New Risk • May 21
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 46% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (₩90.8b market cap, or US$60.3m). Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩4,575, the stock trades at a trailing P/E ratio of 60.2x. Average trailing P/E is 19x in the Machinery industry in South Korea. Total loss to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩4,900, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 23x in the Machinery industry in South Korea. Total loss to shareholders of 54% over the past three years. Aankondiging • Jan 15
TSI Co., Ltd. (KOSDAQ:A277880) announces an Equity Buyback for KRW 1,000 million worth of its shares. TSI Co., Ltd. (KOSDAQ:A277880) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares. The purpose of the program is to stabilize stock price and improve shareholder value. The program will expire on February 28, 2026. As of January 14, 2026, the company had 363,036 shares in treasury within scope available for dividend and had 0 shares under other acquisitions. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ₩97.00 (vs ₩76.00 in 3Q 2024) Third quarter 2025 results: EPS: ₩97.00 (up from ₩76.00 in 3Q 2024). Revenue: ₩76.6b (up 75% from 3Q 2024). Net income: ₩2.99b (up 21% from 3Q 2024). Profit margin: 3.9% (down from 5.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ₩85.00 loss per share (vs ₩380 profit in 2Q 2024) Second quarter 2025 results: ₩85.00 loss per share (down from ₩380 profit in 2Q 2024). Revenue: ₩55.7b (down 28% from 2Q 2024). Net loss: ₩1.54b (down 115% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 22
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₩1,088 (up from ₩365 loss in FY 2023). Revenue: ₩272.0b (up 4.2% from FY 2023). Net income: ₩29.4b (up ₩34.3b from FY 2023). Profit margin: 11% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Aankondiging • Mar 12
TSI Co., Ltd., Annual General Meeting, Mar 26, 2025 TSI Co., Ltd., Annual General Meeting, Mar 26, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 27, dongtancheomdansaneop 1-ro, gyeonggi-do, hwaseong South Korea New Risk • Feb 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩6,200, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Machinery industry in South Korea. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩5,790, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Machinery industry in South Korea. Total loss to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩5,100, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Machinery industry in South Korea. Total loss to shareholders of 57% over the past three years. Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: ₩76.00 (vs ₩46.00 in 3Q 2023) Third quarter 2024 results: EPS: ₩76.00 (up from ₩46.00 in 3Q 2023). Revenue: ₩43.7b (up 3.3% from 3Q 2023). Net income: ₩2.48b (up 64% from 3Q 2023). Profit margin: 5.7% (up from 3.6% in 3Q 2023). Revenue is expected to decline by 118% p.a. on average during the next 3 years, while revenues in the Machinery industry in South Korea are expected to grow by 17%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Jul 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩138.1b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: ₩227 (vs ₩9.95 in 1Q 2023) First quarter 2024 results: EPS: ₩227 (up from ₩9.95 in 1Q 2023). Revenue: ₩64.9b (down 25% from 1Q 2023). Net income: ₩6.24b (up ₩6.04b from 1Q 2023). Profit margin: 9.6% (up from 0.2% in 1Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Machinery industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 12% per year. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ₩12,360, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Machinery industry in South Korea. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩10,620, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 14x in the Machinery industry in South Korea. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩11,130, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 14x in the Machinery industry in South Korea. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improved over the past week After last week's 16% share price gain to ₩9,330, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 14x in the Machinery industry in South Korea. Total returns to shareholders of 6.3% over the past three years. Aankondiging • Oct 21
TSI Co., Ltd. announced that it expects to receive KRW 4 billion in funding from KB Securities Co., Ltd., Samsung Securities Co., Ltd., NH Investment & Securities Co., Ltd. TSI Co., Ltd. announced a private placement round 6 non-guaranteed private convertible bonds for gross proceeds of KRW 4,000,000,000 on October 19, 2022. The transaction will include participation from KB Securities Co., Ltd. for KRW 200,000,000, Samsung Securities Co., Ltd. for KRW 2,300,000,000 and NH Investment & Securities Co., Ltd. for KRW 1,500,000,000. The bond maturity date is September 30, 2027. The coupon rate for bonds is 0%. The round 6 bonds are fully convertible at a fixed conversion price of KRW 9,160 per share into 436,681 common shares from October 21, 2023 to August 30, 2027. The payment date for round 6 bonds is October 21, 2022.
