Techwing테크윙

Techwing's trailing results show a sharp swing to a net loss despite healthy operating margins, and the shares are down about 43% over the past year.

Techwing makes semiconductor test equipment for major chipmakers. On a trailing twelve-month basis to H1 2026 it reports ₩184.8B revenue and a ₩29.9B operating profit, but a ₩11.7B net loss, with borrowings of ₩74.0B against cash of ₩61.9B. The shares closed at ₩38,250, well below the 52-week high of ₩74,000.

What stands out

• Operating income of ₩29.9B on ₩184.8B revenue gives a 16.2% operating margin, yet net income is a ₩11.7B loss, so the gap below operating profit matters.
• Full-year 2025 revenue fell 14.2% to ₩159.1B, while net income swung to a ₩9.4B profit after a ₩20.9B loss in 2024.
• Free cash flow is negative at ₩28.2B on a trailing basis, and liabilities are 213.9% of equity.
• Preliminary consolidated Q3 results reported record revenue and operating profit of ₩18B, up 153% year on year, according to news reports.
• The discounted cash flow model in the data gives a base value of ₩3,983 per share, far below the current price; the data does not say how reliable that model is.

What to watch

• The full Q3 2026 filing and any figures on net income, cash flow and debt, which the data does not yet include.
• Further major sales or supply contract filings and amendments, which the company has filed several of since August.
• Continued 5%+ holding reports and the rise in foreign ownership from 15.1% to 20.4% over the past 60 days.