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KREDKRED
356860KOSDAQ

TLB

53,800
+3,500 (+6.96%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

TLB is a corporation established on March 25, 2011. The company is listed on the KOSDAQ market.

The company manufactures printed circuit boards. Its main products include PCBs for memory modules and SSDs, as well as PCBs for semiconductor back-end inspection equipment. It supplies these products to global semiconductor companies including Samsung Electronics, SK Hynix, and Micron.

Business overview as filed

당사가 영위하는 메모리 반도체용 PCB 사업은 글로벌 대기업을 대상으로 품질력과 생산능력 , 납기력을 보유한 업체 간에 물량 경쟁을 하는 시장으로 , 반도체기업들의 협력사로 승인된 소수의 업체 간에 경쟁하는 시장입니다.

당사의 주요제품으로는 Memory Module 과 SSD 의 핵심 부분인 인쇄회로기판이며 풍부한 산업경력을 보유한 전문 경영진과 연구인력을 바탕으로 2011 년 국내 최초로 SSD PCB 의 양산체계를 구축하였습니다 . SSD 사업의 초기에는 High end SSD PCB 를 제조하여 삼성전자에 공급하였으며 End User 인 애플의 맥북에어에 장착하는 성과를 보였습니다 .

최근에는 AI 수요 확대에 따라 SSD 중에서는 e-SSD 의 비중이 지속적으로 확대되는 추세입니다 .

당사는 SSD 뿐만 아니라 Memory Module PCB 를 주요 글로벌 반도체 기업에 공급하고 있습니다 .

특히 2025 년 1 분기부터 BVH 공법을 사용한 고부가가치 제품의 매출 비중을 분기를 거듭할수록 증가시켜 시장에서 영향력을 확대해 나가고 있습니다 .

또한 신규사업으로 2020 년부터 반도체 후공정 검사장비용 PCB 사업에 진출했으며 2025 년에는 항공우주 및 방산 품질 인증인 AS9100, ISO27001 을 취득해 , 고신뢰성이 요구되는 산업 분야로 사업을 확장하고 있습니다.

당사의 제 15 기 연결기준 매출액은 2,585 억원으로 인쇄회로기판 부분에서 100% 발생 (SSD, Memory Module, 신규사업 포함 )

하고 있으며 , 전체 매출에서 수출비중이

79.2%

를 차지하고 있습니다 .

당사는 고부가 가치 제품의 생산능력 증대 및 해외 생산거점을 확보를 위하여 베트남 해외법인을 설립해 현지공장을 가동하고 있습니다 .

AI 시대 , 차세대 신제품 메모리에 대한 시장의 관심이 뜨겁습니다 .

대표적으로 스마트폰과 태블릿에 주로 쓰이는 저전력 D 램 (LPDDR)

을 AI 서버 환경에서 탈부착 가능한 모듈 형태인 SOCAMM 이 있습니다 .

당사도 주요 글로벌 반도체 및 메모리 제조사들과 SOCAMM 개발에 참여하여 올해 양산 대응 중에 있습니다 . SOCAMM 은 기존 DDR5 기반의 메모리 아키텍처 대비 더 높은 대역폭과 저전력 특성을 갖추고 있어 , AI 모델 학습 , 데이터센터 , 클라우드 인프라 등에서 새로운 표준으로 자리 잡을 가능성이 큽니다 .

2022 년 8 월 , CXL(Compute Express Link) 3.0 표준규격이 공식 발표되었으며 , 이를 기반으로 앞으로 CXL 메모리 확장 모듈 및 AI 서버용 고속 PCB 시장이 본격적으로 확대될 전망입니다 .

당사는 이러한 신제품 개발에 선제적으로 참여하여 당사의 기술 경쟁력을 더욱 강화할 것입니다 .

나아가 차세대 AI 및 데이터센터 시장에서의 입지를 공고히 할 것입니다 .

Company overview

1. 연결대상 종속회사 개황

1.1 연결대상 종속회사 현황(요약)

주요종속회사 여부 판단기준(*1) 최근사업연도 자산총액이 지배회사 자산총액의 10% 이상(*2) 최근사업연도 자산총액이 750억원 이상 1-2. 연결대상회사의 변동내용

2. 회사의 법적ㆍ상업적 명칭당사의 명칭은 주식회사 티엘비 입니다. 영문명은 TLB Co., Ltd. 입니다. 단, 약칭으로는 (주)티엘비 (TLB) 라고 표기합니다.

3. 설립일자당사는 2011년 3월 25일에 법인 형태로 설립되었으며, 2020년 12월 14일 코스닥시장에 기업공개를 실시하였습니다.

4. 본사의 주소, 전화번호, 홈페이지 주소

5. 중소기업 등 해당 여부

6. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

7. 주요 사업의 내용당사는 2011년에 설립된 PCB(Printed Circuit Board, 인쇄회로기판, 이하 PCB) 제조 기업이며 주요제품으로는 Memory Module 용 PCB와 SSD용 PCB가 있으며, 2020년부터 반도체 후공정 검사장비용 PCB 사업까지 진출하였습니다. 현재 당사의 매출은 인쇄회로기판 부분에서 100% 발생(반도체 후공정 검사장비용 PCB 포함)하고 있으며, 주요 고객사는 삼성전자(주), 에스케이하이닉스(주), 마이크론(미국) 등이 있습니다.

