JT제이티

JT's trailing profit is positive on a sharp revenue drop from 2025, and the shares have swung widely over the past year.

JT makes semiconductor test equipment, mainly final inspection machines for memory chip makers such as Samsung Electronics, SK hynix and Micron. On trailing twelve-month figures to H1 2026 it reports revenue of ₩62.1B, operating income of ₩4.1B and net income of ₩10.9B, after a loss-making 2025 with revenue of ₩38.4B. The shares closed at ₩5,310 on 26 October 2026, well below the 52-week high of ₩8,040 but above the low of ₩2,935.

What stands out

• Trailing net income of ₩10.9B is far above trailing operating income of ₩4.1B, so non-operating or other items are a large part of reported profit; the data does not explain the source.
• The 2025 annual result showed revenue down 22.5% and an operating loss of ₩2.2B, while the trailing figures to H1 2026 show a recovery in profitability.
• Trailing operating margin is 6.6% and net margin 17.5%, compared with 18.4% operating margin in 2022, so margins are well below the peak years.
• Valuation metrics are low on the data given (P/E about 5, P/B 0.8) and the DCF base-case value is ₩5,117, close to the current price; the bear and bull values are ₩3,646 and ₩7,649.
• Recent filings include several major sales or supply contracts in 2026 and news of a startup award for JT Ecobiz; the data does not give contract values.

What to watch

• The next quarterly or annual results, to see whether operating profit is sustained and whether the trailing net income gap to operating income persists.
• Further major sales or supply contract filings and any amendments, since the data gives no contract sizes or customer concentration detail.
• Institutional and retail flows were negative over the last 20 days while foreign flows were positive, and the stock fell 11.4% over one month; the data does not name the cause.