Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩101,600, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 20x in the Electronic industry in South Korea. Total returns to shareholders of 474% over the past three years. Major Estimate Revision • Apr 14
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ₩3,738 to ₩3,349 per share. Revenue forecast steady at ₩342.6m. Net income forecast to grow 91% next year vs 73% growth forecast for Electronic industry in South Korea. Consensus price target of ₩90,400 unchanged from last update. Share price rose 15% to ₩79,800 over the past week. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩80,000, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Electronic industry in South Korea. Total returns to shareholders of 300% over the past three years. New Risk • Mar 25
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.5% operating cash flow to total debt). High level of non-cash earnings (29% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Reported Earnings • Mar 25
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₩1,959 (up from ₩371 in FY 2024). Revenue: ₩258.5b (up 44% from FY 2024). Net income: ₩19.0b (up 426% from FY 2024). Profit margin: 7.4% (up from 2.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.4%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 64% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₩79,800, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 18x in the Electronic industry in South Korea. Total returns to shareholders of 385% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to ₩47,050, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the Electronic industry in South Korea. Total returns to shareholders of 183% over the past three years. Aankondiging • Mar 04
TLB Co., Ltd, Annual General Meeting, Mar 30, 2026 TLB Co., Ltd, Annual General Meeting, Mar 30, 2026, at 09:00 Tokyo Standard Time. Location: conference room, 305, sinwon-ro, danwon-gu, gyeonggi-do, ansan South Korea Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 April 2026. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩55,800, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Electronic industry in South Korea. Total returns to shareholders of 218% over the past three years. Price Target Changed • Nov 15
Price target increased by 17% to ₩68,750 Up from ₩59,000, the current price target is an average from 4 analysts. New target price is 7.6% above last closing price of ₩63,900. Stock is up 406% over the past year. The company is forecast to post earnings per share of ₩1,792 for next year compared to ₩371 last year. Upcoming Dividend • Oct 20
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 27 October 2025. Payment date: 10 November 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of South Korean dividend payers (3.7%). Lower than average of industry peers (1.1%). Buy Or Sell Opportunity • Sep 22
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 108% to ₩46,900. The fair value is estimated to be ₩36,796, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has declined by 81%. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 232% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩38,450, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Electronic industry in South Korea. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩36,696 per share. New Risk • Sep 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩30,400, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Electronic industry in South Korea. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩19,056 per share. Major Estimate Revision • Aug 23
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩245.0m to ₩247.6m. EPS estimate increased from ₩1,501 to ₩1,716 per share. Net income forecast to grow 147% next year vs 16% growth forecast for Electronic industry in South Korea. Consensus price target up from ₩31,000 to ₩34,333. Share price fell 2.7% to ₩27,000 over the past week. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₩466 (vs ₩115 in 2Q 2024) Second quarter 2025 results: EPS: ₩466 (up from ₩115 in 2Q 2024). Revenue: ₩64.1b (up 62% from 2Q 2024). Net income: ₩4.53b (up 301% from 2Q 2024). Profit margin: 7.1% (up from 2.9% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩231.1m to ₩246.2m. EPS estimate increased from ₩1,356 to ₩1,532 per share. Net income forecast to grow 113% next year vs 12% growth forecast for Electronic industry in South Korea. Consensus price target up from ₩28,333 to ₩31,000. Share price rose 6.5% to ₩27,750 over the past week. Buy Or Sell Opportunity • Jul 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to ₩25,600. The fair value is estimated to be ₩21,118, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Earnings per share has declined by 77%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 232% in the next 2 years. Price Target Changed • Jul 10
Price target increased by 16% to ₩24,667 Up from ₩21,250, the current price target is an average from 3 analysts. New target price is 7.0% above last closing price of ₩23,050. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of ₩1,037 for next year compared to ₩371 last year. Major Estimate Revision • Jun 26
Consensus EPS estimates increase by 41% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₩222.9m to ₩231.5m. EPS estimate increased from ₩738 to ₩1,037 per share. Net income forecast to grow 157% next year vs 19% growth forecast for Electronic industry in South Korea. Consensus price target up from ₩19,333 to ₩22,500. Share price rose 3.2% to ₩22,600 over the past week. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩21,200, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 11x in the Electronic industry in South Korea. Total returns to shareholders of 9.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩35,016 per share. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩20,100, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 9x in the Electronic industry in South Korea. Total returns to shareholders of 22% over the past three years. Reported Earnings • Mar 25
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₩371 (up from ₩257 in FY 2023). Revenue: ₩180.0b (up 5.1% from FY 2023). Net income: ₩3.62b (up 44% from FY 2023). Profit margin: 2.0% (up from 1.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 28
TLB Co., Ltd, Annual General Meeting, Mar 28, 2025 TLB Co., Ltd, Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: conference room, 305, sinwon-ro, danwon-gu, gyeonggi-do, ansan South Korea Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩14,380, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Electronic industry in South Korea. Total loss to shareholders of 4.9% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 09 April 2025. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩13,000, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Electronic industry in South Korea. Total loss to shareholders of 27% over the past three years. Aankondiging • Oct 07
