Taesung (323280) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Taesung mainly sells "wet process" equipment used in making printed circuit boards (PCBs), a core business that generates cash, onto which it has added two growth axes: roll-to-roll equipment for composite copper foil used in batteries and glass-substrate equipment for AI semiconductor packaging. Across May and June it signed a succession of PCB automation-equipment supply contracts totaling about ₩17.7 billion (₩7.14 billion, ₩4.50 billion and ₩6.08 billion) — close to half of its 2025 revenue — and Q1 revenue surged 163%, showing that its new businesses are moving into actual deliveries. The notable point right now is that the direction of monetizing the new businesses has begun to be confirmed through orders and results, while through Q1 it was still in the red and there is as yet no official company profit outlook disclosed to support the timing of a turn to profit and the margin, so the key is to check quarter by quarter whether revenue converts into profit.
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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 “Machinery” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery makers see orders and results ebb and flow with the capital-investment cycle, yet most run a business that earns money year after year. That is why price-to-earnings (P/E) — the share price measured against actual net profit — is the natural first lens here.
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
- The most recent full-year net result was a loss.
- Revenue fell 36.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 163.2% higher than a year earlier.
- ROE is -2.0% (total-net basis). It is below the sector average.
- Operating margin is -6.6%.
- 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 Kim Jong-hak 21.88% (individual)
Controlling bloc incl. related parties 31.16%
With the controlling bloc holding 31%, the ownership structure is stable.
🔎 In-depth analysis Reading
Taesung mainly sells "wet process" equipment that is essential in making printed circuit boards (PCBs). A PCB is a circuit board that carries components; to form copper circuits on it, the board must be immersed in chemicals to be etched away, surface-treated, and plated with copper. Taesung designs, builds and delivers this wet equipment tailored to customers' lines. To this it has recently added two new businesses. One is "composite copper foil," a material made by plating copper on both sides of a thin plastic film — used for battery anode current collectors and the like — for which Taesung makes roll-to-roll (RTR) equipment that plates the film uniformly across a wide width. The other is "glass substrate" equipment: etching and treatment equipment for a next-generation substrate process that engraves fine circuits on glass for use in AI semiconductor packaging. In short, the existing PCB wet equipment is the cash-generating core business, and the composite copper foil and glass-substrate equipment are the growth axes meant to expand revenue.
The latest close is ₩40,750 and the market capitalization is ₩1.2 trillion. The price sits above its 20-day moving average (₩34,445) and below its 60-day moving average (₩46,985). 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 53.8, a neutral level. The one-month change is +6.3%, the three-month change is -47.8%, and the position relative to the 52-week high is -54.6%. Relative strength versus the KOSDAQ is 76 (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 77% of all stocks. Over the past three months it lagged the index by 23.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Starting with valuation metrics, EPS (earnings per share) is negative, so the P/E ratio (how many times one year's earnings the price represents) cannot be calculated, while the P/B (how many times net assets the price represents) is 9.71x and the P/S (how many times revenue the price represents) is 30.58x — quite high. The accurate reading of these high multiples is that the market has priced in, in advance, the revenue that composite copper foil and glass substrates are expected to grow going forward, rather than the profit it is earning now. On profitability, 2025 shows an operating margin of -6.6%, a net margin of -6.7% and an ROE (how much it earns in a year on equity) of -2.0%, all in loss. On finances, the debt ratio (debt relative to equity) is 134.7% and the current ratio is 177%, so the immediate liquidity burden is not large. Still, since profit metrics are negative in this phase, valuing it on last year's results alone is prone to distortion, and it is better to check quarter by quarter whether revenue actually converts into profit.