As of the same date, the transaction has been approved by the board of directors of the company. Aankondiging • Sep 28
TSI Co., Ltd. announced that it expects to receive KRW 20 billion in funding TSI Co., Ltd. announced a private placement round 4 non-guaranteed private convertible bonds for gross proceeds of KRW 14,000,000,000 and round 5 non-guaranteed private convertible bonds for gross proceeds of KRW 6,000,000,000 on September 26, 2022. The transaction will include participation from EVENTUS Secondary Battery No. 2 Private Equity Joint Venture Company. The bond maturity date is September 30, 2027. The round 4 bonds are fully convertible at a fixed conversion price of KRW 9,714 per share into 1,441,218 common shares from September 30, 2023 to August 30, 2027 and round 5 bonds are fully convertible at a fixed conversion price of KRW 9,714 per share into 617,665 common shares from October 21, 2023 to August 30, 2027. The payment date for round 4 is September 30, 2022 and for round 5 is October 21, 2022. The transaction has been approved by the board of directors of the company. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩9,200, the stock trades at a trailing P/E ratio of 62x. Average trailing P/E is 17x in the Machinery industry in South Korea. Negligible returns to shareholders over past three years. Reported Earnings • May 08
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ₩73.00 (up from ₩13.00 loss in 1Q 2021). Revenue: ₩46.1b (up 443% from 1Q 2021). Net income: ₩1.35b (up ₩1.58b from 1Q 2021). Profit margin: 2.9% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 34%. Earnings per share (EPS) also missed analyst estimates by 168%. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ₩438 loss per share (vs ₩172 loss in 3Q 2020) The company reported a decent third quarter result with improved revenues, although losses increased and control over costs was weaker. Third quarter 2021 results: Revenue: ₩19.5b (up 119% from 3Q 2020). Net loss: ₩8.11b (loss widened 425% from 3Q 2020). Aankondiging • Jun 09
TSI Co., Ltd. announced that it has received KRW 22 billion in funding from Creative & Innovative System Corporation, Korea Investment & Securities Co., Ltd., Investment Arm On June 8, 2021, TSI Co., Ltd. (KOSDAQ:A277880) closed the transaction. Aankondiging • Jun 01
TSI Co., Ltd. announced that it expects to receive KRW 22 billion in funding from Creative & Innovative System Corporation, Korea Investment & Securities Co., Ltd., Investment Arm, and another investor TSI Co., Ltd. (KOSDAQ:A277880) announced a private placement of round 2 non-guaranteed private equity convertible bonds for gross proceeds of KRW 22,000,000 on May 31, 2021. The transaction will include participation from GB Holdings 2 Co., Ltd for KRW 17,000,000,000, Creative & Innovative System Corporation (KOSDAQ:A222080) for KRW 3,000,000,000, and returning investor Korea Investment & Securities Co., Ltd., Investment Arm for KRW 2,000,000,000. The bonds carry no coupon and yield to maturity, and will mature on June 8, 2026. The bonds are fully convertible into 1,785,714 shares at a conversion price of KRW 12,320 per share which represents 8.79% stake in the company. The conversion period starts for all the bonds starts from June 9, 2022 to June 7, 2026. The bonds have a hold period of one year. The transaction is expected to close on June 8, 2021. The transaction has been approved by the board of the directors of the company. Is New 90 Day High Low • Feb 22
New 90-day high: ₩20,200 The company is up 66% from its price of ₩12,150 on 24 November 2020. The South Korean market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: ₩14,600 The company is up 9.0% from its price of ₩13,400 on 16 October 2020. The South Korean market is up 31% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 23% over the same period. Is New 90 Day High Low • Dec 15
New 90-day low: ₩10,400 The company is down 33% from its price of ₩15,500 on 16 September 2020. The South Korean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 13% over the same period. Is New 90 Day High Low • Oct 16
New 90-day low: ₩13,400 The company is down 49% from its price of ₩26,350 on 17 July 2020. The South Korean market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 2.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₩13,950 The company is down 15% from its price of ₩16,350 on 26 June 2020. The South Korean market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 3.0% over the same period. Aankondiging • Jul 17
TSI Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 18.47 billion. TSI Co., Ltd. has completed a Follow-on Equity Offering in the amount of KRW 18.47 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 1,847,000
Price\Range: KRW 10000
Discount Per Security: KRW 350
Transaction Features: ESOP Related Offering; Subsequent Direct Listing 
