TLB Co., Ltd. Q1 2026: Strong Earnings Growth Driven by AI and DDR5 Demand

Q1 2026 consolidated revenue of KRW 75.8B (up 43% YoY), operating profit of KRW 10.7B (surge from KRW 0.8B in Q1 2025), net profit of KRW 8.5B (from KRW 0.9B).
Total assets KRW 263.0B, liabilities KRW 129.6B, equity KRW 133.4B; sound financial structure.
No share buyback or cancellation. 60,000 out of 110,000 treasury shares to be disposed for employee compensation. No dividend plan.
Credit rating maintained at BBB (stable, eCredible). Cash flow rating B.
Positive outlook driven by AI servers, DDR5, CXL, SOCAMM memory demand. Vietnam subsidiary operational.
Risks: raw material price and FX volatility, CEO personal guarantees of KRW 41.8B, environmental regulations.

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