As is typical of equipment makers, the amplitude of results is large. Revenue swung year to year — ₩43.9 billion in 2021 → ₩61.2 billion in 2022 → ₩33.3 billion in 2023 → ₩59.2 billion in 2024 → ₩37.9 billion in 2025 — and net profit alternated between profit and loss (a ₩2.5 billion loss in 2025 versus a ₩6.0 billion profit the prior year in 2024). On a three-year view the direction is mixed, with no clear trend. The most recent signal, by contrast, is clear. Q1 2026 revenue was ₩19.87 billion, up 163% from the same quarter a year earlier (about ₩7.55 billion), and this single quarter's revenue already exceeds half of 2025's full-year revenue — evidence that new-business equipment deliveries have begun to be booked as actual revenue. However, in the same quarter operating profit was -₩0.88 billion and net profit -₩0.49 billion, still in the red. In the early stage of scaling up new-business lines, fixed-cost and R&D burdens still appear to be offsetting the revenue increase. The question ahead is whether this revenue expansion leads to margin improvement and a crossover into profit; since the company's official annual profit target is not confirmed through disclosure, this year's net profit level is honestly left as "cannot be confirmed."
The center of the recent trend is a run of supply-contract disclosures, all for PCB automation equipment. On May 19 it signed a ₩7.14 billion contract (18.9% of 2025 revenue) with a Chinese subsidiary (TAESUNG Zhuhai), on June 2 a ₩4.50 billion overseas contract (11.9%), and on June 8 a ₩6.08 billion overseas contract (16.1%), one after another. The three combined come to about ₩17.7 billion — close to half of 2025 revenue in new orders stacked up in just over three weeks — with delivery recognized over 2028-2029. That said, the May 19 contract has the counterparty as a Chinese subsidiary, so it carries a mix of intra-group volume, which should be viewed together. Meanwhile, the June 9 large-holding report by the largest shareholder (about 31% stake) followed an extension of a share-collateral loan agreement and is unrelated to any change in stake or a sale. The early-June extraordinary shareholders' meeting was of a housekeeping nature, such as amending the articles to change the head-office location. In summary, the orders support that new-business execution is in progress, while the other disclosures are administrative matters.
The strength is that the direction has begun to be confirmed. The 163% Q1 revenue surge and ₩17.7 billion in orders over three weeks show that the composite-copper-foil and glass-substrate new businesses are not just on paper but moving into actual deliveries and revenue. The high P/B and P/S are also a result of this growth expectation being priced in ahead — better understood as the market pricing future revenue than as an abnormal signal relative to current results, a more balanced reading. The cautions, on the other hand, are clear. Even with sharply higher revenue, it was still in the red through Q1, and there is no official company profit outlook disclosed to support the timing of a turn to profit and the margin level. It is also worth factoring in that part of the orders are to a Chinese subsidiary, along with the quarterly earnings amplitude characteristic of the equipment industry. Ultimately this is a stock that is strong when new-business revenue expands as planned and margins improve, and weak when the revenue increase fails to convert into profit or order recognition is delayed. Rather than the valuation itself, the key is to check quarter by quarter whether the conversion from revenue to profit is realized.
🔎 Valuation vs peers Inconclusive
A growth-story name within the PCB, semiconductor and glass-substrate process-equipment and materials ecosystem. As Taesung is currently in the red and no P/E can be derived, it is compared by business position rather than absolute multiples.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Jusung Engineering | 173.72x | 10.57x | 6.05% |
| Chemtronics | 35.00x | 1.61x | 2.74% |
| SPG | 263.23x | 9.01x | 3.55% |
Taesung's net profit is currently negative, so no P/E is available, and its P/B of 9.04x and P/S of 30.58x are on the high side even among growth-equipment names. That said, the accurate view is that these multiples reflect the market pricing in the pie that new-business revenue is expected to grow going forward, rather than current profit. There are cases like semiconductor-equipment growth names (Jusung Engineering at a P/B of 17.9x) that price in future growth heavily, and cases like glass-substrate-adjacent names (Chemtronics at a P/B of 1.7x) valued low, so the multiple range of the peer set itself is wide. Decisively, Taesung was in the red through Q1, so there is no earnings basis to declare it "cheap" or "expensive." With no official company profit outlook confirmed through disclosure either, it is reasonable to judge the valuation again after checking quarter by quarter that revenue expansion converts into actual profit and margins. We therefore leave it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩40,750 and the market capitalization is ₩1.2 trillion. The price sits above its 20-day moving average (₩34,445) and below its 60-day moving average (₩46,985). 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 53.8, a neutral level. The one-month change is +6.3%, the three-month change is -47.8%, and the position relative to the 52-week high is -54.6%. Relative strength versus the KOSDAQ is 76 (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 77% of all stocks. Over the past three months it lagged the index by 23.2%. 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 -23.23% / 6M -23.52% / 12M +28.26%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 9.71x is above the sector median (1.01x).
