PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Prices as of the 2026-10-02 close
Dongil Technology's core EMI-filter and electronic-components business remains flat to weak in revenue and operating profit, while valuation gains on its listed equity holdings have driven an outsized swing in net income.
In 2025 revenue fell to KRW 21.55bn from KRW 24.11bn and full-year operating profit turned to a loss of KRW 0.06bn, yet net income attributable to owners jumped to KRW 6.48bn from KRW 0.78bn a year earlier.
Owners' net income summed over the latest four quarters (Q3 2025-Q2 2026) reached roughly KRW 10.49bn, far exceeding the cumulative operating result over the same period.
About 87% of the KRW 6.4bn net income in H1 2026 reportedly stemmed from a KRW 5.6bn valuation gain on the company's listed equity holdings.
As of end-June, financial assets totaled KRW 45.5bn, equal to 62% of total assets of KRW 73.2bn, leaving earnings notably exposed to stock market swings.
The FY2025 year-end dividend was raised substantially alongside a treasury-share buyback and cancellation, though the ownership structure remains concentrated among the controlling shareholder and related parties.
Dongil Technology was founded in 1986 and listed on KOSDAQ in 1997, and its core product is the EMI filter (noise filter), which suppresses unwanted electromagnetic interference in electronic devices.
The company has diversified into piezoelectric ceramic transformers, anion clusters, carbon brushes, and static eliminators. The business is divided into an electronic-components segment and an industrial electronic-products segment, with the latter reportedly including dental, surgical and beauty medical devices.
Major customers are reported to include large domestic appliance makers such as Samsung Electronics and LG Electronics, as well as automotive-parts suppliers such as TI Automotive and Hyundam Industries, and the company also supplies static eliminators to semiconductor and display fabrication plants.
EMI filters require rigorous safety and customer-approval processes, and once adopted are difficult to replace, which provides a degree of entry barrier.
A subsidiary based in Weihai, China handles subcontracted assembly of noise filters and other components, while affiliates such as Saehan Ozone (dental devices and ozone generators), Dongil Vision (vision sensors) and Crepas Technologies (IoT and healthcare sensors) round out the consolidated group.
At an extraordinary shareholders' meeting in June 2026, the company added electricity sales from solar power generation to its business purposes, exploring a new renewable-energy venture.
The controlling shareholder is Achimhae, an owner-family holding company, and the combined stake of the controlling shareholder and related parties is reported to be high, reflecting an owner-centered governance structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩4.9B | -₩300M | −5.4% |
| 2025Q3 | ₩5.4B | ₩300M | 5.6% |
| 2025Q4 | ₩5.2B | -₩200M | −3.0% |
| 2026Q1 | ₩6.1B | ₩600M | 9.6% |
| 2026Q2 | ₩6.4B | -₩94,792,056 | −1.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩26.7B | ₩1.1B | ₩1.1B | 4.1% | 1.8% | 6.9% |
| 2023 | ₩25.2B | ₩400M | ₩2.2B | 1.7% | 3.5% | 5.9% |
| 2024 | ₩24.1B | ₩200M | ₩800M | 0.8% | 1.2% | 5.8% |
| 2025 | ₩21.6B | -₩61,855,477 | ₩6.5B | −0.3% | 10.1% | 6.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue declined for four consecutive years, from KRW 26.70bn in 2022 to KRW 25.23bn in 2023, KRW 24.11bn in 2024 and KRW 21.55bn in 2025. Operating margin also eroded from 4.1% in 2022 to 1.7% in 2023 and 0.8% in 2024, before turning negative at -0.3% in 2025 (full-year operating loss of KRW 0.06bn).
Net income attributable to owners moved in the opposite direction, at KRW 1.12bn in 2022, KRW 2.23bn in 2023, dipping to KRW 0.78bn in 2024, then surging to KRW 6.48bn in 2025. The gap between core operations and net income recurs on a quarterly basis.
The core business posted operating profit in Q3 2025 (KRW 0.30bn) and Q1 2026 (KRW 0.59bn), but operating losses in Q2 2025 (-KRW 0.26bn), Q4 2025 (-KRW 0.16bn) and Q2 2026 (-KRW 0.09bn).
