ESTec에스텍

ESTec is a small, low-margin speaker parts maker whose trailing profit and cash look solid, though revenue fell in 2025 and the shares trade near the middle of their 52-week range.

ESTec makes speakers and speaker components, mostly on an OEM basis for automakers and TV and electronics makers, with a Yangsan headquarters and overseas plants in Vietnam and China. For the twelve months to H1 2026 it reported revenue of ₩462.8B, operating income of ₩36.7B (7.9% margin) and net income of ₩43.2B, with cash of ₩155.0B against borrowings of ₩9.0B. The shares closed at ₩14,410 on 2026-10-22, with a market cap of ₩157.2B.

What stands out

• Revenue fell 8.1% in 2025 to ₩468.2B after a 22.9% rise in 2024, and operating margin slipped from 9.8% in 2025 to 7.9% on a trailing basis.
• Net income (₩43.2B trailing) is well above operating income (₩36.7B); the data does not explain the gap.
• Cash of ₩155.0B far exceeds borrowings of ₩9.0B, and the data shows an enterprise value of about ₩9.2B and a P/E of 3.6x, P/B of 0.6x.
• Trailing free cash flow was ₩76.6B and ROE was 18.7%, while the company pays no dividend (0% yield).
• Shares returned +10.4% over one month and +16.3% over three months but -0.6% over one year, and sit between the 52-week low of ₩11,220 and high of ₩16,670.
• The discounted cash flow model in the data gives a base value of ₩43,647 (bear ₩28,069, bull ₩71,004), but this is a model output built on its assumptions, not a forecast or price target.

What to watch

• Two amended versions of the June 2026 half-year report were filed on 2026-08-14; the data does not say what changed.
• The next quarterly or annual results dates are not in the data, and 2026 full-year figures are not yet available.
• Customer concentration: major buyers named include Hyundai, Kia, Samsung Electronics, LG Electronics, Harman and Sony, and the data does not describe contract terms or risks beyond these names.