Buy Or Sell Opportunity • Jun 16
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to ₩59,900. The fair value is estimated to be ₩84,300, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 138% in a year. Earnings are forecast to grow by 1,754% in the next year. Reported Earnings • Mar 20
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₩263 (up from ₩584 loss in FY 2024). Revenue: ₩159.1b (down 14% from FY 2024). Net income: ₩9.40b (up ₩30.3b from FY 2024). Profit margin: 5.9% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 62% p.a. on average during the next 2 years, compared to a 29% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 103% per year, which means it is well ahead of earnings. Announcement • Mar 05
Techwing, Inc., Annual General Meeting, Mar 24, 2026 Techwing, Inc., Annual General Meeting, Mar 24, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 118, asanbaelli-ro 387beon-gil, eumbong-myeon, gyeonggi-do, asan South Korea Major Estimate Revision • Oct 22
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₩356.5m to ₩315.4m. EPS estimate unchanged from ₩2,261 per share at last update. Semiconductor industry in South Korea expected to see average net income growth of 40% next year. Consensus price target up from ₩70,000 to ₩80,000. Share price was steady at ₩62,600 over the past week. New Risk • Sep 15
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 8.8% 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 Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 21
First quarter 2025 earnings released: ₩37.00 loss per share (vs ₩231 loss in 1Q 2024) First quarter 2025 results: ₩37.00 loss per share (improved from ₩231 loss in 1Q 2024). Revenue: ₩34.6b (down 14% from 1Q 2024). Net loss: ₩1.33b (loss narrowed 84% from 1Q 2024). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 147 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ₩584 loss per share (further deteriorated from ₩260 loss in FY 2023). Revenue: ₩185.5b (up 39% from FY 2023). Net loss: ₩20.9b (loss widened 124% from FY 2023). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 144 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
Techwing, Inc., Annual General Meeting, Mar 25, 2025 Techwing, Inc., Annual General Meeting, Mar 25, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 118, asanbaelli-ro 387beon-gil, chungcheongnam-do, asan South Korea New Risk • Apr 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South Korean stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Reported Earnings • Mar 21
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: ₩260 loss per share (down from ₩886 profit in FY 2022). Revenue: ₩133.6b (down 50% from FY 2022). Net loss: ₩9.31b (down 129% from profit in FY 2022). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 43% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. New Risk • Jan 23
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 8.3% 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 Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Upcoming Dividend • Dec 20
Upcoming dividend of ₩130 per share at 1.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 10 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). New Risk • Nov 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 151% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩7,880, the stock trades at a trailing P/E ratio of 37.8x. Average trailing P/E is 14x in the Semiconductor industry in South Korea. Total loss to shareholders of 12% over the past three years. New Risk • Aug 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (86% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Reported Earnings • Mar 24
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: ₩886 (up from ₩483 in FY 2021). Revenue: ₩267.5b (up 4.5% from FY 2021). Net income: ₩32.6b (up 81% from FY 2021). Profit margin: 12% (up from 7.0% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩6,500, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩6,149 per share. Announcement • Feb 10
An unknown buyer acquired 49.7% stake in Truetech Co., Ltd. from Techwing, Inc. (KOSDAQ:A089030) for KRW 11.98 billion. An unknown buyer acquired 49.7% stake in Truetech Co., Ltd. from Techwing, Inc. (KOSDAQ:A089030) for KRW 11.98 billion on February 8, 2023. The board of Techwing, Inc. approved the transaction.
