Buy Or Sell Opportunity • Jun 04
Now 44% overvalued after recent price rise Over the last 90 days, the stock has risen 76% to ₩135,900. The fair value is estimated to be ₩94,284, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 88% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩104,600, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Semiconductor industry in South Korea. Total returns to shareholders of 421% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩94,937 per share. Major Estimate Revision • May 15
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from ₩429.3m to ₩434.9m. EPS estimate increased from ₩4,531 to ₩5,069 per share. Net income forecast to grow 58% next year vs 77% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩97,500 to ₩138,000. Share price rose 27% to ₩118,100 over the past week. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩105,200, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 24x in the Semiconductor industry in South Korea. Total returns to shareholders of 460% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩79,106 per share. Buy Or Sell Opportunity • May 11
Now 33% overvalued after recent price rise Over the last 90 days, the stock has risen 58% to ₩105,200. The fair value is estimated to be ₩79,106, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₩74,700, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 20x in the Semiconductor industry in South Korea. Total returns to shareholders of 265% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩94,688 per share. Buy Or Sell Opportunity • Apr 01
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to ₩61,300. The fair value is estimated to be ₩47,915, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 73% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₩65,300, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 22x in the Semiconductor industry in South Korea. Total returns to shareholders of 243% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩50,107 per share. Announcement • Feb 24
TES Co., Ltd, Annual General Meeting, Mar 23, 2026 TES Co., Ltd, Annual General Meeting, Mar 23, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 2374-36, jungbu-daero, yangji-myeon, cheoin-gu, gyeonggi-do, yongin South Korea New Risk • Feb 02
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 13% 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 Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to ₩66,800, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Semiconductor industry in South Korea. Total returns to shareholders of 308% over the past three years. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩53,200, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 239% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩23,669 per share. Announcement • Dec 19
TES Co., Ltd (KOSDAQ:A095610) agreed to acquire 15% stake in Korea Instrument Co., Ltd from Krypton Private Equity Joint Stock Company for KRW 36.6 billion. TES Co., Ltd (KOSDAQ:A095610) agreed to acquire 15% stake in Korea Instrument Co., Ltd from Krypton Private Equity Joint Stock Company for KRW 36.6 billion on December 17, 2025. A cash consideration of KRW 36.62 billion will be paid by TES Co., Ltd. As part of consideration, KRW 36.62 billion is paid towards common equity of Korea Instrument Co., Ltd.
For the period ending December 31, 2024, Korea Instrument Co., Ltd reported total revenue of KRW 98.32 billion and net income of KRW 10.65 billion. As of December 31, 2024, Korea Instrument Co., Ltd reported total assets of KRW 109.67 billion.
The expected completion of the transaction is December 23, 2025. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩39,200, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 149% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩24,100 per share. Declared Dividend • Nov 08
Dividend of ₩600 announced Dividend of ₩600 is the same as last year. Ex-date: 29th December 2025 Payment date: 31st March 2026 Dividend yield will be 1.5%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (18% earnings payout ratio) but not covered by cash flows (107% cash payout ratio). The dividend has increased by an average of 7.0% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
TES Co., Ltd announces Annual dividend, payable on March 31, 2026 TES Co., Ltd announced Annual dividend of KRW 600.0000 per share payable on March 31, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩42,050, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the Semiconductor industry in South Korea. Total returns to shareholders of 162% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩45,157 per share. Announcement • Oct 31
TES Co., Ltd announced that it has received KRW 15.6669 billion in funding On October 30, 2025, TES Co., Ltd closed the transaction. Buy Or Sell Opportunity • Oct 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 97% to ₩50,200. The fair value is estimated to be ₩41,742, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 7.0%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Announcement • Sep 19
TES Co., Ltd announced that it expects to receive KRW 28.5162 billion in funding from NH Investment & Securities Co., Ltd. TES Co., Ltd announced a private placement to issue series 2 bearer unsecured private convertible bonds for gross proceeds of KRW 28,516,200,000 on September 17, 2025. The transaction includes participation from new investor, NH Investment & Securities Co., Ltd. The bonds have zero coupon rate and zero yield to maturity rate. The bonds will be 100% converted into 600,000 common shares at a fixed conversion price of KRW 47,527 per share. The conversion period is from October 2, 2025 to August 25, 2030. The bonds will mature on September 25, 2030. The payment date of the transaction is September 25, 2025. The transaction has been approved by the board of directors of the company. The transaction is subject to restriction period of one year. Price Target Changed • Sep 16
