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JONBUR Research · Initiation

Taesung · 323280 · Machinery

Taesung: Share Price Up Sharply While Trailing Earnings Remain Thin

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Taesung's KOSDAQ-listed shares closed at ₩61,800 on 2026-10-12, up 141.9% over one year, giving a market cap of about ₩1.9T. Trailing profit is small (operating margin 3.4%), so valuation multiples are very high, and no model estimate of value is available.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a story of a sharp recovery in market interest. The shares rose 32.5% in one month, 76.8% in three months and 141.9% in one year, and sit below the 52-week high of ₩94,000 but well above the low of ₩23,000. Filings show several major sales or supply contract disclosures (2026-06-08, 2026-07-08, 2026-10-06) and repeated 5%+ holding reports, which point to ongoing business and ownership activity. The data does not support a view that earnings have caught up with the price. Trailing operating income is ₩2.5B on revenue of ₩72.1B, and free cash flow is negative. Contract sizes are not in the data, so their financial impact cannot be judged. Investor flows, foreign ownership and short balance data are not available.

Business overview

Taesung is a KOSDAQ-listed company in the Machinery sector, founded on 2019-04-05 and listed on 2019-06-24, with 30,440,730 listed shares. The CEO is listed as 김종학. Market cap is ₩1.9T and enterprise value is ₩1.9T. Annual revenue has been volatile: ₩61.2B in 2022, ₩33.3B in 2023 (-45.6%), ₩59.2B in 2024 (+77.6%) and ₩37.9B in 2025 (-36.1%). Trailing revenue as of H1 2026 is ₩72.1B. The filing list also shows a head office location change and an extraordinary shareholders' meeting result on 2026-07-16. No further business description is available in the data.

Financial analysis

These figures come from filed financial statements (DART). Operating income was ₩2.3B in 2022, -₩0.7B in 2023, ₩6.0B in 2024 (10.2% margin) and -₩2.5B in 2025 (-6.6% margin). Net income was -₩0.5B, -₩1.4B, ₩6.0B and -₩2.5B over the same years. ROE was 16.6% in 2024 and -3.0% in 2025. For the trailing period to H1 2026, revenue is ₩72.1B, operating income ₩2.5B (3.4% margin), net income ₩1.7B (2.4% margin) and ROE 2.0%. On the balance sheet, cash is ₩28.0B against borrowings of ₩32.0B, and liabilities to equity is 59.8%. Trailing free cash flow is -₩33.5B, so the company is consuming cash.

Valuation

Current multiples are P/E 1,108.5, P/B 14.3, P/S 26.1 and EV/EBITDA 458.5. No dividend yield is available. These reflect very small trailing profits against a market cap of ₩1.9T. The year-end 2025 P/B was 10.6, so P/B has risen since then. Peers are also richly valued on the data: Doosan Enerbility P/E 252.9 and P/B 5.6, Hanmi Semiconductor 108.1 and 32.1, Jusung Engineering 1,650.0 and 20.2, Rainbow Robotics 4,456.7 and 57.1, and Wonik IPS 37.1 and 6.0. Taesung's P/B sits within that range, but its P/E is distorted by thin earnings. The valuation model could not produce an estimate (fair_value_model is null), so there is no model estimate to compare with the ₩61,800 share price.

Catalysts

  • A major sales or supply contract was disclosed on 2026-10-06, following similar filings on 2026-07-08 and 2026-06-08.
  • Several 5%+ holding reports (2026-06-09, 2026-07-07, 2026-08-28, 2026-09-29) show changing large shareholder positions.
  • The half-year report for June 2026, filed 2026-08-12, showed trailing profit returning to positive.
  • An extraordinary shareholders' meeting and a head office location change were reported on 2026-07-16.

Risks

  • Trailing P/E of 1,108.5 and EV/EBITDA of 458.5 leave the price heavily dependent on much higher future earnings that the data does not show.
  • Revenue and profit have swung between years, including losses in 2023 and 2025, so earnings have been inconsistent.
  • Trailing free cash flow of -₩33.5B and borrowings of ₩32.0B exceeding cash of ₩28.0B put pressure on funding.
  • After a 141.9% one-year gain, the shares have been volatile, with a 52-week range of ₩23,000 to ₩94,000.
  • Investor flow, foreign ownership, short interest and news data are not available, limiting visibility into who is driving the move.

Closing view

The data shows a company whose share price has moved far ahead of its reported results. Trailing profit has turned positive and contract filings are frequent, but margins are low, returns are 2.0%, cash flow is negative and multiples are extreme. With no model estimate and no contract values in the data, the evidence is incomplete, and investors should weigh the recovery in sentiment against the thin, uneven earnings record.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Taesung: Share Price Up Sharply While Trailing Earnings Remain Thin

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information