Added to YB: 2026-09-07
Pitch date: 2026-09-03
108230.KQ [neutral]
TOPTEC Co., Ltd
Author Info
Sung Capital is an alternative asset management firm run by Oliver Sung. We invest capital for families, registered investment advisors, and accredited investors through a private investment fund. We pick underpriced stocks, usually in pockets of the market where large pools of capital (funds and institutions) can’t or won’t invest, but we flip every stone. We pick stocks only, use no leverage, and require a significant margin of safety in every investment. Sign up for the newsletter.
Company Info
TOPTEC Co., Ltd. engages in the secondary batteries, smart factories, and displays/semiconductors businesses in South Korea and internationally.
Market Cap
KRW 114.0B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
-5.54
P/E
14.93
EV/Sales
-0.34
Sector
Semiconductors and Semiconductor Equipment
Category
value
All Korean net nets #2: who’s holding the keys? - TOPTEC Co., Ltd
108230.KQ (pass): Toptec’s 0.55x NCAV and 0.32x book valuation does not compensate for its liabilities and governance record. A Samsung Display claim disclosed at KRW61bn equals roughly half the market cap, while convertible puts could remove ~KRW29bn of cash. Adjusting for the claim and discounting inventory, contract assets and receivables eliminates net-net status; a convicted former executive’s return as full-time business head reinforces the easy pass.
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