PS Tec피에스텍

PS Tec's trailing profit is strong on paper but comes mainly from non-operating gains, while the share price has fallen 9% over the past month.

PS Tec makes digital meters, remote meter-reading systems and building energy equipment, with Korea Electric Power Corporation as its main customer. On a trailing basis to H1 2026 it reported revenue of ₩82.3B and operating income of only ₩3.7B, yet net income of ₩20.3B, which is far above operating profit. The shares closed at ₩4,550 on 23 October 2026, a market cap of about ₩83.8B, well below the 52-week high of ₩16,990.

What stands out

• Operating margin is thin at 4.5% trailing, and 2025 full-year revenue of ₩97.2B grew 20.6%, with operating income of ₩5.3B.
• Trailing net income of ₩20.3B is about five times operating income, so the filings suggest large non-operating items; the data does not explain their source.
• Trailing free cash flow is negative at -₩12.0B, while cash of ₩30.0B exceeds borrowings of ₩30.9B only slightly.
• The fair value model gives a base value of ₩5,661 against the ₩4,550 close, with bear and bull values of ₩4,353 and ₩8,145; these are model outputs, not forecasts.
• Recent filings include a value-up plan, a cash dividend decision (dividend yield 5.5%), a share cancellation and a stake in another company; the data gives no news headlines.

What to watch

• The Q3 2026 quarterly report and the next filings, to see whether operating income holds up outside one-off gains.
• Whether free cash flow turns positive, given the trailing deficit and recent property and equipment purchases.
• Dependence on Korea Electric Power Corporation and the dividend and share cancellation steps named in recent filings.