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
Dynamic Design achieved a consolidated operating profit turnaround in H1 2026, but its shares remain suspended from trading due to a qualified audit opinion tied to its Indonesian nickel-mining subsidiary investment.
2025 consolidated revenue rose 28.2% year-on-year to KRW 80.2 billion, while the operating loss narrowed sharply to KRW 0.57 billion.
Operating profit turned positive at KRW 1.12 billion in Q1 2026 but swung back to a KRW 0.46 billion loss in Q2, showing significant quarter-to-quarter volatility.
H1 2026 consolidated revenue reached KRW 48.7 billion with operating profit of KRW 0.66 billion turning positive, while the net loss narrowed about 64% from a year earlier.
Trading has been suspended since March 2026 following two consecutive years of qualified audit opinions, with a Korea Exchange review on resumption still underway.
Order intake from global top-tier customers such as Bridgestone, Pirelli, and Kumho Tire is expanding in parallel with the buildout of the Indonesian production base.
Dynamic Design was founded in 1999 and listed on the KOSPI in 2015 as a specialist in tire molds and tire manufacturing equipment.
The company operates global production sites including its Korean headquarters as well as facilities in China, Romania, Indonesia, Mexico, and Russia, manufacturing tire molds and key materials.
Its business model is export-oriented, targeting the global market rather than the domestic market, with more than 80% of total revenue derived from sales to overseas tire manufacturers.
Backed by differentiated technology, the company has secured long-term supply contracts with global top-tier tire makers such as Bridgestone, Pirelli, Nokian, and Kumho Tire.
In 2025, execution of a large Bridgestone North America project expanded its order base, while stabilized production at the Ikon Group's Russian headquarters increased supply of new-product mass-production molds.
More recently, quality-audit approval from Nexen Tire opened a channel to supply molds to all three domestic tire makers, and the company has been reinforcing its mold production lines to serve Pirelli's premium, high-inch and EV-tire strategy.
In June 2026, the Korean headquarters and its China subsidiary were selected as the No.1-priority supplier for a core product category in Kumho Tire's tire-mold supplier selection bid, a result attributed to the Indonesian subsidiary's completion of factory and quality approval from Kumho Tire.
To respond to growing global order volume, the company carried out a capital increase of roughly KRW 3.08 billion at its Indonesian subsidiary in May 2026 to fund working capital and expand production capacity.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩17.8B | ₩100M | 0.7% |
| 2025Q3 | ₩19.9B | -₩91,023,946 | −0.5% |
| 2025Q4 | ₩22.5B | -₩400M | −1.8% |
| 2026Q1 | ₩27B | ₩1.1B | 4.1% |
| 2026Q2 | ₩21.7B | -₩500M | −2.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩58.2B | -₩7.2B | -₩64.7B | −12.4% | −132.8% | 100.3% |
| 2023 | ₩67.1B | -₩8.8B | -₩27.1B | −13.1% | −52.0% | 103.7% |
| 2024 | ₩62.6B | -₩2.5B | -₩6.4B | −4.1% | −13.5% | 122.0% |
| 2025 | ₩80.2B | -₩600M | -₩8.8B | −0.7% | −19.7% | 166.1% |
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 reached KRW 80.19 billion, up 28.2% from KRW 62.57 billion in 2024. The operating loss narrowed sharply to KRW 0.57 billion from a KRW 2.55 billion loss the prior year, improving the operating margin from -4.1% to -0.7%.
However, the net loss attributable to owners widened to KRW 8.82 billion from KRW 6.41 billion in 2024, reflecting non-operating factors.
Between 2022 and 2024, revenue fluctuated from KRW 58.20 billion to KRW 67.12 billion and back down to KRW 62.57 billion, with operating losses persisting each year for four consecutive years of losses.
The 2022 net loss attributable to owners was particularly large at KRW 64.67 billion, an outlier compared with other years.
On a quarterly basis, Q2 2025 posted revenue of KRW 17.78 billion and a small operating profit of KRW 0.12 billion, before slipping back into losses of KRW 0.09 billion in Q3 and KRW 0.41 billion in Q4.
