TPTP

TP's latest half-year figures show thin margins and heavy debt, with the share price down over the past year.

TP is a Korean apparel maker that sells mostly to overseas global brands, with factories in Vietnam, Indonesia and Myanmar. On a trailing twelve-month basis to H1 2026 it reported revenue of about ₩1.04T, operating income of about ₩64B and net income of about ₩36B. The share price closed at ₩1,609 on 2026-10-26, near the lower part of its 52-week range of ₩1,520 to ₩2,235.

What stands out

• Trailing operating margin is 6.2% and net margin is 3.5%, while 2025 full-year revenue fell 3.3% to about ₩1.03T.
• Net income in 2025 was about ₩38B, higher than 2024's ₩22B, though 2023 net income was only about ₩6B.
• Liabilities are 189% of equity and borrowings total about ₩373B against cash of about ₩34B, so the balance sheet is leveraged.
• Trailing free cash flow is small at about ₩1.7B, so cash generation is limited relative to the debt load.
• The data shows a 4.7% dividend yield and a P/E of 2.1, but the company profile does not explain the reasons for the low valuation.

What to watch

• The next full-year and quarterly filings, to see whether revenue and margins hold after the 2025 decline.
• Further filings on short-term borrowings and buyback arrangements, which bear on debt and share count.
• Foreign ownership fell from 8.0% to 7.1% over about 60 days, and the data does not state the reason.