Leeno Industrial Reports Strong Q1 2026: Operating Margin 47.4%, Zero Debt Maintained

Q1 2026 revenue KRW 99.8B, operating profit KRW 47.3B (margin 47.4%), net profit KRW 40.4B.
Zero debt: borrowings at zero, external financing ratio 0%, debt ratio 17%.
Dividend policy: target payout ratio ~30% of net income (FY2025 dividend KRW 800/share, payout 39.96%).
New factory investment underway (Busan Eco Delta City, total KRW 97.2B, completion by Nov 2026, KRW 63.6B spent).
R&D expenditure KRW 3.3B (3.33% of sales), ongoing projects for semiconductor test sockets/pins and medical device parts.
Semiconductor market outlook: WSTS forecasts 26.3% growth in 2026 to $975.5B.
Financial health: current ratio 489%, quick ratio 473%, allowance for bad debts 0.2%.
FX risk: exposure to USD and JPY; 10% change impacts profit by ~KRW 9.3B.
Related party transactions: sales of KRW 85M and purchases of KRW 22M with Leeno Precision.