Tiger Elec makes the high-layer, high-density printed circuit boards (PCBs) used to test whether finished semiconductors work as designed; PCBs for probe cards, which link the chip to the test equipment, account for about half of revenue, with PCBs for burn-in boards, load boards and socket boards filling the rest, so its results are tied directly to memory (especially NAND) test demand and customer capital spending. On May 12 it decided to issue convertible bonds, with the outcome disclosed on the 20th; the May 15 quarterly report confirmed first-quarter results; and since a 2023 trough, revenue has risen two years running while operating profit has swung back into the black. What stands out recently is that recovery has quickened in a specialized field with entry barriers; on the other hand, even the forward P/E that reflects the swing to profit sits above the peer forward median (about 17x), so whether this year's earnings materialize is the crux, and any conversion of the convertible bonds into shares could dilute per-share value.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 30.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 57.7% higher than a year earlier.
- ROE is 9.0% (total-net basis). It is above the sector average.
- Operating margin is 8.9%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder TSE 43.71% (corporate)
Controlling bloc incl. related parties 43.79%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis
- Tiger Elec makes high-layer, high-density printed circuit boards (PCBs, the boards that connect electronic components), a core part of the equipment used to test semiconductors.
- Once a chip is finished, it goes through testing to check that it works properly; PCBs for probe cards, which link the chip to the test equipment, make up about half of the company's revenue, with the rest coming from PCBs for burn-in boards (testing that screens out defects at high temperature), load boards and socket boards.
- Because these are industrial parts specialized for the chip-testing process rather than boards for ordinary appliances or phones, the company's results are tied directly to memory (especially NAND) test demand and to customers' spending on test equipment.
- So it is more accurate to look at this business through the narrow, specialized lens of chip-test PCBs than the broad category of electronic parts.
- The latest close is ₩67,600 and market capitalization is ₩426.8 billion.
- The price sits above its 20-day line (₩66,495) and its 60-day line (₩57,208).
- Trading above both its short- and mid-term moving averages, the trend is on the healthy side.
- The RSI (a supplementary gauge that weighs 14-day up-strength against down-strength on a 0-100 scale) is 54.2, a neutral level.
- The one-month change is +7.1%, the three-month change is +127.2%, and the price sits -14.1% below its 52-week high.
- Relative strength versus the KOSDAQ is 98 (on a 1-99 scale that converts trailing one-year return versus the index with heavier weight on recent performance; higher means stronger than the market), placing it in roughly the top 1% of all stocks by strength.
- Over the past three months it led the index by 196.0%.
- Chart reading is best done alongside volume and disclosure dates.
- On confirmed 2025 results, the trailing P/E (how many times last year's earnings the price represents) is 80.97x and the P/B (how many times net assets) is 7.33x.
- On the numbers alone these sit above the sector medians (P/E 21.61x, P/B 1.86x), but the key point is that 2025 was the first year the company had just swung back into the black.
- Right after a swing to profit, last year's earnings are still small in absolute terms, so a trailing P/E built on that denominator inevitably looks inflated relative to the company's real earnings power.
- For such an earnings-inflection stock you also have to look at the forward P/E on this year's earnings, which comes down sharply from the trailing figure but still sits above the sector's forward median (about 17x).
- In other words, the stock looks pricier on last year's numbers, and even on this year's earnings it carries a valuation with some expectation built in above the sector average.
- The forward P/B, at 5.15x, has also come down from the trailing level.
- Profitability is sound, with an ROE (how much it earns in a year on shareholders' equity) of 9.0%, above the sector average of 7.0%, an operating margin of 8.9% and a net margin of 6.5%.
- Its finances are fine too: a debt ratio of 154.9% is about average, and a current ratio of 218% and interest coverage of 4.07x leave ample capacity to meet short-term obligations and cover interest.
- Revenue bottomed at ₩48.6 billion in 2023, then rose two years running to ₩61.8 billion in 2024 and ₩80.7 billion in 2025, with the growth rate actually accelerating from 27.3% to 30.5%.
- Over the same span, operating profit swung from losses in 2023 and 2024 (-₩3.1 billion and -₩1.9 billion respectively) to a positive ₩7.2 billion in 2025, and net profit turned to +₩5.3 billion.
- Because this is an inflection point from loss to profit, a single year-on-year growth figure cannot capture the whole picture.
- The recovery is clearer at the quarterly level.
- In the first quarter of 2026, revenue was ₩26.8 billion (+57.7% year on year), operating profit ₩3.5 billion (+250.9%) and net profit ₩2.8 billion (+256.4%), so the pace of growth quickened from last year.
- The reason this year's earnings run this high is clear: memory, especially NAND, test demand revived, lifting orders for probe-card and burn-in-board PCBs, and as revenue grew large enough to cover fixed costs after the loss period, margins recovered quickly.
- As a result, the forward P/E on this year's earnings actually sits in line with the sector, in contrast to the impression left by the high confirmed trailing P/E.
- As long as test demand holds and the first-quarter acceleration continues, the picture of this year's earnings coming in well above last year's is a reasonable expectation.
- Recent disclosures center on funding and results.
- On May 12 the company decided to issue convertible bonds (bonds that can later be turned into shares), and on May 20 the outcome of that issuance was disclosed.
- Convertible bonds are a way to raise capital and operating funds, but they cut both ways: if later converted into shares, the share count rises and existing holders' stakes are diluted.
- The May 15 quarterly report confirmed first-quarter 2026 results, followed in turn by a change of trading tier on April 30, the business report and audit report on March 17, and the annual general meeting results on March 25.
- No favorable order or supply-contract news, nor any official company earnings guidance, was disclosed in this period.
