Daewon Kang Up (000430) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Daewon Kang Up makes automotive suspension springs (coil springs, leaf springs, stabilizer bars) and seats, supplying finished-vehicle makers such as Hyundai Motor and Kia as a tier-one supplier. Of its 2025 revenue of ₩1.5991 trillion, springs accounted for about 60.6% and seats about 37.8%; it also supplies overseas customers including GM, Volkswagen and Tesla, and produces at 13 sites across seven countries. In February 2026 a disclosure on a change in earnings structure of more than 30% reported that operating profit had risen 108.3% year on year, alongside higher revenue, and the company declared a dividend of ₩110 per share (a dividend yield of 2.73% and a payout ratio of about 18.7%); strong first-quarter results and utilization in the 70% range were confirmed. The notable point lately is that its strengths, five straight years of top-line growth, recovering earnings, and a forecast P/E of 3.53x that is low versus peers, stand out, while a thin 2.9% operating margin plus a debt ratio of 158% and a current ratio of 95% mean that if steel costs, exchange rates or finished-vehicle volumes wobble, earnings volatility can widen.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Automobiles & Parts”, a type typically read first through P/E.
Autos and parts live and die by unit sales and volume, but they are a mature industry that generates steady profit on scale. For this kind of business earnings are the heart of the story, so price-to-earnings (P/E) — the price set against net profit — is the first thing to read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 16.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.3% higher than a year earlier.
- ROE is 9.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.1%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2016-12-31
Largest shareholder Heo Jae-cheol (1) 8.83% (individual)
Controlling bloc incl. related parties 26.23%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Daewon Kang Up makes automotive suspension springs (coil springs, leaf springs, stabilizer bars) that absorb the shock at a car's wheels, along with automotive seats, and supplies them to finished-vehicle makers. Of its 2025 revenue of ₩1.5991 trillion, the spring segment accounts for about 60.6%, the seat segment about 37.8% and other about 1.6%. Its main customers are Hyundai Motor and Kia, and its coil springs and stabilizer bars are also supplied to overseas automakers such as GM, Chrysler, Volkswagen, BMW and Tesla. It produces at 13 sites across seven countries, in Korea (Cheonan, Changwon, Haman) and in the United States, China, India, Poland, Russia and Mexico, and it has established an electrification research center to develop future-car parts such as EV motor cores. In a word, it is a typical tier-one supplier that processes steel into the springs and seats that go into each car, and its results move with finished-vehicle output and steel raw-material prices.
The latest close is ₩3,650 and the market capitalization is ₩226.3 billion. The price sits above its 20-day moving average (₩3,588) and below its 60-day moving average (₩4,176). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.1, a neutral level. The one-month change is -8.8%, the three-month change is -12.6%, and the position relative to the 52-week high is -39.2%. Relative strength versus the KOSPI is 25 (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 24% of all stocks. Over the past three months it outpaced the index by 2.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On the latest confirmed annual (FY2025) results, the P/E ratio (how many times one year's earnings the share price represents) is 6.21x and the P/B (how many times net assets the share price represents) is 0.39x. Compared with Hyundai Mobis (P/E 12.7x, P/B 0.95x) or Hyundai Wia (P/E 17.3x) in the same supply chain, it is already a low multiple even on last year's earnings, and it trades at less than half of net assets (P/B 0.43x). ROE (how much is earned in a year on equity) is 6.5%, similar to the industry median (about 7.0%), and the operating margin is 2.9%. Given the nature of a parts stock with slim margins, the absolute figures are not high, but this is a feature of the tier-one parts industry as a whole, not a weakness specific to this company. The debt ratio is 158.1% and the current ratio is 94.7%, so the balance sheet is not especially roomy, but an interest coverage ratio of 3.36x means operating profit comfortably covers interest expense, so the borrowing itself is not in a precarious state. Above all, this is a recovery phase in which earnings are rising steeply, so as the next section shows, the valuation translated to this year's expected earnings is priced even lower than on last year's basis.
Revenue rose steadily from ₩862.2 billion in 2021 to ₩1.5991 trillion in 2025 (a five-year average of +16.7%, +20.2% over the last two years). The consolidation of Daewon Precision into the group in the third quarter of 2024, which expanded domestic production capacity, also added to top-line growth. Earnings recovered quickly too. Operating profit swung from a ₩5 billion loss in 2021 to ₩47 billion in 2025 (+108.3%), and net profit rose 27.1% to ₩36.4 billion. The driver of this recovery is clear. The top line grew on solid output at Hyundai Motor and Kia and an expanded supply base to global automakers, and with utilization at about 74% in Korea and 71% overseas, operating leverage is working, taking on more volume and improving margins without major capacity additions. In the first quarter of 2026 the start was strong too, with revenue of ₩432.8 billion (+13.3% year on year), operating profit of ₩23.3 billion (+26.6%) and net profit of ₩35.0 billion (+126.1%). Reflecting this trend, the P/E on this year's expected earnings is 3.53x, even lower than the confirmed FY2025 P/E (6.64x). In other words, judged against the earnings expected to grow this year rather than the visible earnings of last year, the stock is priced even more cheaply. With a multi-year uptrend and earnings still growing this year, there is no basis to call this a 'cycle top.'
