Doosan Tesna두산테스나

Doosan Tesna's trailing profits have recovered to about ₩34B after a weak 2025, but the stock trades at a high multiple of earnings.

Doosan Tesna is a Korean semiconductor back-end testing and die preparation firm serving chip designers and manufacturers, with exports making up most sales. Over the twelve months to H1 2026 it reported revenue of about ₩326B, an operating margin of 10.9% and net income of about ₩34B, a sharp rebound from the near-breakeven 2025 year. The share price has risen about 96% over one year, but the stock trades at roughly 54 times trailing earnings.

What stands out

• Revenue fell 18.6% in 2025 to ₩304B and the company posted a small operating loss, after strong results in 2022 to 2024.
• Trailing operating margin is 10.9% and free cash flow is about ₩98B, while borrowings of ₩174B exceed cash of ₩85B.
• The data's fair value model gives a base value of ₩14,883 against a share price of ₩95,400, and a bull value of ₩27,277; the model is a DCF output, not a forecast.
• Foreign ownership fell from 12.1% to 7.2% over about 60 days, and foreign investors were net sellers over the last 20 days while retail investors were net buyers.
• Recent filings include an acquisition of shares in another company (₩40B investment fund stake, per news) and a related-party transaction, both dated 27 October 2026.

What to watch

• Q3 2026 and full-year results, to see whether the earnings recovery continues after the 2025 loss.
• Details of the ₩40B share acquisition and the related-party transaction, including funding and terms.
• Press reports of expected record earnings next year depend on new product demand from major smartphone customers, which is not confirmed in the filings provided.