TSI티에스아이

TSI's trailing sales and profit are positive after a weak 2025, but the shares have fallen about 44% over the past year.

TSI makes slurry mixing equipment for secondary batteries, mostly built to customer order with exports making up most sales. On trailing twelve-month figures to H1 2026 it reported revenue of about ₩312B, operating income of about ₩14.9B and net income of about ₩18.0B, after a much weaker 2025. The stock closed at ₩3,305 on 2026-10-23, about 52% below its 52-week high of ₩6,550.

What stands out

• Trailing operating margin is 4.8% and net margin 5.8%, up from 3.1% operating margin in 2025, when revenue fell 2.7% and net income was ₩3.9B.
• Net income in 2024 (₩29.4B) was well above operating income that year, so the bottom line is affected by items beyond core operations; the filings data does not explain them.
• Borrowings of ₩55.9B are about 2.5 times cash of ₩22.8B, and liabilities are 124% of equity.
• Trailing free cash flow is ₩37.9B, which is above trailing net income, though the data does not break down its drivers.
• Valuation metrics are low on trailing figures (P/E 3.6, P/B 0.5), and the company pays no dividend. Foreign ownership fell from 3.0% to 2.2% over 60 days.
• Recent filings are mostly amendments to major sales or supply contracts, and the headlines list is empty, so the data gives no news context for them.

What to watch

• Details of the amended major sales or supply contracts, including contract values and customers, which the data does not provide.
• The next periodic results and whether margins hold near the trailing levels after the 2025 slump.
• Debt load relative to cash and equity, given borrowings of ₩55.9B and liabilities at 124% of equity.