TL TLB Загрузка... : Бычьи и медвежьи мнения аналитиков

TLB is entering Nvidia's Rubin supply chain later this year, which is driving massive margin expansion. Despite the new SoC-related products accounting for only 5% of total revenue this quarter, company-wide operating margins exceeded 10%, implying the new product margins could be over 30%. With Q4 operating margins projected to reach 12-15%, the market is significantly underestimating TLB's profitability, creating large upside potential.

TLB was one of the strong semiconductor substrate names, rising about 9%, and today's Korean semiconductor material and equipment gains were led by names with fresh analyst reports and solid earnings. TLB's report-driven substrate strength differentiates it from the broader profit-taking in large-cap semis.

Semiconductor substrate and PCB names are showing strongly rising order backlogs, not just memory-driven sentiment. Isu Petasys, TLB, Daeduck Electronics, Korea Circuit, Simmtech, Intek Plus, and Gigas all recorded strong order-backlog growth. Isu Petasys rose more than 10% intraday after results before trimming gains, and he recommends watching semiconductor substrate and board names together with memory.

Taiwan substrate makers reported July sales surprises with operating profit rising faster than revenue, indicating pricing power, and Korean substrate names are repricing; Isu Petasys especially has reset to about 17x next-year earnings versus prior 50x and can return to the 120,000-130,000 won range.

Author reports Korean PCB makers' strong earnings and AI-driven demand outlook as factual research, without stating any personal position or forward call.

SoC substrate demand is surging, and TLB and Simmtech are the key suppliers for this segment (while Daeduck focuses on FC-BGA), positioning them to benefit directly from the demand surge.

TLB, a PCB substrate company, is currently showing relative weakness within its peer group. For TLB to break out, other substrate names like Daeduck Electronics, Korea Circuit, and Simmtech need to lead first. Therefore, TLB is likely to take a long time to recover and requires patience and monitoring.

TLB is a key beneficiary of the AI agent trend which increases CPU and DRAM usage, driving demand for socket substrates. The current price dip is a buying opportunity to lower cost basis, as the long-term fundamentals remain strong.

Semiconductor equipment and materials (소부장) stocks such as Simtech, Korea Circuit, Daeduck Electronics, TLB, and others have weakened recently due to a temporary supply-demand imbalance caused by the listing of single-stock leveraged ETFs. This is a technical, not fundamental, issue. Once the rebalancing is complete (about a week), these stocks should rebound as fundamentals remain strong. Key sub-sectors include substrates, packaging, glass substrates, EMIB, CPO, and GaN/SiC power semiconductors. Among them, Korea Circuit and Haesung DS are relatively undervalued, while Daeduck Electronics and Simtech have high earnings expectations.

Substrate (기판) suppliers are in a powerful upcycle: capacity is constrained, demand is surging due to larger and multi-layer substrates for AI chips, and raw material costs are rising, pushing average selling prices up more than 20% in Q1. The trend is expected to continue into the second half. Leading companies include Simmtech, TLB, Korea Circuit, Daeduck Electronics, and ISU Petasys.

NVIDIA’s Vera CPU volume is increasing threefold, which will boost demand for AI substrate stocks such as Simtek and TLB.

Nvidia's Vera and Grace GPU architectures require significantly more CPU substrates, with volume expected to triple. This directly benefits substrate and PCB companies such as Simtech, TLB, and Korea Circuit, whose products are in short supply. These stocks should see sustained demand growth from the AI infrastructure buildout.