TS대한제당

TS is back to a trailing net loss on lower profit, though its operating margin is still positive and the shares trade near book value.

TS, a Korean food and feed company, reported trailing twelve-month revenue of ₩1.33T and operating income of ₩52B to H1 2026, but a net loss of ₩84B and a 4.0% operating margin. The share price is ₩2,695, about 17% above its 52-week low of ₩2,150 and below its high of ₩3,260, with a price-to-book ratio of 0.5 and a dividend yield of 4.5%.

What stands out

• Trailing net income swung to a loss of ₩84B from a profit of ₩20B in 2024, and 2025 also ended with a net loss of ₩60B.
• Operating income was ₩52B on the trailing basis, above 2024's ₩37B, so the gap to net loss sits below the operating line.
• Debt is significant: borrowings of ₩365B against cash of ₩136B, with liabilities at 148% of equity and ROE at -15.9%.
• Free cash flow was positive at ₩65B on the trailing basis, though the data does not explain the drivers.
• Recent filings include a half-year report for June 2026, a buyback trust contract signed in July, and fine-related amended filings in June. The filings do not state their financial impact in the data provided.
• Price returns are mixed: -4.9% over one month, +2.9% over three months, and -6.6% over one year. Foreign ownership is 0%, and the data shows net foreign selling over the last 20 days.

What to watch

• The next full-year and quarterly results, to see whether the trailing net loss persists and whether operating margin holds near 4%.
• Progress of the share buyback under the trust agreement and any further filings on it.
• The fine-related filings and any follow-up, since the data does not describe their size or effect. Valuation estimates are not reliable here: the DCF base value is ₩5,029, with a bear case of ₩0 and bull case of ₩17,251, and P/E is not meaningful given the loss.