TJ MediaTJ미디어

TJ Media's trailing profits are thin and below its 2023 peak, while the share price has risen over three months but fallen over a year.

TJ Media makes karaoke machines and content, with trailing twelve-month revenue of ₩82.6B and operating income of ₩2.4B through H1 2026. Revenue grew 2.8% in 2025, but operating income has fallen each year since 2023, and the company has ₩22.8B in borrowings against ₩10.1B in cash. The shares closed at ₩3,775 on 2026-10-28, about 5.5% lower over one year.

What stands out

• Trailing operating margin is 2.9% and net margin is 4.7%, with net income above operating income, so non-operating items matter to reported profit.
• Operating income fell from ₩6.3B in 2023 to ₩3.3B in 2025, while revenue in 2025 was ₩94.4B.
• Liabilities are 66.9% of equity and borrowings exceed cash; free cash flow in the trailing period was about ₩0.2B.
• The company's own discounted cash flow base value is ₩1,375 per share, well below the current price, while the bull case is ₩4,031; the model is an internal estimate, not a forecast.
• Foreign ownership fell slightly to 0.6% over 60 days, and recent 20-day investor flow data shows foreign buying alongside net retail selling.

What to watch

• Results of the extraordinary shareholders' meeting held in September 2026 and the details of the shareholder meeting notices filed in August and September.
• The Decision on Increase in Short-Term Borrowings filed in July 2026, and whether borrowings rise further relative to cash.
• Whether operating income recovers from its multi-year decline in the next annual or half-year filings; the data does not include future guidance.