PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Optical sheet maker Sejin TS posted an annual operating loss in 2025, but has logged four consecutive quarters of net profit since Q3 2025, showing signs of recovery.
2025 revenue fell 9.7% year-on-year and operating profit swung to a loss, but the company posted net profit for four straight quarters from Q3 2025 through Q2 2026.
In Q1 2026, operating profit reached about KRW 458 million and net profit about KRW 1.05 billion, the strongest quarterly results in the recent five-quarter window.
The balance sheet is very conservative with a debt ratio of only about 3%, and operating cash flow has stayed positive in most years.
Structural pressure persists as expanded overseas local TV production has reduced orders for domestic LCM/BLU components and intensified competition.
The stock trades at a price-to-book ratio below 1x, and the company paid no dividend for the most recent fiscal year.
Sejin TS was established in 1996 and listed on KOSDAQ in 2004 as a specialist manufacturer of optical functional sheets for TFT-LCD and LED applications.
Its core products include reflective sheets, protective sheets, diffusion sheets and prism sheets, which are key optical components used inside TV backlight units (BLU).
Its main customers are Samsung Electronics and LG Display, the world's two largest TV producers, and it also supplies related manufacturers including Samsung Electronics' VD division, Samsung Display, Heesung Electronics, Wonwoo Precision, and New Optics.
The company operates a Vietnamese subsidiary, Sejin Optical, to support overseas production. The LED optical film market is dominated by a small number of players, which has kept pricing relatively stable.
However, an industry reshuffling is underway as TV set makers expand overseas local production, reducing order volumes for domestic LCM/BLU component suppliers and intensifying competition. In response, the company is pursuing both business structure rationalization and the search for new business areas.
With annual revenue in the range of roughly KRW 10-16 billion, this is a small-cap name whose customer base and product mix remain concentrated in TV-related optical components, making it highly dependent on downstream industry conditions.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.7B | -₩300M | −10.5% |
| 2025Q3 | ₩2.7B | ₩24,021,636 | 0.9% |
| 2025Q4 | ₩3.2B | ₩166,553 | 0.0% |
| 2026Q1 | ₩3.3B | ₩500M | 13.8% |
| 2026Q2 | ₩3.1B | ₩500M | 16.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩16.5B | -₩1.9B | -₩600M | −11.5% | −1.4% | 4.3% |
| 2023 | ₩10.3B | -₩2.6B | -₩1.4B | −25.0% | −3.3% | 3.1% |
| 2024 | ₩13.2B | ₩700M | ₩3.1B | 5.6% | 6.6% | 3.1% |
| 2025 | ₩11.9B | -₩200M | ₩700M | −1.7% | 1.5% | 3.1% |
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
Consolidated revenue in 2025 was KRW 11.90 billion, down 9.7% from KRW 13.18 billion in 2024, while operating profit swung to a loss of KRW 207 million from a profit of KRW 736 million a year earlier. Net profit attributable to owners also fell sharply, down 77.2% to KRW 714 million from KRW 3.13 billion in 2024.
This follows large losses in 2022 (revenue KRW 16.53 billion, operating loss of KRW 1.90 billion) and 2023 (revenue KRW 10.29 billion, operating loss of KRW 2.58 billion, an operating margin of -25.0%), a single profitable year in 2024 (operating margin of 5.6%), and then another swing back into loss in 2025 — underscoring the volatility of the company's operating results over the past four years.
On a quarterly basis, however, after bottoming in Q2 2025 with an operating loss of KRW 288 million and a net loss of KRW 573 million, the company returned to net profit in Q3 2025 (operating profit of KRW 24 million, net profit of KRW 546 million) and Q4 2025 (near-breakeven operating profit, net profit of KRW 526 million), before jumping to an operating profit of KRW 458 million and net profit of KRW 1.05 billion in Q1 2026.
Q2 2026 continued the trend with an operating profit of KRW 498 million and net profit of KRW 801 million, extending the streak to four consecutive quarters of net profit.
Notably, quarterly net profit has repeatedly exceeded operating profit by a wide margin, suggesting that non-operating items such as foreign exchange gains or other income have played a meaningful role in bottom-line results.
Taken together, while full-year 2025 results were weak, the most recent four-quarter window (Q3 2025 through Q2 2026) shows a recovery trend in both operating profit and net profit.
The industry Sejin TS operates in—optical sheet components for TV backlight units (BLU)—is closely tied to downstream TV set demand.
As TV set makers expand local production overseas, including in Vietnam, domestic LCM/BLU makers have seen reduced order volumes and intensified competition, contributing to a hollowing-out of the domestic component industry.
On a more positive note, the LED optical film market itself is dominated by a small number of players, which has helped keep pricing relatively stable.
Across the broader display industry, the shift from LCD toward OLED and mini-LED technologies is seen as a constraint on the long-term growth potential of demand for conventional LCD/LED optical sheets.
In terms of competitive positioning, a small number of domestic and Asian optical sheet processors compete for large customers such as Samsung Electronics and LG Display, with order volumes highly sensitive to customers' production-site relocation decisions.
Against this backdrop, Sejin TS is responding through its Vietnamese subsidiary for overseas production support, along with business structure rationalization and the pursuit of new business areas.
