Mirae Asset Management Acquires 5.27% Stake in TF Holdings

Mirae Asset Management announced on September 25, 2025, that it had increased its stake in TF Holdings from 4.94% to 5.27%, a 0.33%p increase. This resulted from the acquisition of an additional 37,823 shares on September 22nd through on-market purchases. Mirae Asset stated that the stake increase was for simple investment purposes.

TF Holdings on a Growth Trajectory with Robust Fundamentals

TF Holdings demonstrated strong growth in the first half of 2025, recording sales of KRW 47,073 million (a 32% YoY increase), operating profit of KRW 6,896 million (a significant YoY improvement), and an operating profit margin of 14.65%. Domestic sales growth was particularly notable, driven by the recovery of the domestic semiconductor market and increased demand from key client ‘A’. Financial soundness is also healthy, with a significant improvement in operating cash flow.

Mirae Asset’s Stake Increase: A Positive Signal for TF Holdings Stock?

Mirae Asset’s increased stake is interpreted as reflecting positive market expectations for TF Holdings’ growth potential. Increased institutional investor interest could lead to further buying, creating upward momentum for the stock price. Investment from a large institution like Mirae Asset can send a strong positive signal to the market.

Investment Considerations

  • Customer Concentration Risk: High reliance on client ‘A’ makes TF Holdings susceptible to demand fluctuations from this client.
  • Exchange Rate Volatility: Performance can be affected by fluctuations in USD and JPY exchange rates.
  • Convertible Bonds: Potential for future stock dilution exists.

Action Plan for Investors

  • Continuously monitor Mirae Asset Management for any further stake changes.
  • Analyze client ‘A’s’ investment plans and strategic changes within the semiconductor market.
  • Observe TF Holdings’ efforts to expand exports and manage exchange rate volatility.
  • Assess the likelihood of convertible bond conversion and its potential stock dilution effect.