TLB Co., Ltd (KOSDAQ:A356860) announces an Equity Buyback for KRW 2,000 million worth of its shares. TLB Co., Ltd (KOSDAQ:A356860) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of its shares according to the contract with SK SECURITIES CO.,LTD. The purpose of the program is increase in shareholder value. The program will expire on April 06, 2025. As of October 6, 2024, the company had 60,000 and 0 treasury shares holdings acquisition within the range available for dividends and other acquisition respectively. New Risk • Sep 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩124.2b (US$92.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 238% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (₩124.2b market cap, or US$92.7m). Price Target Changed • Aug 17
Price target decreased by 16% to ₩28,625 Down from ₩34,167, the current price target is an average from 4 analysts. New target price is 77% above last closing price of ₩16,130. Stock is down 35% over the past year. The company is forecast to post earnings per share of ₩643 for next year compared to ₩257 last year. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 10.0% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩188.1m to ₩180.4m. EPS estimate also fell from ₩595 per share to ₩536 per share. Net income forecast to grow 1,040% next year vs 38% growth forecast for Electronic industry in South Korea. Consensus price target down from ₩34,167 to ₩32,500. Share price rose 7.1% to ₩16,060 over the past week. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 218% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Major Estimate Revision • May 29
Consensus EPS estimates fall by 34% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩195.8m to ₩188.1m. EPS estimate also fell from ₩906 per share to ₩595 per share. Net income forecast to grow 942% next year vs 46% growth forecast for Electronic industry in South Korea. Consensus price target of ₩34,167 unchanged from last update. Share price rose 2.7% to ₩26,250 over the past week. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: ₩257 (vs ₩3,108 in FY 2022) Full year 2023 results: EPS: ₩257 (down from ₩3,108 in FY 2022). Revenue: ₩171.3b (down 23% from FY 2022). Net income: ₩2.51b (down 92% from FY 2022). Profit margin: 1.5% (down from 14% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩28,200, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 13x in the Electronic industry in South Korea. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₩24,250, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Electronic industry in South Korea. Total returns to shareholders of 1.3% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ₩300 per share at 0.6% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 08 April 2024. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of South Korean dividend payers (3.5%). Lower than average of industry peers (0.9%). New Risk • Nov 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (2.9% net profit margin). Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 58% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₩181.0m to ₩170.1m. EPS estimate also fell from ₩928 per share to ₩388 per share. Net income forecast to shrink 45% next year vs 14% growth forecast for Electronic industry in South Korea . Consensus price target up from ₩26,750 to ₩29,500. Share price rose 9.7% to ₩26,000 over the past week. Buying Opportunity • Aug 02
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be ₩28,886, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 8.5% in 2 years. Earnings is forecast to decline by 0.3% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₩30,300, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 14x in the Electronic industry in South Korea. Total returns to shareholders of 69% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₩29,250 per share. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩26,150, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Electronic industry in South Korea. Total returns to shareholders of 24% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₩26,577 per share. New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₩22,900, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electronic industry in South Korea. Total loss to shareholders of 4.3% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ₩26,042 per share. Buying Opportunity • Apr 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be ₩25,196, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 47%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings is also forecast to grow by 1.4% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩21,000, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Electronic industry in South Korea. Total returns to shareholders of 26% over the past year. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩3,108 (vs ₩1,262 in FY 2021) Full year 2022 results: EPS: ₩3,108 (up from ₩1,262 in FY 2021). Revenue: ₩221.5b (up 24% from FY 2021). Net income: ₩30.6b (up 146% from FY 2021). Profit margin: 14% (up from 7.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 2 years, while revenues in the Electronic industry in South Korea are expected to grow by 15%. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩17,250, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Electronic industry in South Korea. Total loss to shareholders of 6.2% over the past year. Upcoming Dividend • Dec 21
Upcoming dividend of ₩125 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 12 April 2023. Payout ratio is a comfortable 3.9% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of South Korean dividend payers (3.3%). Lower than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 19% share price gain to ₩42,600, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Electronic industry in South Korea. Total returns to shareholders of 14% over the past year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₩34,950, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Electronic industry in South Korea. Total loss to shareholders of 11% over the past year. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩37,800, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Electronic industry in South Korea. Negligible returns to shareholders over past year. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 16% share price gain to ₩38,850, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 18x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩30,900, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 17x in the Electronic industry in South Korea. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 15% share price gain to ₩48,900, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 24x in the Electronic industry in South Korea.