PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q2–2026Q1) · Prices as of the 2026-10-02 close
Kishin Jeonggi, a top-tier domestic mold base maker, maintains a low-debt balance sheet but has posted operating losses in four of the last five quarters, underscoring wide quarter-to-quarter earnings swings.
Consolidated 2025 revenue reached KRW 131.3bn with an operating margin of just 0.8%, marking a fourth straight year of margin compression.
2025Q4 revenue jumped to KRW 40.4bn with operating profit of KRW 3.2bn and net profit of KRW 3.9bn, but 2026Q1 reverted to an operating loss.
The debt ratio stands at just 5.8% with equity of roughly KRW 250bn, giving the company a financially stable footing despite volatile top- and bottom-line trends.
Mold bases account for roughly 72% of revenue, with precision plates, forged steel, and press parts making up the remainder.
The company has diversified production through its Vietnam subsidiary in Bac Ninh and a large-mold plant in Incheon.
Kishin Jeonggi is a mold base and precision parts specialist established in 1988 as a joint venture with Futaba Corporation, a leading Japanese mold industry player.
Its core product is the mold base used in plastic injection molds, and the company has expanded its lineup to include precision plates, die sets for press molds, and forged-steel distribution for mold applications.
By revenue mix, mold bases account for roughly 72% of sales, with the remainder split across plates, forged steel, and press-related products.
Production is based at two plants in the Namdong Industrial Complex in Incheon plus a large-mold facility acquired in 2021, giving the company a lineup spanning small to large mold base sizes.
Since 2013 the company has also distributed forged steel for molds, broadening its reach into upstream materials, and it directly exports large mold bases to Japan.
To secure an overseas production base, it established a wholly owned subsidiary in Bac Ninh, Vietnam in 2015, which began operations in 2016 to serve local demand from global automotive and electronics manufacturers.
Its customer base consists of mold makers that build injection molds as well as the automotive, electronics, and appliance OEMs that ultimately use those molded parts, placing the company among the top domestic mold-parts makers alongside peers such as A-Tech Solution and Nara M&D.
The joint-venture relationship with Futaba is often cited as an underpinning for technology transfer and quality standardization in the business.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q1 | ₩29.8B | -₩1.4B | −4.6% |
| 2025Q2 | ₩29.8B | -₩700M | −2.4% |
| 2025Q3 | ₩31.2B | -₩100M | −0.4% |
| 2025Q4 | ₩40.4B | ₩3.2B | 8.0% |
| 2026Q1 | ₩26.7B | -₩900M | −3.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩131.3B | ₩9.6B | ₩8.5B | 7.3% | 3.4% | 5.9% |
| 2023 | ₩144.4B | ₩6.4B | ₩4.4B | 4.4% | 1.7% | 5.6% |
| 2024 | ₩137.9B | ₩2.5B | ₩1.7B | 1.8% | 0.7% | 5.7% |
| 2025 | ₩131.3B | ₩1B | ₩3.1B | 0.8% | 1.2% | 5.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Kishin Jeonggi's consolidated revenue rose from KRW 131.3bn in 2022 to KRW 144.4bn in 2023, then declined for two consecutive years to KRW 137.9bn in 2024 and KRW 131.3bn in 2025.
Operating profit contracted even more sharply, falling from KRW 9.6bn (7.3% margin) in 2022 to KRW 6.4bn (4.4%) in 2023, KRW 2.5bn (1.8%) in 2024, and KRW 1.0bn (0.8%) in 2025 — four consecutive years of margin erosion.
Net profit attributable to owners, however, declined from KRW 8.5bn in 2022 to KRW 4.4bn in 2023 and KRW 1.7bn in 2024 before rebounding to KRW 3.1bn in 2025, suggesting non-operating items lifted the bottom line even as core operating profit kept shrinking.
On a quarterly basis, 2025Q1 posted an operating loss of KRW 1.4bn and a net loss of KRW 0.7bn, followed by a Q2 operating loss of KRW 0.7bn and net loss of KRW 0.3bn; Q3 still showed an operating loss of KRW 0.1bn yet flipped to a net profit of KRW 0.2bn.
