JCH Systems Q1 2026 Review: Revenue Growth but Profit Decline

Sales 74.3B KRW (+5.2% YoY) vs Operating profit 3.6B KRW (-8.9% YoY), Net profit 2.6B KRW (-26.2% YoY)
Separate: Sales 60.1B KRW (+0.7% YoY), OP 2.5B KRW (-22.2% YoY), NP 1.3B KRW (-54.6% YoY)
EPS (consol): 138 won (vs 187), Separate: 69 won (vs 152)
Inventory surged to 60.8B won (from 43.8B at year-end), Bad debt allowance 10.2B won (30.3% of receivables)
Three pending lawsuits (outcome uncertain), contingencies normal
Credit rating BBB (eCredible, Apr 2026), 183,500 stock options granted (Mar 26, 2026)
Dividend: 50 won/share for FY2025 (no dividend in FY2024), no Q1 dividend