TES Co (095610) Q4 2024 earnings summary

Executive summary

• Main business is manufacturing semiconductor equipment, with over 95% of sales from this segment.

• 2024 consolidated revenue was KRW 240.1 billion, up 63.4% year-over-year, with operating income of KRW 38.5 billion and net income of KRW 42.7 billion, both sharply improved from the prior year.

• Domestic sales accounted for 75% and overseas for 25%; semiconductor equipment made up 98% of total sales.

• The company maintains a strong R&D focus, with R&D expenses at 15.1% of sales.

Financial highlights

• Revenue: KRW 240.1 billion, up 63.4% year-over-year.

• Operating income: KRW 38.5 billion (16% margin), a turnaround from a loss in the prior year.

• Net income: KRW 42.7 billion, up 2623.8% year-over-year.

• Cash and cash equivalents at year-end: KRW 11.6 billion; total current assets: KRW 183.2 billion.

• Dividend per share: KRW 600, with a payout ratio of 24.7%.

Outlook and guidance

• Management expects continued demand for AI-related semiconductor equipment and ongoing customer investments despite macroeconomic uncertainties.

• The company plans to strengthen technology leadership and diversify its customer and market base.