Doosan Tesna (131970) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Doosan Tesna is a back-end semiconductor test house (an OSAT) that screens finished chips for defects, with wafer testing of system semiconductors and image sensors (CIS) used in smartphones, cars and AI as its mainstay, while it steadily raises the automotive share to reduce its dependence on mobile. In April 2026 the company voluntarily disclosed a corporate value-up plan, saying it would lift ROE through investment centered on high value-added system semiconductors, and it announced new SoC test equipment and an expansion of its image-sensor lines, with the new line due to be completed early next year. The point worth watching lately is that, having passed the earnings trough, the company has a net-cash position and healthy cash flow that let it fund the large expansion on its own, and customer diversification is a positive; but back-end testing is sensitive to demand from downstream set makers, so quarterly earnings are volatile, and the expansion weighs on results as depreciation until utilization rises.
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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 “Back-End & Packaging (OSAT)” (Semiconductors & IT Components · Semiconductors), a type typically read first through EV/EBITDA.
OSAT packaging carries a heavy capital-spending burden, with depreciation weighing on profit and debt often in the mix. So EV/EBITDA — enterprise value, including debt, against operating cash generation — captures the reality of this equipment-intensive business better than net-income measures.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 18.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 29.6% higher than a year earlier.
- ROE is 0.4% (total-net basis). It is below the sector average.
- Operating margin is -0.3%.
- 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 Doosan Portfolio Holdings 38.69% (corporate)
Controlling bloc incl. related parties 39.39%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis Reading
Doosan Tesna makes its money from "back-end testing" — screening finished chips for defects after they have been fully fabricated. Firms that specialize in outsourced testing like this are called OSAT companies. Its mainstay is wafer testing of system semiconductors (non-memory) used in smartphones, cars and AI, and of image sensors (CIS) for cameras. More recently it has been raising the share of automotive chip testing to reduce its reliance on mobile. The company was acquired by Doosan Group and serves as the affiliate that anchors the group's semiconductor arm.
The latest close is ₩66,500 and the market capitalization is ₩1.3 trillion. The price sits below its 20-day moving average (₩77,205) and below its 60-day moving average (₩120,820). 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 37.9, a neutral level. The one-month change is -35.6%, the three-month change is -52.5%, and the position relative to the 52-week high is -65.0%. Relative strength versus the KOSDAQ is 85 (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 86% of all stocks. Over the past three months it lagged the index by 26.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Read at face value, the valuation figures are misleading. The P/E (how many times one year's earnings the share price is) comes out at 1,293x, but that is an optical distortion from dividing by a trough 2025 net profit that shrank to ₩1.5 billion. In fact, in the first quarter of 2026 alone the company earned ₩8.4 billion in net profit, already more than five times the whole of last year. In other words, metrics based on last year's earnings are not the right way to value a company in a recovery phase. The balance sheet is on the solid side. Net debt is negative ₩20.2 billion — that is, it holds more cash than debt, a net-cash position. The FCF yield (the ratio of cash actually generated to market cap) is 6.3%, indicating healthy cash generation. The debt ratio (debt versus equity) is 161%, a managed level for a capital-spending company.
Revenue grew from ₩207.6 billion in 2021 to ₩338.7 billion in 2023, then, after peaking at ₩373.1 billion in 2024, slipped -18.6% to ₩303.9 billion in 2025. That decline reflected a compounding slowdown in demand from downstream set makers. In 2025 the company swung from a first-half loss to a second-half profit, tracing a step-by-step recovery quarter by quarter. Fourth-quarter net profit climbed to ₩15.9 billion. That momentum carried into the first quarter of 2026, with revenue of ₩76.8 billion (+29.6%) and a swing to an operating profit of ₩5.5 billion. This year is the year that volumes for new system-semiconductor and image-sensor customers come on stream. On our own estimates, this year's earnings move well clear of last year's trough and return to a normal track. Even if metrics on last year's earnings look expensive, the picture is entirely different on this year's earnings.
In April 2026 the company voluntarily disclosed a corporate value-up plan. It sets out expanding investment centered on high value-added system semiconductors to lift ROE, and pursuing shareholder returns that weigh growth investment and financial conditions together. Around the same time it also disclosed new capital expenditure. The core is test equipment for new SoC customers and the addition of a new image-sensor line, with the direction being to bring in state-of-the-art test equipment to strengthen its capability on fine processes. The new image-sensor line is due to be completed early next year. In short, this year lays down capacity, with the effect kicking in in earnest from next year.
The strengths are clear. Having passed the earnings trough, the company has entered a recovery phase, and its net-cash position and healthy cash flow give it the capacity to fund a large expansion on its own. Broadening its customer base across system semiconductors, automotive and image sensors to reduce mobile dependence is also a positive. There are points to note as well. Back-end testing is sensitive to demand from downstream set makers, so quarterly earnings are highly volatile. A large expansion weighs on results as depreciation until utilization rises. In conclusion, if the new line's utilization fills up as expected and downstream demand holds, there is scope for a marked step-up in earnings. Conversely, if downstream demand wobbles, the expansion burden shows up first.
