Telechips (054450) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Telechips designs and sells automotive semiconductors, building its business around automotive application processors (APs) and widening from in-vehicle infotainment (IVI) to ADAS and automotive gateways, riding directly on the rising demand for automotive chips. In February 2026 it confirmed a full-year 2025 loss of ₩192.8 billion in revenue, -₩6.2 billion in operating profit, and -₩61.6 billion in net profit, but in May its first-quarter results (revenue ₩66.1 billion, operating profit ₩6.1 billion) swung back to an operating profit, with quarterly revenue up more than 46% from a year earlier and a ₩77.2 billion supply contract providing support. The point to watch lately is that if the first-quarter profit carries through into full-year results and orders keep recurring, the appeal of the lowest P/B among peers (1.05x) as an undervalued name would revive; but if the profit trend breaks off on a quarterly basis, or the financial burden of a 157% debt ratio and a 97.5% current ratio compounds it, the structure weakens.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Fabless, Design & IP” (Semiconductors & IT Components · Semiconductors), a type typically read first through forward P/E.
Fabless design and IP firms earn from design know-how and intellectual property rather than factories, so future profits hinge on new-product adoption and royalty flows. That makes forward P/E — reflecting expected earnings — the first lens rather than past results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.8%).
- The most recent full-year net result was a loss.
- Revenue rose 3.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 46.2% higher than a year earlier.
- ROE is -43.1% (controlling-interest basis). It is below the sector average.
- Operating margin is -3.2%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jang-gyu 20% (individual)
Controlling bloc incl. related parties 20.1%
With the controlling bloc holding 20%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Telechips designs and sells the semiconductors that go into vehicles. Since its founding in 1999 it has supplied multimedia and communications chips, and today it is growing its business around automotive APs (Application Processors, the core 'brain' chips that handle a vehicle's display, sound, and data processing). Starting from in-vehicle infotainment (IVI, the screen, navigation, and audio systems you see while driving), it is widening its reach to ADAS (advanced driver-assistance systems) and automotive gateways (communication chips that link the many devices inside a car), leaning on high-performance, low-power design as its strength. The structure rides directly on the trend of rising demand for automotive electronics chips per vehicle. Because market capitalization is on the smaller side, each large supply contract or results disclosure has a large effect on the share price and the balance sheet.
The latest close is ₩9,790 and the market capitalization is ₩148.3 billion. The price sits above its 20-day moving average (₩9,285) and below its 60-day moving average (₩11,958). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.8, a neutral level. The one-month change is -4.3%, the three-month change is -34.9%, and the position relative to the 52-week high is -46.9%. Relative strength versus the KOSDAQ is 42 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 42% of all stocks. Over the past three months it outpaced the index by 0.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual (2025) revenue was ₩192.8 billion, with operating profit of -₩6.2 billion and net profit of -₩61.6 billion — a loss. As a result the trailing P/E (how many times a year's earnings the price represents) cannot be computed, not because the stock is expensive but because last year's earnings were negative, leaving no denominator. In other words, the trailing P/E cannot properly value this company; the forward P/E based on this year, when profits turn around, is a more realistic picture. On an asset basis, the P/B (how many times book value the price represents) is 1.03x, distinctly lower than peers (Anapass P/B 2.46x, Fidelix 3.31x, Qualitas Semiconductor 3.97x). The diagnostic also flags the valuation as 'undervalued.' That said, the debt ratio (debt against equity) is 157.1% and the current ratio (assets that can be turned into cash within a year against debt due within a year) is 97.5%, slightly below 100%, so financial headroom is not generous.
Revenue held without large swings at ₩191.1 billion in 2023, ₩186.6 billion in 2024, and ₩192.8 billion in 2025, while operating profit fell from profit into loss and is now turning back. The key is the first quarter of 2026. Quarterly revenue was ₩66.1 billion, up 46.2% from the same period a year earlier, and operating profit swung to a profit of ₩6.1 billion. In effect, in a single quarter it made up for the -₩6.2 billion operating loss of the entire prior year. The outlook for this year is about ₩319.3 billion in revenue and about ₩33.3 billion in operating profit, on the picture that the revenue surge and the swing to profit seen in the first quarter carry through for the full year. Behind this recovery is rising demand for automotive AP and ADAS chips, plus the fact that sizeable orders — such as the ₩77.2 billion supply contract signed in October 2025 (equal to 41.4% of annual revenue) — have begun to be recognized as actual revenue. The forward P/E reflects this year's recovered profit. There is no basis to see next year and beyond falling below this year, so there is no signal to conclude that the present is a cycle top.
On October 10, 2025, the company signed a single supply contract worth ₩77.2 billion, a large scale equal to 41.4% of recent annual revenue. The contract period, the timing of revenue recognition, and whether the deal is one-off or repeatable will shape the mid-term trend. On May 7, 2026, it disclosed preliminary first-quarter results (revenue ₩66.1 billion, operating profit ₩6.1 billion, net profit ₩0.9 billion). Whether this swing to profit carries through for the full year is the point to watch. Earlier, on February 10, 2026, a results-change disclosure confirmed a full-year 2025 loss of ₩192.8 billion in revenue, -₩6.2 billion in operating profit, and -₩61.6 billion in net profit; the first-quarter results show a move away from that loss-making phase.
