1. What Happened?

TSE held its IR meeting on August 28, 2025, presenting its H1 2025 financial results and future outlook.

2. Why Does It Matter?

The semiconductor and display test equipment market is steadily growing, driven by the 4th Industrial Revolution and digital transformation. TSE is a growing company with core technological competitiveness in this market. This IR meeting provides a crucial opportunity to assess the company’s current value and future growth potential.

3. IR Analysis Results

3.1. Positive Factors

  • Solid earnings growth: TSE recorded strong growth in H1 2025 with revenue of KRW 200.645 billion (up 49.7% YoY) and operating profit of KRW 17.92 billion (up 68.4% YoY).
  • Strong technological competitiveness: TSE possesses core competencies in semiconductor test solutions, including Probe Cards, Interface Boards, and Test Sockets. Continuous R&D investment secures future growth engines.
  • Stable financial structure: TSE maintains a healthy financial position with a debt-to-equity ratio of 28.25%.

3.2. Risk Factors

  • Macroeconomic uncertainty: Changes in the macroeconomic environment, such as high interest rates and exchange rate volatility, can impact TSE’s performance.
  • Decline in net profit: Net profit decreased to KRW 6.351 billion (down 26.1% YoY). A clear analysis of the reasons behind this decline is needed.
  • Potential for increased competition: Intensified competition in the semiconductor test equipment market could lead to a decline in profitability.

4. What Should Investors Do?

Considering TSE’s growth potential, the long-term investment outlook is positive. However, investors should carefully consider macroeconomic uncertainties and the factors contributing to the decline in net profit. Continuous monitoring of the company’s growth and risks through IR materials and future disclosures is crucial.