8. 신용평가에 관한 사항

(1) 최근 신용평가에 관한 내용

(2) 신용평가 회사의 신용등급체계 및 등급 부여 의미 1) 신용등급체계 및 평가등급 부여 의미

'AA'부터 'CCC'등급까지는 등급내 우열에 따라 '+' 또는 '-' 로 등급구분 2) 현금흐름등급의 부여 의미

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

7.95%
[5.35%, 12.23%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 67.3% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.12
Beta [0.87, 1.36] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.486%[-0.095%, +1.068%]
R squared
0.36
Observations
251
Trading-time corrected beta
1.08[0.66, 1.50]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2019202020212022202320242025TTM
RevenueKRW 100M1,4911,8411,7812,2151,7131,800——
Revenue growth%—23.45-3.2724.40-22.685.08——
Operating incomeKRW 100M1111521343853034260407
Operating income growth%—36.70-11.72187.47-92.0810.28673.16—
Net incomeKRW 100M951181243052536190328
Net income growth%—24.764.98146.21-91.7943.35426.84—
Attributable to ownersKRW 100M951181243062536190329
Attributable to minoritiesKRW 100M00-0-0-0-0-1-1
Operating margin%7.438.237.5117.361.781.87——
Net margin%6.356.426.9713.791.462.00——
ROE%37.3216.6414.9127.202.283.2315.1022.72
ROA%12.5210.409.9318.521.451.917.7011.91
Debt ratio%198.2059.9850.1846.8456.5368.0795.4190.37
Current ratio%93.03251.77194.28273.40190.90134.85100.66113.52
Quick ratio%42.20181.85111.40201.56132.5888.0756.5959.61
Reserve ratio%—2,788.943,286.902,181.752,167.392,198.592,498.412,838.50
Free cash flowKRW 100M32110-284165-265-131-287—
FCF margin%2.115.99-15.977.44-15.47-7.27——
OCF conversion%72.10141.52-4.27116.02-60.02130.6043.19—
Capex to revenue%2.473.0915.678.5514.599.88——
Receivable daysdays—1.01.01.6————
Inventory daysdays——————57.9—
Payable daysdays——————25.6—
EPSKRW2,3672,9122,5243,1082573711,9593,346
PERx—18.0316.136.05118.8735.1830.5324.60
BPSKRW—14,44516,92911,42411,21311,39912,82714,728
PBRx—3.632.401.652.721.144.665.59
Dividend per shareKRW——250300200200450—
Payout ratio%——9.909.6577.8253.9122.97—

Consolidated basis

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

2019202020212022202320242025
7571,1361,2501,6491,7261,8842,463
5034264185266237631,203
2547108321,1231,1021,1211,260

Income statement

2019202020212022202320242025
1,4911,8411,7812,2151,7131,800Not applicable
1111521343853034260
1081431493823349244
951181243052536190
Basic earnings per shareKRW2,3672,9122,524*3,1082573711,959
Diluted earnings per shareKRW2,3672,9122,524*3,1082573711,959
881221223032044178

Cash flow statement

2019202020212022202320242025
Net incomefrom the income statement951181243052536190
Total adjustments to operating cash flowcomputed-2649-12949-4011-108
68167*-5354-154782
-34-266-83-233-298-40-337
-19283*264011159316
Cash at beginning of periodKRW 100M921201145312115183
21201145312115183245
Net change in cash and cash equivalentsKRW 100M12180-56167-1976862

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 15삼덕회계법인2025-12-31
2024적정의견Term 14삼덕회계법인2025-12-31
2023적정의견Term 13삼덕회계법인2025-12-31
2022적정Term 12삼덕회계법인2022-12-31
2021적정Term 11삼덕회계법인2022-12-31
2020적정Term 10삼화회계법인2022-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y1.00
%
%
Cost of equity9.38%
Weighted average cost of capital—
Initial growth11.6%
Effective tax rate22.3%
Base fiscal year2025
Current priceKRW53,800

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model2,966-94.5%
Dividend discount model DDM3,673-93.2%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE4,822-91.0%
Residual income model RIM12,583-76.6%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.00 × 5.00% = 9.38%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(15.10% × (1 − 22.97%), 0) = 11.63%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 450 × (1 + 2.00%) / (9.38% − 2.00%) = 459 / 0.0738 = 6,220 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 450, g_1 = 11.63%, g_T = 2.00%, r = 9.38%

YearGrowthDividend KRWDiscount factorPresent value KRW
111.63%5020.9142459
29.23%5490.8359459
36.82%5860.7642448
44.41%6120.6986428
52.00%6240.6387399
Terminal value2.00%8,6280.63875,511
Total7,703

P_0 = 7,703 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 12,827 KRW, ROE = 15.10%, payout ratio = 22.97%, r = 9.38%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
112,8271,9371,2037340.9142671
214,3192,1631,3438200.8359685
315,9852,4141,4999150.7642699
417,8452,6951,6741,0210.6986714
519,9213,0091,8681,1400.6387728
Terminal value15,7610.638710,067

P_0 = 12,827 + 3,498 + 10,067 = 26,392 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 81.9 − 368.8 + 345.1 (net borrowing) = 58.1 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
111.63%64.90.914259.3
29.23%70.80.835959.2
36.82%75.70.764257.8
44.41%79.00.698655.2
52.00%80.60.638751.5
Terminal value2.00%1,113.90.6387711.5
Total994.5

P_0 = 994.5 KRW hundred million ÷ 9,832,630 (shares) = 10,114 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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