Tesco테스

Tesco, a Korean maker of semiconductor and display process equipment, has strong trailing profits but its share price has swung sharply over the past year.

Tesco sells made-to-order front-end semiconductor equipment, display encapsulation systems and UVC LED MOCVD equipment, mainly to Korean customers. Trailing twelve-month figures to H1 2026 show revenue of ₩405B, operating income of ₩69B and net income of ₩81B, with low leverage. The shares closed at ₩105,200, down 35% over one month and up 111% over one year, and sit well below their 52-week high of ₩236,500.

What stands out

• Trailing revenue of ₩405B is above full-year 2025 revenue of ₩351B, and net margin is 19.9% against 16.5% operating margin in 2025.
• Revenue in 2023 fell 59% before rebounding 63% in 2024 and 46% in 2025, so results have been volatile.
• The DCF fair value model gives a base value of ₩38,014, below the current price of ₩105,200; bear and bull values are ₩29,104 and ₩52,022.
• Valuation shows a P/E of 25.2, P/B of 4.4 and a dividend yield of 0.8%; liabilities are 21% of equity and cash is ₩66B against borrowings of ₩13B.
• Foreign ownership rose from 9% to 10.7% over about 60 days, while institutions were net sellers over the last 20 days; the filings list several 5%+ holding reports and two major supply contracts in May and June 2026.

What to watch

• The next quarterly or annual filings, to see whether trailing profit and margins hold after the recent share price fall.
• Further 5%+ holding reports and changes in institutional and foreign ownership.
• Customer concentration and order timing for made-to-order equipment, which the data does not quantify; recent news headlines were empty, so no further news is available in this data.