PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Total Soft supplies shipping, port, and logistics software centered on container terminal operating systems (TOS), and has shown expanding revenue and operating profit every year since 2022.
2025 consolidated revenue reached KRW 27.5 billion and operating profit KRW 9.36 billion, both up sharply year over year
Revenue and operating profit both rose for four consecutive years from 2022 to 2025, with operating margin climbing from 18.6% to 34.0%
Quarterly profit slowed sharply in 2025Q4-2026Q1 before recovering again in 2026Q2
Overseas references have expanded, including a TOS supply contract with the Kenya Ports Authority
The company is expanding into the US, Europe, Africa, and the Middle East, building on its position of strength in Asia's maritime software market
Founded in 1988 and headquartered in Haeundae-gu, Busan, Total Soft is a specialized provider of shipping, port, and logistics software that listed on KOSDAQ in 2002. Its core product is CATOS, a container terminal operating system (TOS) that integrates terminal automation and vessel loading/unloading planning.
The company also supplies onboard computers for ships, vessel loading systems, port community systems, multipurpose terminal operating systems, and virtual training simulators for port cranes and welding.
Its main customers are port operators and terminal companies worldwide, and its strategy is to leverage a position of strength in Asia to expand into the US, Europe, Africa, and the Middle East. The company recently demonstrated progress in Africa by signing a TOS supply contract with the Kenya Ports Authority.
Forming captive markets through GTO (global terminal operator) partnerships, expanding cooperation with crane manufacturers, and developing cloud-based products are cited as pillars of business expansion.
Competitively, the port and shipping operations software market is a niche dominated by a small number of specialized vendors, with technology and track record serving as barriers to entry.
Given the project-based nature of the business, large individual contract wins have an outsized impact on results, and quarterly performance can vary depending on revenue recognition timing.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩9.7B | ₩5.1B | 52.9% |
| 2025Q3 | ₩6.8B | ₩2.4B | 35.8% |
| 2025Q4 | ₩5.7B | ₩400M | 7.1% |
| 2026Q1 | ₩7.4B | ₩1.9B | 25.2% |
| 2026Q2 | ₩9.6B | ₩4.2B | 43.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩13.9B | ₩2.6B | ₩2.6B | 18.6% | 14.0% | 52.6% |
| 2023 | ₩16.1B | ₩3.6B | ₩3.8B | 22.5% | 17.3% | 60.1% |
| 2024 | ₩20.7B | ₩5.2B | ₩6.1B | 25.0% | 22.2% | 55.8% |
| 2025 | ₩27.5B | ₩9.4B | ₩8.5B | 34.0% | 23.3% | 50.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
On a confirmed consolidated basis, Total Soft's revenue grew from KRW 13.88 billion and operating profit of KRW 2.58 billion in 2022 to revenue of KRW 27.5 billion and operating profit of KRW 9.36 billion in 2025, expanding for four consecutive years.
Over this period, operating margin steadily improved from 18.6% (2022) to 22.5% (2023) to 25.0% (2024) to 34.0% (2025). Net income attributable to owners more than tripled, from KRW 2.64 billion in 2022 to KRW 8.53 billion in 2025.
However, quarterly results show notable volatility: 2025Q2 operating profit of KRW 5.10 billion on revenue of KRW 9.65 billion showed a particularly high margin, while 2025Q4 saw operating profit plunge to KRW 0.41 billion on revenue of KRW 5.75 billion, reflecting variability tied to seasonality or project recognition timing. 2026Q1 recovered somewhat to KRW 7.38 billion in revenue and KRW 1.86 billion in operating profit, though still below 2025Q2-Q3 levels, before improving again in 2026Q2 with revenue of KRW 9.60 billion, operating profit of KRW 4.18 billion, and net income of KRW 3.59 billion.
Cumulative net income attributable to owners over the trailing four quarters (2025Q3-2026Q2) totals approximately KRW 10.1 billion.
This pattern reflects the project-based order and revenue-recognition structure of the business: while the annual trajectory shows clear growth, quarterly figures remain subject to volatility tied to the timing of specific project recognition.
On the cash flow side, 2025 operating cash flow of KRW 10.54 billion exceeded net income of KRW 8.53 billion, indicating solid cash conversion of earnings.
The port and shipping operations software market is shaped by global container volume trends, investment in port automation and smart infrastructure, and the order cycle for new port development projects.
Across the broader industry, the share of software revenue within smart port construction—covering control systems and remote operating platforms—has been rising.
Port crane and automation-related industries are characterized as order-driven businesses where individual project sizes are large, and related stocks are noted to react sensitively when order announcements are made.
Conversely, during periods of slowing global trade or economic downturn, port investment and orders can be delayed, leaving cyclical risk inherent to the order-driven business model.
Total Soft is expanding its sales footprint from its established base in Asia into the US, Europe, Africa, and the Middle East, with cases such as securing new port development demand from the Kenya Ports Authority in Africa.
Competitors include global TOS and port automation solution providers, and domestically the business area is adjacent to companies supplying crane control systems.
Given the niche nature of the market, the absolute market size is not large, but high barriers to entry sustain a structure dominated by a small number of specialized players.
The company continues a strategy of expanding from a position of strength in Asia's maritime software market into the US, Europe, Africa, and the Middle East, building sales consultants and global service centers at key locations to drive earnings improvement.
Forming captive markets through GTO (global terminal operator) partnerships, expanding cooperation with crane manufacturers, and reducing operating costs through cloud product development are cited as pillars for future business expansion.