- The strengths are clear.
- In the specialized, entry-barriered field of chip-test PCBs, revenue has risen two years running since the 2023 trough, operating profit has swung into the black, and the pace of recovery quickened further into the first quarter.
- Its finances are sound on the liquidity and interest-coverage fronts too.
- Above all, on the confirmed trailing P/E alone (69.47x) the stock looks very expensive; even the forward P/E, allowing for the swing to profit having just occurred, comes down from the trailing figure but still sits above the sector's forward median (about 17x), so even if this year's earnings recovery materializes the valuation carries expectation above the sector average, a point to keep in view.
- Two things to watch: one is that, since this recovery rides the memory-test capital-spending cycle, it needs confirming that quarterly profit carries through on an annual basis; the other is that if the convertible bonds are later converted into shares, the share count rises and per-share value can be diluted.
- In short, the stock is strong when test demand holds and the earnings recovery carries through annually, and weak when test spending cools or quarterly profit stalls.
- Rather than judging it expensive on last year's numbers alone, it fits the character of this stock to look at whether this year's earnings materialize.
🔎 Valuation vs peers Inconclusive
Rather than the sector code (electronic parts and displays), we grouped by the actual business, PCB manufacturing, and chose PCB and substrate names for which the site has data as the direct peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Circuit | 35.58x | 3.82x | 10.74% |
| Daeduck Electronics | 116.27x | 6.17x | 5.31% |
| BH | 19.49x | 0.81x | 4.15% |
| Interflex | 4.66x | 0.49x | 10.60% |
Even within PCBs, the fields diverge. Korea Circuit and Daeduck Electronics work in semiconductor and high-density substrates, so their P/B of 5-7x sits in the same high range as Tiger Elec (6.29x), while BH and Interflex work in flexible phone boards (FPCBs), with a much lower P/B of 0.5-0.9x. So Tiger Elec's P/B, reflecting its semiconductor-test-substrate character, sits above the FPCB makers and in line with the semiconductor-substrate makers. Its P/E on confirmed results is high at 69x, with the clear limitation of coming right after a swing to profit. A seasonality-approximated forward P/E, assuming first-quarter earnings carry through the year, comes down but still sits above the peer forward median (about 17x), so on last year's numbers alone it looks more overvalued and even if this year's recovery materializes it sits with expectation above the sector average. Because this is an earnings-inflection zone, it is hard to call it cheap or expensive outright, so we leave it Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩30.3 billion | approx. ₩10.2 billion | approx. ₩4.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩67,600 and the market capitalization is ₩426.8 billion. The price sits above its 20-day moving average (₩66,495) and above its 60-day moving average (₩57,208). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.2, a neutral level. The one-month change is +7.1%, the three-month change is +127.2%, and the position relative to the 52-week high is -14.1%. Relative strength versus the KOSDAQ is 98 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 99% of all stocks. Over the past three months it outpaced the index by 196.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +195.98% / 6M +253.87% / 12M +450.92%
Key metrics vs sector median
Valuation
The P/E of 80.97x is above the sector median (18.61x). The P/B of 7.33x is above the sector median (1.63x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 9.0%, above the sector average (7.0%). The operating margin is 8.9%. The debt ratio is 154.9%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $32.2M | $41.0M | $53.5M | +30.50% ↑ faster |
| Operating profit | -$2.0M | -$1.3M | $4.8M | — |
| Net profit | -$1.7M | $182,229 | $3.5M | +1817.38% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $33.3M | $38.5M | $32.2M | $41.0M | $53.5M |
| Operating profit | $1.5M | $2.1M | -$2.0M | -$1.3M | $4.8M |
| Net profit | $2.1M | $2.4M | -$1.7M | $182,229 | $3.5M |
| Revenue CAGR | 4-yr avg 12.53% | ||||
Revenue rose 30.5% year over year (2023 ₩48.6 billion → 2024 ₩61.8 billion → 2025 ₩80.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.5%. The two-year revenue CAGR is 28.9%. In the most recent quarter (Q1 2026), revenue was 57.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 30.5% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-20UpdateVoluntary disclosure of convertible-bond issuance outcome. A follow-up disclosure noting completion of the bond issuance decided on May 12.Short term, it brings in capital and operating funds; but any future conversion into shares raises the share count, so the dilution potential must be watched alongside. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Recovery confirmed with revenue of ₩26.8 billion (+57.7%), operating profit of ₩3.5 billion (+250.9%) and net profit of ₩2.8 billion.Confirmation that the improvement after the swing to profit carried through into the quarter. Whether it holds on an annual basis is the next point to watch. Source
- 2026-05-12UpdateMaterial-fact report on the convertible-bond issuance decision. The board resolved to issue bonds that can be converted into shares.A funding tool, but the share count can rise depending on the conversion price and timing, so the capital structure and the potential for per-share dilution must be viewed together. Source
- 2026-03-17Filing2025 business report and audit report filed. Annual revenue of ₩80.7 billion and a swing of operating profit into the black (+₩7.2 billion) confirmed.Official confirmation of the swing back to profit two years after the 2023 loss. The baseline results that serve as the starting point for valuation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 operating profit | ₩3.5 billion(+250.9%) | ₩3.5 billion(+250.8%) | Confirmed | link |
| 2025 annual revenue | ₩80.7 billion | ₩80.7 billion | Confirmed | link |
| Confirmed trailing annual P/E | 89.2x | — | Unverified | link |
| Seasonality-approximated annual operating profit | approx. ₩25.3 billion | — | Unverified | link |
Recent filings
- 2026-05-20Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Material-fact report
- 2026-04-30Disclosure
- 2026-03-25Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.