Owners' net income in those same quarters, however, was KRW 1.84bn, KRW 1.43bn, KRW 2.66bn, KRW 3.52bn and KRW 2.88bn respectively, far outpacing the operating results.
Media reports indicate this stems from valuation gains on listed equities such as Samsung Electronics and Kukdo Chemical being booked into net income; in H1 2026, 87% (KRW 5.6bn) of the KRW 6.4bn net income came from financial-asset valuation gains, while H1 revenue rose 14% year-on-year to KRW 12.5bn and operating profit turned positive at KRW 0.5bn, with the electronic-components segment posting KRW 0.7bn of operating profit against a KRW 0.2bn operating loss at the industrial electronic-products segment.
Owners' net income summed over the latest four quarters (Q3 2025-Q2 2026) reached about KRW 10.49bn, underscoring how sensitive the company's bottom line is to equity market movements.
The EMI/noise-filter market is growing moderately alongside greater use of electronics in appliances and vehicles, but it retains the characteristics of a mature market sensitive to slowing replacement demand for white goods and to raw-material (e.g., copper) price swings.
In the automotive segment, electrification and increased in-vehicle electronics continue to support demand for noise-suppression components, and the industry-wide push toward rare-earth-reduced electric motors is cited as a variable that could affect the related materials and components landscape.
Static eliminators used in semiconductor and display processes are tied to the capex cycles of those industries, so demand fluctuates cyclically.
Korea's EMI-filter and electronic-components market features numerous small and mid-sized competitors, keeping price competition persistent, and the company is understood to maintain a niche position based on long-standing customer approval track records.
The multi-year decline in the company's revenue may be linked to structural industry factors such as shifts in production strategy among large appliance customers or expanded offshore sourcing.
The industrial electronic-products segment, which includes dental medical devices, is often cited as a beneficiary of an aging population, but that segment has continued to post operating losses recently, limiting its actual profit contribution.
In June 2026, the company formalized its entry into renewable energy by adding electricity sales from solar power generation to its stated business purposes at an extraordinary shareholders' meeting.
However, the specific investment scale, timing of operation, and expected revenue contribution from this new business have not yet been confirmed through disclosure.
On shareholder returns, the FY2025 year-end dividend was substantially raised from the low levels the company had maintained for years, and the stock dividend that had previously run in parallel was discontinued.
In October 2025, the company disclosed a decision to buy back roughly KRW 4.7bn of treasury shares on the open market for cancellation.
The controlling shareholder, Achimhae, has continued to expand its control through open-market purchases in recent years, raising its stake from around 46% to around 61%, a trend media reports have linked to succession planning for the next generation of the founding family.
Within core operations, the electronic-components segment turned operating-profitable in H1 2026 while the industrial electronic-products segment continued to post operating losses, indicating divergent pace of profitability improvement across segments.
Because the company's net income is heavily influenced by valuation gains and losses on financial assets, future results are likely to remain sensitive both to progress in the core business and to fluctuations in the market value of its equity holdings.
Dongil Technology's shares appear to trade at a discount to net asset value, which is not unrelated to the fact that core operating results have stagnated or slipped into losses in recent years.
By contrast, net income attributable to owners rose sharply in 2025 versus 2024, buoyed by valuation gains on listed equity holdings, and the latest four-quarter net income also exceeds the prior full-year figure, placing earnings-based multiples toward the lower end of the historical trading range.
However, because a substantial portion of that net income is non-operating in nature, stemming from mark-to-market gains, earnings multiples alone should not be read as a straightforward signal of improving business fundamentals.
On the dividend side, cash-dividend policy has been strengthened starting with the FY2025 year-end payout compared with the past, though it is worth noting that a large share of that increased dividend flows to the controlling shareholder and related parties given their high combined stake.
The parallel buyback-and-cancellation program alongside the dividend increase can be viewed as a shift in shareholder-return posture, but it does not by itself indicate improved profitability in the core business.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The company substantially raised its cash dividend from the low level it had maintained for years starting with the FY2025 year-end payout, alongside a treasury-share buyback and cancellation. This can be read as a shift in the company's approach to shareholder returns compared with the past.
