iM Securities maintained a Buy rating and target price of 50,000 won on Koh Young (KOSDAQ: 098460) on the 15th, arguing that inspection demand from advanced industries — including space, humanoid robotics, and SOCAMM2 memory — is entering a phase of meaningful acceleration.
SpaceX and Aerospace Manufacturing
Koh Young's 3D inspection equipment and AI smart-factory solutions have begun to be deployed in SpaceX's satellite manufacturing processes. Aerospace components must withstand extreme vibration and temperature fluctuations, meaning even micrometre-scale process deviations can result in fatal defects. Should SpaceX's anticipated public listing drive further expansion in satellite production, Koh Young stands to be a direct beneficiary.
Humanoid Robotics
Humanoid robots — including Tesla's Optimus — require high-density, high-reliability inspection owing to their low-volume, high-mix production characteristics. As humanoid robot manufacturing scales up in earnest, demand for AI smart-factory solutions is expected to grow in tandem.
SOCAMM2: Next-Generation Memory
In semiconductors, benefits related to SOCAMM2 — a next-generation memory module for AI infrastructure — have become clearly visible. Koh Young has secured purchase orders (POs) for SOCAMM2-related inspection equipment from leading domestic memory makers including Samsung Electronics and SK Hynix. SOCAMM2 offers more than twice the bandwidth and less than half the power consumption of conventional server memory.
Medical Robotics: Cranial Surgery
Koh Young's brain-surgery medical robot, Geniant Cranial, received approval from Japan's Ministry of Health, Labour and Welfare in January of this year, following its US FDA clearance in January of last year. iM Securities estimates that 20 or more units could be installed across the United States and Japan in 2025. The average selling price (ASP) per unit is estimated at $1.2 million.
Financial Outlook
iM Securities projects Koh Young's 2026 revenue at 303 billion won and operating profit at 44 billion won, implying an operating margin of 14.5% — a substantial improvement from 7.5% the prior year. Based on the closing price of 39,150 won on 12th June, the stock offers an upside of 27.7% to the target price.