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TOP Engineering Co. Ltd (065130) Fair Value & Analysis

Technology · KR · Market cap 44.9B KRW

TE TOP Engineering Co. Ltd 065130 · KQ
Price2,875 KRW
Fair Value4,872 KRW
Upside+69.5%
Quality46/100
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Strengths

Trades 69% below our fair value of 4,872 KRW

Risks

!Weak Growth
!Loss-making · -2.4% net margin
!Low debt · negative free cash flow
!Mixed vs. peers (4/9)
Weak Growth
Loss-making · -2.4% net margin
Low debt · negative free cash flow
Mixed vs. peers (4/9)
Narrow moat 22/100
Evidence: Low Range 2,348 KRW – 7,712 KRW Share as image

Fair value as of: Aug 13, 2026

From 3 valuation models · updated 7 days ago

Fair value updated Aug 13, 2026, revised from 3,775 KRW to 4,872 KRW (+29.1%) since Jul 20, 2026. Share price +0.5% over the past month.

Below-average quality, screening 69% undervalued on our models.

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What matters now

  • The model range is unusually wide (2,348 KRW to 7,712 KRW). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • 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 quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

11,580 KRW 2,380 KRW Fair Value 4,872 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 2,380 KRW – 11,580 KRW · fair‑value band 2,348 KRW – 7,712 KRW · the 2,875 KRW price screens below the 4,872 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

TOP Engineering Co. Ltd (065130) currently trades at 2,875 KRW, while our model-based Fair Value estimate is 4,872 KRW, implying the stock looks roughly 69.5% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Over the trailing twelve months, TOP Engineering Co. Ltd generated revenue of 859B KRW at a net margin of -2.4%. Revenue grew 29.6% year over year. It earns a return on equity of -7.1%. Net debt stands at 9.4B KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 2,348 KRW (bear case) to 7,712 KRW (bull case); at 2,875 KRW, the current price sits within 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 43% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -72% fair-value upside, at 69%, 065130 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Gordon GGM 1,625 KRW 3,378 KRW 5,359 KRW 70
DDM Multi-Stage 1,625 KRW 2,849 KRW 3,546 KRW 61
NCAV (Graham) 5,152 KRW 6,903 KRW 10,304 KRW 50
All 3 models by family
Dividend Discount
Gordon GGM 1,625 KRW 3,378 KRW 5,359 KRW 70
DDM Multi-Stage 1,625 KRW 2,849 KRW 3,546 KRW 61
Asset-Based
NCAV (Graham) 5,152 KRW 6,903 KRW 10,304 KRW 50

Widest divergence: Asset-Based (6,903 KRW) versus Dividend Discount (2,849 KRW). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) 859B KRW
Revenue growth (YoY) +29.6%
Net margin -2.4%
Return on equity -7.1%
Free cash flow −662M KRW FY2025
Operating margin 3.4%
More key figures
EPS growth (YoY) -65.2%
Net debt 9.4B KRW FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 44 · Market factors (momentum, volatility) 23

Profitability 23
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 9
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.

About the company

TOP Engineering Co., Ltd develops, manufactures, and sells LCD/OLED/LED, camera module, test, secondary battery, and roll to roll equipment in South Korea and internationally.

Full company description

TOP Engineering Co., Ltd develops, manufactures, and sells LCD/OLED/LED, camera module, test, secondary battery, and roll to roll equipment in South Korea and internationally. The company offers LCD/OLED/LED equipment, such as LC and seal dispensers, glass cutting systems, array testers, direct bonding systems, dam and fill dispensers, and micro led non-contact EL inspection technology and equipment; and secondary battery equipment comprising roll-to-roll type assembly process equipment, battery moudles, and pack assembly process equipment. It also provides camera module equipment, including auto focus testers, final inspection equipment, housing attach equipment, and OIS calibration shakers; and test equipment, such as mobile display test boards and testers, parametric test equipment, and semiconductor parameter analyzers. In addition, the company offers roll to roll equipment comprising display and consumer electronic film converting equipment, energy film converting equipment, tape converting machines, other specialties, full line coating solutions, and precision coating station and lab coater solutions; and smart sensors, such as UWB radar sensors. TOP Engineering Co., Ltd was founded in 1993 and is headquartered in Gumi-si, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TOP Engineering Co. Ltd reported revenue of 798B KRW in FY2025 versus 1.1T KRW in FY2021, a compound −7.4%/yr. Reported net income was −36.6B KRW in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
798B KRW
Latest YoY
−2.1%
Avg. 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.
−5.2%
Avg. 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.
−7.6%
Avg. 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.
+12.6%
Revenue −7.4%/yr
FY21 1.1T KRW
FY22 936B KRW
FY23 959B KRW
FY24 815B KRW
FY25 798B KRW
Net income
FY21 −16.5B KRW
FY22 −13.6B KRW
FY23 12.5B KRW
FY24 −1.3B KRW
FY25 −36.6B KRW

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Cite: Fair Value Calculator (2026). "TOP Engineering Co. Ltd Fair Value". https://www.fairvalue-calculator.com/stock/065130

Peer Group

Semiconductor Equipment & Materials · 213 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 46 · Below median
Fair Value upside +60% · Top 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) 3% · Below median
Revenue growth 30% · Above median
Dividend yield (TTM) 5.2% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

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
VALUE100 · sector 0
FUTURE100 · sector 69
PAST0 · sector 30
HEALTH100 · sector 96
DIVIDEND100 · sector 18

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 Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
ASML Holding ASML C$50.51 C$21.21 -58%
Applied Materials, Inc AMAT $548.15 $183.10 -67%
Lam Research Corporation LRCX $326.11 $91.80 -72%
NAURA Technology Group 002371 ¥760.00 ¥205.30 -73%
Advanced Micro-Fabrication Equipment Inc 688012 ¥380.95 ¥55.05 -86%
Hon. Precision, Inc 7769 6,445 TWD 1,804 TWD -72%
MPI Corporation 6223 6,495 TWD 738.64 TWD -89%
HANMI Semiconductor Co 042700 217,500 KRW 47,976 KRW -78%
Wonik IPS Co 240810 120,000 KRW 36,380 KRW -70%
LEENO Industrial Inc 058470 71,400 KRW 46,234 KRW -35%

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Frequently asked questions

Is TOP Engineering Co. Ltd (065130) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 4,872 KRW versus a price of 2,875 KRW, about +69% (undervalued).
What is the fair value of 065130?
Our model-based fair value for TOP Engineering Co. Ltd is 4,872 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price: 2,875 KRW.
What is the quality score of 065130?
TOP Engineering Co. Ltd has a Quality Score of 46/100. 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 TOP Engineering Co. Ltd (065130)?
TOP Engineering Co. Ltd reported trailing-twelve-month revenue of about 859B KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 065130?
The net profit margin of TOP Engineering Co. Ltd is about -2.4%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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