1. What Happened?

TigerElec recorded sales of KRW 19.2 billion, operating profit of KRW 2.8 billion, and net profit of KRW 1.2 billion in Q2 2025, marking a successful turnaround. These results significantly exceeded market expectations.

2. Why These Results?

The increased sales contribution from Probe Card PCBs and export growth in Asia positively impacted performance. However, total sales decreased year-over-year, and the sales proportion of Load Board PCBs declined.

3. What’s Next?

In the short term, the return to profitability could provide positive momentum for the stock price. However, investors must consider risk factors such as worsening financial health, reduced R&D investment, and the semiconductor industry downturn. The company’s efforts to improve its financial structure, increase R&D investment, and achieve success in new businesses will be critical variables determining future stock price movements.

  • Positive Factors: Q2 profitability, Probe Card PCB growth, STO localization efforts
  • Negative Factors: Deteriorating financial health, reduced R&D investment, semiconductor industry downturn

4. What Should Investors Do?

The current investment opinion is ‘Neutral.’ Investment decisions should be made after comprehensively considering factors such as H2 2025 earnings trends, efforts to improve financial health, increased R&D investment, and changes in the semiconductor market.