TLB makes printed circuit boards (PCBs) that go into DRAM modules and SSDs for PCs and servers, and more recently into high-performance memory boards for AI servers. As memory-module PCBs, once treated as low value-add, have turned into high-spec, high-price components in the AI-server era, its results have changed dramatically; it produces in Korea and Vietnam. In May it decided on a rights offering to existing shareholders and set the issue price in early July, and it is also carrying out a one-for-one bonus issue of common shares; the funds raised go entirely to building a second plant in Vietnam and a new line, with revenue from them booked from 2028. What stands out recently is the growth strength, with operating profit jumping sevenfold in a year and the trend continuing into the first quarter, so that on a current-year earnings basis the multiple falls to about half, while the caution is that the large rights and bonus issues increase the share count, the expansion effect comes with a lag, and a 195% debt ratio and negative FCF are burdens of the investment phase.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 43.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 43.1% higher than a year earlier.
- ROE is 15.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.0%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Baek Sung-hyun 19.36% (individual)
Controlling bloc incl. related parties 29.11%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- TLB makes printed circuit boards (PCBs) that go into memory modules.
- Its mainstays are DRAM modules plugged into PCs and servers, SSDs, and recently high-performance memory boards for AI servers.
- As memory-module PCBs, once treated as 'low value-add,' have turned into high-spec, high-price components in the AI-server era, the company's results have changed dramatically.
- In particular, its supply volume is rising as AI-server memory standards (such as SOCAMM) are reshaped around Korea's large memory makers.
- Most of its revenue comes from this PCB manufacturing, with production carried out at plants in Korea and Vietnam.
- The latest close is ₩68,700 and the market cap is ₩675.5 billion.
- The price sits below the 20-day line (₩80,930) and the 60-day line (₩91,515).
- Trading below both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 38.4, a neutral level.
- The one-month change is -28.8% and the three-month change is -1.1%, and the price is -47.9% from its 52-week high.
- Relative strength versus the KOSDAQ is 90 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market), placing it in roughly the top 9% of all stocks by strength.
- Over the past three months it led the index by 27.8%.
- Chart readings are best viewed together with trading volume and the dates of disclosures.
- Profitability is good.
- ROE (how much is earned in a year on equity) is 15.1%.
- The operating margin is 10.0% and the net margin is 7.4%.
- The valuation metrics are based on last year's confirmed results.
- The P/E ratio (how many times one year's profit the price represents) is 35.46x and the P/B (how many times book equity the price represents) is 5.36x.
- However, this P/E is calculated on past earnings at an 'inflection point' where results were surging, so it looks higher than it actually feels.
- What stands out in the finances is debt.
- The debt ratio (debt relative to equity) is 195%, which is not low, because borrowings grew alongside increased expansion investment.
- The interest coverage ratio is 10x, so the capacity to service interest itself is there.
- EV/EBIT (enterprise value, which reflects debt, divided by operating profit - the debt-reflecting version of the P/E) is 28x.
- Net debt (total borrowings minus cash) is about ₩62.2 billion.
- The FCF yield (cash actually earned relative to market cap) is -4.3%, negative, meaning that with large facility investment it is now spending more cash than it earns.
- Growth is clear.
- Revenue rose 43.6% year over year to ₩258.5 billion in 2025.
- Operating profit jumped more than sevenfold, to ₩26.0 billion from ₩3.4 billion the prior year.
- Net profit also grew more than fourfold, to ₩19.0 billion.
- This leap was not a one-off but came from a structural shift in demand from AI servers.
- In the most recent quarter (first-quarter 2026), revenue rose 43.1% year over year to ₩75.8 billion.
- First-quarter net profit grew more than eightfold year over year to ₩8.5 billion.
- The quarterly net margin rose above 11%, higher than the annual 7.4%, confirming a structure where profit builds up faster as volume grows.
- If this trend continues, this year's earnings are on track to increase substantially over last year.
- Even though last year's trailing (past confirmed) P/E looks high, on this year's growing earnings the actual multiple falls to about half.
- The reason earnings run at this level going forward is that AI-server and high-spec memory demand is rising, and the unit price and margin of PCBs, once seen as low value-add, are rising with it.
- The key issue of 2026 is large-scale fundraising.
- In May the company decided on a rights offering to existing shareholders, and set the issue price in early July.
- Alongside this, it is carrying out a bonus issue that grants one common share for each common share held.
- The funds raised go entirely to building a second plant in Vietnam and constructing a new PCB production line.
- The goal is to substantially increase high-value-add PCB capacity by 2028.
- However, revenue from the new facilities is booked only from 2028, so it is an investment for growth while also first paying the cost of an increased share count and higher borrowings.
- In May it also held an investor briefing (IR) to explain the investment plan.
- This funding decision and the volume overhang are the backdrop to the recent share-price pullback.
- This stock has clear strengths and cautions.
- The strength is structural growth.
- It sits in the middle of the trend in which the expansion of AI servers is turning memory-module PCBs into high-value-add components.
- Results back this up: operating profit jumped sevenfold in a year, and that trend continued into the first quarter of 2026.
