Shinsung Delta Tech신성델타테크

Shinsung Delta Tech is profitable on a trailing basis but thin-margin, heavily indebted, and its shares have fallen sharply over the past year.

Shinsung Delta Tech, a KOSDAQ-listed maker of home appliance parts, EV and energy storage battery components, and provider of logistics services, reported trailing twelve-month revenue of ₩1.04T and operating income of ₩33B as of H1 2026. Its share price of ₩30,250 is down 47.2% over one year, though it is up 16.6% over three months. Liabilities are 186.1% of equity and borrowings total ₩397B against cash of ₩100B.

What stands out

• Trailing operating margin is 3.2% and net margin is 2.8%, below the 6.0% operating margin reported for 2021.
• Net income swung to a loss of ₩1.0B in 2024 before recovering to ₩21.7B in 2025, so earnings have been volatile.
• Free cash flow on a trailing basis is negative at about ₩113B, while the company carries high leverage.
• Valuation is around 28.3 times earnings and 3.1 times book, above several listed peers such as HD Hyundai Electric and Sanil Electric on earnings multiples; the 2025 year-end P/E was 71.8.
• Recent filings include a debt guarantee decision for another party, which the data does not explain in detail, and the latest news item is a partnership on care robot features.

What to watch

• The Q3 2026 quarterly report, since the latest filed results covered the half-year to June 2026.
• Details of the debt guarantee for another party, including the amount and counterparty, which are not in the data provided.
• Whether free cash flow turns positive given the trailing shortfall and borrowings of about ₩397B.