Tokai Carbon Korea티씨케이

Tokai Carbon Korea remains highly profitable on trailing numbers, but its share price has fallen 30% in the past month and it trades at a premium to its own fair-value estimate.

The company makes precision graphite and silicon carbide parts for semiconductor, solar and LED equipment makers. For the twelve months to H1 2026 it reported revenue of about ₩340.6B, operating income of about ₩96.3B and net income of about ₩77.6B, with a 28.3% operating margin and low leverage. Revenue has grown over the last year after a 2023 decline, but earnings have been below the 2022 peak.

What stands out

• Trailing operating margin is 28.3%, down from 39.8% in 2022 but still high, and 2025 revenue grew 9.3% to ₩301.3B.
• Net income fell from ₩94.1B in 2022 to ₩69.9B in 2025, and the 2026 trailing figure is ₩77.6B.
• Share price is ₩199,300, down 30.3% over one month but up 14.5% over one year, and well below the 52-week high of ₩348,500.
• The company's DCF base value is ₩86,094, below the current price; the bull case is ₩119,956 and the bear case ₩63,422.
• Trailing P/E is 28.7 and P/B is 4.0, well above the listed peers in the data, which show P/E between 5.1 and 16.4.
• Foreign ownership eased from 68.2% to 66.4% over 60 days, while institutions were net sellers over the last 20 days.

What to watch

• Next filings: the data shows the half-year report was filed in August 2026, so the next scheduled report and any new facility investment disclosures will be key.
• Continued 5%+ holding report filings, which signal changes in major shareholder stakes.
• The data does not include analyst forecasts or the reason for the recent share price drop, so check the latest news and filings before drawing conclusions.