1. What Happened? – KRW 27.5 Billion Contract Secured

TSI signed a contract on September 12, 2025, to supply secondary battery mixing systems worth KRW 27.5 billion over approximately seven months, ending on April 30, 2026. This represents about 10.1% of TSI’s estimated revenue for 2025 and is expected to significantly impact short-term earnings improvement.

2. Why is it Important? – Securing Growth Momentum in the Secondary Battery Market

This contract will further solidify TSI’s position in the secondary battery equipment market. It is expected to not only increase sales but also create positive synergy for future business expansion, such as CNT conductive additive dispersion liquid. The recent correction of their business report, enhancing transparency in corporate management, is also a positive sign.

3. So, What’s Next? – Potential Stock Price Increase, but Risks Exist

Despite these positive factors, several risk factors should be considered before making investment decisions.

  • Exchange Rate Volatility: With a high proportion of exports, TSI is sensitive to fluctuations in the KRW/USD and KRW/EUR exchange rates. Investors should be wary of potential foreign exchange losses due to foreign currency debt.
  • High Interest Rate Environment: Rising interest rates can lead to increased financing costs, potentially impacting profitability.
  • Potential for Contract Cancellations and Delays: Due to the nature of the project-based business, continuous monitoring of contract implementation and risk management capabilities is crucial.

4. What Should Investors Do? – Careful Monitoring and Prudent Investment

TSI demonstrates solid fundamentals alongside the growth of the secondary battery market, and this contract is expected to be a positive catalyst. However, investments should be made cautiously, considering potential risks such as exchange rate fluctuations, high interest rates, and uncertainties inherent in project-based businesses. Continuous monitoring of new business progress, customer investment plans, and competitor trends is particularly important.