KOSDAQElectronic Components051360

Tovisco

₩11,920▲ 0.17%2026-10-02 close

Market Cap

₩111.6B

Turnover

₩77,250,980

Volume

6,535 shares

Shares out.

9.4M

PER

3.4×

PBR

0.6×

EPS

₩3,540

Dividend Yield

2.93%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩350 per share · Prices as of the 2026-10-02 close

Report overview

Post Spin-off, Tovis Refocuses on Casino Displays

Having spun off its automotive display business into Neovue, Tovis has restarted as a focused casino and industrial display company.

1
With a split date of July 1, 2026, the automotive display business was spun off into Neovue, and both companies completed relisting on KOSDAQ on July 27, 2026.
2
The provided 2022-Q2 2026 financials reflect the pre-split combined entity including the automotive business, so the surviving company's revenue base will be considerably smaller going forward.
3
Consolidated revenue grew from KRW 328.2 billion in 2022 to KRW 640.3 billion in 2025, while the operating margin improved from 2.1% in 2022 to 9.4% in 2024 before easing slightly to 8.9% in 2025.
4
An oligopolistic supply position with all three major slot-machine makers—Aristocrat, IGT, and Light & Wonder—as customers is the core asset of the surviving company.
5
The company announced an expanded shareholder return policy allocating 20% of standalone net income to share buybacks and cancellations and 10% to cash dividends after the split.

Business structure

Tovis was founded in 1998 and listed on KOSDAQ in 2004, and for a long period operated two businesses in parallel: casino industrial monitors and automotive display modules.

In 2014 the company developed the world's first curved monitor for casino use, entering the industry's leading tier, and together with rival Kotec it has built a solid position with a combined overseas market share of about 80%.

Its main customers are casino slot-machine makers; the market is dominated by three players—Aristocrat, IGT, and Light & Wonder (L&W)—with a combined overseas share nearing 80%, and Tovis supplies displays to all three, reportedly holding over 60% share of orders from Aristocrat and L&W specifically.

A significant portion of casino display revenue comes from replacement demand for previously supplied units, giving the segment relatively stable revenue characteristics.

The automotive display business, meanwhile, was cultivated as a new growth driver after former customer LG Electronics exited the smartphone market in July 2021, and grew rapidly with Hyundai Mobis, Denso, and Continental among its customers.

As criticism grew that housing both businesses under one entity was disadvantageous from a valuation standpoint, the company decided to spin off the automotive display business into a newly established entity, Neovue, while the surviving company would continue the casino monitor business, with a split date set for July 1, 2026.

Following completion of the procedures, the surviving entity Tovis and the newly formed Neovue each completed relisting and name-change listing on KOSDAQ on July 27, 2026.

Post-split, Tovis is focused on the casino and industrial display business and continues to hold Globalquadtech, a subsidiary supplying EV and mobility charging solutions.

The financial figures presented below are on a combined pre-split basis that still includes the automotive business, so the surviving company's revenue scale going forward will be considerably smaller than these figures suggest.

Earnings trend

Quarterly revenue · Operating profit

₩166.4B₩18.3B25Q2₩164.7B₩16.6B25Q3₩155.5B₩10.2B25Q4₩169.8B₩15.5B26Q1₩188.1B₩15.8B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩328.2B₩7B2022₩447.4B₩25.7B2023₩623.8B₩58.4B2024₩640.3B₩57.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩166.4B	₩18.3B	11.0%
2025Q3	₩164.7B	₩16.6B	10.1%
2025Q4	₩155.5B	₩10.2B	6.6%
2026Q1	₩169.8B	₩15.5B	9.1%
2026Q2	₩188.1B	₩15.8B	8.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩328.2B	₩7B	-₩5B	2.1%	−2.8%	109.9%
2023	₩447.4B	₩25.7B	₩11.6B	5.7%	6.1%	130.1%
2024	₩623.8B	₩58.4B	₩57.7B	9.4%	24.0%	99.6%
2025	₩640.3B	₩57.2B	₩43.1B	8.9%	15.4%	82.8%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Consolidated revenue rose for four consecutive years, from KRW 328.2 billion in 2022 to KRW 447.4 billion in 2023, KRW 623.8 billion in 2024, and KRW 640.3 billion in 2025.

Operating profit was just KRW 7.0 billion (2.1% margin) in 2022 but improved markedly to KRW 25.7 billion (5.7%) in 2023 and KRW 58.4 billion (9.4%) in 2024, before easing slightly to KRW 57.2 billion (8.9%) in 2025.

Net income attributable to owners swung from a loss of KRW 5.0 billion in 2022 to KRW 11.6 billion in 2023 and jumped to KRW 57.7 billion in 2024, only to decline to KRW 43.1 billion in 2025—a pattern that reflects both the margin softening and shifting non-operating items.

