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TSE Co. Ltd (131290) Fair Value & Analysis

Technology · KR · Market cap 3.1T KRW (≈ $2.2B) · ISIN KR7131290009

What is TSE Co. Ltd really worth?

TC TSE Co. Ltd 131290 · KQ
Price236,500 KRW
Fair Value83,925 KRW
Upside−64.5%
Quality60/100

A solid business, but trading 182% above our fair value of 83,925 KRW.

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Strengths

Solidly profitable · 16.6% net margin
Ranks above peers (6/8)

Risks

!Expensive Growth (revenue 5y +8.5 %/yr)
!Low debt · negative free cash flow
!Moderate moat 63/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 13 out of 100

For context

·0.67% dividend yield
Evidence: Low Range 58,747 KRW – 109,102 KRW

Fair value as of: Aug 20, 2026

From 17 valuation models · updated 16 days ago

Share price +24.7% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (109,102 KRW). The favourable scenario is already priced in.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (58,747 KRW to 109,102 KRW) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

284,500 KRW 32,786 KRW Fair Value 83,925 KRW Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range 32,786 KRW – 284,500 KRW · fair‑value band 58,747 KRW – 109,102 KRW · the 236,500 KRW price screens above the 83,925 KRW fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

TSE Co. Ltd (131290) currently trades at 236,500 KRW, while our model-based Fair Value estimate is 83,925 KRW, implying the stock looks roughly 181.8% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of 83,925 KRW per share, and 0 of the 17 models we run sit above the 236,500 KRW price. Bear case: the Asset-Based group reads lowest at 25,666 KRW, and 17 of the 17 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, TSE Co. Ltd generated revenue of 345B KRW at a net margin of 16.6%. Revenue grew 22.3% year over year. Net debt stands at 7.0B KRW. Fundamentals as of Aug 20, 2026

Our scenario range runs from 58,747 KRW (bear case) to 109,102 KRW (bull case); at 236,500 KRW, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −43% fair-value upside, at −65%, 131290 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (7,265 KRW to 148,971 KRW). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Owner Earnings 32,095 KRW 53,708 KRW 93,089 KRW 74
EPV 34,641 KRW 39,528 KRW 43,871 KRW 74
Residual Income 33,898 KRW 37,894 KRW 68,213 KRW 73
All 17 models by family
DCF Models
Owner Earnings 32,095 KRW 53,708 KRW 93,089 KRW 74
Earnings-Based
Graham-Dodd 25,450 KRW 118,127 KRW 162,263 KRW 64
Lynch FV 31,150 KRW 44,500 KRW 57,850 KRW 61
PEG = 1.0 31,150 KRW 44,500 KRW 57,850 KRW 57
EPV 34,641 KRW 39,528 KRW 43,871 KRW 74
Dividend Discount
Gordon GGM 4,063 KRW 8,869 KRW 14,923 KRW 65
DDM Multi-Stage 4,063 KRW 7,265 KRW 9,243 KRW 66
Multiples
P/E Multiple 78,595 KRW 104,793 KRW 130,991 KRW 63
P/S Multiple 47,718 KRW 63,624 KRW 79,531 KRW 58
P/B Multiple 47,718 KRW 63,624 KRW 79,531 KRW 55
EV/EBIT 93,602 KRW 122,485 KRW 151,368 KRW 66
EV/EBITDA 113,466 KRW 148,971 KRW 184,475 KRW 67
EV/Revenue 50,759 KRW 69,533 KRW 88,307 KRW 54
Asset-Based
NCAV (Graham) 19,154 KRW 25,666 KRW 38,308 KRW 54
Economic Profit
Residual Income 33,898 KRW 37,894 KRW 68,213 KRW 73
ROIC Compounder 34,641 KRW 41,178 KRW 52,216 KRW 72
Growth Earnings
Growth-Adj P/E 58,747 KRW 83,925 KRW 109,102 KRW 67

Widest divergence: Growth Earnings (83,925 KRW) versus Dividend Discount (7,265 KRW). Highest evidence: Owner Earnings (74).

