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.
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 97.5%).
- 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%.
- P/E is hard to compute here, so this is read on P/B.
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
- 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 closing price is ₩10,080 and market capitalization is ₩152.7 billion.
- The price sits below its 20-day line (₩11,187) and its 60-day line (₩13,561).
- Trading below both the short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the past 14 days on a 0-100 scale) is 37.7, a neutral level.
- The one-month change is -15.9%, the three-month change is -14.4%, and the position versus the 52-week high is -45.4%.
- Relative strength versus the KOSDAQ is 60 (1-99, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 40% of all stocks by strength.
- Over the past three months it outpaced the index by 10.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- 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 1.07x, 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 | — | 3.62x | -6.61% |
| Anapass | 59.27x | 2.13x | 3.60% |
| Qualitas Semiconductor | — | 3.23x | -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 1.07x. 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 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 ₩10,080 and the market capitalization is ₩152.7 billion. The price sits below its 20-day moving average (₩11,187) and below its 60-day moving average (₩13,561). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 37.7, a neutral level. The one-month change is -15.9%, the three-month change is -14.4%, and the position relative to the 52-week high is -45.4%. Relative strength versus the KOSDAQ is 60 (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 60% of all stocks. Over the past three months it outpaced the index by 10.2%. 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 +10.16% / 6M -24.62% / 12M -27.91%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.07x is below the sector median (2.10x).
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 157.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $126.7M | $123.7M | $127.8M | +3.32% ↑ faster |
| Operating profit | $11.1M | $3.2M | -$4.1M | -226.98% ↓ slower |
| Net profit | $41.5M | -$25.6M | -$40.8M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $90.4M | $99.7M | $126.7M | $123.7M | $127.8M |
| Operating profit | $5.4M | $6.1M | $11.1M | $3.2M | -$4.1M |
| Net profit | $4.7M | $30.4M | $41.5M | -$25.6M | -$40.8M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 97.5%).
- 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 | ₩10,080 | ₩10,080 | 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 | ㆍapprox. : approx. ₩77.2 billion · revenue 41.4% | ㆍapprox. : approx. ₩77.2 billion · 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
- 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.