Q4 delivered the strongest quarter of the period with revenue of KRW 40.4bn, operating profit of KRW 3.2bn, and net profit of KRW 3.9bn, before 2026Q1 reverted to a loss with revenue of KRW 26.7bn, an operating loss of KRW 0.9bn, and a net loss of KRW 0.3bn.
This pattern suggests a meaningful share of annual results is concentrated in the fourth quarter, potentially reflecting seasonal timing or project-based revenue recognition.
On the cash flow side, operating cash flow swung from negative KRW 5.5bn in 2023 to positive KRW 9.9bn in 2024 and KRW 13.0bn in 2025, showing cash generation strengthening even as reported profit stayed thin.
Equity held essentially steady at around KRW 250bn from 2022 through 2025, indicating the balance sheet has remained stable despite the earnings weakness.
Korea's injection mold and mold base industry is directly tied to the new-model launch cycles and production volumes of downstream automotive, electronics, and appliance manufacturers.
The Korea Institute for Industrial Economics and Trade (KIET) projected that domestic general machinery production would grow 2.3% year over year in 2026, while automotive output was expected to rise only marginally by 0.3% amid aging core model lineups.
According to the Korea Automotive Industry Cooperative Association, domestic vehicle production in 2026 is forecast to increase 1.2% to about 4.13 million units, supported by new-model effects and the ramp-up of eco-friendly vehicle plants, though expanded overseas production and global manufacturing reallocation are cited as factors limiting domestic volumes.
Vehicle electrification is also driving structural change in the mold industry, as growth in battery systems, lightweight components, and electronic parts increases demand for mold shapes different from those used in traditional internal combustion vehicles.
At the same time, cost-cutting pressure from automakers can pass through tier-1 suppliers to mold and parts vendors, meaning higher volumes do not automatically translate into improved profitability.
In the domestic mold base and mold parts market, multiple players including A-Tech Solution, Nara M&D, and Shinyoung Hi-Tech compete alongside Kishin Jeonggi, which is regarded as one of the larger firms in the segment by revenue scale.
Companies with Southeast Asian production bases such as Vietnam are seen as relatively well positioned to serve local automotive and electronics OEM demand while maintaining labor cost competitiveness.
The company's future performance is likely to hinge heavily on whether mold base orders recover and how utilization trends at its Vietnam subsidiary evolve.
Whether the profit rebound seen in 2025Q4 reflected one-off project revenue or a genuine normalization of demand is something that will need confirmation from subsequent quarterly results. The return to an operating loss in 2026Q1 makes it difficult to conclude that the Q4 rebound has become a sustained trend.
Given that domestic vehicle production is expected to see modest growth supported by new plant ramp-ups and model launches, there is room for the revenue base to hold up if mold orders tied to new-model development continue.
That said, how the shift toward electrified vehicle parts reshapes demand for traditional mold bases, and how cost-cutting pressure affects profitability, remain variables that require ongoing monitoring.
No specific revenue or profit guidance, nor any new capacity expansion plans, have been identified in recently available disclosures, and no major investment announcements appear to have followed the 2021 acquisition of the large-mold plant.
Going forward, it will be important to track segment revenue composition and the earnings contribution from the Vietnam subsidiary through upcoming quarterly and annual reports.
The price-to-book ratio has traded below its five-year average band, meaning shares have changed hands at a discount to net asset value.
Whether this discount reflects lingering uncertainty over earnings direction—given the swings between losses and modest profits in recent years—is something that will require further confirmation from upcoming quarterly results.
The price-to-earnings ratio also appears low relative to the upper end of its five-year trading band, though this needs to be weighed against the fact that a small net income base can make the ratio move sharply on modest profit changes.
On dividends, the wide year-to-year swings in profit make it worth continuing to monitor disclosures to assess the consistency of dividend policy going forward. Separately from valuation multiples, the company's low single-digit debt ratio is a factor worth noting from a balance-sheet stability standpoint.