Indeed, in 2023 net income (KRW 11.6 billion) was far below operating profit (KRW 25.7 billion), while in 2024 net income (KRW 57.7 billion) was close to operating profit (KRW 58.4 billion), showing that the contribution of non-operating gains and losses varied considerably year to year.

On a quarterly basis, revenue was KRW 166.4 billion with operating profit of KRW 18.3 billion in Q2 2025, KRW 164.7 billion and KRW 16.6 billion in Q3, and a seasonal low of KRW 155.5 billion and KRW 10.2 billion in Q4.

Revenue then reached KRW 169.8 billion with operating profit of KRW 15.5 billion and owner net income of KRW 16.1 billion in Q1 2026, and KRW 188.1 billion, KRW 15.8 billion, and KRW 14.1 billion respectively in Q2 2026—revenue hit the highest level of the trailing four quarters even as net income eased from the Q1 level.

This period's results still include the pre-split automotive display business; industry data indicate the automotive segment generated KRW 353.5 billion in revenue in 2025, exceeding the casino segment's KRW 286.7 billion, and the automotive segment accounted for 56.6% of total revenue in Q1 2026.

On the balance-sheet side, the debt ratio rose to 109.9% in 2022 and 130.1% in 2023 before falling markedly to 99.6% in 2024 and 82.8% in 2025, indicating improving financial stability following the capex cycle for automotive display capacity.

Industry analysis

The casino display market is dominated by an oligopoly of three slot-machine makers—Aristocrat, IGT, and Light & Wonder—whose combined overseas share reaches about 80%, with Tovis and Kotec sharing comparable positions in the supply chain, forming a two-player structure among suppliers.

Because casino operations follow set replacement cycles for gaming equipment, the industry is viewed as generating steady replacement demand alongside new investment.

However, at its China production base in Dongguan, higher tariffs stemming from the US-China trade dispute prompted a shift starting in 2025 to producing only non-US-bound units (Europe, Australia, etc.) there, with all US-bound volume now produced at the Songdo plant in Korea—a change that reduced related revenue by roughly KRW 23 billion year over year.

This illustrates a production-base realignment in response to tariff risk, and the resulting higher share of domestic production may reduce tariff exposure going forward.

The automotive display market continues to see growth in the number and size of displays per vehicle amid the spread of software-defined vehicles (SDVs) and digital cockpits, but this business was transferred to Neovue in the July 2026 split and is no longer part of Tovis's direct business.

Following the split, the surviving Tovis entity has transitioned to a single casino and industrial display business structure, placing it in a position where its peer comparison set is being reset as a pure-play casino display company.

Outlook

Following the split, the surviving Tovis entity plans to concentrate resources on the casino and industrial display business; per the financial details disclosed at the time of the split, the surviving company was reorganized with total assets of KRW 314.0 billion and total equity of KRW 174.6 billion as of end-June 2025.

The company has stated plans to expand its high-value-added product lineup—curved monitors, smart button decks, digital signage—for casino operators and gaming machine makers, and to broaden its scope from slot machines toward integrated solutions covering entire casino floors.

For the casino display business, unveiling new products at the annual G2E (Global Gaming Expo) held in the US each September or October is considered a key commercial event.

The company has also stated it will expand shareholder returns after the split, allocating 20% of standalone net income to share buybacks and cancellations and 10% to cash dividends.

Subsidiary Globalquadtech develops and supplies EV and mobility charging solutions, giving the structure room for additional growth in new business areas underpinned by the casino business's stable cash flow.

That said, immediately after the split, asset and cash allocation between the two companies and a governance restructuring (shifting from co-CEO to separate management) are proceeding in parallel, so it remains necessary to verify whether the independent management structure translates into actual earnings and profitability improvement.

Valuation

PER

3.4×

PBR

0.6×

ROE

19.1%

EPS

₩3,540

BPS

₩20,222

Dividend per share

₩350

The valuation metrics applied to the current share price are calculated using the trailing four quarters of the pre-split combined entity, which still include the earnings of the automotive display business that has since moved to Neovue—an important caveat.

On a pre-split basis, the price-to-earnings ratio as of Q3 2025 was among the lowest in the display equipment and parts peer group, at roughly 5 times, while comparable peers such as Duksan Neolux, LX Semicon, SNU Precision (Sunic System), and Innox Advanced Materials were reported to trade in a range of roughly 6 to 20 times.

However, this comparison reflects the era when the company still combined both businesses, making it difficult to compare directly with the current, casino-only earnings base after the split.

The stock tends to trade at a discount to net asset value, and given that a substantial amount of assets and cash were transferred to Neovue in the split, it should also be kept in mind that the net asset base reported going forward will itself be smaller than before.

On the dividend side, whether the company's stated plan to expand the payout ratio relative to standalone net income actually translates into dividends and share buybacks and cancellations is a point to watch going forward.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23

Bull factors

Business Clarity from Casino Specialization

With the automotive display business separated in the split, the surviving company has been restructured into a single casino and industrial display business.

