089030 KR · TechwingMW GOBLIN RESEARCH
Techwing (089030) — After earnings recovery, investment costs and payment collection come next
Analysis date
Published
A cautious assessment as of 2026-09-30. The recovery in the core business and decline in borrowings are positive, but considering cash outflows after first-half investment and delays in collecting delivery payments, it is difficult to be confident in additional growth value at KRW 51,700.
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- Earnings recovery must translate into returns on capacity expansion
- Completing delivery and collecting cash are different