DMS expands into precision cleaning of glass substrates, with high-value equipment in prospect

[Financial News] DMS, which has spent 20 years building up its technological expertise in the display cleaning equipment market, is expanding into the semiconductor glass substrate market. Analysts say earnings improvement will gain momentum in 2027 as a recovery in orders for its existing display equipment is joined by sales of high-value glass substrate equipment.
On the 14th, Lee Jun-seok, an analyst at Hanyang Securities, forecast that DMS’s consolidated revenue in 2027 would rise 52.7% from the previous year to 235 billion won, while operating profit would reach 23.2 billion won, bringing the company back to profitability. He did not provide an investment rating or a target price.
Supporting DMS’s earnings recovery is an order backlog of approximately 170 billion won.
The company maintains a market share of about 50% in the global wet cleaning equipment market for displays, led by its flagship high-density cleaning equipment (HDC). It has established business relationships with major panel makers in China, including BOE Group, TCL CSOT and HKC, and display segment revenue alone is expected to reach 200 billion won in 2027.
The profitability of glass substrate equipment is what the industry is watching closely.
For glass substrates used in artificial intelligence (AI) semiconductors, precision cleaning technology that removes contaminants from inside fine through-glass vias (TGVs) determines yield. DMS is expanding the scope of its equipment supply to TGV and chemical mechanical polishing (CMP) processes, among others, by leveraging its existing wet-process technology.
The analyst put the expected price of glass substrate equipment at approximately 3 billion won per unit. He said, “This is a field where higher added value can be expected than from existing display equipment,” and estimated that revenue from the glass substrate business would be 30 billion to 35 billion won in 2027. However, actual sales are expected to depend on customers’ mass-production schedules and equipment orders.
He also cited the shareholder return policy as a factor that could lead to a revaluation of the company. DMS bought back treasury shares worth 13 billion won this year and canceled 380,000 shares. It also plans to cancel additional shares from its remaining treasury stock.
The analyst added, “As a recovery in the company’s core display business converges with growth in its glass substrate equipment business and shareholder returns, the likelihood of a revaluation of its corporate value in 2027 will increase.” 


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