Sindoh makes and sells the digital multifunction printers (MFPs) and printers used in offices, and its core model is less about the one-time sale of a machine and more about the steady recurring stream from consumables like toner, maintenance, and the monthly fees earned through rentals and managed print services (MPS); it is also expanding into adjacent lines such as public-sector procurement supply and smart CCTV for schools. On April 21 the company laid out a value-up plan aimed at closing the valuation discount and improving shareholder value; in February it declared a dividend of ₩1,000 per share (a payout ratio of about 42.6%); and the May 15 quarterly report showed Q1 revenue turning back up at +7.8%. What stands out lately is a set of clear strengths: its cash and cash-equivalents exceed its market capitalization, its P/B is 0.36x, and its forward P/E on this year's earnings is lower than peers (Bixolon 8.3x, Abico Electronics 11.9x), with a current ratio of 8.4x underpinning a solid balance sheet. Against that, office print demand is in structural stagnation, revenue has declined over several years, and the operating margin is thin at around 2%, so the key question is whether the revenue recovery holds and whether the asset base is actually returned to shareholders.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 6.9% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 7.8% higher than a year earlier.
- ROE is 1.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.0%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2022-12-31
Largest shareholder Woo Suk-hyung 11.78% (individual)
Controlling bloc incl. related parties 18.7%
With the controlling bloc holding 19%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Sindoh makes and sells the digital multifunction printers (a single machine that prints, copies, scans, and faxes; MFP) and printers used in offices.
- The business does not end with a one-time hardware sale: its core is the steady inflow from consumables such as toner, from maintenance, and from rentals and managed print services (MPS) that charge a monthly fee.
- The company also has a meaningful share of supply through public-sector procurement, and it has recently been expanding into adjacent lines such as smart CCTV for schools and workplace platforms.
- In short, the business leans less on a single machine sale and more on installing equipment and recovering revenue over a long horizon through consumables and services, which keeps its revenue relatively steady.
- The latest close is ₩40,100 and the market capitalization is ₩389.6 billion.
- The price sits below its 20-day moving average (₩41,098) and its 60-day line (₩44,909).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores upward versus downward momentum over the last 14 days on a 0-100 scale) is 42.2, a neutral level.
- The one-month change is -4.9%, the three-month change is -18.7%, and it stands -37.8% below its 52-week high.
- Its relative strength versus the KOSPI is 16 (1-99, converting the past year's return relative to the index with more weight on recent performance; higher means stronger than the market), which places it roughly in the top 85% of all stocks by strength.
- Over the past three months it lagged the index by 35.8%.
- It is best to read the chart alongside trading volume and disclosure dates.
- On confirmed full-year (2025) figures, the P/E ratio (how many times a year's net profit the price represents) is about 19-20x, the P/B is 0.36x, the ROE (how much is earned in a year on shareholders' equity) is 1.9%, the operating margin is 2.0%, and the debt-to-equity ratio is 107.6%.
- It would be a mistake to read last year's roughly 20x P/E as expensive.
- The 2025 net profit (₩20.07 billion) fell sharply from the prior year (₩73.19 billion), so the denominator temporarily shrank and pushed the multiple up; for a stock like Sindoh, whose earnings swing year to year, the figure based on this year's expected earnings is closer to the real picture than a single prior-year number.
- That measure is the forward P/E, and it is lower than the peer median (Bixolon 8.3x, Abico Electronics 11.9x).
- In other words, on an earnings basis it is cheap rather than expensive.
- On top of that, a P/B of 0.36x means it trades at only about a third of net asset value, and a current ratio of 8.4x, with cash and short-term assets exceeding market capitalization, is a sturdy financial anchor.
- Core revenue has declined over the past several years.
- Revenue fell from ₩402.6 billion in 2023 to ₩341.0 billion in 2024 to ₩317.3 billion in 2025 (-6.9% year on year, though the rate of decline slowed noticeably from -15.3% the prior year), and operating profit thinned over the same span from ₩30.1 billion to ₩20.2 billion to ₩6.2 billion, reflecting structural stagnation in office print demand.
- But a shift in tone appears in the most recent quarter.
- Q1 2026 revenue rose to ₩85.2 billion, up +7.8% year on year and returning to growth for the first time in a while, and net profit jumped to ₩19.4 billion (+48.8%).
- Operating profit at ₩2.9 billion (-14.6%) has not yet fully recovered on the core business alone, but the key point is that revenue has begun to grow again.
- The forward P/E on this year's earnings falls because the net profit that dropped sharply last year returns to a normal track this year, restoring the denominator.
- This reflects a picture in which revenue recovery and the steady cash flow from consumables and services support earnings, moving past a prior-year number distorted by one-off non-operating items.
- The multi-year trend was stagnant, but the quarterly trend is at the early stage of building a base and turning up.
- Recent disclosures weigh more toward shareholder returns than toward core-business softness.
- On April 21, 2026, a value-up plan (voluntary disclosure) had the company itself set out a direction to close the valuation discount and improve shareholder value, and in February it declared cash and in-kind dividends (₩1,000 per share, a payout ratio of about 42.6%).
- At the end of March there was a termination of a treasury-share acquisition trust agreement, which is a matter to keep watching for how the treasury shares accumulated through the trust will be handled (including whether they are cancelled).
- The May 15 quarterly report confirmed and disclosed Q1 2026 results.
- Taken together, the disclosures clearly read as signals of an intent to return accumulated assets to shareholders.
