PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Tiger Elec, a specialist in high-multilayer PCBs for semiconductor test processes, swung from a loss in 2023 to a profit in 2025, and its quarterly revenue and profit reached record levels in the first half of 2026.
2025 consolidated revenue reached KRW 80.68bn with operating profit of KRW 7.22bn, turning around from a 2024 operating loss
Revenue and operating profit set consecutive record highs in Q1 and Q2 of 2026
Top shareholder is semiconductor test equipment maker TSE (roughly 44% stake), and technology and customer synergy with the parent underpins the business structure
Vietnam production unit Megaelec and the new STO (Space Transformer Organic) product are cited as future growth pillars
The company raised funds via a KRW 30bn convertible bond issuance to finance facility expansion, with capacity additions underway
Tiger Elec specializes in high-multilayer, high-density printed circuit boards (PCBs) used in semiconductor back-end test processes. Its main products are probe card PCBs, load board PCBs, socket board PCBs, and burn-in board PCBs, with probe card PCBs historically accounting for a substantial share of revenue.
The company was founded in April 1991 and is a PCB manufacturer specialized for semiconductor test processes. It listed on KOSDAQ in September 2015 and expanded its Vietnam production plant in September 2020.
The company was brought in as a subsidiary of semiconductor test equipment specialist TSE and subsequently changed its name while deepening its back-end process expertise. The top shareholder is TSE, holding roughly 43.79% of shares, while the company's founder serves as the second-largest shareholder and CEO.
The Vietnam plant, originally established as a subsidiary of TSE in 2007 under a different name, was renamed Megaelec in 2021 and now serves as Tiger Elec's overseas production base.
More recently, the company succeeded in developing 'STO-ML' jointly with parent TSE, a substrate used in probe cards and test interface boards for testing high-speed chips such as CPUs and GPUs; TSE and Tiger Elec built Megaelec in Vietnam in 2021 with precision build-up substrate capability for STO-ML mass production.
Beyond its parent, customers include FormFactor and Intel of the United States and Technoprobe of Europe, with the FormFactor and Technoprobe supply agreements reported to be the first of their kind for a Korean company.
The probe card PCB market has high technical barriers that limit new entrants, with only a small number of suppliers, including two unlisted Korean firms alongside Japan's Fujitsu, the United States' Gorilla Circuits, and Taiwan's CHPT.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩19.2B | ₩2.9B | 15.1% |
| 2025Q3 | ₩20.4B | ₩1B | 5.1% |
| 2025Q4 | ₩24.1B | ₩2.3B | 9.5% |
| 2026Q1 | ₩26.8B | ₩3.5B | 13.1% |
| 2026Q2 | ₩33.5B | ₩6.9B | 20.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩58.1B | ₩3.1B | ₩3.6B | 5.4% | 6.5% | 31.1% |
| 2023 | ₩48.6B | -₩3.1B | -₩2.6B | −6.3% | −4.8% | 34.7% |
| 2024 | ₩61.8B | -₩1.9B | ₩300M | −3.1% | 0.5% | 45.6% |
| 2025 | ₩80.7B | ₩7.2B | ₩5.3B | 8.9% | 9.0% | 54.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22
In 2025, consolidated revenue reached KRW 80.68bn, up from KRW 61.82bn in 2024, while operating profit came in at KRW 7.22bn (an operating margin of 8.9%), reversing a 2024 operating loss of KRW 1.92bn. Net income attributable to owners also jumped from KRW 275mn in 2024 to KRW 5.27bn in 2025.
In 2023, the company posted revenue of KRW 48.57bn alongside an operating loss of KRW 3.08bn and a net loss of KRW 2.56bn, while in 2022 it was profitable with revenue of KRW 58.07bn, operating profit of KRW 3.11bn, and net income of KRW 3.59bn — meaning the 2022-2025 period moved from profit, to loss, to a modest profit, to a substantially larger profit.
On a quarterly basis, revenue was KRW 19.24bn with operating profit of KRW 2.90bn (margin of about 15.1%) in Q2 2025, before revenue rose to KRW 20.37bn in Q3 while operating profit slipped to KRW 1.04bn (margin of about 5.1%).
