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
Shindo Eng. Lab. returned to profit in 2025 but posted a large operating loss again in the second quarter of 2026, underscoring renewed earnings volatility.
Annual revenue reached KRW 31.9 billion and operating profit KRW 1.8 billion in 2025, turning profitable after three straight years of losses.
The company swung to a large operating loss of roughly KRW 7.9 billion in the second quarter of 2026 even as revenue recovered to about KRW 7.6 billion, highlighting sharp quarter-to-quarter swings.
In August 2026 the company signed a roughly KRW 5.78 billion equipment supply contract with LG Display Vietnam Haiphong, equal to about 18% of 2025 revenue.
The company retains an exclusive supply position for foldable hinge laminators to Samsung Electronics and holds curved (3D) lamination technology that keeps competitive barriers high.
Operating cash flow stayed negative in 2025 despite the profit turnaround, and revenue-recognition adequacy was flagged as a key audit matter.
Shindo Eng. Lab. (SHINDO) was founded in 2000 and listed on KOSDAQ in 2020, specializing in back-end display equipment such as laminators that bond cover glass to panels under vacuum and pressure, and deaerators that remove micro air bubbles.
A large share of revenue still comes from display equipment, and the company holds an exclusive supply position for foldable-phone hinge laminators to Samsung Electronics, while also having sold curved (3D) laminators to major Chinese panel makers including BOE, Tianma, Visionox and CSOT.
In August 2026 the company signed a display manufacturing equipment supply contract with LG Display Vietnam Haiphong, broadening its customer base. Its wholly owned subsidiary, Autoclave Tech, produces and sells touch-panel related equipment.
Building on its core bonding technology, the company has diversified into membrane electrode assembly (MEA) equipment for hydrogen fuel cells and smart-window process equipment, and has been supplying smart-window equipment to domestic and overseas customers since 2023.
In 3D lamination, domestic rival Toptec has reportedly lost share amid technology-leak issues, while Chinese competitors have yet to achieve commercial-scale results, leaving Shindo with a relative edge in high-difficulty curved and foldable equipment.
In 2D lamination, competitors include JStec, AP Systems and DIB, while in deaeration and general bonding equipment, companies such as Ire Tech, Yesti and Avaco are cited as rivals. Earnings remain closely tied to the capital-spending cycles of downstream display panel makers.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩700M | -₩1B | −132.3% |
| 2025Q3 | ₩4.4B | ₩900M | 19.7% |
| 2025Q4 | ₩26.1B | ₩3B | 11.7% |
| 2026Q1 | ₩1.3B | -₩1.3B | −99.0% |
| 2026Q2 | ₩7.6B | -₩7.9B | −103.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩21.8B | -₩3.7B | -₩400M | −17.1% | −0.7% | 17.6% |
| 2023 | ₩20.8B | -₩2.5B | -₩3.3B | −12.1% | −5.8% | 6.7% |
| 2024 | ₩10.6B | -₩4.1B | -₩600M | −38.7% | −1.0% | 19.5% |
| 2025 | ₩31.9B | ₩1.8B | ₩1.8B | 5.7% | 3.1% | 5.6% |
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
Shindo Eng. Lab.'s annual results turned from three consecutive years of losses in 2022-2024 to profit in 2025.
Revenue reached KRW 31,923,243,012 in 2025, sharply higher than KRW 10,597,641,707 in 2024, while operating profit came in at KRW 1,807,614,008 and net profit attributable to owners at KRW 1,809,258,031, reversing the 2024 operating loss of KRW 4,096,312,646 and net loss of KRW 564,074,247.
Quarterly results, however, show extreme swings.
Revenue was only KRW 748,886,474 in the second quarter of 2025 with an operating loss of KRW 990,791,872 and a net loss attributable to owners of KRW 2,732,468,494, before revenue rose to KRW 4,417,826,382 in the third quarter, turning operating profit positive at KRW 871,342,755 and net profit at KRW 1,846,930,825.
Revenue then surged to KRW 26,120,458,515 in the fourth quarter of 2025, with operating profit of KRW 3,049,073,048 and net profit of KRW 3,670,275,314, meaning most of the annual result was concentrated in a single quarter.
