[Click e-Stock] "Tomocube Target Price Raised 14%...Set to Command a High PER"

On February 9, Kiwoom Securities raised its target price for Tomocube by 14% to 80,000 won, while maintaining its "Buy" investment rating, after the company posted fourth-quarter results last year that exceeded expectations.

Tomocube's fourth-quarter 2025 results came in at 5 billion won in revenue and 400 million won in operating profit. These figures were 25% and 1 billion won, respectively, above Kiwoom Securities' estimates. Shin Minsoo, an analyst at Kiwoom Securities, said, "Although the unit price is lower than that of existing products, domestic demand for the 'HT-X1 mini', which is packed with useful features, increased in December and drove revenue growth," adding, "Additional revenue growth from the recognition of two non-bio (industrial) module sales led to strong results that surpassed expectations and a turnaround to the first quarterly profit."

The outlook for this year's performance is also positive. Kiwoom Securities forecasts Tomocube's full-year 2026 results at 23.4 billion won in revenue (up 106.9% year-on-year) and 1.8 billion won in operating profit (swinging to profit, with an operating margin of 7.5%). As of the fourth quarter of 2025, the domestic equipment penetration rate of the "HT-X1 mini" is estimated at 0.25%, while the equipment penetration rate of the "HT-X1 Plus" in advanced markets is estimated at 0.11%.

Shin commented, "It is encouraging that the company is successfully selling its equipment through ongoing sales activities, and that there is still substantial room left in the addressable market where actual sales can be made," and added, "On top of this, industrial module order contracts are expected to continue from the first quarter of 2026, so the story of top-line and margin improvement is likely to remain intact."

Short-term share price volatility factors remain. This is because venture capital (VC) funds that participated in the Series A and B investments still hold 1.65 million shares (12.33% of listed shares). Shin noted, "According to media reports, the acquisition costs are around 8,000 won and 20,000 won per share, and these holdings are now in a position where profit-taking is possible, as the one-month and three-month lock-up periods after listing have expired."

However, Kiwoom Securities believes that Tomocube's share price could continue to rise if the company is granted a high price-to-earnings ratio (PER), as in the case of peer company Park Systems. Shin said, "Tomocube is selling a new type of microscope that could shift the paradigm of the market, and the fact that Park Sangil, CEO of Park Systems, serves as an outside director at Tomocube has led the market to perceive Tomocube as a company similar to Park Systems," adding, "Park Systems once achieved a high valuation of more than 35 times forward PER when the semiconductor industry cycle was favorable, and it is currently in a similar phase."