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Korean maker of etch and deposition equipment used in memory-chip and display-panel fabrication.
Korean maker of etch and deposition equipment used in memory-chip and display-panel fabrication.
Sells equipment in batches tied to its customers' fab expansion programmes, so orders come in lumps at the start of a build-out and taper afterward, with service and spare parts following the machines already installed. Most sales go to a small circle of Korean memory makers.
Moat: narrow (customer qualification, process know-how). Qualified equipment vendor inside Korean memory and display fabs.
Headquarters: Cheonan, South Korea · Employees: 438
Size TES (095610.KS) is a South Korea Information Technology company (Electronic Production Equipment) with a market value of $982M, the 237th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩77,800 on 6 Nov 2026.
Performance Over six months the shares fell 7.4%, against -19.8% for the median peer and -24.5% for the South Korea market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 33.4% over the last twelve months (peer median +7.4%); the operating margin is 17.1% (peer median 3.9%).
Valuation It trades at 13.7× forward earnings against a peer median of 22.5× (4th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.2 points above its cost of capital (11.6% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩405B | ₩351B | ₩240B | ₩147B | ₩358B |
| Revenue growth | — | +46% | +63% | -59% | — |
| Gross profit | ₩155B | ₩136B | ₩99.2B | ₩43.9B | ₩121B |
| EBITDA | ₩80.1B | ₩65.7B | ₩44.3B | -₩490M | ₩57.2B |
| Net income | ₩80.8B | ₩56.9B | ₩42.7B | ₩1.57B | ₩46.8B |
| Free cash flow | ₩68.6B | ₩49.5B | -₩24.3B | ₩11.2B | ₩9.51B |
| Capital expenditure | ₩19.8B | ₩33.1B | ₩54.9B | ₩17.5B | ₩6.56B |
| Total debt | ₩24.9B | ₩57.2B | ₩16.4B | ₩226M | ₩380M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TES 095610.KS | $982M | -7% | +33% | 17% | 13.7× | 14.5% |
| Wonik IPS 240810.KS | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% |
| Psk 319660.KS | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| Jusung Engineering 036930.KS | $4.39B | +5% | -33% | 0% | 145.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 095610.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -52.3% | -16.6% | lowest of 21 |
| 6-month return | -7.4% | -19.8% | 7th highest of 20 |
| Distance from 52-week high | -67.1% | -48.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | +33.4% | +7.4% | 4th highest of 21 |
| Operating margin | 17.1% | 3.9% | 2nd highest of 21 |
| Forward P/E | 13.7× | 22.5× | 4th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 14.5% | 15.7% | 4th least demanding of 8 |
| Growth delivered (Del g) | +7.4% | +8.6% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | +7.2 pp | +4.5 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | +5.2 pp | -4.4 pp | 4th highest of 21 |
| EV / EBITDA | 14.6× | 12.4× | 4th most expensive of 8 |
| Net debt / EBITDA | -2.0× | 1.3× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TES 095610.KS | South Korea | $982M | -7% | +33% | 17% | 13.7× | 14.5% | +7.4% |
| Nanjing Wavelength Opto-Electronic Science and Technology 301421.SZ | China | $980M | -46% | +8% | 7% | 77.3× | n/a | n/a |
| Shenzhen Laibao Hi-Tech 002106.SZ | China | $962M | -13% | -12% | 4% | 28.4× | n/a | n/a |
| LX Technology 2436.HK | Hong Kong | $1.02B | +37% | -4% | 4% | 120.4× | n/a | n/a |
| Suzhou K-Hiragawa Electronic Technology 603052.SS | China | $1.03B | -55% | +7% | -10% | n/a | n/a | n/a |
| Chengdu RML Technology 301050.SZ | China | $927M | -37% | -81% | -128% | 22.1× | 21.4% | +16.9% |
| Hangzhou Sunrise Technology 300360.SZ | China | $919M | -20% | -17% | 19% | 10.0× | -1.6% | +9.0% |
| I-Chiun Precision Industry 2486.TW | Taiwan | $1.05B | -53% | +25% | 7% | 23.3× | n/a | n/a |
| Shenzhen AV-Display 300939.SZ | China | $1.07B | +54% | +5% | 3% | n/a | n/a | n/a |
| Mitsui High-Tec 6966.T | Japan | $892M | +20% | +10% | 8% | 9.2× | n/a | n/a |
| Scanfil SCANFL.HE | Finland | $877M | -7% | +19% | 6% | 16.2× | 6.9% | +6.0% |
| Harbin Xinguang Optic-Electronics Technology 688011.SS | China | $1.11B | +17% | +14% | -42% | n/a | n/a | n/a |
| AcBel Polytech 6282.TW | Taiwan | $838M | -35% | +14% | 3% | 22.5× | 15.7% | +8.6% |
| Guangdong Suqun New Material 301489.SZ | China | $1.16B | -54% | +24% | 8% | 53.2× | n/a | n/a |
| LianChuang Electronic Technology 002036.SZ | China | $818M | -42% | -32% | -25% | n/a | n/a | n/a |
| Dongjin Semichem 005290.KS | South Korea | $1.18B | -44% | -4% | 16% | n/a | -4.4% | +5.0% |
| Shenzhen Fenda Technology 002681.SZ | China | $1.19B | -15% | +7% | -1% | n/a | 27.1% | -5.2% |
| Beken 603068.SS | China | $810M | 0% | +35% | 1% | n/a | n/a | n/a |
| DKE 1770.HK | Hong Kong | $796M | n/a | +35% | 5% | n/a | 17.5% | +9.6% |
| Fuman Microelectronics 300671.SZ | China | $1.21B | -22% | +71% | 3% | n/a | n/a | n/a |
| Radiant Opto-Electronics 6176.TW | Taiwan | $795M | -15% | -11% | 9% | 9.5× | n/a | n/a |