TES (095610) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
TES makes semiconductor front-end process equipment, with deposition (CVD) tools that coat wafers with thin films and etch and clean tools that strip away unwanted layers as its flagship products. Most revenue comes from DRAM and NAND memory makers, and with SK Hynix as its largest customer, results are directly tied to that customer's capital spending. On March 17, May 21, and June 5, 2026, it signed three equipment-supply contracts with SK Hynix worth ₩26.5 billion, ₩21.5 billion, and ₩21.2 billion respectively, totaling about ₩69.3 billion (roughly 20% of 2025 revenue), showing that memory expansion investment is translating into actual orders, and in March it pledged, via a corporate-value enhancement plan, to raise total cash dividends by 43.2%. What stands out lately is that, in the middle of largest-customer SK Hynix's DRAM and HBM expansion cycle, the supply contracts are being confirmed as results, financials carry almost no debt, and profit is expanding after a swing to the black, so reflecting this year's earnings eases the valuation burden; on the other hand, it is a cyclical stock whose results depend heavily on the customer's investment decisions, and the share price has risen sharply over the past three months, leaving short-term overheating and volatility.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Semiconductor Equipment” (Semiconductors & IT Components · Semiconductor & Display Equipment), a type typically read first through forward P/E.
Chip-equipment makers see orders surge and dry up with their customers' capital-spending cycles, so earnings can move sharply from here. Since future orders and profits drive the price more than past results, forward P/E, based on expected earnings, is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 46.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 15.1% higher than a year earlier.
- ROE is 16.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.5%.
- 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 Joo Soong-il 17.75% (individual)
Controlling bloc incl. related parties 29.92%
With the controlling bloc holding 30%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
TES makes the front-end process equipment used to build semiconductors. Its flagship products are deposition tools (CVD) that lay thin films on the wafer surface and etch and clean tools that strip away unwanted layers, which go into the core process of stacking semiconductor circuits layer by layer. Most revenue comes from selling equipment to memory chipmakers such as DRAM and NAND, with SK Hynix its largest customer in particular. In other words, TES's results are tied less to whether semiconductors sell well than directly to how much memory companies build new plants and buy equipment (capital spending). Because of this, orders pile up when a customer's investment cycle revives, and conversely results plunge when investment freezes, a cyclical structure.
The latest close is ₩130,100 and the market capitalization is ₩2.5 trillion. The price sits below its 20-day moving average (₩152,615) and below its 60-day moving average (₩150,408). 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 44.4, a neutral level. The one-month change is -10.3%, the three-month change is +45.0%, and the position relative to the 52-week high is -40.2%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it outpaced the index by 118.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For 2025 it posted revenue of ₩351.1 billion, operating profit of ₩57.8 billion, and net profit of ₩56.9 billion, for an operating margin of 16.5% and ROE (how much it earns in a year per unit of equity) of 14.5%, sound profitability. Financials are very solid, with the debt ratio (debt against equity) at just 24.4%, a current ratio of 451%, and an interest-coverage ratio of 6.6x, so debt burden is almost nil. That said, at the current price the P/E ratio (how many times a year's earnings the share price is) is 44.25x and the P/B (how many times net assets the share price is) is 6.14x, so the surface numbers look high. These are based on last year's (trailing) earnings, and for an equipment company like TES whose profit swings widely year to year, it is hard to declare it pricey or cheap on last year's numbers. The real valuation only comes into view when you also weigh how much this year's profit grows.
The growth trajectory is clear. Revenue rose sharply for two straight years, from ₩146.9 billion in 2023 to ₩240.1 billion in 2024 and ₩351.1 billion in 2025, and operating profit swung from a loss (-₩5.9 billion) in 2023 to ₩38.5 billion in 2024 and expanded to ₩57.8 billion in 2025. In first-quarter 2026, revenue of ₩97.2 billion (+15.1%), operating profit of ₩22.2 billion (+36.5%), and net profit of ₩24.6 billion (+54.9%) show profit growth outpacing revenue and improving profitability. Equipment revenue tends to be recognized more heavily in the second half, and with SK Hynix supply contracts signed in succession from March to June 2026, the material to flow into second-half-and-later revenue is already secured. With the DRAM and HBM expansion cycle running through 2026-2027, we see this year's profit growing noticeably above last year's. In that case, the share multiple on this year's expected earnings falls well below the trailing P/E of 72x, so it is not as burdensome as the surface number suggests.
Disclosures in 2026 illustrate the direction of results well. Across three occasions, on March 17, May 21, and June 5, it signed semiconductor-manufacturing-equipment supply contracts with SK Hynix, worth ₩26.5 billion, ₩21.5 billion, and ₩21.2 billion respectively, totaling about ₩69.3 billion (roughly 20% of 2025 revenue). This is direct evidence that the customer's memory-expansion investment is translating into actual orders. In addition, on March 23 it disclosed a corporate-value enhancement plan, pledging expanded dividends (total cash dividends +43.2% year on year), sustained R&D investment of over 10% of revenue, and stronger investor communication. It also held investor briefings twice, in March and May.
The strengths are clear. It is a front-end equipment company sitting in the middle of largest-customer SK Hynix's DRAM and HBM expansion cycle, and 2026 supply contracts are actually accumulating and being confirmed as results. Solid financials with almost no debt, profit expanding after a swing to the black, and a shareholder-return direction of rising dividends are also positives. Reflecting this year's profit growth, the valuation burden is not as large as last year's numbers imply. On the other hand, the points to note are that it is a cyclical stock whose results depend heavily on the customer's investment decisions, and that the share price has already risen sharply over the past three months, leaving short-term overheating and volatility. In sum, in a phase where memory-expansion investment continues, results follow strongly, but the stock can weaken quickly if the customer's investment slows.
