Myoung Shin Industry Q1 2026: Sales +14.6%, OP down, debt ratio up

Q1 2026 consolidated sales KRW 412.0bn (+14.6% YoY), operating profit KRW 20.6bn (-31.5% YoY)
Net profit KRW 22.3bn (+33.4%), basic EPS KRW 425 (vs 319)
Debt ratio 67.0% (up from 56.9% at year-end 2025), adjusted basis
Key sales: Hyundai/Kia +46.3%, global EV customer -6.5%
2025 year-end dividend of KRW 100 per share approved (AGM March 2026)
Continued investment in overseas subsidiaries (US, Brazil); new entities consolidated
Hot stamping utilization rate 79.6% (vs 75.8%)
FX sensitivity: USD 10% move impacts ~KRW 13.1bn
Credit rating BB (Korea Ratings)