Q4 2025 saw improvement again, with revenue of KRW 24.05bn and operating profit of KRW 2.28bn (margin of about 9.5%), followed by Q1 2026 revenue of KRW 26.84bn and operating profit of KRW 3.52bn (margin of about 13.1%).
In Q2 2026, revenue reached KRW 33.50bn with operating profit of KRW 6.88bn (margin of about 20.6%), the highest levels among the recent quarters for both revenue and profit.
Over the trailing four quarters from Q3 2025 through Q2 2026, cumulative net income attributable to owners totaled approximately KRW 10.69bn, already exceeding the full-year 2025 net income of KRW 5.27bn.
The debt ratio rose from 31.1% in 2022 to 54.9% in 2025, which appears linked to increased borrowing tied to expanded facility investment.
The market for semiconductor test PCBs is described as entering a demand upcycle, driven by rising test complexity tied to the spread of AI chips and high-bandwidth memory (HBM).
As a specialist maker of PCBs for semiconductor test processes, the company has been highlighted as a key supplier benefiting from the expansion of AI chip and high-performance server markets, driven by intensifying data center investment among global technology companies competing for AI leadership; AI chips and next-generation HBM require extremely difficult back-end testing to catch minute defects given the volume of data they must process.
Within this backdrop, market attention has focused on the rapid rise in the company's order intensity amid a memory sector recovery; a Mirae Asset Securities analyst wrote in a report dated January 16 that the company entered a capacity-constrained phase beginning in the fourth quarter of 2025 as orders for memory test PCBs increased again, noting that delivery capability rather than demand growth itself now determines the ceiling for results and profit.
The probe card PCB segment is characterized by limited suppliers due to high manufacturing difficulty despite rising demand, with existing players also facing limits to aggressively expanding capacity.
Among domestically listed comparables, the company is classified in the semiconductor and semiconductor equipment sector, with peer listed companies including TLB, PMT, and Mirae Industry. However, most of the core competitors in probe card PCBs are overseas firms, which limits direct comparison with domestic peers.
Sell-side analysts anticipate earnings growth in 2026.
A Mirae Asset Securities analyst projected the company's 2026 revenue at KRW 94.1bn, up 20% year over year, and operating profit at KRW 18.5bn, up 94%, citing a virtuous cycle of utilization, delivery, and quality improvement driven by stabilization of the Vietnam plant and additional facility investment of KRW 7.0bn (Mirae Asset Securities, January 2026 report).
On pricing, structural profitability improvement through price hikes is also cited as an investment point, as the company, unlike much of the PCB industry where raw material cost increases are hard to pass through, has a high proportion of customized products that allow it to pass on rising costs, with the number of "upstream" tasks rising quickly from five in 2024 to twenty-five in 2025 as it handles more high-spec, high-difficulty products, structurally reinforcing price increases.
On new products, the possibility of a multiple re-rating tied to new business is also mentioned; STO (Space Transformer Organic), a substrate connecting vertical probe cards and test interface boards used for testing high-speed chips such as CPUs, GPUs, and HBM, is seen as likely to enter a full expansion phase from 2026 once yield and delivery stabilize, with the view that if the company secures quality reproducibility and shorter lead times, growth drivers could diversify around STO and non-memory areas given that delivery capability is a key competitive factor within a globally oligopolistic structure.
On financing, the company decided at a board meeting on May 12 to issue a KRW 30bn private, unsecured, non-interest-bearing convertible bond aimed at securing facility and working capital, with KRW 5.07bn allocated to expanding the MLB line and KRW 9.13bn to upgrading the STO line, for a total of KRW 14.2bn in facility investment. If this capacity expansion proceeds as planned, current production constraints could ease over time.
Tiger Elec's share price appears to have been re-rated alongside the earnings recovery path from an operating loss in 2023 to a profit in 2025 and further profit expansion in the first half of 2026.
Its price relative to net assets is not low compared with multiples historically accorded to semiconductor materials, parts, and equipment names, which can be read as reflecting expectations tied to the earnings turnaround.
The company does not currently pay a dividend, suggesting resources are being prioritized toward growth investment in facilities rather than shareholder returns.