Q1 2026 showed a clear turnaround with revenue of KRW 27.01 billion, operating profit of KRW 1.12 billion, and net income attributable to owners of KRW 0.73 billion, but Q2 2026 revenue fell to KRW 21.69 billion with operating profit reversing to a loss of KRW 0.46 billion and owners' net income reversing to a loss of KRW 2.27 billion, underscoring high quarter-to-quarter volatility.
As a result, the combined net income attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) stood at a loss of KRW 6.03 billion, indicating profitability has yet to stabilize on an annual basis.
The debt ratio climbed steadily from 100.3% in 2022 to 166.1% in 2025, and operating cash flow was negative in all four years from 2022 to 2025, pointing to ongoing cash-generation challenges.
The tire mold market is a capex-linked industry tied to demand for original-equipment and replacement tires; market research firm MarketResearchFuture projected the global tire mold market would grow at a 3.84% CAGR through 2035 to reach roughly USD 7.205 billion.
On the downstream customer side, Kumho Tire posted consolidated revenue of KRW 1.3328 trillion and operating profit of KRW 182.2 billion (a 13.7% operating margin) in Q2 2026, marking its 11th consecutive quarter above KRW 1 trillion in quarterly revenue, driven in part by growing sales of 18-inch-plus high-rim and EV tires.
This shift in product mix toward premium high-rim and EV tires raises the complexity of mold design and machining, creating both a technical barrier and a value-add opportunity for mold and equipment suppliers.
Dynamic Design draws relatively less market attention than semiconductor or battery equipment names, but it is one of a small number of suppliers serving a diversified global top-tier customer base—Bridgestone, Pirelli, Nokian, and Kumho Tire—from production sites spread across Korea, China, Romania, and Indonesia.
The company's absolute market share is reported to be modest, so in this industry structure, customer-specific product capability and quality-approval acquisition matter more than pure scale economics.
The company has stated a plan to fully establish a four-point global supply network spanning Korea, China, Romania, and Indonesia to raise utilization rates.
Its Indonesian subsidiary completed a quality audit and factory approval from Kumho Tire for its Cirebon plant, and was assessed as having achieved the same level of production capability as the Gwangju headquarters in aluminum-casting-based mold manufacturing and machining operations.
This approval enabled the Indonesian unit to supply Kumho Tire's operations and contributed to securing No.1-priority volume for Kumho's Vietnam plant.
The company carried out a capital increase at its Indonesian subsidiary to proactively respond to growing order volume, and the market is watching for the pace at which mass-production contribution there could widen the improvement in consolidated results.
In H1 2026, consolidated revenue reached KRW 48.7 billion with operating profit of KRW 0.66 billion turning positive, which the company attributed to expanded sales to key customers such as Pirelli and Kumho Tire, new customer acquisition, and growth at overseas subsidiaries.
However, the company remains under a trading suspension and is responding to a Korea Exchange review process on resumption, stating plans to pursue prompt resumption by strengthening accounting transparency and internal controls.
The criminal complaint that had previously underpinned the qualified audit opinion was cleared with a no-fault finding by Gwangju police, and the external auditor issued an "adequate" review opinion on the H1 2026 financial statements, partially resolving prior accounting uncertainty.
With net losses persisting over recent years, Dynamic Design's structure makes traditional price-to-earnings comparisons difficult to apply. The share price trades below the level of net asset value per share, suggesting the market has yet to reflect a full capital recovery.
The company pays no dividend, which also limits dividend-yield comparisons against industry peers. Most importantly, given the trading suspension tied to the qualified audit opinion, the usual price-discovery function of the market may be constrained, a factor that should be weighed alongside any valuation reading.
Once the audit opinion is normalized and trading resumes, how the capital market reflects the improving operating trend and the ramp-up of the Indonesian subsidiary would be a point worth watching.
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
2025 revenue rose 28.2% year-on-year to KRW 80.19 billion while the operating loss narrowed to KRW 0.57 billion.
In H1 2026, consolidated operating profit turned positive at KRW 0.66 billion, and on a standalone basis operating profit reached KRW 2.4 billion with net income of KRW 3.0 billion, showing a more pronounced recovery.
While quarterly volatility remains, both revenue and operating results are moving away from a multi-year loss trend.
The company maintains long-term supply relationships with global top-tier tire makers including Bridgestone, Pirelli, Nokian, and Kumho Tire.
