[Edaily Reporter Kim Hyung-il ] Meritz Securities forecast that, following the next-generation AI memory “SOCAMM,” MR-DIMM (a module combining multiple DRAM chips)—a next-generation server memory module—will become a new growth opportunity for TLB Co., Ltd.(356860). The firm maintained its “Buy” investment rating and set a target price of 57,000 won.

On the 14th, Yang Seung-soo, an analyst at Meritz Securities, stated, “SoCAMM has recently emerged as a key driver of TLB Co., Ltd.’s short- and medium- to long-term growth.” He added, “Furthermore, as MR-DIMM establishes itself as a next-generation module that addresses the demand for expanded bandwidth and higher performance in server memory, we believe it will drive further advancements in memory modules and lead to new growth opportunities for TLB Co., Ltd.”

Meritz Securities projected TLB Co., Ltd.’s third-quarter consolidated revenue at 96.7 billion won and operating profit at 17.0 billion won. These figures represent year-over-year increases of 40.3% and 96.5%, respectively. While the revenue estimate was lowered by 1.9% from the previous forecast, the operating profit estimate was raised by 4.1%. Operating profit is expected to exceed the current market consensus of 16.3 billion won by 4.3%.

Analyst Yang explained, “We lowered the revenue estimate by adjusting the assumed average won-dollar exchange rate for the third quarter to reflect the recent strengthening of the won,” but added, “Profitability is expected to be better than previously anticipated due to price increases for some low-end module PCBs and an improved product mix resulting from the growing share of high-margin SoCAMM sales.”

MR-DIMM is a next-generation server memory module that utilizes multiple DRAM ranks in parallel to increase memory bandwidth compared to conventional DIMMs. Meritz Securities analyzed that MR-DIMM is emerging as a new high-performance server memory product line capable of alleviating CPU memory bandwidth bottlenecks, which are intensifying due to the proliferation of Agentic AI.

In particular, unlike SoCAMM, MR-DIMM can largely utilize existing DIMM form factors and server designs, highlighting its advantages in terms of compatibility and ease of adoption. The printed circuit board (PCB) for MR-DIMM memory modules features a 16-layer high-layer-count structure. This requires a highly complex manufacturing process in which two BVH substrates are manufactured separately and then bonded together through an additional lamination step.

Researcher Yang stated, “The PCB for MR-DIMMs is considered to have a significantly higher production difficulty and technical barriers to entry compared to the PCB for SoCAMM memory modules,” adding, “Currently, discussions regarding the adoption of MR-DIMMs are expanding, centered on North American CSPs and major CPU manufacturers.” He added, “If adoption expands in the future, we expect this to drive a further increase in the average selling price (ASP) of TLB Co., Ltd.’s memory module PCBs—following SoCAMM—and improve company-wide profitability.”

Meritz Securities assessed SoCAMM not merely as the growth of a single product, but as a starting point for the structural advancement of memory modules. Researcher Yang stated, “As we enter the era of agentic AI, the importance of resolving CPU memory bandwidth bottlenecks is increasing. If the expansion into next-generation high-performance memory modules, such as MR-DIMM, gains momentum, combined with the effects of TLB Co., Ltd.’s large-scale capacity expansion, the outlook for medium- to long-term growth is expected to become even more favorable.”