Seojin System서진시스템

Seojin System's latest half-year shows a loss and heavy borrowing, while its share price has fallen sharply over the past month.

Seojin System is a Korean metal parts supplier serving energy storage, semiconductor, telecom and EV customers, with plants in Korea, Vietnam, the US, China, Indonesia and Hungary. On a trailing twelve-month basis to H1 2026 it reported revenue of ₩1.2T but an operating loss of ₩66B and a net loss of ₩83B, with borrowings of ₩1.3T against cash of ₩48B. The share price closed at ₩31,050 on 2026-10-29, down 16% over one month but up 2.3% over one year.

What stands out

• Revenue fell 12.1% in 2025 to ₩1.07T after a 55.9% jump in 2024, and 2025 showed a near-zero operating profit and a ₩101B net loss.
• Trailing figures to H1 2026 show an operating margin of -5.4% and free cash flow of about -₩535B, so the company is currently burning cash.
• Borrowings of ₩1.34T are about 206% of equity, a high debt load relative to the balance sheet.
• Several recent filings concern debt guarantees to third parties, and a largest-shareholder change has been filed and amended.
• Brokerage coverage reported in the news says initial costs of a US ESS plant weigh on results and that a target price was lowered; the data does not include any rating or target price of our own.

What to watch

• Upcoming results and whether the operating loss narrows as the US ESS plant ramps up.
• Further filings on debt guarantees and the largest-shareholder change, which the data shows have been amended several times.
• Foreign ownership has fallen from 16.5% to 12.5% over 60 days, and the share price is far below its 52-week high of ₩83,300.