TMC티엠씨

TMC reported a thin profit margin and a small net loss over the twelve months to H1 2026, while its share price has swung sharply since its December 2025 listing.

TMC makes industrial cables, mainly high-reliability marine and offshore cables, and is expanding into power and communication infrastructure. Over the trailing twelve months to H1 2026 it reported revenue of ₩340.9B, operating income of ₩6.4B (1.9% margin) and a net loss of ₩0.4B. At ₩11,550 the shares are well below their 52-week high of ₩38,700 but well above the low of ₩8,820.

What stands out

• Operating income of ₩6.4B was positive, but the net loss of ₩0.4B and ROE of -0.4% show little bottom-line profit.
• Price-to-book is 2.5 and price-to-sales is 0.8, while the P/E is not meaningful because earnings are negative.
• The DCF-based fair value model gives a base of ₩2,281, far below the current price; the bull case is ₩7,784 and the bear case is zero, and the data gives no further detail on these inputs.
• Cash of ₩3.6B against borrowings of ₩0.4B is a small net cash position, with liabilities at 103% of equity; free cash flow was ₩5.0B.
• Recent filings include a major sales or supply contract (6 Aug 2026) and the half-year report (14 Aug 2026), but no news headlines were provided.

What to watch

• The next quarterly and annual results, to see whether operating profit turns into net profit.
• Details of the August 2026 supply contract, including its size and timing, which are not in the data.
• Shifts in foreign ownership (up from 2.1% to 4.6% over 60 days) and the stock's sharp one-month fall of 16.7%.