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Key figures & financial health

P/S ratio 9.06 TTM
Dividend yield 0.7%
Net margin 8.9% FY2025
Return on equity 1,451% TTM
Return on assets (EBIT) 8.5% avg 5y
Operating margin 18.8% TTM
More key figures
Growth
Revenue (TTM) 345B KRW TTM
Revenue growth (YoY) +22.3% 3y avg +8.1%
EPS growth (YoY) +8.8%
Balance sheet & cash flow
Free cash flow −2.2B KRW FY2025
Net debt 7.0B KRW FY2021

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 58 · Market factors (momentum, volatility) 64

Profitability 44
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 28
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 91
Price trend over the last 3–12 months (market factor)
52W Momentum 89
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

TSE Co., Ltd provides semiconductor test solutions in South Korea and internationally. The company offers probe cards, including high performance and vertical mems probe cards, and OLED fixel test solutions; standard interface solutions, such as high speed and high parallelism interface solutions; and tester on-board interface products, including BOST, …

Full company description

TSE Co., Ltd provides semiconductor test solutions in South Korea and internationally. The company offers probe cards, including high performance and vertical mems probe cards, and OLED fixel test solutions; standard interface solutions, such as high speed and high parallelism interface solutions; and tester on-board interface products, including BOST, CFDS, and power boost interface solutions. It also provides test sockets comprising MEMS rubber contact and pogo sockets; low cost tester solutions, manipulators, and RF test systems for semiconductors; electrical array testers, electrical touch sensor test systems, and OLED pattern generators; LED testers and equipment; and HSIO loopback components. TSE Co., Ltd was founded in 1994 and is headquartered in Cheonan-si, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TSE Co. Ltd reported revenue of 429B KRW in FY2025 versus 308B KRW in FY2021, a compound +8.7%/yr. Reported net income was 38.2B KRW in FY2025, compounding −3.8%/yr from FY2021.

Growth Quality 55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
429B KRW
Latest YoY
+23.2%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.5%
Avg. revenue growth/yr (15Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.4%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+7.5% (6.8 + 0.7)
Revenue +8.7%/yr
FY21 308B KRW
FY22 339B KRW
FY23 249B KRW
FY24 348B KRW
FY25 429B KRW
Net income −3.8%/yr
FY21 44.7B KRW
FY22 49.8B KRW
FY23 121M KRW
FY24 42.5B KRW
FY25 38.2B KRW

131290 screens 182% overvalued. Compare with TES Co →

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Cite: Fair Value Calculator (2026). "TSE Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/131290

Peer Group

Semiconductors & Semiconductor Equipment · 48 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 60 · Above median
Fair Value upside −65% · Bottom 25%
Return on assets 10% · Top 25%
Net margin (TTM) 17% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth 22% · Above median
Dividend yield (TTM) 0.7% · Below median
Debt / equity 0.01× · Lower than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 97
PAST0 · sector 100
HEALTH99 · sector 99
DIVIDEND13 · sector 17

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Semiconductors & Semiconductor Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
TES Co 095610 144,000 KRW 57,543 KRW −60%
Eugene Technology Co 084370 128,500 KRW 47,495 KRW −63%
ISC Co 095340 159,800 KRW 61,198 KRW −62%
PSK HOLDINGS Inc 031980 112,200 KRW 74,962 KRW −33%
Jeju Semiconductor Corp 080220 76,100 KRW 23,830 KRW −69%
Tokai Carbon Korea Co 064760 225,500 KRW 154,525 KRW −31%
HANA Micron Inc 067310 36,650 KRW 16,102 KRW −56%
RFHIC Corporation 218410 51,000 KRW 29,096 KRW −43%
S&S Tech Corporation 101490 43,250 KRW 60,781 KRW +41%
Global Standard Technology, Limited 083450 50,500 KRW 59,982 KRW +19%

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Frequently asked questions

Is TSE Co. Ltd (131290) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of 83,925 KRW versus a price of 236,500 KRW, about −65% upside (overvalued).
What is the fair value of 131290?
Our model-based fair value for TSE Co. Ltd is 83,925 KRW (as of Aug 20, 2026), built from audited fundamentals. The current price: 236,500 KRW.
What is the quality score of 131290?
TSE Co. Ltd has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of TSE Co. Ltd (131290)?
TSE Co. Ltd reported trailing-twelve-month revenue of about 345B KRW (latest available figure, as of Aug 20, 2026).
What is the net profit margin of 131290?
The net profit margin of TSE Co. Ltd is about 16.6%, meaning it keeps roughly 16.6% of revenue as net income. Based on the latest reported figures.
Does TSE Co. Ltd pay a dividend?
TSE Co. Ltd currently shows a dividend yield of about 0.67% relative to its recent price (as of Aug 20, 2026).
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