🔎 Valuation vs peers Fairly valued
The comparison basis is semiconductor front-end equipment makers tied to memory capital spending, along with the largest customer, a memory chipmaker.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
| Park Systems | 51.39x | 7.72x | 10.74% |
| SK Hynix | 24.83x | 6.65x | 45.75% |
At the current price the P/E of 72x, given the equipment trait of profit swinging year to year, is based on last year's earnings and looks pricier than reality. Reflecting this year's expected earnings brings the share multiple well below that, so it is on the low side relative to semiconductor-equipment peers and not far from the customer (memory chipmaker) either. Given sound profitability at 14.5% ROE and solid financials, the current valuation broadly fits the growth trajectory, so we see it as Fairly valued. That said, this rests on the premise that memory-expansion investment continues; if the customer's investment slows, profit and the multiple could adjust quickly together.
Price history Close · MA20 · MA60
The latest close is ₩130,100 and the market capitalization is ₩2.5 trillion. The price sits below its 20-day moving average (₩152,615) and below its 60-day moving average (₩150,408). 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 44.4, a neutral level. The one-month change is -10.3%, the three-month change is +45.0%, and the position relative to the 52-week high is -40.2%. Relative strength versus the KOSDAQ is 92 (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 93% of all stocks. Over the past three months it outpaced the index by 118.2%. 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 +118.17% / 6M +164.86% / 12M +391.24%
Key metrics Computed vs sector median
Valuation
The P/E of 44.25x is above the sector median (14.07x). The P/B of 6.14x is above the sector median (1.01x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.491x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 16.0%, above the sector average (2.0%). The operating margin is 17.5%. The debt ratio is 31.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $103.2M | $168.7M | $246.7M | +46.25% ↓ slower |
| Operating profit | -$4.1M | $27.0M | $40.6M | +50.33% |
| Net profit | $1.1M | $30.0M | $40.0M | +33.44% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $263.6M | $251.5M | $103.2M | $168.7M | $246.7M |
| Operating profit | $43.7M | $39.3M | -$4.1M | $27.0M | $40.6M |
| Net profit | $52.0M | $32.9M | $1.1M | $30.0M | $40.0M |
| Revenue CAGR | 4-yr avg -1.64% | ||||
Revenue rose 46.2% year over year (2023 ₩146.9 billion → 2024 ₩240.1 billion → 2025 ₩351.1 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 50.3% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.6%. The two-year revenue CAGR is 54.6%. In the most recent quarter (Q1 2026), revenue was 15.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 16.0% points to solid profitability.
- Revenue grew 46.2% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-05UpdateSemiconductor-manufacturing-equipment supply contract signed with SK Hynix. Contract value ₩21.2 billion (6.04% of 2025 revenue), term 2026-06-04 to 2027-01-15.Secures orders to be recognized as revenue in the second half through early next year. Confirms the customer's expansion investment is translating into orders. Source
- 2026-05-21UpdateSemiconductor-manufacturing-equipment supply contract signed with SK Hynix. Contract value ₩21.5 billion (6.13% of 2025 revenue), term 2026-05-20 to 2027-01-11.Strengthens second-half revenue visibility. Repeated orders confirm the customer's investment cycle is under way. Source
- 2026-03-17UpdateSemiconductor-manufacturing-equipment supply contract signed with SK Hynix. Contract value ₩26.5 billion (7.55% of 2025 revenue), term 2026-03-17 to 2026-08-17.A large early-year order secures the 2026 revenue base. The first grounds for this year's growth. Source
- 2026-03-23FilingCorporate-value enhancement plan disclosed. Presents expanded dividends and shareholder returns (total cash dividends +43.2% year on year), sustained R&D investment of over 10% of revenue, semiconductor-platform diversification, and stronger investor communication.Formalizes the direction of expanded shareholder returns and profit reinvestment. A baseline for mid-term growth and return policy. Source
- 2026-05-13EarningsFirst-quarter 2026 quarterly report. Revenue of ₩97.2 billion (+15.1%), operating profit of ₩22.2 billion (+36.5%), net profit of ₩24.6 billion (+54.9%), with profit growth outpacing revenue.Confirms improving profitability in the results. A sound start ahead of the stage where second-half orders are recognized. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue | ₩351.1 billion | ₩351,115,732,341 | Confirmed | link |
| Total of three SK Hynix supply contracts | approx. ₩69.3 billion | 265+215+212 = ₩69.2 billion | Confirmed | link |
| Estimated 2026 net profit (in-house estimate) | approx. ₩84.8 billion | — | Unverified | — |
| Total-dividend growth rate | +43.2% | 2025 ₩15,074,007,100 / 2024 ₩10,524,735,600 | Confirmed | link |
Recent filings Source
- 2026-06-05Single supply/sales contract
- 2026-05-21Single supply/sales contract
- 2026-05-18Disclosure
- 2026-05-13PeriodicQuarterly report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-24Disclosure
- 2026-03-23Disclosure
- 2026-03-23Disclosure
- 2026-03-23Shareholders' meeting notice
- 2026-03-17Single supply/sales contract
- 2026-03-13PeriodicAnnual business report
- 2026-03-13OwnershipOfficers'/major-shareholders' holdings report
📖 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.