PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩120 per share · Prices as of the 2026-10-02 close
Jeil Technos, whose earnings contracted for two straight years amid a construction downturn, is seeing sequential quarterly recovery in 2026 while its business mix shifts from construction-centric deck plates toward a larger shipbuilding steel-processing footprint.
2025 revenue fell 27.4% to KRW 133.6bn and operating profit fell 65.1% to KRW 7.1bn, but Q1-Q2 2026 both posted expanding profits
Q4 2025 swung to an operating loss of KRW -0.27bn and a net loss, before recovering in Q1-Q2 2026
A gift-based ownership transfer in April 2026 shifted control from Na Ju-young and five others to Na Chae-min and six others, with President Na personally holding a 20.56% stake
Deck plate deliveries tied to semiconductor fab expansions and growth in shipbuilding steel processing from eco-friendly vessel demand are progressing in parallel
The debt ratio steadily improved from 118.7% in 2022 to 25.9% in 2025, strengthening financial stability
Jeil Technos manufactures structural metal sheet products, tanks, and steam generators, running three core business lines: deck plate-centered construction materials, the NRC growth business, and steel processing services for shipbuilders.
Within the structural metal sheet products and fabrication industry classification, the company is regarded as roughly the fifth-largest player by revenue.
Segment mix has shifted over time: in the first half of 2022, construction accounted for 63% of revenue, shipbuilding 25%, and other businesses including NRC 12%, while in the first half of 2023 construction rose to 70% and shipbuilding to 26%; more recently, combined shipbuilding-related processing (steel cutting/shot blast at 38% plus bolting/sub-assembly at 11%) alongside integrated deck products at 38% suggests shipbuilding-related work now approaches half of revenue.
The construction segment's flagship product, deck plate, is supplied mainly to specialized structures such as apartment-type factories, logistics centers, and semiconductor fabs, while the shipbuilding segment provides steel cutting, forming, and sub-assembly processing services to major domestic shipbuilders.
Peers in the domestic structural metal sheet market include Korea Carbon, SY Corp, Dasco, Shinhan SNG, Deoksin EPC, and Samwoo E&I. The company also operates a Vietnam-based shipbuilding subsidiary, JEIL VINA NT, diversifying its production base.
In April 2026, a gift-based transfer within the founding family shifted control from Na Ju-young and five others to Na Chae-min and six others, marking a second-generation succession, with President Na Chae-min disclosed as holding 1.85 million shares, or a 20.56% stake, personally.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩35.4B | ₩2.6B | 7.4% |
| 2025Q3 | ₩30.8B | ₩2.8B | 9.2% |
| 2025Q4 | ₩32.8B | -₩300M | −0.8% |
| 2026Q1 | ₩34.8B | ₩2.1B | 6.1% |
| 2026Q2 | ₩40.6B | ₩2.7B | 6.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩215.6B | ₩19.4B | ₩10.8B | 9.0% | 12.9% | 118.7% |
| 2023 | ₩267.6B | ₩36.2B | ₩25.9B | 13.5% | 22.9% | 71.8% |
| 2024 | ₩183.9B | ₩20.7B | ₩20.7B | 11.2% | 15.7% | 33.7% |
| 2025 | ₩133.6B | ₩7.1B | ₩9.9B | 5.3% | 7.0% | 25.9% |
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 earnings peaked in 2023 and have since entered a clear downtrend. Revenue rose from KRW 215.6bn in 2022 to KRW 267.6bn in 2023, then fell for two consecutive years to KRW 183.9bn (-31.3%) in 2024 and KRW 133.6bn (-27.4%) in 2025.
Operating profit fell sharply from KRW 36.2bn (13.5% margin) in 2023 to KRW 20.7bn (11.2%) in 2024 and KRW 7.1bn (5.3%) in 2025, while owner net income shrank from KRW 25.9bn in 2023 to KRW 20.7bn in 2024 and KRW 9.9bn in 2025.
The company attributed the revenue and profit declines primarily to construction sector weakness.
On a quarterly basis, after posting revenue of KRW 30.8bn, operating profit of KRW 2.8bn, and owner net income of KRW 3.4bn in Q3 2025, the company swung to a loss in Q4 2025 with revenue of KRW 32.8bn, an operating loss of KRW 0.27bn, and an owner net loss of KRW 1.06bn.
This was followed by sequential recovery, with Q1 2026 posting revenue of KRW 34.8bn, operating profit of KRW 2.1bn, and owner net income of KRW 3.3bn, and Q2 2026 posting revenue of KRW 40.6bn, operating profit of KRW 2.7bn, and owner net income of KRW 7.5bn.
Q1 2026 was reported to have grown 0.6% in revenue, 8.6% in operating profit, and 154.4% in net income year-on-year. Notably, both Q2 2025 and Q2 2026 show owner net income considerably exceeding operating profit, which appears to reflect non-operating items and adds to quarter-to-quarter earnings volatility.
Over the trailing four quarters (Q3 2025 through Q2 2026), both revenue and profit show a gradual recovery trajectory following the Q4 2025 trough.
Jeil Technos's two pillars—construction (deck plate) and shipbuilding (steel processing)—currently sit at opposite points in their respective cycles.
Domestic construction activity appears to remain in a phase of slowing new starts and orders, weighing on demand for building materials such as deck plate, and this is cited as the core driver of the 2024-2025 revenue and profit declines.
However, demand from specialized structures such as semiconductor fab expansions has stayed relatively resilient, providing support for deck plate deliveries.
The shipbuilding segment appears to be in a structural demand upcycle driven by expanding eco-friendly vessel orders, with strong order intake at major domestic shipbuilders flowing through into steel processing volumes.