Price target increased by 12% to ₩37,750 Up from ₩33,750, the current price target is an average from 4 analysts. New target price is 9.1% below last closing price of ₩41,550. Stock is up 150% over the past year. The company is forecast to post earnings per share of ₩2,970 for next year compared to ₩2,432 last year. 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 7.6% 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 High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (107% cash payout ratio). Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩37,650, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Semiconductor industry in South Korea. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩38,554 per share. Major Estimate Revision • Sep 06
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₩331.0m to ₩327.3m. EPS estimate rose from ₩2,562 to ₩2,970. Net income forecast to grow 6.7% next year vs 39% growth forecast for Semiconductor industry in South Korea. Consensus price target up from ₩32,750 to ₩33,750. Share price fell 4.2% to ₩28,800 over the past week. Price Target Changed • Aug 19
Price target increased by 7.4% to ₩32,750 Up from ₩30,500, the current price target is an average from 4 analysts. New target price is 13% above last closing price of ₩29,050. Stock is up 49% over the past year. The company is forecast to post earnings per share of ₩2,562 for next year compared to ₩2,432 last year. Buy Or Sell Opportunity • Jun 23
Now 21% undervalued Over the last 90 days, the stock has risen 11% to ₩25,450. The fair value is estimated to be ₩32,020, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 30%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩17,940, the stock trades at a trailing P/E ratio of 7.4x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 25% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩2,432 (vs ₩89.00 in FY 2023) Full year 2024 results: EPS: ₩2,432 (up from ₩89.00 in FY 2023). Revenue: ₩240.1b (up 63% from FY 2023). Net income: ₩42.7b (up ₩41.1b from FY 2023). Profit margin: 18% (up from 1.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Mar 03
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 9.5% 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 Earnings have declined by 4.7% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.5% average weekly change). Announcement • Feb 22
TES Co., Ltd, Annual General Meeting, Mar 24, 2025 TES Co., Ltd, Annual General Meeting, Mar 24, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 2374-36, jungbu-daero, yangji-myeon, cheoin-gu, gyeonggi-do, yongin South Korea Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩22,350, the stock trades at a trailing P/E ratio of 27.2x. Average forward P/E is 12x in the Semiconductor industry in South Korea. Total loss to shareholders of 5.0% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (0.8%). New Risk • Dec 09
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Dec 02
New major risk - Revenue and earnings growth Earnings have declined by 4.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.7% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩16,700, the stock trades at a trailing P/E ratio of 36x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩27,300, the stock trades at a trailing P/E ratio of 58.9x. Average forward P/E is 18x in the Semiconductor industry in South Korea. Total loss to shareholders of 5.8% over the past three years. New Risk • Apr 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₩89.00 (vs ₩2,601 in FY 2022) Full year 2023 results: EPS: ₩89.00 (down from ₩2,601 in FY 2022). Revenue: ₩146.9b (down 59% from FY 2022). Net income: ₩1.57b (down 97% from FY 2022). Profit margin: 1.1% (down from 13% in FY 2022). Revenue is forecast to grow 40% 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 28% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 2.4% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 60% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.0%). New Risk • Nov 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.5% Last year net profit margin: 17% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (125% cash payout ratio). Profit margins are more than 30% lower than last year (7.5% net profit margin). Price Target Changed • Nov 17
Price target decreased by 12% to ₩23,000 Down from ₩26,250, the current price target is provided by 1 analyst. New target price is 9.5% above last closing price of ₩21,000. Stock is up 14% over the past year. The company posted earnings per share of ₩2,580 last year. Major Estimate Revision • Sep 28
Consensus revenue estimates decrease by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩216.3m to ₩184.3m. EPS estimate unchanged from ₩1,304 per share at last update. Semiconductor industry in South Korea expected to see average net income growth of 41% next year. Consensus price target down from ₩26,250 to ₩25,500. Share price fell 6.3% to ₩20,200 over the past week. Major Estimate Revision • Aug 29
Consensus revenue estimates decrease by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩251.8m to ₩216.3m. EPS estimate unchanged from ₩1,304 per share at last update. Semiconductor industry in South Korea expected to see average net income growth of 29% next year. Consensus price target of ₩26,250 unchanged from last update. Share price was steady at ₩19,620 over the past week. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₩23,400, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Semiconductor industry in South Korea. Total returns to shareholders of 7.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩43,001 per share. Buying Opportunity • May 25
Now 20% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be ₩27,432, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 38%. Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 24%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩251.8m to ₩232.8m. EPS estimate rose from ₩1,053 to ₩1,304. Net income forecast to shrink 45% next year vs 14% growth forecast for Semiconductor industry in South Korea . Consensus price target up from ₩22,250 to ₩26,250. Share price was steady at ₩22,150 over the past week. Price Target Changed • Apr 14
Price target increased by 17% to ₩26,250 Up from ₩22,500, the current price target is an average from 2 analysts. New target price is 19% above last closing price of ₩22,150. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₩1,304 for next year compared to ₩2,580 last year. Major Estimate Revision • Apr 05
