inspection. The company's background in display inspection equipment — a field demanding precisely those large-area capabilities — combined with its high-speed three-dimensional surface-measurement technology, gives it a head start. The integration of automated control, digital signal processing, and AI-based algorithms further raises the barriers to entry for potential competitors.
Risks that investors should not overlook
There are, however, reasons for caution. A backlog is not revenue: the conversion of orders into recognised sales depends on customer investment schedules remaining intact, and a shift in global semiconductor industry conditions could delay or reduce deliveries. Intech Plus's own history illustrates the point — its revenues roughly halved after 2022, and the company endured more than three years of operating losses as a result. Its balance sheet reflects that strain: the debt-to-equity ratio stood at 158.6% as of end-2025, and total borrowings have risen to 32.6 billion won.
The share price adds another layer of complexity. At 35,650 won as of 20th August, the stock has risen more than 282% from its 52-week low of 9,320 won; its twelve-month absolute return stands at 277.6%. A price-to-book ratio of 3.1 times is a demanding valuation for a company in its fourth consecutive year of losses, suggesting that considerable optimism about a recovery is already embedded in the share price.
Yuanta Securities has maintained a "Not Rated" stance, declining to issue a formal target price or investment recommendation. The posture reflects an analyst community that sees the right signals but wants confirmation in actual results before committing to a valuation. Whether Intech Plus's second-half performance bears out the promise of its swelling order book will be the single most important factor determining which way the share price moves from here.