- On last year's confirmed results the P/E looks high, but on this year's growing earnings the multiple falls to about half.
- On that basis, it is hard to declare it 'expensive' from past metrics alone.
- The cautions are funding and finances.
- The large rights and bonus issues increase the share count, diluting per-share value.
- The revenue contribution from the expansion comes only from 2028, so there is a lag.
- A 195% debt ratio and negative FCF are also burdens typical of an investment phase.
- In short, if AI-server demand and the expansion results are realized as planned it is a strong stock, and if demand wavers or the expansion-funding burden grows it becomes weaker.
🔎 Valuation vs peers Fairly valued
Compared on the business substance of memory and semiconductor substrate (PCB) manufacturing. Simmtech and Daeduck Electronics are direct peers that make semiconductor substrates and PCBs.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Simmtech | 0.00x | 7.67x | -28.52% |
| Daeduck Electronics | 116.27x | 6.17x | 5.31% |
On last year's confirmed results the P/E of 35.5x looks high in absolute terms. But this has the limitation of being calculated on past earnings at an inflection point where profit was surging. On this year's growing earnings the multiple falls to about half. Among direct peers, Simmtech is lossmaking and Daeduck Electronics has a three-digit P/E. TLB, turning a profit with double-digit ROE and rapidly growing earnings, is actually on the cheaper side relative to earnings within this peer set. That said, the large rights and bonus issues increase the share count and dilute per-share value, and the revenue contribution from the expansion comes with a lag. With this growth potential set against the financial and dilution burden, we see the current valuation as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩68,700 and the market capitalization is ₩675.5 billion. The price sits below its 20-day moving average (₩80,930) and below its 60-day moving average (₩91,515). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 38.4, a neutral level. The one-month change is -28.8%, the three-month change is -1.1%, and the position relative to the 52-week high is -47.9%. Relative strength versus the KOSDAQ is 90 (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 91% of all stocks. Over the past three months it outpaced the index by 27.8%. 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 +27.78% / 6M +35.38% / 12M +186.61%
Key metrics vs sector median
Valuation
The P/E of 35.46x is above the sector median (18.61x). The P/B of 5.36x 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 15.1%, above the sector average (7.0%). The operating margin is 10.0%. The debt ratio is 195.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $113.5M | $119.3M | $171.3M | +43.61% ↑ faster |
| Operating profit | $2.0M | $2.2M | $17.2M | +673.16% ↑ faster |
| Net profit | $1.7M | $2.4M | $12.6M | +426.53% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $118.0M | $146.8M | $113.5M | $119.3M | $171.3M |
| Operating profit | $8.9M | $25.5M | $2.0M | $2.2M | $17.2M |
| Net profit | $8.2M | $20.3M | $1.7M | $2.4M | $12.6M |
| Revenue CAGR | 4-yr avg 9.76% | ||||
Revenue rose 43.6% year over year (2023 ₩171.3 billion → 2024 ₩180.0 billion → 2025 ₩258.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 673.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.8%. The two-year revenue CAGR is 22.8%. In the most recent quarter (Q1 2026), revenue was 43.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 15.1% points to solid profitability.
- Revenue grew 43.6% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-28FilingDecided on a rights offering and a bonus issue together. Raises facility funds through the rights offering and runs in parallel a bonus issue allotting one common share per common share.Secures expansion funding over the medium term, but in the short term creates dilution and a volume overhang from the increased share count. Source
- 2026-05-28FilingDecided the first issue price for the rights offering. The final issue price is later fixed, setting the fundraising scale.The issue price and amount raised take shape, fixing the expansion funding plan. Source
- 2026-05-28FilingFiled a prospectus disclosing the use of the rights-offering proceeds. The funds go to building a second plant in Vietnam and constructing a new PCB production line.The specific use of the growth investment is confirmed. The revenue contribution comes with a lag, after the new facilities begin operating. Source
- 2026-05-15IRHeld an investor briefing (IR) to explain the expansion and fundraising plan.A venue where the company directly explains its growth strategy and investment plan. Source
- 2026-05-12EarningsFiled the Q1 2026 report. Revenue ₩75.8 billion (+43.1%), net profit ₩8.5 billion (more than eightfold), with growth continuing.Confirms that AI-server-driven demand and margin improvement carried into the new quarter. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 operating profit | ₩26.0 billion | approx. ₩25.9 billion(+673.2%) | Confirmed | link |
| Q1 2026 revenue | ₩75.8 billion(+43.1%) | approx. ₩75.8 billion | Confirmed | link |
| Whether a rights offering and bonus issue run in parallel | 1 1 | — | Confirmed | link |
| FY2026 net profit estimate | approx. ₩35.0 billion(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-28Paid-in capital increase
- 2026-05-28Material-fact report (amended)
- 2026-05-28Disclosure
- 2026-05-28Disclosure
- 2026-05-28Paid-in capital increase
- 2026-05-28Disclosure
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15Disclosure
- 2026-05-12Amended filing
- 2026-05-12PeriodicQuarterly report
- 2026-04-24Amended filing
📖 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.