Tplex티플랙스

Tplex's trailing results are thin-margin and its shares have fallen sharply over the past year, with debt well above cash.

Tplex, a KOSDAQ-listed stainless steel bar and plate maker, reported trailing twelve-month revenue of about ₩240B to H1 2026 with an operating margin of 3.1% and a small net margin of 1%. Borrowings of ₩64B far exceed cash of ₩2.8B, and free cash flow over the same period was negative at about -₩20B. The share price closed at ₩2,460, down 20.6% over one year and well below its 52-week high of ₩5,570.

What stands out

• Full-year 2025 revenue was ₩209B, up 0.8%, with operating income of ₩5.2B and net income of ₩3.2B, a clear recovery from the 2023 loss.
• Operating margin has compressed from 8.3% in 2022 to 2.5% in 2025 and 3.1% on the trailing basis, showing thin profitability.
• The company's own filings show repeated treasury share disposals and a treasury share sale decision in August 2026, alongside a 5%+ holding report and an insider shareholding report dated 23 October 2026.
• Foreign ownership fell from 7.2% to 6.1% over about 60 days, while the 20-day investor flow data shows institutions and foreigners net sellers and retail net buyers.
• On the valuation data, the model fair value of ₩2,992 sits above the share price, while the bear case is zero and the bull case is ₩10,404; these are model outputs, not forecasts.

What to watch

• The next half-year or full-year results, and whether operating margin holds above the current 3% level and cash flow turns positive.
• Progress on the treasury share sales and any further 5%+ holding reports, which may affect share supply.
• Debt levels: borrowings of about ₩64B against roughly ₩2.8B of cash, with a liabilities-to-equity ratio of 68.7%.