Revenue fell back sharply to KRW 1,340,418,791 in the first quarter of 2026 with an operating loss of KRW 1,326,743,149 (net profit was still positive at KRW 538,937,677 due to non-operating items), and although revenue recovered somewhat to KRW 7,619,100,728 in the second quarter of 2026, the operating loss widened to KRW 7,876,128,170 and the net loss attributable to owners reached KRW 7,154,776,296, pushing the trailing four-quarter (Q3 2025-Q2 2026) net profit attributable to owners back into negative territory at KRW -1,098,632,480.
This pattern, in which revenue and profit are concentrated in specific quarters tied to the timing of large-contract revenue recognition, produces extreme quarter-to-quarter volatility, and in 2025 operating cash flow was negative at KRW -5,002,049,829 despite the operating profit, raising questions about the cash-generating quality of reported earnings. The debt ratio remained low at 5.6% in 2025, suggesting the balance sheet itself stayed relatively sound.
The display back-end equipment industry's results hinge on the capital-spending cycles of domestic panel makers such as Samsung Electronics and LG Display, as well as Chinese panel makers including BOE, CSOT, Tianma and Visionox, particularly for foldable and OLED lines.
Samsung Electronics leads the foldable smartphone market, and Shindo has benefited from related investment expansion as the exclusive supplier of hinge-area laminators that bond cover glass to OLED panels.
In curved (3D) laminators, however, Chinese rivals have increasingly won low-priced orders focused on lower-curvature products, pressuring Shindo's share in China.
Domestically, former 3D-lamination rival Toptec has reportedly lost ground amid technology-leak issues, while Chinese firms such as Jintuo, Xinshanli and Sunkeda remain at the research and development stage without confirmed commercial results, keeping entry barriers intact in the highest-difficulty segments.
In deaerators and 2D lamination, competition continues with JStec, AP Systems and DIB, and price competition has intensified as low-cost Chinese entrants expand.
Panel makers' new investment is closely linked to smartphone launch cycles, the pace of foldable penetration, and the speed of micro-LED commercialization, so equipment makers' results also show pronounced seasonality and volatility in step with those cycles.
New businesses such as hydrogen fuel cell MEA equipment and smart windows still contribute a limited share of revenue but are being pursued to reduce dependence on the display segment.
In August 2026 the company signed a roughly KRW 5.78 billion display manufacturing equipment supply contract with LG Display Vietnam Haiphong, with the contract execution period running from August 22, 2026 to November 30, 2027, about 15 months, meaning the revenue is expected to be recognized over several coming quarters.
This contract equals about 18.1% of 2025 revenue, and how it is allocated across quarters is likely to continue to influence earnings volatility.
The company has previously signed smart-window equipment supply contracts with overseas customers such as AlphaMicron, and has set a mid- to long-term goal of expanding the revenue share of new businesses including smart windows and hydrogen fuel cell MEA equipment.
In June 2026 the company decided to retire treasury shares, a step aimed at enhancing shareholder value. Because the timing of revenue recognition on large contracts was flagged as a key audit matter, the transparency of future contract-execution disclosures and revenue-recognition practices will be a point to watch.
Additional variables include the launch of new foldable smartphone models and any further investment announcements from Samsung Electronics or Chinese panel makers, which could affect order momentum.
The current share price appears to trade at a discount to net asset value, with some assessments placing the price-to-book ratio near the lower end of the trading band since listing.
Even after the return to profit in 2025, the company posted a net loss again in the first half of 2026, pushing the trailing four-quarter profit attributable to owners back into negative territory, a point worth factoring into any multiple-based reading.
There is currently no confirmed dividend, so the stock does not offer an appeal from a dividend-yield perspective.
A low debt ratio and a stable equity base are factors that can be viewed positively for balance-sheet health, but the divergence between operating cash flow and reported earnings is also worth weighing alongside any asset-value comparison.
Given the stock's pronounced earnings volatility, it may be more informative to look at trends across multiple quarters rather than reading multiples off any single quarter's results.
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
Full-year 2025 results emerged from three years of losses, with revenue of KRW 31.9 billion and operating profit of KRW 1.8 billion. In August 2026 the company signed a new roughly KRW 5.78 billion contract with LG Display Vietnam Haiphong, adding customer diversification.