🔎 Valuation vs peers Fairly valued
Compared against listed companies in semiconductor back-end testing and test-related businesses — Leeno Industrial (test sockets and pins) and Hana Materials (semiconductor materials), which sit within the same semiconductor value chain with similar business character and end markets.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Leeno Industrial | 33.55x | 7.17x | 22.93% |
| Hana Materials | 28.40x | 2.25x | 10.28% |
The current P/E of 1,293x is an optical distortion from dividing by a trough value — 2025 net profit collapsed to ₩1.5 billion — so it cannot be used as is. A company in a recovery phase should be judged on this year's earnings, not last year's. On our own estimate of this year's net profit, the forward P/E is around 40x, broadly in line with Leeno Industrial (37.7x) within the test value-chain peer set and above Hana Materials (29x). That modest premium can be read as reflecting growth expectations, with the company having just passed an earnings inflection and the expansion effect kicking in in earnest from next year. The P/B (how many times net assets the share price is) is 2.90x, which there is scope to justify alongside an ROE recovery once earnings normalize. On balance, we judge it fairly valued, beginning to price in the early stage of a recovery, with the new line's utilization the key variable.
Price history Close · MA20 · MA60
The latest close is ₩66,500 and the market capitalization is ₩1.3 trillion. The price sits below its 20-day moving average (₩77,205) and below its 60-day moving average (₩120,820). 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 37.9, a neutral level. The one-month change is -35.6%, the three-month change is -52.5%, and the position relative to the 52-week high is -65.0%. Relative strength versus the KOSDAQ is 85 (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 86% of all stocks. Over the past three months it lagged the index by 26.0%. 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 -26.04% / 6M +45.78% / 12M +96.95%
Key metrics Computed vs sector median
Valuation
The P/E of 851.47x is above the sector median (28.09x). The P/B of 2.90x is above the sector median (1.16x).
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
Return on equity (ROE) is 0.4%, below the sector average (2.0%). The operating margin is -0.3%. The debt ratio is 53.9%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $237.9M | $262.1M | $213.5M | -18.56% ↓ slower |
| Operating profit | $42.7M | $26.6M | -$660,934 | -102.48% ↓ slower |
| Net profit | $34.5M | $25.8M | $1.1M | -95.89% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $145.8M | $195.1M | $237.9M | $262.1M | $213.5M |
| Operating profit | $38.0M | $47.2M | $42.7M | $26.6M | -$660,934 |
| Net profit | $33.1M | $36.8M | $34.5M | $25.8M | $1.1M |
| Revenue CAGR | 4-yr avg 10.00% | ||||
Revenue fell 18.6% year over year (2023 ₩338.7 billion → 2024 ₩373.1 billion → 2025 ₩303.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 102.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.0%. The two-year revenue CAGR is -5.3%. In the most recent quarter (Q1 2026), revenue was 29.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 18.6% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-01FilingVoluntary disclosure of a corporate value-up plan — expanding investment centered on high value-added system semiconductors to lift ROE, and pursuing shareholder returns that weigh growth investment and financial conditions togetherMedium-term direction. By spelling out growth centered on profitability and capital efficiency rather than mere size, it signals an improvement in the quality of earnings. Source
- 2026-04-28FilingDisclosure of new capital expenditure — test equipment for new SoC customers and a new image-sensor line, plus the introduction of state-of-the-art fine-process equipmentMedium-term capacity expansion. The new image-sensor line is due for completion early next year; a step-up in earnings when utilization rises, with a depreciation burden in the early stages. Source
- 2026-04-28FilingDecision to acquire tangible assets — acquisition of test-facility-related assets to support the expansion investmentShort-term cash outflow, medium-term capacity. With a net-cash position, it can be funded from its own resources. Source
- 2026-05-15EarningsFirst-quarter 2026 report — revenue of ₩76.8 billion (+29.6%), a swing to an operating profit of ₩5.5 billion, and net profit of ₩8.4 billionShort-term confirmation of the recovery. It exceeded last year's full-year net profit (₩1.5 billion) by more than fivefold in a single quarter. Source
- 2026-04-01DividendEx-dividend — dividend paid for the preceding fiscal year. However, the payout ratio is temporarily shown as high owing to the sharp drop in earningsShort-term shareholder return. Once earnings normalize, the payout-ratio metric returns to a normal range. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-28Material-fact report (amended)
- 2026-04-28Material-fact report
- 2026-04-28Amended filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-04-01Dividend disclosure
- 2026-04-01Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-31Disclosure
- 2026-03-23PeriodicAnnual business 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.