Sukgyung AT Q1 2026: Slight revenue growth but EPS decline, solid financials

[Performance] Q1 2026 consolidated revenue KRW 4.56bn (approx. 26% of FY2025), EPS declined to KRW 257 from KRW 317 YoY (consolidated)
[Financials] Debt ratio 23.4%, net debt ratio -11.8% (net cash), cash & equivalents KRW 11.05bn, borrowings KRW 5.69bn
[Dividend] No dividend history for past 5 years, no share buyback/cancellation
[Investment] 3rd plant (Gimje) commenced operation; new business (solid electrolyte, TIM materials) under development; R&D ratio 14.6%
[Risk]High customer concentration (Ivoclar Vivadent, Samsung Electro-Mechanics); foreign exchange exposure