Taesung태성

Taesung's trailing results have turned profitable on a small margin, while its share price has risen sharply over the past year.

Taesung makes wet-process equipment for printed circuit board production and related automation gear. Over the twelve months to H1 2026 it reported revenue of about ₩72.1B, operating income of ₩2.5B and net income of ₩1.7B, after losses in 2025 and 2023. The share price is ₩47,500, up 100.4% over one year, but its valuation is very high relative to these earnings.

What stands out

• Trailing operating margin is 3.4% and net margin 2.4%, compared with a 10.2% operating margin in 2024 and an operating loss in 2025.
• Revenue fell 36.1% in 2025 after a 77.6% rise in 2024, so the top line has been volatile.
• Trailing free cash flow is negative at about -₩33.5B, and borrowings of ₩38.6B exceed cash of ₩28.0B.
• Trailing P/E is about 855 and P/B about 11, far above the peer figures shown for several companies in the data.
• Recent filings include a major sales or supply contract on 2026-10-06 and a half-year report, and a news report on 2026-10-19 cites a surge in backlog tied to AI server FC-BGA investment.

What to watch

• The next half-year or annual results, to see whether operating profit and margins hold after the 2025 loss.
• Further major sales or supply contract filings, and whether the backlog described in news reports converts into revenue.
• Cash flow and borrowings, since trailing free cash flow is negative and debt is higher than cash; the data does not include a forecast.