Toptec톱텍

Toptec returned to a small TTM profit on thin margins, but the stock is down sharply over the past year.

Toptec, a Korean factory automation equipment maker, reported trailing twelve-month revenue of ₩173B and a small operating profit of ₩3.2B through H1 2026, after a loss-making 2025. The shares trade at ₩2,780, down 44% over one year and near the lower half of their 52-week range, with a market value of about ₩106B.

What stands out

• TTM net income of ₩7.6B, with operating margin at 1.9% and net margin at 4.4%, is thin; ROE is 1.9%.
• Full-year 2025 revenue fell 63.9% to ₩171B, with an operating loss of ₩3.1B and net loss of ₩14.8B; 2024 was ₩474B revenue.
• Balance sheet shows cash of ₩165B against borrowings of ₩41B, and liabilities at 39.4% of equity; TTM free cash flow is ₩37.8B.
• Shares trade at 13.8x trailing earnings and 0.3x book, with a 3.6% dividend yield. The DCF-based fair value model gives a base of ₩5,473 (bear ₩4,798, bull ₩6,831); this is a model output, not a forecast.
• Filings in Aug–Sep 2026 include several major sales or supply contract disclosures, though the filing titles do not give contract values; an April 2026 contract termination was also filed. Foreign ownership fell from 4.3% to 2.6% over 60 days.

What to watch

• Upcoming results and whether margins hold above break-even after the 2025 loss year.
• Details of the recent major supply contracts and whether they convert into revenue, given the April termination.
• Foreign and retail selling pressure and the one-year share price decline; the data does not name specific risks beyond these.