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Korean maker of semiconductor test interconnect gear: probe cards, test sockets and OLED/LED test systems.
Korean maker of semiconductor test interconnect gear: probe cards, test sockets and OLED/LED test systems.
Probe cards are bought per chip design and wear out in use, so sales come from memory makers' new chip designs and from replacement.
In one line: A small, Korea-focused FormFactor.
Moat: narrow (process know-how, customer qualification). Probe cards must be qualified per chip design; switching mid-program is costly.
Headquarters: Cheonan, South Korea · Founded: 1994 · Employees: 985
Size TSE (131290.KS) is a South Korea Information Technology company (Semiconductors) with a market value of $1.29B, the 197th largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩162,000 on 6 Nov 2026.
Performance Over six months the shares fell 4.0%, against -17.6% for the median peer and -24.5% for the South Korea market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 37.0% over the last twelve months (peer median +10.9%); the operating margin is 22.0% (peer median 8.0%).
Valuation It trades at 12.0× forward earnings against a peer median of 24.5× (4th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +3 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 5.4 points above its cost of capital (9.6% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩568B | ₩429B | ₩348B | ₩249B | ₩339B |
| Revenue growth | — | +23% | +40% | -27% | — |
| Gross profit | ₩197B | ₩121B | ₩88.2B | ₩34.0B | ₩100.0B |
| EBITDA | ₩160B | ₩79.9B | ₩67.6B | ₩23.9B | ₩80.0B |
| Net income | ₩105B | ₩38.2B | ₩42.5B | ₩121M | ₩49.8B |
| Free cash flow | ₩14.5B | ₩1.42B | ₩2.78B | -₩46.2B | ₩5.23B |
| Capital expenditure | ₩74.5B | ₩50.8B | ₩30.3B | ₩51.3B | ₩51.1B |
| Total debt | ₩53.4B | ₩50.2B | ₩44.6B | ₩41.6B | ₩38.5B |
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 |
|---|---|---|---|---|---|---|
| TSE 131290.KS | $1.29B | -4% | +37% | 22% | 12.0× | 11.2% |
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% |
| MPI 6223.TWO | $10.2B | -31% | +38% | 30% | 37.2× | n/a |
| ISC 095340.KS | $1.82B | -50% | +61% | 30% | 29.8× | 10.5% |
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 | 131290.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -48.7% | -29.6% | 3rd lowest of 21 |
| 6-month return | -4.0% | -17.6% | 4th highest of 20 |
| Distance from 52-week high | -53.0% | -53.8% | 10th highest of 21 |
| Revenue growth (TTM) | +37.0% | +10.9% | 7th highest of 20 |
| Operating margin | 22.0% | 8.0% | 4th highest of 20 |
| Forward P/E | 12.0× | 24.5× | 4th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 11.2% | 24.9% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +8.5% | +25.5% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | +2.7 pp | +1.2 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | +5.4 pp | -2.4 pp | 4th highest of 20 |
| EV / EBITDA | 11.1× | 19.5× | 5th cheapest of 12 |
| Net debt / EBITDA | -0.5× | -0.8× | 7th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TSE 131290.KS | South Korea | $1.29B | -4% | +37% | 22% | 12.0× | 11.2% | +8.5% |
| Innostar Service 7828.TWO | Taiwan | $1.29B | -18% | +117% | 43% | 53.4× | n/a | n/a |
| Karamtara Engineering KARAMTARA.NS | India | $1.28B | n/a | n/a | n/a | n/a | n/a | n/a |
| LAPLACE Renewable Energy Technology 688726.SS | China | $1.30B | -36% | -22% | 8% | 24.5× | 1.4% | +62.8% |
| Faraday Technology 3035.TW | Taiwan | $1.26B | -9% | -32% | 5% | 29.6× | 25.2% | +26.8% |
| WOLF WOLF | United States | $1.26B | -49% | -12% | -67% | n/a | n/a | n/a |
| Furuya Metal 7826.T | Japan | $1.26B | +7% | +75% | 25% | 10.3× | 13.3% | +24.2% |
| Shenzhen SOFARSOLAR 301658.SZ | China | $1.32B | -41% | +18% | -1% | n/a | 43.2% | +37.3% |
| UMS Integration 558.SI | Singapore | $1.25B | -27% | +10% | 21% | 21.1× | 12.8% | +8.8% |
| Pan Jit International 2481.TW | Taiwan | $1.25B | +6% | +9% | 9% | 15.0× | 24.5% | +4.5% |
| Jeju Semiconductor 080220.KS | South Korea | $1.24B | -4% | +284% | 32% | n/a | n/a | n/a |
| Supreme Electronics 8112.TW | Taiwan | $1.24B | -13% | +80% | 3% | n/a | n/a | n/a |
| Shenzhen Qingyi Photomask 688138.SS | China | $1.35B | -7% | +6% | 16% | 30.3× | n/a | n/a |
| FADU 440110.KS | South Korea | $1.23B | -58% | +137% | -9% | 44.5× | 43.1% | +156.1% |
| Nuvoton Technology 4919.TW | Taiwan | $1.22B | -46% | 0% | -5% | n/a | n/a | n/a |
| Elite Advanced Laser 3450.TW | Taiwan | $1.36B | -15% | -2% | 16% | n/a | n/a | n/a |
| Luxnet 4979.TWO | Taiwan | $1.36B | -56% | +14% | 19% | 29.3× | 34.7% | +30.3% |
| Jilin Sino-Microelectronics 600360.SS | China | $1.21B | -15% | +11% | 3% | n/a | n/a | n/a |
| Hana Micron 067310.KS | South Korea | $1.18B | -39% | +54% | 14% | 6.1× | 0.4% | +23.3% |
| Epiworld International 2726.HK | Hong Kong | $1.17B | -34% | -21% | -11% | n/a | 42.8% | +17.4% |
| Kaga Electronics 8154.T | Japan | $1.42B | +6% | +24% | 4% | 7.8× | n/a | n/a |