That said, given the high combined stake of the controlling shareholder and related parties, a large share of the increased dividend flows back to the owner side.
The company holds a sizable portfolio of established listed stocks including Samsung Electronics, Kukdo Chemical, Hyundai Motor preferred shares, Vatech and Lotte Chemical, and valuation gains on these holdings have driven recent net income growth.
Such a portfolio can help defend accounting net income even during periods of weak core operations. However, since these are unrealized gains, they could just as easily reverse depending on future market movements.
EMI filters must pass safety certification and customer-approval processes, and once approved, products are difficult to replace.
The company is reported to hold major appliance customers such as Samsung Electronics and LG Electronics as well as automotive-parts suppliers, which creates a degree of barrier against new entrants. Static eliminators for semiconductor and display processes could also serve as an additional revenue stream.
Annual revenue fell for four consecutive years, from KRW 26.70bn in 2022 to KRW 21.55bn in 2025. Over the same period, operating margin deteriorated from 4.1% to -0.3%. The lack of a clearly identifiable growth driver in the core business is a point of weakness.
The sharp increases in net income in 2025 and H1 2026 were largely driven by valuation gains on listed stock holdings. In H1 2026, 87% of net income came from financial-asset valuation gains.
This earnings structure is a potential vulnerability, as net income could shrink quickly or revert to losses if equity markets turn lower.
The combined stake of the controlling shareholder and related parties is reported to be high, leaving minority shareholders with a relatively small proportion. This can constrain checks on shareholder-meeting agendas and limit float.
Given the company's small market capitalization, price volatility tied to trading-volume swings can also be relatively pronounced.
A substantial portion of the company's assets consists of financial assets such as marketable securities measured at fair value. The company itself discloses that it separately monitors the profit-and-loss impact of a 10% price change in its marketable equity securities. If the share prices of its holdings decline, net income could shrink sharply or turn into a loss.
Operating margin has steadily declined since 2022, turning negative in 2025. The industrial electronic-products segment continued to post an operating loss in H1 2026. External factors such as raw-material prices and customer order volumes make the timing of any recovery in core profitability uncertain.
Ownership is concentrated around the controlling shareholder, Achimhae, and media reports have suggested that the recent dividend increase is linked to succession planning for the next generation of the founding family.
The possibility of a conflict of interest with general shareholders during governance transitions cannot be ruled out. It is also worth monitoring how succession-related decisions might affect future dividend and investment policy.
At the time of the Q3 2026 earnings disclosure, it will be worth checking whether operating results recover across the electronic-components and industrial electronic-products segments, and the size of any financial-asset valuation gains or losses.
It is worth checking whether more concrete investment plans and an operating timeline for the solar and renewable-energy business added at the June extraordinary shareholders' meeting are disclosed.
Around the customary timing of the year-end dividend disclosure, it will be worth watching whether the expanded cash-dividend policy initiated in 2025 continues, along with the dividend size and any treasury-share cancellation.
It will be worth confirming how full-year net income is finalized based on the market-value movement of the company's listed equity portfolio, including its Samsung Electronics holding.
Dongil Technology is an electronic-components maker centered on EMI filters, but its core profitability has weakened in recent years, with revenue declining for four straight years and operating margin slipping into negative territory.
In contrast, net income attributable to owners rose sharply in 2025 and H1 2026, driven by valuation gains on listed equity holdings, making it clear that the company's bottom line is now shaped more by financial-asset price movements than by the core business.
On shareholder returns, the FY2025 dividend increase combined with a treasury-share buyback and cancellation signals a policy shift, though the ownership structure remains concentrated among the controlling shareholder and related parties.
The company has formalized entry into a renewable-energy (solar) business, but concrete investment and revenue plans have not yet been confirmed.
By segment, the electronic-components business turned profitable while the industrial electronic-products segment continued to post operating losses, indicating uneven pace of improvement.
Investors following future results should distinguish between any recovery in core operating profit and the impact of financial-asset valuation swings on net income.
Report written 2026-09-05 · Data as of 2026-09-04
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