[Click eStock] "Tobis Expected to Achieve High Growth Again This Year"

NH Investment & Securities analyzed on the 25th that Tobis will continue its high growth this year and next year. No investment opinion or target price was presented.

In the fourth quarter of last year, Tobis recorded sales of 158.9 billion KRW and operating profit of 14.5 billion KRW on a consolidated basis. This represents increases of 23.7% and 179.2%, respectively, compared to the same period last year. Sim Eui-seop, a researcher at NH Investment & Securities, said, "Although it fell short of the heightened expectations since the third quarter of last year, it maintained a high growth trend compared to the same period last year," adding, "There was also non-operating foreign exchange gains due to the rise in exchange rates."

Specifically, about 65 billion KRW in sales came from casino monitors. He explained, "Sales decreased by 10% compared to the previous quarter, which is believed to be due to some sales recognition being deferred because of the year-end holiday season," and added, "The global casino resort investment trend is expanding, and Tobis's casino monitor business is also expected to continue mid- to long-term growth."

Sales from automotive displays amounted to approximately 84 billion KRW. He evaluated, "As the ordered vehicle models continue to accumulate, a stepwise growth trend is ongoing centered on the Seocheon plant," and added, "Supply also began for the facelift model of the Sportage released in November last year, contributing to performance growth."

NH Investment & Securities forecasted that Tobis will continue to grow this year, making valuation rerating possible. He emphasized, "Tobis's automotive display business grew by supplying products to domestic finished car models, but sales to global automakers are expected to increase from this year," adding, "Product supply to Stellantis started from the beginning of the year, and additional lines are being expanded for supply to Continental in the second half."

He said, "Along with business improvement, the growth trend will become more prominent with the added effect of exchange rates," and noted, "Based on 2025E, the price-to-earnings ratio (PER) is about 5.5 times, which is an undervalued range compared to its high growth potential." He added, "It is expected that corporate value will also be re-evaluated as it advances into a global company."

This content was produced with the assistance of AI translation services.