TES Co., Ltd (095610.KQ)

TES Co., Ltd (095610.KQ) — VMCI valuation read

Headline read on 095610.KQ: VMCI of 58/100 versus a Technology sector median of 50. The 8-point above-median position is what makes TES Co., Ltd a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on 095610.KQ: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on 095610.KQ: value (095610.KQ trades at 23.0x earnings, 28% above the Technology median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Technology median (10.0%)), and risk (net debt to EBITDA of -1.4x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Technology 12.0x baseline.

095610.KQ fell 2.4% over the trailing 7 days, with a -3.9% read on a 30-day basis.