The company has not publicly disclosed specific quantitative revenue or profit guidance; its filings only indicate a general direction of responding to TV market restructuring through business rationalization and the search for new business areas.
With four consecutive quarters of net profit since Q3 2025, whether this trend continues in upcoming quarters is the key point to watch.
Both Q1 and Q2 2026 saw operating profit in the high-KRW-400-million range, an improvement versus the first half of 2025, but it will take a few more quarters to determine whether this reflects a one-off factor or a structural recovery.
The TV market exhibits seasonality with higher component orders around year-end peak season and new product launches, making Q4 2026 results an important variable for gauging the full-year direction.
Specific details or progress on the company's new business search have not been clearly confirmed in publicly available materials, warranting continued monitoring of related disclosures.
The company's financial stability—underpinned by a low debt ratio and generally positive operating cash flow—stands out as a factor that could provide a buffer during any future business restructuring.
The stock trades at a price-to-book ratio below 1x, reflecting a discount to book net asset value.
On an earnings-multiple basis, recent four-quarter earnings have moved out of the loss period seen in the first half of 2025 and into a recovery phase, which should be weighed alongside the company's history of alternating between losses and profits.
With no cash dividend paid for the most recent fiscal year, shareholder returns depend more on the recovery of earnings themselves than on dividend distributions.
Given the small market capitalization typical of this stock, trading liquidity can be limited, and earnings volatility tends to be reflected directly in valuation—both worth keeping in mind.
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 posted net profit for four consecutive quarters from Q3 2025 through Q2 2026. Net profit in Q1 2026 exceeded KRW 1 billion, the highest level among the recent five quarters. A clear improvement trend has emerged following the operating and net loss trough in Q2 2025.
The balance sheet has remained stable, with a debt ratio of only about 3-4% throughout 2022-2025. Operating cash flow has also generally stayed positive except in 2023. This financial buffer can help limit liquidity risk even during periods of weak earnings.
The LED optical film market is dominated by a small number of players, which has helped sustain relatively stable pricing.
The company is responding to this environment through a combination of business structure rationalization and new business development, while maintaining its trading relationships with large customers such as Samsung Electronics and LG Display.
Over the past four years, operating results have swung repeatedly—large operating losses in 2022 and 2023, a swing to profit in 2024, and back to a loss in 2025. The operating margin deteriorated to as low as -25.0% in 2023, illustrating the significant downside volatility in earnings.
As TV set makers expand overseas local production, domestic LCM/BLU makers face reduced order volumes and intensified competition amid an ongoing industry reshuffling.
This is contributing to a hollowing-out of the domestic component industry, raising the risk that the core domestic TV-component supply chain underpinning the company's revenue base could continue to shrink.
As a small-cap company with annual revenue in the range of roughly KRW 10-16 billion, formal sell-side coverage is limited. The small market capitalization can result in lower trading liquidity, and earnings volatility tends to be reflected directly in valuation.
The expansion of overseas local TV production and the display industry's shift from LCD toward OLED and mini-LED technologies could constrain the long-term growth potential of demand for conventional LCD/LED optical sheets, implying a possible structural contraction in the company's core business area.
Revenue is concentrated among a small number of large customers such as Samsung Electronics and LG Display, so any change in their production-site locations or order policies could directly affect results. Limited customer diversification is a factor that amplifies earnings volatility.
The company's overseas production support system through its Vietnamese subsidiary, Sejin Optical, exposes it to foreign exchange fluctuations.
The recurring pattern of quarterly net profit significantly exceeding operating profit suggests a meaningful contribution from non-operating factors such as FX gains, which could turn into a headwind for results if the direction reverses.
The Q3 2026 quarterly report should be checked to see whether the operating profit and net profit recovery seen in Q1 and Q2 2026 continued into the third quarter.
How year-end peak-season TV demand and new product launch schedules affect component orders will be an important variable for gauging the company's full-year earnings direction.
DART filings should be monitored on an ongoing basis for concrete disclosures (contracts, MOUs, investments) related to the company's business rationalization and new business development efforts.
The 2026 annual regulatory filings and shareholders' meeting will be the point to check whether full-year results close on a profitable footing and whether there is any change in dividend policy.
Sejin TS experienced a revenue decline and a swing to an operating loss on a full-year 2025 basis, but has shown signs of passing an earnings trough by posting net profit for four consecutive quarters since Q3 2025.
Given the company's history of alternating between profit and loss over the past four years, however, further quarterly results are needed to determine whether this recent recovery reflects a structural improvement or a temporary rebound.
The structural pressure from TV set makers' expanding overseas local production, which has reduced order volumes for domestic component suppliers, remains a valid risk factor.
On the positive side, a stable financial structure underpinned by a low debt ratio and generally positive operating cash flow, along with relatively stable pricing in the oligopolistic LED optical film market, stand out as favorable factors.
The recurring pattern of quarterly net profit significantly exceeding operating profit warrants attention to the contribution of non-operating items.
The stock trades at a discount to book net asset value, and upcoming Q3 results along with any disclosures related to new business development will be the next points to watch.
Report written 2026-09-05 · Data as of 2026-09-04
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