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JONBUR Research · Initiation

TLB · 356860 · Electronic components

TLB: Profits Rebuilt Since 2024 Trough While Shares Swing Sharply

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

TLB, a KOSDAQ electronic components company, reports trailing revenue of ₩305.5B and a 13.3% operating margin after a weak 2023-2024. The share price closed at ₩51,000, up 34.6% in one month but down 31.4% over three months, with negative free cash flow.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The filed numbers show a sharp recovery: operating income rose from ₩3.4B in 2024 to ₩26.0B in 2025 and ₩40.7B over the trailing twelve months to H1 2026. Return on equity of 25.6% is near the 2022 peak of 31.3%.

The data does not show why earnings recovered, so durability cannot be judged from it. Free cash flow is negative at -₩35.9B and borrowings of ₩77.2B far exceed cash of ₩11.7B, so growth appears to be consuming funds. Earnings have also been volatile: 2023 and 2024 margins were below 2.0%.

The share price range is wide, from a 52-week low of ₩19,600 to a high of ₩141,800, and the price is 64.0% below that high. Investor flow, foreign ownership and short interest data are not available.

Business overview

TLB (티엘비) is a KOSDAQ-listed company in the electronic components sector, founded on 2011-03-25 and listed on 2020-12-14. It has 9,832,630 listed shares and a market capitalisation of about ₩501.5B. The data does not describe its products or customers.

Revenue history: ₩178.1B in 2021, ₩221.5B in 2022 (+24.4%), ₩171.3B in 2023 (-22.7%), ₩180.0B in 2024 (+5.1%) and ₩258.5B in 2025 (+43.6%). The business has clearly been cyclical in its results.

Financial analysis

From filed financial statements (DART). Trailing twelve months to H1 2026: revenue ₩305.5B, operating income ₩40.7B, net income ₩32.9B, operating margin 13.3%, net margin 10.8%, ROE 25.6%.

Full-year 2025: revenue ₩258.5B, operating income ₩26.0B (10.0% margin), net income ₩19.0B, ROE 16.0%. In 2022, margin was 17.4% and net income ₩30.6B. In 2024, operating income was only ₩3.4B.

Balance sheet: liabilities to equity is 90.4%, borrowings ₩77.2B, cash ₩11.7B. Free cash flow over the trailing period is -₩35.9B.

Valuation

Current multiples: P/E 15.2, P/B 3.5, P/S 1.6, dividend yield 0.9%. Enterprise value is about ₩566.9B. EV/EBITDA is not available. At year-end 2025 P/E was 30.9 and P/B 4.7, so current multiples are lower than that year-end, though earlier year-end multiples are not available.

Peers: Samsung Electro-Mechanics P/E 110.2, P/B 10.9; Doosan 54.9, 7.7; Hanwha Systems 80.8, 3.2; LG Innotek 17.1, 1.8; Isupetasys 38.0, 8.9. TLB's P/E is below most of these, though only LG Innotek is close, and the peers are far larger.

The valuation model estimate (fair_value_model) is not available for this company, so no comparison with the ₩51,000 share price can be made.

Catalysts

  • The half-year report filed on 2026-08-14 showed the profit level behind the current trailing figures.
  • A cash dividend decision and an interim dividend record-date decision were filed on 2026-08-06.
  • A buyback trust contract was signed on 2026-08-06, which may affect share supply.
  • An investor relations event was held on 2026-08-12, and its content is not in the data.
  • Several insider shareholding reports were filed in August 2026, which may show management ownership changes.

Risks

  • Earnings have been volatile, with operating margin falling to 1.8% in 2023 and 1.9% in 2024 before recovering.
  • Free cash flow is negative at -₩35.9B, while borrowings are ₩77.2B against cash of ₩11.7B.
  • The share price is highly volatile, with a 52-week range of ₩19,600 to ₩141,800 and a 31.4% three-month decline.
  • No valuation model estimate, flow data or short interest data is available, limiting cross-checks.
  • No recent news headlines are available to explain the recent price moves.

Closing view

The data shows a company whose profits and returns have rebuilt strongly from a low base, with a P/E of 15.2 that is below most listed peers shown. Against that, cash generation is negative, debt exceeds cash, and past results have swung widely. With no model estimate, flow data or news available, the evidence is incomplete and does not support a firm conclusion about sustainability of the recovery.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)TLB: Profits Rebuilt Since 2024 Trough While Shares Swing Sharply

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information