TechL테크엘

TechL remains loss-making on shrinking revenue, though it holds a sizeable cash pile and no borrowings.

TechL is a Korean back-end chip packaging and test company, focused on memory card products, with plants in Hwaseong and Vietnam. Trailing twelve-month revenue to H1 2026 was ₩13.7B with an operating loss of ₩6.6B and a net loss of ₩2.0B, while cash stood at ₩41.0B against zero borrowings. The share price of ₩1,380 is well below its 52-week high of ₩2,380.

What stands out

• Revenue fell 28.3% in 2025 to ₩18.1B, after a 15.4% rise in 2024, and the trailing figure to H1 2026 is lower still at ₩13.7B.
• Operating margin was -47.9% on a trailing basis, against -30.9% in 2025, so losses have widened relative to sales.
• Free cash flow was negative ₩6.7B on a trailing basis, and the company reports no borrowings and liabilities at 5.6% of equity.
• Price-to-book is 0.3 and price-to-sales is 2.2, while P/E and EV/EBITDA are not meaningful because earnings are negative; the dividend yield is 0%.
• The 2023 net profit of ₩5.5B is an outlier, as the company was loss-making in operating terms that year, and the data does not explain the cause.

What to watch

• The Q3 2026 quarterly report and any further filings on the revenue or profit structure change, which were last flagged in February 2026.
• Whether losses narrow as revenue recovers, given the trailing operating margin of -47.9%.
• The fair value model shows a base case of ₩212 and a bear case of ₩520, both far below the current price; the bull value is listed as 0 and is not meaningful in the data.