Taeyang Metal maintains BB- credit rating, Q1 net profit up

Credit rating maintained at BB- (Korea Ratings, Mar 20, 2026), upgraded from B+.
Consolidated Q1 results: revenue 151,109 million KRW (-2.2% YoY), operating profit 6,130 million KRW (-19.1%), net profit 3,824 million KRW (+10.8%).
Net profit increase driven by FX gains from won depreciation.
Net debt ratio 266.86%, current ratio 88.7% (current liabilities exceed current assets).
Total equity 169,603 million KRW, total liabilities 458,165 million KRW.
Dividend: common 10 won, preferred 15 won per share (FY2025), over 20 years of continuous dividends.
Largest shareholder holds 38.02% (Han Howard Sung and others).
No share buyback or cancellation.
Key subsidiaries: Primax (96.94%), India subsidiary, etc.
Loan commitment of 20 billion KRW to J-Ion Modern.
New facility investment deadline extended to 2027.
No litigation.