This stock's strengths are clear. It is positioned in the growth area of automotive semiconductors, and it is passing through an earnings inflection point, swinging from a 2025 loss to an operating profit in the first quarter of 2026. Quarterly revenue rose more than 46% from a year earlier, backed by orders such as the ₩77.2 billion supply contract. The price relative to assets (P/B 1.05x) sits at the lowest spot among peers, giving a clear undervalued character, and the price has fallen well off its 52-week high. The fact that the trailing P/E is unavailable because of last year's loss is not a weakness but simply a reflection that it was a loss-making period; the forward P/E based on this year is the real yardstick. On the other side, the point to check is financial headroom. With a 157% debt ratio and a 97.5% current ratio, the coffers are not generous, so if additional financing or an earnings swing compounds, perceived risk can grow. In sum, if the first-quarter profit carries into full-year results and orders recur, the undervalued appeal revives; conversely, if the profit trend breaks off quarter by quarter or the financial burden is highlighted, the structure weakens.
🔎 Valuation vs peers Undervalued
A comparison set of semiconductor names with adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Fidelix | — | 3.14x | -6.61% |
| Anapass | 64.09x | 2.28x | 3.83% |
| Qualitas Semiconductor | — | 3.58x | -63.58% |
Within semiconductors, we prioritized a public-data comparison set with nearby market capitalization. The current P/E (how many times a year's earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 1.03x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩319.3 billion | ₩33.3 billion | ₩6.7 billion |
| Next quarter | Q2 2026 | ₩86.6 billion | ₩9.1 billion | ₩1.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩9,790 and the market capitalization is ₩148.3 billion. The price sits above its 20-day moving average (₩9,285) and below its 60-day moving average (₩11,958). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.8, a neutral level. The one-month change is -4.3%, the three-month change is -34.9%, and the position relative to the 52-week high is -46.9%. Relative strength versus the KOSDAQ is 42 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 42% of all stocks. Over the past three months it outpaced the index by 0.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +0.72% / 6M -8.82% / 12M -28.78%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.03x is below the sector median (1.63x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
The operating margin is -3.2%. The debt ratio is 162.7%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $134.2M | $131.1M | $135.4M | +3.32% ↑ faster |
| Operating profit | $11.8M | $3.4M | -$4.3M | -226.98% ↓ slower |
| Net profit | $44.0M | -$27.1M | -$43.3M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $95.8M | $105.7M | $134.2M | $131.1M | $135.4M |
| Operating profit | $5.7M | $6.4M | $11.8M | $3.4M | -$4.3M |
| Net profit | $4.9M | $32.2M | $44.0M | -$27.1M | -$43.3M |
| Revenue CAGR | 4-yr avg 9.03% | ||||
Revenue rose 3.3% year over year (2023 ₩191.1 billion → 2024 ₩186.6 billion → 2025 ₩192.8 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 227.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.0%. The two-year revenue CAGR is 0.4%. In the most recent quarter (Q1 2026), revenue was 46.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.8%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2025-10-10ContractSingle supply contract signed: contract value ₩77.2 billion, 41.4% of recent revenueThe contract value and period are central to future revenue recognition. Whether it is one-off or repeatable shapes the mid-term reading. Source
- 2026-05-07EarningsConsolidated preliminary operating results (fair disclosure): Q1 2026 revenue ₩66.1 billion, operating profit ₩6.1 billion, net profit ₩0.9 billionRecent confirmed or preliminary results. Check whether it points the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-02-10EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: annual revenue ₩192.8 billion, operating profit -₩6.2 billion, net profit -₩61.6 billionRecent confirmed or preliminary results. Check whether it points the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩9,790 | ₩9,790 | Confirmed | link |
| Latest quarterly results | revenue ₩66.1 billion, operating profit ₩6.1 billion | revenue ₩66.1 billion, operating profit ₩6.1 billion | Confirmed | link |
| Annual results | revenue ₩192.8 billion, operating profit -₩6.2 billion | revenue ₩192.8 billion, operating profit -₩6.2 billion | Confirmed | link |
| Contract disclosure text | single supply contract signed: contract value ₩77.2 billion · vs recent revenue 41.4% | single supply contract signed: contract value ₩77.2 billion · vs recent revenue 41.4% | Confirmed | link |
| Results disclosure text | 2026 1 revenue ₩66.1 billion · operating profit ₩6.1 billion · net profit ₩0.9 billion | 2026 1 revenue ₩66.1 billion · operating profit ₩6.1 billion · net profit ₩0.9 billion | Confirmed | link |
| Results disclosure text | revenue30%: revenue ₩192.8 billion · operating profit -₩6.2 billion · net profit -₩61.6 billion | revenue30%: revenue ₩192.8 billion · operating profit -₩6.2 billion · net profit -₩61.6 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-07EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-10Disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.