Competitively, Jeil Technos ranks around fifth in the structural metal sheet manufacturing industry, sharing the market with larger peers such as Korea Carbon, SY Corp, and Dasco, which may put it at a relative scale disadvantage.
Steel raw material prices and currency fluctuations are cited as variables that directly affect processing margins. Overall, the picture can be read as a portfolio rebalancing phase in which shipbuilding growth is offsetting structural softness in construction.
The company and market data providers indicate that deck plate deliveries tied to semiconductor fab expansions are continuing, while the shipbuilding segment is expected to benefit from growth in eco-friendly vessel demand.
The construction segment still faces headwinds from a slowing building cycle, though expectations for expanding smart and eco-friendly construction demand have also been noted.
With Q1 and Q2 2026 results showing sequential recovery, the key watch points going forward are whether this recovery continues into Q3 and beyond, and whether a temporary loss quarter similar to Q4 2025 recurs.
Following the completion of the April 2026 ownership change (a gift-based succession of control), it will also be worth tracking whether the new leadership brings changes to business strategy or shareholder return policy.
The company appears to have some capacity to respond to rising shipbuilding orders through its Vietnam-based shipbuilding subsidiary, JEIL VINA NT, which diversifies its production base.
However, no recent disclosure was identified specifying concrete new order volumes or capacity expansion plans, so this will require confirmation through upcoming quarterly reports and ad hoc disclosures.
While trailing four-quarter results show a recovery trend following the Q4 2025 trough, annual profit levels remain below the 2023 peak, suggesting the company is still in an early stage of earnings normalization.
The current share price trades below net asset value per share, placing it in a discount zone relative to book value. The gap between quarterly operating profit and net income, driven by non-operating factors, adds notable volatility to earnings and warrants caution when interpreting multi-year average-based valuation.
Dividends have been paid annually, but given the swings in profit levels, the sustainability of future payouts is likely to hinge on the stability of the earnings recovery.
Given that the stock traded at relatively low multiples during the strong-earnings period of 2022-2023, the current valuation level can be viewed as fluctuating within that historical band.
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
After posting an operating and net loss in Q4 2025, both revenue and profit expanded sequentially in Q1 and Q2 2026. Q2 2026 revenue of KRW 40.6bn was the highest among the trailing four quarters. Whether this recovery continues into Q3 and beyond remains a key point to watch.
Even amid a slowing construction cycle, deck plate deliveries tied to semiconductor fab expansions appear to be continuing. This partially offsets the broader slowdown in construction demand. Expectations for expanding smart and eco-friendly construction demand have also been cited.
The revenue weight of shipbuilding steel processing appears to be expanding on the back of rising eco-friendly vessel demand. Strong order intake at domestic shipbuilders can translate into increased processing volume for the company. A diversified production base via its Vietnam subsidiary also supports its ability to respond.
Revenue fell for two straight years, from KRW 267.6bn in 2023 to KRW 183.9bn in 2024 and KRW 133.6bn in 2025. Operating margin also dropped sharply from 13.5% in 2023 to 5.3% in 2025. A prolonged construction downturn could constrain the pace of recovery.
Q4 2025 saw a sudden swing to both an operating and net loss. Conversely, Q2 2025 and Q2 2026 both showed net income considerably exceeding operating profit, suggesting a sizable influence from non-operating items. This volatility makes earnings trends more difficult to project.
A gift-based ownership transfer in April 2026 shifted control from Na Ju-young and five others to Na Chae-min and six others, marking a second-generation succession. Business strategy or shareholder return policy could change under the new leadership. Governance-related uncertainty in the early stage of this succession warrants monitoring.
The construction segment is exposed to the domestic building cycle, while the shipbuilding segment is exposed to the global vessel order cycle. A simultaneous downturn in both would increase downside pressure on earnings, while a simultaneous upturn could accelerate improvement.
Steel price fluctuations directly affect deck plate manufacturing costs and processing margins. Currency risk also exists in connection with operating the Vietnam subsidiary. During periods of rising raw material costs, a lag in passing through price increases could cause temporary margin pressure.
Following the 2026 ownership change and succession of control, the direction of future governance-related decisions warrants continued monitoring. Alignment with minority shareholders during the handling of AGM agenda items is also worth observing. The sustainability of shareholder returns, including dividend policy, could be affected by earnings volatility.
Check the Q3 2026 quarterly report to see whether the Q1-Q2 recovery trend continues and whether a Q4-style temporary loss recurs.
Monitor for disclosures on additional deck plate order or supply contracts tied to semiconductor fab expansions.
Watch for new order or contract disclosures in shipbuilding steel processing linked to expanding eco-friendly vessel orders.
Track any further disclosures of shareholding changes by President Na Chae-min and related parties following the April 2026 ownership change.
Check how agenda items related to director compensation and dividend policy are handled under the new leadership at the AGM.
Jeil Technos went through a two-year decline in annual revenue and profit following a 2023 peak, but Q1-Q2 2026 results showed sequential recovery, moving past the temporary loss recorded in Q4 2025.
On the business structure side, a rebalancing from construction-centric deck plate toward a larger shipbuilding steel-processing weight is underway, with both semiconductor fab expansion and eco-friendly vessel demand cited as growth drivers.
The financial structure has steadily improved, with the debt ratio falling from 118.7% in 2022 to 25.9% in 2025, a positive for stability. However, the recurring gap between quarterly operating profit and net income warrants attention to both earnings quality and volatility.
Following the April 2026 ownership change and succession of control, the new leadership's business strategy and shareholder return policy direction remain variables to confirm going forward.
Overall, this is a phase where structural pressure from a slowing construction cycle coexists with offsetting demand from shipbuilding and semiconductor-related sources, requiring continued verification through upcoming quarterly results and disclosures.
Report written 2026-09-05 · Data as of 2026-09-04
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