An oligopolistic supply position with all three major slot-machine makers as customers, combined with a base of replacement demand for existing units, supports a relatively stable revenue flow. As the business becomes simpler, there is room for greater transparency in earnings and capital allocation.

Improving Balance Sheet and Expanded Shareholder Returns

The debt ratio fell markedly from 130.1% in 2023 to 82.8% in 2025, easing the financial burden built up during the automotive capacity expansion period.

The company announced an expanded shareholder return policy after the split, using 20% of standalone net income for share buybacks and cancellations and 10% for cash dividends. The casino business's stable cash generation could underpin this return policy.

Potential Beneficiary of Global Casino Market Expansion

Ongoing global investment in new casino facilities and upgrades to existing ones could translate into demand for slot-machine displays in the downstream supply chain. Tovis, with all three major gaming machine makers as customers, sits within the potential beneficiary range of this market expansion. Whether this actually translates into higher order intake, however, remains to be confirmed.

Bear factors

Sharp Reduction in Revenue Base from the Split

The provided results are on a pre-split combined basis, and the automotive business accounted for more than half of total revenue in 2025. As this business has moved to Neovue, the surviving company's future revenue scale will inevitably be much smaller than the historical figures shown here.

Investors should look to the first standalone results disclosed after the split rather than extrapolating directly from past combined performance.

Net Income Volatility and Non-Operating Exposure

The gap between operating profit and net income has fluctuated considerably from year to year. In 2023, net income came in at less than half of operating profit, and in 2025 net income declined from the prior year as the operating margin eased slightly.

Given the business's high export exposure, earnings volatility driven by non-operating factors such as foreign exchange could persist.

Concentration Risk in Customers and Competition

Revenue is concentrated among a small number of global gaming machine makers, leaving the company vulnerable to changes in their ordering policies or vendor diversification efforts. While Tovis and rival Kotec form a duopoly, later entrants including Chinese manufacturers continue efforts to close the technology gap.

Independent of assessments of a solid market position, the possibility of shifts in the competitive landscape is a factor that warrants ongoing monitoring.

Risk factors

Split Execution Risk

Immediately after the split, follow-up procedures such as asset and cash allocation and governance restructuring (from co-CEO to separate management) are still underway. Concerns have also been raised in the market regarding changes in the founding family's control and potential overhang from selling pressure.

The time needed for the independent management structure to stabilize, and the uncertainty during that process, can be viewed as a risk.

FX and Tariff Risk

Given the export-heavy nature of the business, earnings exposure to currency fluctuations is significant.

Tariffs stemming from the US-China trade dispute have already reduced revenue at the China production subsidiary on one occasion, and further tightening of tariff policy could raise the cost burden associated with realigning production bases.

Customer Concentration and Regulatory Risk

With revenue concentrated among a small number of global casino gaming machine makers, results can be swayed by these companies' own performance or changes in their ordering policies.

Casino legalization and licensing policies in various countries can be affected by political variables, so delays in the timeline for opening new markets could push back growth expectations.

What to watch next

Around October 2026
Check the new products unveiled at G2E (Global Gaming Expo) 2026 in the US and customer reactions to gauge order momentum for the casino display business.
Around November 2026
Check the disclosure of Q3 2026 results—the first full quarter after the split—to see the revenue scale and operating margin under the standalone casino business structure.
Q4 2026 to early 2027
Check whether the announced shareholder return policy—20% of standalone net income for buybacks and cancellations, 10% for cash dividends—is followed through with actual board resolutions and disclosures.
Second half of 2026
Check separate financial disclosures to see how much subsidiary Globalquadtech's EV charging solutions business contributes to the surviving company's results in the second half of 2026.
Ongoing monitoring
Continue monitoring the progress of casino legalization and new licensing policies underway in certain US states, Thailand, Japan, and elsewhere.

Overall view

On July 1, 2026, Tovis spun off its automotive display business into Neovue via a corporate split, restructuring itself into a focused casino and industrial display company.

The provided 2022 through Q2 2026 results are on a pre-split combined basis: revenue rose for four consecutive years, the operating margin improved from 2.1% in 2022 to 9.4% in 2024 before easing to 8.9% in 2025, and net income showed considerable year-to-year volatility driven by non-operating items.

Since the automotive business, which accounted for more than half of total revenue, has now been separated, the surviving company's future revenue and profit scale is expected to be considerably smaller than the historical combined figures, making the first post-split quarterly disclosure an important checkpoint.

Bullish factors include an oligopolistic position with all three major slot-machine makers as customers, an improved balance sheet, and an expanded shareholder return policy, while bearish factors include the shrunken revenue base, net income volatility, and customer/competition concentration risk.

Governance restructuring immediately following the split, overhang concerns, and FX/tariff exposure are also variables to watch. Overall, this split marks a turning point that clarifies the business structure, but its success can only be confirmed through the standalone entity's future reported results.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.