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Jinsung T.E.C

036890 · KOSDAQ · ₩036890 · 진성티이씨

₩8,700▼ ₩300 (3.33%)End-of-day · Oct 30, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩24,889

vs the current price (₩8,700)

Enterprise value
₩450B
Equity value
₩548B
WACC
7.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 186% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩8,700, the model needs an operating margin of 2.9% every year (it uses 8.5%).
  • 48% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • Today's P/E is 2.8× against a typical 9.0× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩15,886
+82.6%
Base
₩24,889
+186.1%
Bull
₩40,728
+368.1%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (8.5%).

Revenue growth

  • -5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-5% a year, annual reports), fading to 3% by year 5.

  • -3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-5% a year, annual reports), fading to 3% by year 5.

  • -1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-5% a year, annual reports), fading to 3% by year 5.

  • 1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-5% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-5% a year, annual reports), fading to 3% by year 5.

Business

  • 8.5%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 5.5%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 6.9%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 24.5%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.31, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩530B
Net debt (borrowings and leases − cash and deposits)
−₩95B
+ Stakes and investments
₩3.3B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩36,848
Shares
22,032,623
Share price
₩8,700
Market cap
₩192B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩485B₩391B₩464B₩503B₩488B₩483B₩488B₩503B
Growth−10.3%−19.5%18.8%−5.0%−3.0%−1.0%1.0%3.0%
EBIT₩40B₩24B₩48B₩43B₩41B₩41B₩41B₩43B
EBIT margin8.2%6.3%10.3%8.5%8.5%8.5%8.5%8.5%
After-tax EBIT₩29B₩18B₩35B₩31B₩30B₩30B₩30B₩31B
+ Depreciation———₩28B₩27B₩27B₩27B₩28B
− Capital spending₩5.8B₩28B₩57B₩35B₩34B₩33B₩34B₩35B
− Working capital−₩44B−₩11B₩23B−₩6.5B−₩3.7B−₩1.2B₩1.2B₩3.6B
Free cash flow———₩30B₩27B₩24B₩22B₩20B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩28B₩23B₩20B₩17B₩14B

Terminal value ₩495B, worth ₩348B today: 77% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩16,115 a share)Now 0.54×₩12,5780.78×₩16,5381.03×₩22,3351.39×
Price / earnings (last 12 months: ₩3,064 a share)Now 2.84×₩15,0144.90×₩27,6659.03×₩37,73712.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩6,170 a share)Now 1.41×₩30,2364.90×₩55,7169.03×₩75,99812.3×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
6.3%₩26,384₩27,829₩29,603₩31,839₩34,743
6.8%₩24,484₩25,626₩27,001₩28,690₩30,819
7.3%₩22,885₩23,803₩24,889₩26,197₩27,805
7.8%₩21,523₩22,270₩23,142₩24,174₩25,418
8.3%₩20,347₩20,962₩21,672₩22,500₩23,481

Now (TTM)

Market cap
₩192B
Enterprise value
₩90B
P/E
2.8×
P/B
0.5×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩13,510₩8,770₩10,600₩13,150₩10,350
Market cap₩298B₩193B₩234B₩290B₩228B
P/E9.1×9.2×8.2×6.4×13.4×
P/B1.0×0.7×1.0×1.4×1.4×
P/S0.6×0.5×0.5×0.5×0.5×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Jinsung T.E.C2.8×0.5×0.4×—0.0%
Doosan Enerbility193.9×4.3×2.0×—0.0%
Hanmi Semiconductor78.4×23.3×31.6×70.6×0.4%
Jusung Engineering1,058.2×13.0×34.0×2,036.0×0.0%
Rainbow Robotics4,137.6×53.0×156.2×—0.0%
EO Technics44.1×6.4×10.8×—0.0%
Doosan Bobcat13,622.5×911.6×733.9×—3.5%
Similar companies (median)626.0×18.1×32.8×1,053.3×0.0%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Jinsung T.E.C / 진성티이씨 / 036890 / KRX:036890

Source: KRX statistical information