Chokwang Leather: 1Q26 Operating Profit Down, No Dividend, Treasury Share Disposal Plan Approved

1Q26 (61st fiscal) revenue KRW 20.87B, operating profit KRW 1.60B, net income KRW 3.35B (decline vs prior year quarterly run-rate)
Debt ratio 14.65%, no borrowings, cash & equivalents KRW 53.49B; very sound financial structure
Board and shareholders approved 'Treasury Share Disposal Plan' (Mar 2026); no dividend declared
Large equity portfolio (KRW 478.13B, including Berkshire Hathaway, Apple) exposing to equity price risk
Defendant in a KRW 3.19B damage lawsuit (Simmtech) pending
High import dependency on raw materials (88.6%), vulnerable to commodity prices and FX fluctuations