Jinsung T.E.C진성티이씨

Jinsung T.E.C's trailing profit is strong on paper, but the shares have fallen about a third over the past year.

Jinsung T.E.C makes undercarriage parts for construction heavy equipment, selling to customers such as Caterpillar, Hitachi and Bobcat. Over the trailing twelve months to H1 2026 it reported revenue of ₩530B, operating income of ₩49B and net income of ₩67B, with cash of ₩106B against borrowings of ₩9B. The share price closed at ₩9,180 on 2026-10-23, near its 52-week low of ₩8,910 and well below the high of ₩21,100.

What stands out

• Trailing net income of ₩67B is well above operating income of ₩49B, and the data does not explain the gap.
• Free cash flow over the trailing period was negative at about -₩1.5B, even though reported profit was positive.
• Annual revenue rose 18.8% in 2025 after falling in 2024, and 2025 operating margin was 10.3%.
• Valuation metrics are low: P/E about 3, P/B 0.6, and no dividend yield, while the DCF base value in the data is ₩24,554.
• Foreign ownership was unchanged at 13.3% over the past 60 days, while foreign investors were net sellers over the last 20 days.
• Recent filings are mostly insider shareholding reports, 5%+ holding reports and debt guarantee amendments; no news headlines were in the data.

What to watch

• The Q3 2026 quarterly report and whether free cash flow turns positive.
• The debt guarantee to a third party disclosed in the amended filings, and what it means for liabilities (liabilities to equity is 72%).
• Further insider and 5%+ holding filings, and the share price relative to its 52-week low.