Given that quarterly profit levels have shown swings historically, whether the recent quarters' elevated margins can be sustained is something that will need to be confirmed through order intake and utilization trends 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 2026-08-22
Analysts note that memory test PCB orders increased again from the fourth quarter of 2025 onward, pushing the company into a capacity-constrained phase. This is described as a shift where delivery capability, more than demand growth itself, determines results. The fact that Q1 and Q2 2026 results set consecutive record highs supports this view of order strength.
Tiger Elec is addressing the CPU, GPU, and HBM test probe card market through the STO (Space Transformer Organic) substrate co-developed with parent TSE. If yield and delivery stabilize from 2026, growth drivers could expand toward STO and non-memory areas. This could serve as a diversification factor away from a memory-centric revenue structure.
Tiger Elec is assessed as having a structure that allows it to pass on raw material cost increases to prices due to a high share of customized products. Analysts also note that price increases are being structurally reinforced as the company handles more high-spec, high-difficulty products.
Supply agreements with global customers such as FormFactor and Technoprobe, reportedly the first of their kind for a Korean company, provide a basis for customer base expansion.
Tiger Elec has a history of significant earnings swings tied to the semiconductor cycle, moving from a profit in 2022 to a loss in 2023 and back to a modest profit in 2024. Even on a quarterly basis, the operating margin in Q3 2025 declined from the level seen in Q2, showing margin volatility. Whether the recent improvement trend continues will need to be confirmed through future quarterly results.
The company issued a KRW 30bn convertible bond to fund expansion of the MLB and STO lines and working capital. The debt ratio rose from 31.1% in 2022 to 54.9% in 2025. Should the convertible bonds eventually convert into shares, the potential for equity dilution is also worth monitoring.
Tiger Elec's top shareholder, TSE, holds roughly a 44% stake and is also mentioned as one of the company's key customers. A structure with close governance and transactional ties to a specific parent company is a factor worth examining in terms of independent business decision-making and negotiating leverage.
If revenue dependence on a small number of global customers increases, the pace of customer diversification will also warrant continued attention.
Tiger Elec's revenue is heavily influenced by the investment and utilization cycles of memory and non-memory semiconductor makers. If the industry slows as it did in 2023, orders and margins could deteriorate simultaneously.
Probe cards are less consumable in nature, so results tend to be more sensitive to whether new capacity investment occurs.
With top shareholder TSE holding a high stake of roughly 44%, minority shareholders' influence on decision-making may be limited. Insider transactions, such as share sales by the founder as second-largest shareholder, are a variable that can affect the stock and warrant ongoing monitoring. Changes to the ownership structure if convertible bonds are converted are also a factor to watch.
Tiger Elec produces high-value-added products through its Vietnam production unit Megaelec, exposing it to local labor costs, yield levels, and currency fluctuations. Given its export exposure, movements in the won-dollar exchange rate can affect revenue and margins.
If new facility investment does not proceed as planned, the schedule for capacity expansion could also be delayed.
When Q3 2026 results are released, it will be worth checking whether the margin improvement trend versus Q2 2026 (operating margin of about 20.6%) is maintained and whether strong order intake continues to translate into results.
It will be important to check progress on yield and delivery stabilization for the STO (Space Transformer Organic) product and whether the customer base for CPU, GPU, and HBM test applications expands.
It will be worth monitoring whether the KRW 14.2bn in MLB and STO line facility expansion funded by the KRW 30bn convertible bond is completed and brought online as planned, and how much this eases the current capacity-constrained phase.
It is worth monitoring for disclosures or news regarding additional orders or expanded volumes from global customers such as FormFactor, Technoprobe, and Intel.
Tiger Elec manufactures high-multilayer PCBs for semiconductor test processes, having turned around from a loss in 2023 to a profit in 2025, and its quarterly revenue and profit set consecutive record highs in the first half of 2026.
Technology and customer collaboration with parent TSE, capacity expansion via its Vietnam production unit, and business diversification through new products such as STO are cited as pillars of its growth story.
Some analysts have projected that 2026 revenue and operating profit could grow at double-digit to roughly double the prior year's pace.
However, its history of losses during past industry downturns, a rising debt ratio from expanded facility investment, and dependence on its major shareholder and a small number of key customers are factors that also warrant consideration.
Future quarterly results, progress on new product ramp-up, and completion of facility expansion are likely to be the key variables determining whether the current earnings momentum is sustained.
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.