Sindoh신도리코

Sindoh is back to a loss at the operating line on the trailing twelve months, with shares down sharply over the past year.

Sindoh makes office equipment such as multifunction printers, printers and consumables, and is expanding into information communication and systems. On a trailing twelve-month basis to H1 2026 it reported revenue of about ₩323B and an operating loss of about ₩1.3B, though net income was about ₩39B, and its balance sheet looks lightly indebted with ₩122B in cash against ₩4B in borrowings. The share price closed at ₩36,800, near its 52-week low of ₩36,300 and well below the high of ₩73,200.

What stands out

• Revenue has fallen from ₩395B in 2023 to ₩317B in 2025, and the trailing figure to H1 2026 is about ₩323B.
• Operating margin was 2.0% in 2025 and is negative (-0.4%) on the trailing basis, so net income appears to rely on non-operating items; the data does not break these down.
• Net income of about ₩39B on the trailing basis is well above the operating result, and the data does not explain the gap.
• The company reports cash of ₩122B, borrowings of ₩4B and a liabilities-to-equity ratio of 6.7%, and trailing free cash flow is about ₩8B.
• Shares trade at a P/E of 9.2, a P/B of 0.3 and a dividend yield of 2.7%. The DCF model gives a base value of ₩51,997, bear ₩46,449 and bull ₩63,063, but these are model outputs, not forecasts. Foreign ownership fell from 12.3% to 11% over about 60 days.

What to watch

• The full-year 2026 results and the next quarterly filing, to see whether the operating loss persists and what drives net income.
• Progress on the corporate value-up plan announced in April 2026 and any further shareholder-return steps.
• The data contains no recent news headlines, so the reasons for the share price decline are not visible here; check the filings for any new disclosures.