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 2026-09-04
2025Q4 delivered the strongest quarter of the year with revenue of KRW 40.4bn, operating profit of KRW 3.2bn, and net profit of KRW 3.9bn. This marked a clear rebound versus the losses or minimal profits of the preceding three quarters, likely reflecting specific project timing or seasonal demand. If this Q4 concentration pattern repeats, it could help cushion annual results on the downside.
The debt ratio stood at just 5.8% at the end of 2025, and equity has stayed roughly steady near KRW 250bn from 2022 through 2025. The fact that capital has not eroded even as operating profit shrank suggests a degree of financial buffer. This offers some capacity to absorb future industry fluctuations.
Operating cash flow improved markedly from negative KRW 5.5bn in 2023 to positive KRW 9.9bn in 2024 and KRW 13.0bn in 2025. The fact that cash flow strengthened even without a large net profit base suggests possible efficiency gains in working capital management such as inventory and receivables. This is a metric that could be viewed favorably in terms of funding capacity for dividends or investment.
The operating margin has declined for four straight years, from 7.3% in 2022 to 4.4% in 2023, 1.8% in 2024, and 0.8% in 2025. Revenue has also shrunk from KRW 144.4bn in 2023 to KRW 131.3bn in 2025, indicating both volume and margin weakened in tandem. If this trend continues, room for profit structure improvement could remain limited.
Operating losses were recorded in four of the last five quarters (2025Q1 through 2026Q1), and aside from the sole profitable Q4, a stable quarterly earnings pattern is difficult to identify. 2026Q1 again turned to loss, with an operating loss of KRW 0.9bn and a net loss of KRW 0.3bn. This variability could reduce confidence in forward earnings estimates.
KIET forecast only a 0.3% increase in domestic automotive production for 2026, and automaker cost-cutting programs can flow through tier-1 suppliers to affect mold makers as well.
The shift in part shapes driven by electrification could reshape demand for traditional mold bases, raising concerns about a potential revenue gap during the transition. If these factors overlap, the timing of a profitability recovery could be delayed.
Performance is heavily tied to the new-model development cycles and production volumes of automotive and electronics OEMs, so a slowdown in downstream demand could shrink mold base orders.
The modest forecast growth in 2026 domestic automotive production supports this concern, and cost-cutting pressure could also affect order pricing.
The 2025 operating margin of just 0.8% leaves little buffer against swings in raw material (steel) prices or foreign exchange rates. The Vietnam operation and some export activity also create currency exposure. In such a thin-margin structure, even small cost changes can significantly affect profit and loss.
There was an instance (2025Q3) where net profit turned positive even during a quarter with an operating loss, suggesting non-operating items can materially affect net income. This implies the gap between operating profit and net profit could widen, adding to forecast uncertainty for future results.
This report's confirmed data covers only through 2026Q1; the subsequent quarter's (2026Q2) filing should be checked directly on DART to see whether the recent earnings trend continues.
The 2026Q3 quarterly report should reveal whether the return to loss in 2026Q1 was temporary and whether the pattern of Q4-concentrated profit recurs.
New-model launches and electrification-related mold order trends from automotive and electronics OEMs should continue to be tracked via industry news and IR materials.
The Vietnam subsidiary's revenue contribution, utilization trends, and any change in segment revenue mix should be re-checked in the annual business report.
Kishin Jeonggi is one of the leading domestic mold base and precision parts makers, maintaining a financially stable position with a low debt ratio and steady equity base.
However, the fact that its operating margin has fallen for four straight years, from 7.3% in 2022 to 0.8% in 2025, and that operating losses appeared in four of the last five quarters, points to considerable volatility in its profit structure that should be weighed carefully.
Whether the 2025Q4 earnings rebound represents a sustained trend or a one-off factor will require further confirmation from disclosures covering 2026Q2 and beyond.
The downstream automotive and electronics industries are undergoing both modest growth and structural change driven by electrification, meaning volume expansion and cost pressure could both be at play simultaneously.
The fact that shares trade at a discount to net asset value is also something to watch alongside the trajectory of earnings recovery. Ultimately, readers should weigh this earnings volatility and industry structural shift for themselves when forming any investment judgment.
Report written 2026-09-05 · Data as of 2026-09-04
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