PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
While the core precision steel tube and auto parts business continues to post operating losses, a one-off gain from the sale of its stake in Haesung Aero Robotics lifted net income sharply in Q1 2026.
2025 annual revenue of KRW 79.4bn with an operating loss of KRW 3.3bn, marking a fourth straight year of operating losses
In January 2026, the company signed an agreement to sell its entire 32.72% controlling stake in subsidiary Haesung Aero Robotics for KRW 31.1bn
This disposal effect drove Q1 2026 net income attributable to owners to KRW 18.5bn, contrasting sharply with the quarter's operating loss of KRW 0.6bn
Haesung Aero Robotics held a high domestic market share in elevator hoisting machines, but is expected to be excluded from consolidated results following the stake sale
The core auto parts segment continues to face structural challenges from weak domestic sales and limited profitability improvement amid the shift to electric vehicles
TPC Global was established in 1998 and listed on KOSDAQ in 2011 as an auto parts manufacturer, supplying anti-vibration components, fuel injection system parts, and cooling system parts to global automakers based on precision steel tube and drawn tube technology.
Its core products are precision drawn tubes and steel tubes for noise and vibration reduction in vehicles, supported by an integrated production system for quality and cost competitiveness.
The business is closely tied to the overall automotive industry cycle; auto parts production volume surpassed 4 million units, but weak domestic sales weighed on results.
The company previously operated elevator hoisting machine, robot reducer, and PVC piping businesses through subsidiary Haesung Aero Robotics (formerly Haesung TPC), which reportedly held a 74.9% share of the domestic elevator hoisting machine market.
However, on January 26, 2026, the company signed an agreement to sell its entire controlling stake of 3,653,336 shares (32.72%) in Haesung Aero Robotics to 'K-Robot Value Chain New Technology Core Fund 1' at KRW 8,500 per share, totaling KRW 31.1bn.
The actual party behind this deal was reportedly Kan S&T, a machinery parts manufacturer, aiming to build a three-way robot reducer value chain together with iRobotics.
The company subsequently sold an additional portion of its remaining stake (550,000 shares) via after-hours trading, suggesting the future business structure may consolidate around the core auto parts segment alone.
Competitively, the company competes with domestic small and mid-cap auto parts makers in the precision steel tube and tube market, and is exposed to shifts in automakers' global sourcing strategies.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩21.2B | ₩100M | 0.6% |
| 2025Q3 | ₩19.5B | -₩1.4B | −7.3% |
| 2025Q4 | ₩21.3B | -₩800M | −3.5% |
| 2026Q1 | ₩17.3B | -₩600M | −3.4% |
| 2026Q2 | ₩15.9B | ₩900M | 5.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩81.3B | -₩1.6B | ₩2.2B | −2.0% | 3.6% | 45.1% |
| 2023 | ₩79.5B | -₩2.8B | -₩6.4B | −3.5% | −10.6% | 48.5% |
| 2024 | ₩80.4B | -₩900M | -₩300M | −1.1% | −0.5% | 20.6% |
| 2025 | ₩79.4B | -₩3.3B | -₩500M | −4.1% | −0.7% | 32.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annual revenue stagnated around the KRW 80bn level, moving from KRW 81.3bn in 2022 to KRW 79.5bn in 2023, KRW 80.4bn in 2024, and KRW 79.4bn in 2025.
Operating losses persisted for four consecutive years, narrowing from KRW -1.6bn in 2022 to KRW -2.8bn in 2023 and KRW -0.9bn in 2024, before widening again to KRW -3.3bn in 2025, pushing the operating margin down to -4.1%.
Net income attributable to owners swung from a KRW 2.2bn profit in 2022 to a sharp loss of KRW -6.4bn in 2023, followed by continued losses of KRW -0.3bn in 2024 and KRW -0.5bn in 2025.
Quarterly results showed considerable volatility, with owners' net income of KRW 1.0bn in Q2 2025 turning to a loss of KRW -1.14bn in Q3, then back to a profit of KRW 0.42bn in Q4.
Notably, Q1 2026 posted an operating loss of KRW -0.59bn yet owners' net income surged to KRW 18.5bn, a result attributable to the disposal gain from the Haesung Aero Robotics stake sale confirmed earlier.
In contrast, Q2 2026 turned operating profit positive at KRW 0.86bn, but owners' net income reverted to a loss of KRW -1.34bn, underscoring a persistent gap between operating results and net income.
The trailing four-quarter sum (Q3 2025-Q2 2026) of owners' net income stands at roughly KRW 16.5bn, though this figure is largely driven by the one-off Q1 2026 disposal gain and should not be read as reflective of the core auto parts business's underlying cash-generating capacity.
On the cash flow side, operating cash flow improved from KRW -0.19bn in 2022 to consistently positive levels in 2023-2025 (KRW 3.9bn, KRW 3.5bn, KRW 1.9bn respectively), indicating continued cash generation independent of reported net income.
The domestic auto parts industry is directly linked to the automaker production and sales cycle, and recent weak consumer sentiment and economic slowdown have reportedly pushed domestic vehicle sales to low levels.
As the market structure shifts toward electric vehicles, profitability improvement for companies centered on conventional internal combustion engine parts is said to be limited.
The precision steel tube and drawn tube segment faces rising quality and cost demands from automakers alongside pressure from shifting global sourcing, with continued competition among small parts suppliers.
In contrast, the robot reducer and elevator hoisting machine segment operates under a different industry dynamic, with the global elevator market reportedly expected to grow 5-7% annually through 2032 and the industrial robot market anticipated to see accelerating growth.
However, with TPC Global having sold its stake in the robot reducer subsidiary, the company's business structure is shifting toward reduced direct exposure to this growth theme going forward.