If large revenue recognized in a single quarter, as seen in the fourth quarter of 2025, recurs, it could support further annual improvement.
The company holds an exclusive supply position for foldable-phone hinge laminators to Samsung Electronics and maintains a competitive edge in difficult 3D lamination based on curved vacuum bonding technology it first developed in 2015.
Domestic rival Toptec has reportedly lost share amid technology-leak issues, and Chinese competitors have yet to achieve commercial results, keeping entry barriers in place.
The debt ratio stood at a low 5.6% at the end of 2025, indicating a stable capital structure, and the company is pursuing revenue diversification beyond displays through hydrogen fuel cell MEA equipment and smart-window businesses. The June 2026 decision to retire treasury shares can also be viewed as a shareholder-value measure.
Revenue swung from about KRW 0.7 billion in the second quarter of 2025 to KRW 26.1 billion in the fourth quarter, then fell back to about KRW 1.3 billion in the first quarter of 2026.
Even though revenue recovered to about KRW 7.6 billion in the second quarter of 2026, the operating loss widened to nearly KRW 7.9 billion, pushing the trailing four-quarter net profit back into negative territory.
Despite the operating profit in 2025, operating cash flow was negative at about KRW -5.0 billion, showing a divergence between earnings and cash flow. The adequacy of revenue recognition was flagged as a key audit matter, and disclosures on single sales/supply contracts have reportedly been revised multiple times.
Revenue depends heavily on the capital-spending cycles of a small number of large customers, including Samsung Electronics, LG Display and Chinese panel makers. Any delay in foldable or OLED investment, or changes to contract schedules, could shift revenue-recognition timing and reproduce earnings volatility.
Similar single sales/supply contract disclosures have reportedly been revised on multiple occasions, and the adequacy of revenue recognition was cited as a key audit matter in the audit report. This raises uncertainty over the timing and scale of revenue recognition on future large contracts.
High dependence on a small number of large customers—Samsung Electronics, LG Display and Chinese panel makers—means that any reduction in a single customer's investment or contract delay could directly affect results.
The structure in which quarterly revenue hinges on the timing of specific contract recognition also amplifies this risk.
Price competition continues as Chinese laminator makers expand low-priced orders and domestic rivals compete in deaerators and 2D lamination. If new entrants acquire high-difficulty 3D lamination technology, Shindo's technological edge could weaken, a possibility that cannot be ruled out.
Third-quarter 2026 results are expected to be disclosed—an opportunity to check whether earnings rebound after the large second-quarter loss and how the LG Display Vietnam Haiphong contract's revenue recognition is progressing.
The execution period of the roughly KRW 5.78 billion equipment supply contract with LG Display Vietnam Haiphong—ongoing monitoring is needed on whether the contract proceeds as scheduled and how revenue is allocated across quarters.
Watch for any new investment announcements or additional order disclosures from major customers such as Samsung Electronics related to foldable or OLED lines.
The regular annual audit report for fiscal year 2026 is expected to be disclosed—worth checking whether the revenue-recognition key audit matter recurs and whether operating cash flow improves.
Shindo Eng. Lab. emerged from three years of losses in 2025 with both revenue and profit turning positive, but on a quarterly basis, revenue and profit have been concentrated around the timing of specific contract recognition, producing extreme volatility.
Operating losses returned in both the first and second quarters of 2026, and the trailing four-quarter net profit attributable to owners has swung back into negative territory, leaving questions about the durability of the profit turnaround.
The company's exclusive supply of foldable hinge laminators to Samsung Electronics and its curved (3D) lamination technology remain cited as core competitive strengths, and customer diversification efforts continue, including the new contract with LG Display Vietnam Haiphong.
However, the divergence between operating cash flow and reported earnings, along with the audit's key matter on revenue-recognition adequacy, are factors worth weighing when assessing the quality of results.
The debt ratio is low and the capital structure appears stable, but dependence on a small number of large customers and revenue swings tied to downstream investment cycles remain structural characteristics.
Going forward, the progress of the LG Display Vietnam contract, third-quarter results, and whether the next audit report repeats the key audit matter are important points to monitor.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.