Consensus revenue estimates decrease by 27% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₩344.4m to ₩251.8m. EPS estimate unchanged from ₩1,053 per share at last update. Semiconductor industry in South Korea expected to see average net income growth of 15% next year. Consensus price target broadly unchanged at ₩22,250. Share price was steady at ₩21,450 over the past week. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩20,650, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 8x in the Semiconductor industry in South Korea. Total returns to shareholders of 28% over the past three years. Reported Earnings • Mar 12
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₩2,580 (down from ₩3,936 in FY 2021). Revenue: ₩358.0b (down 4.6% from FY 2021). Net income: ₩46.8b (down 37% from FY 2021). Profit margin: 13% (down from 20% in FY 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to stay flat during the next 2 years compared to a 2.4% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of ₩560 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.8%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (6 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: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Nov 05
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from ₩376.2m to ₩335.0m. EPS estimate fell from ₩3,143 to ₩2,058 per share. Net income forecast to shrink 8.1% next year vs 23% growth forecast for Semiconductor industry in South Korea . Consensus price target down from ₩33,333 to ₩25,667. Share price was steady at ₩15,550 over the past week. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₩627 (vs ₩1,099 in 2Q 2021) Second quarter 2022 results: EPS: ₩627 (down from ₩1,099 in 2Q 2021). Revenue: ₩88.3b (down 15% from 2Q 2021). Net income: ₩11.5b (down 45% from 2Q 2021). Profit margin: 13% (down from 20% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 25%, compared to a 17% growth forecast for the Semiconductor industry in South Korea. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 22
Price target decreased to ₩33,333 Down from ₩37,000, the current price target is an average from 3 analysts. New target price is 60% above last closing price of ₩20,800. Stock is down 32% over the past year. The company is forecast to post earnings per share of ₩3,143 for next year compared to ₩3,936 last year. Announcement • Jul 19
TES Co., Ltd (KOSDAQ:A095610) announces an Equity Buyback for KRW 10,000 million worth of its shares. TES Co., Ltd (KOSDAQ:A095610) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million wroth of its common stock, pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the program is to stabilize the stock prices and enhance the shareholders’ value. The program will end on January 18, 2023. As of July 18, 2022, the company had 1,792,536 shares in treasury within the scope available for dividend and 2,464 shares in treasury through other repurchase. Reported Earnings • May 18
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ₩819 (down from ₩1,476 in 1Q 2021). Revenue: ₩102.5b (down 34% from 1Q 2021). Net income: ₩15.2b (down 46% from 1Q 2021). Profit margin: 15% (down from 18% in 1Q 2021). Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) exceeded analyst estimates by 30%. Over the next year, revenue is forecast to grow 19%, compared to a 30% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 1 independent director (6 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 16
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ₩3,936 (up from ₩1,580 in FY 2020). Revenue: ₩375.2b (up 53% from FY 2020). Net income: ₩74.0b (up 147% from FY 2020). Profit margin: 20% (up from 12% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 5.0%, compared to a 29% growth forecast for the industry in South Korea. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 08
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ₩3,024 to ₩3,427. Revenue forecast steady at ₩373.9m. Net income forecast to shrink 2.7% next year vs 46% growth forecast for Semiconductor industry in South Korea . Consensus price target of ₩39,200 unchanged from last update. Share price was steady at ₩25,100 over the past week. Buying Opportunity • Jan 18
Now 21% undervalued Over the last 90 days, the stock is up 8.5%. The fair value is estimated to be ₩34,729, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% per annum over the last 3 years. Earnings per share has grown by 25% per annum over the last 3 years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩450 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 06 April 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (0.9%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ₩377 (vs ₩315 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₩55.0b (down 1.3% from 3Q 2020). Net income: ₩7.12b (up 19% from 3Q 2020). Profit margin: 13% (up from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 27% per year. Announcement • Aug 06
TES Co., Ltd (KOSDAQ:A095610) announces an Equity Buyback for KRW 10,000 million worth of its shares. TES Co., Ltd (KOSDAQ:A095610) announces a share repurchase program. Under the program, the company will repurchase up to KRW 10,000 million wroth of its common stock, pursuant to a contract with NH Investment & Securities Co., Ltd. The purpose of the program is to stabilize the stock prices and enhance the shareholders’ value. The program will end on February 4, 2022. As of August 4, 2021, the company had 876,802 shares in treasury within the scope available for dividend and 2,464 shares in treasury through other repurchase. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ₩1,476 (vs ₩218 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₩154.4b (up 162% from 1Q 2020). Net income: ₩27.9b (up ₩23.7b from 1Q 2020). Profit margin: 18% (up from 7.1% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS ₩1,580 (vs ₩508 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩246.0b (up 38% from FY 2019). Net income: ₩30.0b (up 208% from FY 2019). Profit margin: 12% (up from 5.5% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 15
New 90-day high: ₩32,750 The company is up 8.0% from its price of ₩30,300 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩55,665 per share. Is New 90 Day High Low • Jan 26
New 90-day high: ₩31,000 The company is up 34% from its price of ₩23,150 on 28 October 2020. The South Korean market is up 36% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 55% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩54,768 per share.