In June 2026 it was selected as the No.1-priority supplier for a core product category in Kumho Tire's supplier bid, and Nexen Tire quality-audit approval opened a supply channel to all three domestic tire makers. It is also reinforcing production lines to serve Pirelli's premium high-rim and EV-tire strategy.
The Indonesian subsidiary completed factory and quality approval from Kumho Tire, gaining recognition as a global production site. In May 2026, the company carried out a capital increase of roughly KRW 3.08 billion there to fund working capital and expand production capacity.
The company expects the relatively low production cost base there to also contribute to profitability improvement.
The company received qualified audit opinions for two consecutive fiscal years (2024 and 2025), leading to a trading suspension since March 2026. The cause was the auditor's inability to sufficiently verify the existence and value of mining rights held by Indonesian nickel-mining subsidiary PT.BNP.
Korea Exchange has granted an improvement period, but resumption of trading still requires completion of a review process.
Operating profit turned positive at KRW 1.12 billion in Q1 2026, but revenue declined and operating results reversed to a loss of KRW 0.46 billion in Q2. Net income attributable to owners swung sharply from a KRW 0.73 billion profit in Q1 to a KRW 2.27 billion loss in Q2.
The combined net income attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) remains in loss territory.
Net losses continued for four straight years from 2022 to 2025, with the 2022 net loss attributable to owners reaching KRW 64.67 billion. Equity attributable to owners fell from KRW 48.70 billion in 2022 to KRW 44.72 billion in 2025, while the debt ratio rose from 100.3% to 166.1% over the same period.
Operating cash flow was also negative in all four years, leaving cash-generation recovery as an ongoing challenge.
Regarding a total investment of KRW 13.1 billion in Indonesian nickel-mining subsidiary PT.BNP, the auditor could not obtain sufficient evidence to confirm the existence and value of the mining rights, resulting in qualified opinions for two consecutive fiscal years.
This triggered a delisting cause and a trading suspension since March 2026. The related criminal complaint was cleared with a no-fault finding and the H1 2026 review opinion was
With net losses and negative operating cash flow persisting for four consecutive years from 2022 to 2025, the company's internal cash-generating capacity remains weak. The debt ratio has climbed steadily, from 100.3% in 2022 to 166.1% in 2025.
Increasing reliance on external funding such as capital increases could lead to equity dilution or greater financial burden.
With most revenue concentrated among a small number of global customers such as Bridgestone, Pirelli, and Kumho Tire, results can be significantly affected by order fluctuations from any single customer.
As overseas sales exceed 80% of the total, the company is also exposed to exchange-rate movements across multiple currencies including the US dollar, euro, and Chinese yuan.
Investment cycles in the automotive and tire industries, along with raw material and energy cost fluctuations, are additional variables that can affect order intake and margins.
Check the Q3 2026 quarterly report to see which direction quarterly results move after the Q1 profit and Q2 loss swing.
This is when the FY2026 audit report is due; whether the audit opinion normalizes after two consecutive years of qualification is a key variable directly tied to continued listing status.
This is the deadline for the improvement period granted by Korea Exchange, and the outcome of the trading-resumption review could be announced around this time.
This is the point to check whether utilization at the Indonesian subsidiary is rising and whether actual shipment volumes to newly approved customers such as Kumho Tire are expanding.
Dynamic Design is showing signs of recovery in its core business, including 2025 revenue growth, a narrower operating loss, and an operating-profit turnaround in H1 2026.
Maintaining a global top-tier customer base—Bridgestone, Pirelli, Kumho Tire—while simultaneously expanding its Indonesian production base and securing new supplier approvals are also positive factors.
On the other hand, the trading suspension following two consecutive years of qualified audit opinions, sharply diverging quarterly results, four straight years of net losses, and a rising debt ratio remain unresolved challenges.
The no-fault finding on the related criminal complaint and the "adequate" half-year review opinion have partially eased accounting uncertainty, but uncertainty is likely to persist until the full-year audit opinion is normalized and the Korea Exchange trading-resumption review outcome is confirmed.
Before forming any investment judgment, it appears necessary to monitor the audit report and trading-resumption review schedule alongside the sustainability of quarterly earnings.
Report written 2026-09-05 · Data as of 2026-09-04
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