TFE티에프이

TFE's trailing profits have grown strongly, but the shares trade at a high multiple after a sharp rise over three months.

TFE makes test equipment and components used in the final testing stage of semiconductor manufacturing, with production in Korea and Japan. For the twelve months to H1 2026 it reported revenue of about ₩130.6B... correction: about ₩130.6B is wrong, revenue was ₩130.6B written as ₩130.6B; net income was about ₩20.5B, a 15.7% net margin. At ₩60,000 the market value is about ₩740.8B, with a trailing P/E of 36.1x and P/B of 4.9x, and the company pays no dividend.

What stands out

• Revenue rose 51.8% in 2025 to ₩111.7B, and operating margin improved to 17.1% from 6.0% in 2024.
• Trailing net income of about ₩20.5B compares with ₩1.5B in 2024, though 2024 was a weak year.
• The shares are up 66.7% over three months and 54.6% over one year, but down 6.8% over one month, and sit well below the 52-week high of ₩77,700.
• The DCF-based fair value model gives a base case of ₩18,659, well below the current ₩60,000 price, with a bull case of ₩32,592; these are model outputs, not forecasts.
• Trailing free cash flow was only about ₩0.66B against ₩20.2B of borrowings and ₩22.3B of cash.

What to watch

• Half-year and full-year results and the filings on new facility investment, which the data shows were corrected several times in 2026.
• Foreign ownership fell from 3.8% to 2.9% over 60 days, while institutions were net buyers over the last 20 days; the 5%+ holding report filed on 2026-10-23 is not described in the data.
• The data does not include analyst ratings, guidance or a detailed list of risks; investors should check the filings directly.