An unknown buyer completed the acquisition of 49.7% stake in Truetech Co., Ltd. from Techwing, Inc. (KOSDAQ:A089030) on February 8, 2023. Upcoming Dividend • Dec 21
Upcoming dividend of ₩130 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 10 April 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (1.8%). Price Target Changed • Nov 16
Price target decreased to ₩9,750 Down from ₩12,750, the current price target is an average from 2 analysts. New target price is 41% above last closing price of ₩6,930. Stock is down 34% over the past year. The company is forecast to post earnings per share of ₩845 for next year compared to ₩479 last year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 22
Techwing, Inc. (KOSDAQ:A089030) announces an Equity Buyback for KRW 7,000 million worth of its shares. Techwing, Inc. (KOSDAQ:A089030) announces a share repurchase program. Under the program, the company will repurchase up to KRW 7,000 million worth of its shares, pursuant to a trust contract with Samsung Securities Co., Ltd. The purpose of the program is to stabilize stock price and enhance value of shareholders. The program will expire on April 20, 2023. As of October 20, 2022, the company had 474,363 shares in treasury within scope available for dividend and had no shares in treasury under other acquisitions. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩5,530, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Semiconductor industry in South Korea. Total returns to shareholders of 5.8% over the past three years. Price Target Changed • Jul 13
Price target decreased to ₩25,500 Down from ₩29,000, the current price target is an average from 2 analysts. New target price is 56% above last closing price of ₩16,350. Stock is down 36% over the past year. The company is forecast to post earnings per share of ₩2,216 for next year compared to ₩958 last year. Announcement • Jun 24
Techwing, Inc. (KOSDAQ:A089030) announces an Equity Buyback for KRW 3,000 million worth of its shares. Techwing, Inc. (KOSDAQ:A089030) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of shares pursuant to a contract with Samsung Securities Co. Ltd. The purpose of the buyback is to stabilize stock price and enhance shareholder's value. The plan will be valid up to December 22, 2022. As of June 22, 2022, the company had 751,453 shares in treasury within scope available for dividend and had no shares in treasury under other capacities. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩14,200, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total returns to shareholders of 32% over the past three years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Feb 24
Techwing, Inc. (KOSDAQ:A089030) announces an Equity Buyback for KRW 3,000 million worth of its shares. Techwing, Inc. (KOSDAQ:A089030) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of shares pursuant to a contract with Samsung Securities Co. Ltd. The purpose of the buyback is to stabilize stock price and enhance shareholder's value. The plan will be valid up to August 21, 2022. As of February 21, 2022, the company had 595,865 shares in treasury within scope available for dividend and had no shares in treasury under other capacities. Upcoming Dividend • Dec 22
Upcoming dividend of ₩230 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Price Target Changed • Oct 19
Price target decreased to ₩29,700 Down from ₩32,500, the current price target is an average from 6 analysts. New target price is 49% above last closing price of ₩19,900. Stock is up 6.4% over the past year. The company is forecast to post earnings per share of ₩1,821 for next year compared to ₩1,712 last year. Price Target Changed • Jun 30
Price target increased to ₩34,000 Up from ₩30,500, the current price target is an average from 7 analysts. New target price is 28% above last closing price of ₩26,550. Stock is up 49% over the past year. Price Target Changed • May 28
Price target increased to ₩31,500 Up from ₩28,714, the current price target is an average from 7 analysts. New target price is 22% above last closing price of ₩25,850. Stock is up 49% over the past year. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₩27,050, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Semiconductor industry in South Korea. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 15% share price gain to ₩26,200, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 46% over the past three years. Is New 90 Day High Low • Mar 09
New 90-day low: ₩19,700 The company is down 2.0% from its price of ₩20,200 on 09 December 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩103,729 per share. Is New 90 Day High Low • Jan 20
New 90-day high: ₩23,900 The company is up 34% from its price of ₩17,900 on 22 October 2020. The South Korean market is up 28% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 44% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩77,323 per share. Is New 90 Day High Low • Dec 17
New 90-day high: ₩21,200 The company is up 5.0% from its price of ₩20,250 on 18 September 2020. The South Korean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩75,397 per share. Is New 90 Day High Low • Oct 19
New 90-day low: ₩17,850 The company is down 16% from its price of ₩21,300 on 21 July 2020. The South Korean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩61,904 per share.