- The strengths are clear.
- Cash and cash-equivalents exceed market capitalization, the P/B of 0.36x puts the price well below net asset value, and the forward P/E on this year's earnings is lower than peers (Bixolon 8.3x, Abico Electronics 11.9x), so undervaluation signals appear on both the asset and earnings sides.
- On top of this, a 42.6% payout ratio and the value-up plan confirm an intent toward shareholder returns through disclosure, and a current ratio of 8.4x makes the balance sheet solid.
- Q1 2026 revenue turning back up at +7.8% is an early clue that the core business is building a base.
- There are cautions to weigh alongside.
- Office print demand is in structural stagnation and revenue has declined over several years, the operating margin is thin at around 2% on the core business, and net profit swings year to year with non-operating items.
- In sum, this stock is strong from the standpoint of assets, dividends, and valuation, but needs more verification on the thickness of core-business margins and on earnings stability.
- Its strengths come to the fore if the revenue recovery continues over successive quarters and the growing asset base is translated into actual returns (treasury-share cancellation, larger dividends); its weaknesses come to the fore if core-business revenue turns down again.
🔎 Valuation vs peers Inconclusive
The comparison prioritizes stocks whose actual businesses are adjacent in office print and imaging hardware (printers, MFPs, POS printers); among names verifiable with on-site data is Bixolon, and because Sindoh's P/B and asset structure make it more of an asset play than a typical manufacturer, a simple P/E comparison alone is insufficient.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Bixolon | 8.19x | 0.76x | 9.28% |
| Avico Electronics | 8.61x | 0.70x | 8.16% |
(a) Position versus peers: a P/B of 0.39x is distinctly lower than Bixolon and Abico Electronics, a discount zone on an asset basis. (b) Premium/discount: core revenue declining for a third year and an operating margin thin at around 2% are the backdrop to the asset discount. (c) Limits of trailing P/E: 2025 net profit fell -72.6% year on year on non-operating items such as investment and financial gains and losses, so the prior-year P/E (20.6x) distorts the core-business value. Conversely, on an approximate net profit for this year converted from seasonality the multiple would be far lower, but this is an approximation rather than an official forecast and cannot be taken at face value. With one side looking cheap on assets and the other showing cooling core-business earnings, it is hard to conclude either way, so the verdict is set to Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩80.1 billion | ₩1.9 billion | ₩14.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩40,100 and the market capitalization is ₩389.6 billion. The price sits below its 20-day moving average (₩41,098) and below its 60-day moving average (₩44,909). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 42.2, a neutral level. The one-month change is -4.9%, the three-month change is -18.7%, and the position relative to the 52-week high is -37.8%. Relative strength versus the KOSPI is 16 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 15% of all stocks. Over the past three months it lagged the index by 35.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -35.80% / 6M -46.48% / 12M -66.92%
Key metrics vs whole-market median
Valuation
The P/E of 19.41x is above the whole-market median (13.81x). The P/B of 0.36x is below the whole-market median (1.15x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 1.9%, below the whole-market average (5.0%). The operating margin is 2.0%. The debt ratio is 107.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $266.8M | $226.0M | $210.3M | -6.94% ↑ faster |
| Operating profit | $20.0M | $13.4M | $4.1M | -69.00% ↓ slower |
| Net profit | $36.4M | $48.5M | $13.3M | -72.58% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $213.3M | $250.7M | $266.8M | $226.0M | $210.3M |
| Operating profit | $2.9M | -$1.5M | $20.0M | $13.4M | $4.1M |
| Net profit | $63.3M | $29.8M | $36.4M | $48.5M | $13.3M |
| Revenue CAGR | 4-yr avg -0.36% | ||||
Revenue fell 6.9% year over year (2023 ₩402.6 billion → 2024 ₩341.0 billion → 2025 ₩317.3 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 69.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.4%. The two-year revenue CAGR is -11.2%. In the most recent quarter (Q1 2026), revenue was 7.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 6.9% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-21FilingValue-up plan (voluntary disclosure) - the company voluntarily disclosed a direction to close the valuation discount and improve shareholder valueMid term: a signal that the company recognizes the low asset valuation of a 0.39x P/B and is stating an intent to improve it. Whether it follows through with actual treasury-share cancellation, larger dividends, and the like is the key point. Source
- 2026-03-31UpdateDecision to terminate a treasury-share acquisition trust agreement - a follow-on step in handling treasury shares purchased through the trustShort and mid term: what matters more than the termination itself is whether the treasury shares held are cancelled or disposed of, which directly affects shareholder value. The intensity of returns needs to be confirmed. Source
- 2026-02-11DividendCash and in-kind dividend decision - ₩1,000 per share, a payout ratio of about 42.6%Mid term: keeping the payout ratio in the 40s even amid core-business softness sustains a cash-return stance. Source
- 2026-05-15EarningsQuarterly report (2026.03) - Q1 revenue ₩85.2 billion (+7.8%), operating profit ₩2.9 billion (-14.6%), net profit ₩19.4 billion (+48.8%) confirmedShort term: revenue rose for the first time in a while, but operating profit declined. The surge in net profit owes much to non-operating items, so it is too early to conclude a core-business recovery. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-21Disclosure
- 2026-03-31Disclosure
- 2026-03-31TreasuryMaterial-fact report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-03-11PeriodicAnnual business report
- 2026-03-11Audit report
- 2026-02-11DividendCash/stock dividend decision
- 2026-02-11Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.