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 -2.0%, below the sector average (2.0%). The operating margin is -6.6%. The debt ratio is 51.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $23.4M | $41.6M | $26.6M | -36.06% ↓ slower |
| Operating profit | -$481,712 | $4.2M | -$1.8M | -141.51% |
| Net profit | -$995,159 | $4.2M | -$1.8M | -142.51% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $30.9M | $43.0M | $23.4M | $41.6M | $26.6M |
| Operating profit | $3.2M | $1.6M | -$481,712 | $4.2M | -$1.8M |
| Net profit | $6.5M | -$321,310 | -$995,159 | $4.2M | -$1.8M |
| Revenue CAGR | 4-yr avg -3.66% | ||||
Revenue fell 36.1% year over year (2023 ₩33.3 billion → 2024 ₩59.2 billion → 2025 ₩37.9 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 141.5% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -3.7%. The two-year revenue CAGR is 6.6%. In the most recent quarter (Q1 2026), revenue was 163.2% 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
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 36.1% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-08UpdateSigned a single-sale/supply contract for PCB automation equipment with an overseas party (₩6.08 billion, 16.1% of 2025 revenue). Contract ends 2028-04-10.Short-term expansion of the order backlog. Revenue recognition is deferred to the second half and beyond, supporting new-business equipment demand. Source
- 2026-06-02UpdateSigned a single-sale/supply contract for PCB automation equipment with an overseas party (₩4.50 billion, 11.9% of 2025 revenue). Contract ends 2028-02-15.Successive overseas orders build the backlog. Improves revenue visibility for 2026-2027. Source
- 2026-05-19UpdateSigned a supply contract for PCB automation equipment with a Chinese subsidiary (TAESUNG Zhuhai Technology) (₩7.14 billion, 18.9% of 2025 revenue). Contract ends 2029-05-19.The largest order, but as the counterparty is an intra-group affiliate it carries a mix of internal transaction, so margins and independence require separate confirmation. Source
- 2026-06-09FilingLarge-holding report by the largest shareholder (about 31% stake) — a change following an extension of a share-collateral loan agreement, with no change in stake.Of the nature of a collateral-agreement extension rather than a sale or change in control, so the business impact is limited. Source
- 2026-05-15EarningsFiled the Q1 2026 quarterly report — cumulative revenue ₩19.87 billion (+163.2% YoY), operating loss -₩0.88 billion, net loss -₩0.49 billion.The new-business revenue surge is confirmed in results, but profit is still in the red. Whether revenue converts into profit is the key question. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 cumulative revenue | ₩19.9 billion | ₩19.9 billion | Confirmed | link |
| Total of new supply contracts over the past three weeks | approx. ₩17.7 billion(60.8+45.0+71.4) | 60.8(06-08)+45.0(06-02)+71.4(05-19) DART | Confirmed | link |
| 2025 net profit (loss) | -₩2.5 billion | -₩2.5 billion | Confirmed | link |
| This year's (2026) net profit outlook | — | — | Unverified | link |
Recent filings Source
- 2026-06-09OwnershipOwnership-change filing
- 2026-06-08Single supply/sales contract
- 2026-06-05Disclosure
- 2026-06-05Shareholders' meeting notice
- 2026-06-02Single supply/sales contract
- 2026-05-19Single supply/sales contract
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
📖 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.
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