Tapex테이팩스

Tapex's trailing profits have recovered from 2025 lows, but the stock has run up sharply and the business remains thin-margin.

Tapex, a Korean adhesive tape maker, reported trailing twelve-month revenue of ₩153.6B for the period to H1 2026 with operating income of ₩7.5B and net income of ₩9.1B. Revenue and profit are well below 2021–2022 levels, and the share price is ₩20,100, near the upper part of its 52-week range after strong gains over three months.

What stands out

• Trailing operating margin is 4.9% and net margin 5.9%, up from 1.8% operating margin in 2025 but below the 13–14% seen in 2021–2022.
• Net income in the trailing period (₩9.1B) exceeds operating income, and the data does not explain the gap.
• The share price is up 74.8% over three months and 36.3% over one month, while the company's trailing P/E is 10.6 and P/B is 0.6.
• The internal fair value model gives a base of ₩14,595, below the current price, with a bear of ₩5,577 and a bull of ₩30,802; these are model outputs, not forecasts.
• Foreign ownership eased slightly from 4.5% to 4.2% over 60 days, while the 20-day flow data shows small net foreign buying and net retail selling.

What to watch

• The next quarterly or annual results, to see whether the margin recovery holds after the 2025 low.
• The corporate value-up plan and the large business group disclosures filed in 2026, which the data does not describe in detail.
• Leverage: borrowings of ₩6.6B against cash of ₩7.8B and a liabilities-to-equity ratio of 30%, with no dividend paid (0% yield).