Synergy Innovation Q1 2026: Stable revenue, net profit up, but credit rating downgraded and CB dilution risk

Consolidated revenue 27.1B KRW, similar to 27.2B in prior year; operating profit 3.8B vs 4.8B decline
Net income attributable to controlling interest 3.8B, improved vs prior year
Debt ratio 21.88% (improved from 23.68%), cash 45.9B (down from 65.7B due to CB repayment)
Credit rating downgraded to B+ from BB+ (ecreditable), speculative elements noted
Subsidiary DSK stake sale (~45B) expected to close June 2026, boosting cash
Series 14 CB conversion price adjusted from 2,776 to 2,109 won, potential dilution
R&D spending 1.7B (7.99% of revenue), up from 6.76%
No dividend, accumulated deficit persists (65.2B won negative retained earnings)