From the core auto parts perspective, the pace of recovery in automaker demand and the speed of the EV transition are expected to remain key variables for future performance.
The company's future performance should be examined along two separate tracks. The first is whether the core auto parts business can recover, as four consecutive years of operating losses combined with structural pressures from weak domestic sales and the EV transition appear unlikely to resolve quickly.
The second is the completion status of the Haesung Aero Robotics stake sale and receipt of the remaining proceeds.
According to published reports, a down payment of KRW 3.1bn was made upfront, with the remaining KRW 27.9bn reportedly due by March 20, 2026; whether this final payment was completed and how the scope of consolidated results changed post-sale are matters that will be reflected in future financial statements.
Additionally, the company reportedly disposed of a further portion of its remaining stake (550,000 shares) via after-hours trading in early April, suggesting a step-by-step unwinding of its equity relationship with the robot reducer business.
Once this non-core asset disposal is finalized, Haesung Aero Robotics-related profit and loss would be excluded from consolidated results, potentially realigning the company's earnings structure more closely around the standalone auto parts business.
However, disclosed information on how proceeds from the sale will be used, or any new investment or capacity expansion plans, remains insufficient and warrants further confirmation.
The price-to-book ratio trades at a discount relative to net asset value, with market capitalization small relative to the size of shareholders' equity. However, this needs to be read alongside the fact that the core auto parts business has posted operating losses for several consecutive years.
While net income based on the trailing four quarters appears to have risen sharply, as explained above this is mostly attributable to a one-off disposal gain from the subsidiary stake sale, and caution is warranted in extrapolating this figure forward.
Regarding dividends, no recent dividend payment history is confirmed in disclosures, placing dividend-related metrics below the industry average.
Over the past several years, this stock's price-to-earnings ratio band has shown wide year-to-year variation as loss-making periods alternated with temporary profit periods, making it difficult to generalize based on any single point-in-time multiple.
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 2026-09-04
The sale of the controlling stake in Haesung Aero Robotics is reported to bring approximately KRW 31.1bn in cash inflow, providing capacity for balance sheet improvement or investment in the core business.
With a debt ratio of 32.8% as of end-2025, the company maintains relatively low leverage, allowing for additional financial flexibility. However, specific plans for use of these proceeds have not yet been confirmed in public disclosures.
Despite continued operating losses, operating cash flow remained positive for three consecutive years from 2023 to 2025. This suggests that non-cash items such as depreciation substantially offset the reported operating loss. This cash-generating capacity could help ease short-term liquidity pressures.
According to industry data, auto parts production volume has surpassed 4 million units, indicating that absolute production scale has been maintained. Should automaker demand recover, the company's existing production infrastructure could support a path to improved results.
Operating results posted losses every year from 2022 through 2025, with the loss widening again in 2025 compared to the prior year. Weak domestic sales and limited profitability improvement amid the EV transition are cited as structural factors.
Even into 2026, with an operating loss in Q1 and only a modest profit in Q2, it remains premature to confirm a stable path to sustained operating profitability.
The surge in Q1 2026 net income appears largely attributable to the one-off disposal gain from the Haesung Aero Robotics stake sale, and net income had already reverted to a loss by Q2.
Once this non-operating source of income fades, the underlying core business profit and loss structure may become more clearly exposed.
By selling its stake in the robot reducer and elevator hoisting machine subsidiary, which had relatively stood out for its growth potential, the company's business structure is shifting toward reduced direct exposure to that growth theme.
This could also be interpreted as a weakening of the business diversification element that had helped offset structural weakness in the core auto parts business.
If weak domestic sales and cost/profitability pressures from the EV transition in the auto parts segment persist, the operating loss structure could become more prolonged. Changes in order volumes from automakers or fluctuations in raw material prices are also factors that could directly affect performance.
While a payment schedule for the remaining proceeds of the Haesung Aero Robotics stake sale has been reported, a similar sale agreement in 2024 previously fell through due to non-payment by the buyer, so continued monitoring of full deal completion and receipt of proceeds is warranted.
Once the Haesung Aero Robotics stake sale is completed, the scope of future consolidated results will change, potentially breaking the continuity of year-over-year performance comparisons. Investors need to separately track segment-level results.
Check whether the Haesung Aero Robotics stake sale has been finalized and reflected in a change to consolidation scope, and whether the core auto parts business shows improvement in operating results.
A key point to check the underlying annual net income level excluding the Q1 2026 one-off disposal gain, and whether the four-year streak of operating losses shows any turnaround.
These disclosures can confirm whether any additional portions of the remaining Haesung Aero Robotics stake have been disposed of and when sale proceeds were fully received, providing a reference for tracking progress on non-core asset disposal.
TPC Global continues to post operating losses in its core auto parts business for a fourth consecutive year, while passing through an unusual period in which owners' net income was significantly inflated by a large one-off disposal gain from the Q1 2026 sale of its stake in subsidiary Haesung Aero Robotics.
Operating profit turned modestly positive in Q2, yet net income reverted to a loss, clearly highlighting the divergence between core business results and non-operating items.
Haesung Aero Robotics was an asset with a high market share in elevator hoisting machines and growth potential in robot reducers, but following the sale of the controlling stake and further disposal of the remaining shares, the company's business structure is shifting toward reduced exposure to this growth theme.
On the financial structure side, stability indicators are not unfavorable, with a low debt ratio and operating cash flow that has remained positive for several years, but recovery in the profitability of the core auto parts business remains the key challenge going forward.
Investors will need to monitor future disclosures for completion of the stake sale payment, changes in consolidation scope, and the underlying trend in core business profit and loss excluding one-off items. This report is for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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