Recent individual order disclosures—including container terminal operating system construction and a heavy-load autonomous transport vehicle test evaluation system—confirm ongoing efforts at business diversification.
The TOS supply contract with the Kenya Ports Authority represents a case of capturing new port development demand in emerging markets, and whether similar projects in emerging markets are secured going forward could be a point of interest for future results.
However, such large projects involve a time lag between contract signing and revenue recognition, which can be a factor amplifying quarterly earnings volatility.
No quantitative revenue or profit guidance has been officially confirmed from the company, so future performance should be tracked through individual order disclosures and quarterly earnings releases.
Total Soft's share price has traded in the mid-to-upper range of its historical band, reflecting the earnings recovery seen over the trailing four quarters. On a net-asset basis, the stock trades at a premium, which could be interpreted as being supported by continued profit improvement if that trend persists.
Dividends are paid annually, though the yield itself is modest, consistent with characteristics typical of growth-oriented names in this sector. The combined revenue and profit expansion sustained from 2022 through 2025, along with a maintained profitable trend, forms the backdrop for valuation discussions.
However, given the project-based business structure that produces significant quarter-to-quarter earnings volatility, it is advisable to examine the annual trend alongside any single-quarter result rather than relying on one quarter alone.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Revenue and operating profit both increased every year from 2022 through 2025, with operating margin improving from 18.6% to 34.0%. This can be interpreted as the combined result of expanding project orders and cost efficiency gains. This four-year consecutive improvement trend demonstrates a persistence distinct from one-off earnings gains.
The TOS supply contract with the Kenya Ports Authority can be viewed as tangible progress on the expansion strategy into the US, Europe, Africa, and the Middle East, built on a base of strength in Asia. Moves to establish sales consultants and global service centers at key locations have also been confirmed.
Continued wins of port development projects in emerging markets could translate into geographic diversification of the revenue base.
Port and shipping operations software is a niche market dominated by a small number of specialized vendors, where technology and track record act as barriers to entry. The strategy of forming captive markets through GTO partnerships is cited as a factor further reinforcing these barriers. This is a structural factor that could help sustain the company's relative position versus competitors.
As seen in the 2025Q4 operating profit of KRW 0.41 billion sharply down from the prior quarter's KRW 2.43 billion, quarterly results can swing significantly depending on project revenue recognition timing. 2026Q1 profit also failed to recover to the prior-year level. This makes it difficult to judge business trends from a single quarter's results alone.
Port crane and automation-related industries are strongly order-driven, meaning port investment and orders could be delayed during periods of slowing global trade or economic downturn.
High reliance on large individual project wins means that delays or cancellations of specific contracts could have a substantial impact on results. Emerging-market projects may also be exposed to political and economic uncertainty.
As a relatively small-cap KOSDAQ stock, short-term trading flows can shift substantially in response to order disclosures or thematic news. Past news has noted instances of consecutive net buying by foreign and institutional investors or the stock hitting its daily upper limit, reflecting sharp short-term swings. Such volatility can operate independently of underlying earnings fundamentals.
Large project-based orders have an outsized impact on results, and the time lag between contract signing and revenue recognition can widen quarter-to-quarter earnings variance.
If revenue dependency on a particular major customer or region increases, changes in that customer's or region's business conditions could become a direct risk factor.
It is noted across the industry that declining global trade volumes or economic downturns can delay port investment and order placement. This is an external variable that could directly affect the pace and scale of new contract wins.
Currency fluctuations are also cited as a factor that could affect performance given the business structure's exposure to overseas orders.
While the shipping and port software market is dominated by a small number of vendors, global competitors are also accelerating the adoption of automation, cloud, and AI technologies, raising the possibility that the technology gap could narrow.
If new product development in areas such as cloud transition and autonomous transport does not deliver expected results, it could pressure the company's competitive position.
Expected timing for the 2026 third-quarter earnings disclosure; worth checking whether the profit recovery seen in 2026Q2 continues.
Individual order disclosures for items such as container terminal operating systems and autonomous transport test evaluation systems are announced along with their size relative to revenue, so it is worth continuously monitoring new large contract wins and the trend toward geographic diversification.
It will be worth confirming whether the confirmed 2026 full-year results align with the cumulative four-quarter figures, and whether the operating margin improvement trend maintains or exceeds the 2025 level of 34.0%.
Total Soft has continued an expansion phase from 2022 through 2025 with revenue and operating profit rising every year, while operating margin also improved from 18.6% to 34.0%, indicating better earnings quality alongside growth.
However, quarterly results show pronounced volatility tied to the company's project-based business structure, with profit slowing sharply in 2025Q4-2026Q1 before recovering again in 2026Q2.
Overseas, the company is expanding its sales network from a base of strength in Asia into the US, Europe, Africa, and the Middle East, with the TOS supply contract signed with the Kenya Ports Authority confirmed as an example of this progress.
On the industry side, structural tailwinds from expanding port automation and smart infrastructure investment coexist with the possibility of order delays stemming from a slowdown in global economic activity and trade volumes.
Valuation reflects the recent profit recovery, with the stock trading in the mid-to-upper range of its historical band and at a certain level of premium relative to net assets.
Going forward, the 2026 third-quarter results and any new large order disclosures are likely to be key points to watch in assessing the durability of this recovery trend.
Report written 2026-09-05 · Data as of 2026-09-04
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