Fact Source: Kyobo Securities / Report Date: July 1, 2026
Investment Opinion & Target Price: BUY (Maintain) / 120,000 KRW (Maintain) [cite_image_7117c9.jpg]
Key Momentum: Normalization of high-value-added SOCAMM yields leading to full-scale shipment acceleration, coupled with strategic collaboration in glass substrates for semiconductor packaging
📊 1. [Valuation Indicators & Investment Metrics Analysis]
- Investment Opinion & Target Price Trend: Maintained the ‘BUY’ rating and target price of KRW 120,000. SOCAMM is expected to anchor earnings expansion during the second half of this year, and robust multi-year growth is anticipated into next year backed by full-year reflection and wider upstream demand.
- Key Financial Metrics & Valuation Forecasts:
- Revenue: 2024: KRW 180B ➡️ 2025: KRW 258B ➡️ 2026E: KRW 361B ➡️ 2027E: KRW 405B ➡️ 2028E: KRW 644B
- Operating Profit: 2024: KRW 3B ➡️ 2025: KRW 26B ➡️ 2026E: KRW 55B ➡️ 2027E: KRW 72B ➡️ 2028E: KRW 124B
- Operating Margin (OP Margin): 2024: 1.7% ➡️ 2025: 10.1% ➡️ 2026E: 15.2% ➡️ 2027E: 17.8% ➡️ 2028E: 19.3%
- P/E (Price-to-Earnings Ratio): 2024: 35.5x ➡️ 2025: 30.9x ➡️ 2026E: 20.0x ➡️ 2027E: 14.8x ➡️ 2028E: 8.6x
- P/B (Price-to-Book Ratio): 2024: 1.1x ➡️ 2025: 4.7x ➡️ 2026E: 5.0x ➡️ 2027E: 3.8x ➡️ 2028E: 2.7x
- ROE (Return on Equity): 2024: 3.3% ➡️ 2025: 16.0% ➡️ 2026E: 28.1% ➡️ 2027E: 29.2% ➡️ 2028E: 36.5%
🚀 2. [Market Opportunities (TAM) & Detailed Earnings Estimates]
- 2Q26 Earnings Preview & Estimated Data:
- Consolidated Revenue: Estimated at KRW 87.0B, registering a +35.9% Year-on-Year (YoY) expansion.
- Consolidated Operating Profit: Estimated at KRW 12.3B, up +32.4% YoY, with an OPM of 14.2%.
- Key Operational Details: Despite price hikes reflecting in the quarter, the margin expansion was bounded due to initial yield management processes for SOCAMM. While Q2 represented initial low-volume runs, yields have now normalized, paving the way for definitive profitability enhancements via bulk shipments. Raw material supply chain concerns remain negligible, managed through active vendor diversification.
- Product Diversification & Future Expansion:
- Memory Modules & SSD Substrates: Holds a secure market footprint in manufacturing module substrates for high-performance DRAM (8,000MT/s+) and ultra-high-value SSD boards exceeding 20 layers.
- Glass Substrate Value Chain Penetration: Signed an MOU with a domestic enterprise equipped with glass substrate manufacturing and process technologies to collaborate on semiconductor packaging solutions, capturing a presence in the next-generation premium substrate market.
- MLB Capacity & Expansion Timeline: Leveraging its capability in Multi-Layer Boards (MLB) required for ASICs to broaden its customer pool. Upon completion of the Vietnam Plant 2 by 2028, TLB will pivot from a legacy module PCB supplier into a specialized next-generation substrate powerhouse, positioned to easily absorb a doubled capacity expansion at Full-Capa.
📝 Editor’s Comment (by K-STOCK Editor)
TLB’s 2Q26 preview indicates solid top-line scaling (+35.9% YoY), though margins temporarily plateaued under early-stage SOCAMM yield-stabilization costs. From a fundamental standpoint, however, the critical takeaway is that yields have normalized, unlocking full-scale commercial volume shipment for the second half of the year. With the 2026E ROE projected to escalate sharply to 28.1%, the 12M Fwd P/E trading near 20x remains an attractive valuation entry point given the growth profile of high-value substrates. Furthermore, expanding its domain beyond traditional memory boards into the glass substrate packaging ecosystem via a strategic MOU ensures exposure to a key secular semi-catalyst, driving long-term multiple expansion. Factoring in the structural capacity enhancements via the upcoming Vietnam facility by 2028, TLB’s visibility profile will grow progressively firmer beyond near-term volatility.
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