독립리서치-R | IRP

기업리서치 이삭엔지니어링 - 기존 주력 고객 매출 확대와 자원순환 업황 개선, 원가율 정상화와 신사업 손익 입증이 다음 과제  기업리서치 - #이삭엔지니어링 #351330 ​  핵심 포인트  2025년 연결 매출 789.9억원(+15.4%),  영업손실 -71.8억원,  매출총이익률 3.4%  10% 이상 고객 3사 매출 239.4억원 → 337.1억원(+40.8%),  연결 매출의 42.7% 매출 증가분 105.4억원 중 83.7%(88.2억원)가 상품 도소매 — 원가율 상승의 첫 요인 관계기업  이삭화유리사이클  2025년 매출 53.0억원,  계열 대여·채권·보증 151.3억원(자본총계의 43.7%) 전환사채 100억원(전환가액 6,668원) 발행,  부채비율 67.0% → 124.1%  보고서 제출일 기준 수주잔고 약 451억원(2025년 매출 대비 약 0.57년분) ​  요약   이삭엔지니어링은 2006년 설립해 2021년 코스닥에 상장한 #반도체 ·철강 설비 제어 엔지니어링 기업이다.  2025년 연결 매출은 789.9억원(+15.4%)으로 회복했으나 영업손실은 -71.8억원으로 확대됐고, 매출총이익률은 2022년 16.0%에서 3.4%까지 3년 연속 하락했다. ​  매출증가분 105.4억원 중 83.7%가 저마진 상품 도소매에서 발생했고, 재료·상품 매입과 진행기준 추정 변경 손실, 재고평가손실이 원가율을 끌어올렸다.  연결 매출의 10% 이상 고객 3사 매출은 239.4억원에서 337.1억원으로 40.8% 늘었으며, 주력 고객인 #SK하이닉스 는 #M15X 가동과 용인 1기 팹 등 설비투자를 확대하고 있다. ​  자원순환 신사업은 관계기업 #이삭화유리사이클 (전처리)이 2025년 매출 53.0억원을 올렸으나, 동사의 관계기업 계열 대여·채권·보증 합계 151....

On 21 September, at a press briefing marking his first year in office, Korea Fair Trade Commission chairman Joo Byung-ki described the Naver Financial–Dunamu share exchange as a combination of dominant platforms across search, simple payments and digital assets. He said the KFTC is examining the deal's competitive effects across a total of 10 connected markets, that it has issued more than ten rounds of data requests, and that the volume of economic analysis makes this a high-difficulty review. He committed to concluding deliberation within the year. Two and a half months earlier, the schedule had already moved. Naver disclosed in July that the shareholder meeting for the comprehensive share exchange was pushed from 18 August to 19 November, and the effective date of the exchange from 30 September to 31 December — the second postponement, against an original plan to close in the first half of the year. Completion requires several separate clearances: KFTC merger approval, approva...

On 18 September 2026, a KOSDAQ-listed company called Satoshi Holdings (223310) filed an amendment to a disclosure it had already made. The placement itself stayed recognisable: 5,509,745 new shares to a single investment partnership at KRW 2,668 per share, KRW 14.7bn in total, locked up at the Korea Securities Depository for one year. What the amendment changed was the table underneath. Working capital fell from KRW 3,999,999,660 to KRW 2,999,999,660. Debt repayment rose from KRW 10,700,000,000 to KRW 11,700,000,000. And the list of debts being repaid gained an entry: the company's 13th-series convertible bond, held by an investment partnership. Eight days before that, on 10 September, the same company had disclosed something that makes the amendment legible. It was buying back, early, a KRW 7.0bn private convertible bond — its 12th series, issued on 9 March 2026 with a maturity of 9 March 2029. The buyback price, principal plus interest, was KRW 7,000,649,003. The disclosure nam...

On 21 September 2026 a KOSDAQ-listed company resolved a third-party share placement of roughly KRW 10bn, disclosed the following morning. The mechanics are ordinary: 4,796,163 new shares at KRW 2,085 apiece — about 16.3% of shares outstanding before the issue — priced at a 10% discount to a reference price of KRW 2,316 struck the day before the board met. Payment is due 9 November 2026, the new shares list on 30 November, and every one of them is locked up for a year. On payment, the largest shareholder changes. The line worth stopping on is not any of those. It is the use-of-proceeds table. Purpose: working capital, in full. Schedule: KRW 4.999bn in 2027, KRW 5.00bn in 2028 and after. Two rows. The year the money actually arrives is not one of them. What that does to the arithmetic Capital efficiency indices read three things: return on invested capital, asset turnover, and the investment gap — the distance between capital a company holds and capital it has put to work. The first ...

Two documents landed this month that look like they belong to different worlds. One is a Nasdaq compliance notice at a US large-cap advertising technology firm. The other is a Korean material-event report about a small block of convertible bonds. They share a structure that is worth a Monday morning. The US filing. On March 25, 2026, The Trade Desk, Inc. (Nasdaq: TTD) filed a Form 8-K. Six days earlier, on March 19, director Alexander Kayyal had informed the company of his resignation, effective immediately. On March 23, Kathryn E. Falberg did the same. The 8-K states that neither resignation resulted from a disagreement with the company on any matter relating to its operations, policies or practices. On March 24 the company notified Nasdaq that it no longer complied with Listing Rules 5605(c)(2)(A) and 5605(d)(2)(A) — the first requiring a minimum of three independent directors on the audit committee, the second a minimum of two on the compensation committee. Nasdaq's notice of...

1. The event On 16 September 2026, at its 16th regular meeting, Korea's Securities and Futures Commission — an arm of the Financial Services Commission — imposed sanctions on Haitai Confectionery and Foods. The findings: revenue and cost of sales were overstated from 2016 through 2019, by 13.678bn won, 15.317bn won, 11.256bn won and 12.777bn won respectively, through false tax invoices and the omission of sales discounts and sales incentives. The commission also found violations in securities registration statements and obstruction of the external audit. The obstruction is the detail that matters here. Haitai presented false transaction records to its auditor, and asked business partners to send false replies to accounts-receivable confirmation requests. Sanctions include a three-year auditor designation, a dismissal recommendation and six-month suspension for the head of the finance division, an action equivalent to a dismissal recommendation against the former auditor, and fin...