1. TBC H1 2025 Performance: What Happened?

TBC recorded sales of KRW 19.56 billion, operating profit of KRW 190 million, and net income of KRW 600 million in H1 2025. While sales increased year-on-year, operating profit only managed to turn to black. Despite the growth of other business segments, the sluggish performance of the core broadcasting business persists.

2. Analysis of Sluggish Performance: Why These Results?

The downturn and intensifying competition in the broadcasting advertising market are the main causes of TBC’s sluggish core business performance. Although the gross profit margin improved slightly, it remains low, and improving the profitability of the core business is urgent.

3. TBC’s Future and Investment Strategy: What Should We Do?

The growth potential of other business segments is positive. However, considering the uncertainties surrounding the core business and low profitability, the investment opinion remains “Neutral.” It is essential to closely monitor the acceleration of growth and profitability improvement in other business segments. Cost efficiency efforts, along with strengthening the competitiveness of the performance and event business and securing the scalability of the online education business, are crucial.

4. Key Checkpoints for Investors: What to Watch?

  • Sales growth rate and profitability of other business segments
  • Profitability improvement strategy for the broadcasting advertising business
  • Operating profit margin improvement trend
  • Impact of macroeconomic variables