Over the past year the disclosures center on routine results, dividends and governance reports rather than large orders or new investments. On February 11, 2026 the company disclosed an FY2025 change in revenue and earnings structure of more than 30%, reporting that operating profit had risen 108.3% year on year, and citing higher revenue as the background. On the same day it declared a cash dividend of ₩110 per share (a dividend yield of 2.73%, total dividend of ₩6.82 billion); with a payout ratio of about 18.7%, it is not overstretched, so the burden on sustainability is small and it shows stable cash flow. On May 14 the first-quarter 2026 report confirmed strong results, and on March 18 the business report disclosed a business mix centered on springs and seats and utilization in the 70% range. There were no separate positive disclosures such as single-order supply contracts during this period, so price moves appear to have tracked industry expectations and supply-demand more than disclosure events.
The strengths are clear. The top line has grown for five straight years, and earnings that swung from a loss have continued double-digit growth into the first quarter of 2026, a recovery phase. It has widened its supply base from the stable customers Hyundai Motor and Kia to global automakers, and utilization in the 70% range leaves room for more earnings simply on higher volume without major investment. On valuation, in addition to last year's confirmed P/E and P/B being low versus same-supply-chain peers, the P/E of 3.53x on this year's expected earnings is even lower, so the undervaluation signal is fairly clear. Cautions come with it. Because the operating margin is a thin 2.9%, if steel raw-material prices, exchange rates or finished-vehicle output wobble, earnings volatility can widen, and with a debt ratio of 158% and a current ratio of 95% the balance sheet is not especially roomy. In sum, when Hyundai Motor and Kia output is solid and raw materials and exchange rates are stable, operating leverage revives even on thin margins and it is strong; conversely, if finished-vehicle volumes fall or cost pressure builds, it weakens. The current phase, with top line and earnings both rising while the valuation is low versus peers, is one where the strengths stand out.
🔎 Valuation vs peers Fairly valued
Among listed companies in the same auto-parts industry as Daewon Kang Up and belonging to the Hyundai Motor/Kia supply chain, the comparison set was drawn from those for which the site computes P/E, P/B and ROE on the same basis. That said, listed pure comparators focused solely on springs and seats are rare, so there is a limit in that the business mix is not exactly the same.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Mobis | 12.61x | 0.91x | 6.93% |
| Hyundai Wia | 17.25x | 0.47x | 0.89% |
| Hankook Tire & Technology | 8.02x | 0.69x | 9.04% |
(a) Position versus peers: on last year's confirmed results, the P/E and P/B are lower than Hyundai Mobis and Hyundai Wia, and the P/E is similar to Hankook Tire. In other words, it looks cheap on the surface. (b) Premium/discount: however, ROE and operating margin are not higher than peers and the balance sheet is tight, so the low multiple can reasonably be seen as reflecting thin margins and financial burden rather than being 'undervalued.' (c) Limits of trailing: the surge in 2025 operating profit includes a base effect from lower warranty costs, so last year's earnings may be inflated versus a normal year. On a seasonality approximation, this year's revenue is about ₩1.87 trillion, so top-line growth may continue, but the earnings approximation carries large uncertainty. Taken together, in the sense that 'on confirmed results alone it is not heavy, but considering earnings quality it is too early to conclude,' it is judged Fairly valued.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩463.0 billion | approx. ₩46.2 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩3,650 and the market capitalization is ₩226.3 billion. The price sits above its 20-day moving average (₩3,588) and below its 60-day moving average (₩4,176). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 47.1, a neutral level. The one-month change is -8.8%, the three-month change is -12.6%, and the position relative to the 52-week high is -39.2%. Relative strength versus the KOSPI is 25 (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 24% of all stocks. Over the past three months it outpaced the index by 2.2%. 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 +2.16% / 6M -31.85% / 12M -48.73%
Key metrics Computed vs sector median
Valuation
The P/E is 6.21x. The P/B of 0.39x is below the sector median (0.46x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 9.6%, above the sector average (5.0%). The operating margin is 3.1%. The debt ratio is 133.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $777.5M | $960.7M | $1.1B | +16.93% ↓ slower |
| Operating profit | $41.6M | $15.9M | $33.0M | +108.32% ↑ faster |
| Net profit | $21.5M | $20.1M | $25.6M | +27.08% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $605.7M | $719.7M | $777.5M | $960.7M | $1.1B |
| Operating profit | -$3.5M | $15.5M | $41.6M | $15.9M | $33.0M |
| Net profit | -$4.8M | $13.2M | $21.5M | $20.1M | $25.6M |
| Revenue CAGR | 4-yr avg 16.70% | ||||
Revenue rose 16.9% year over year (2023 ₩1.1 trillion → 2024 ₩1.4 trillion → 2025 ₩1.6 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 108.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 16.7%. The two-year revenue CAGR is 20.2%. In the most recent quarter (Q1 2026), revenue was 13.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.0%, is on the high side.
- Revenue grew 16.9% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-02-11EarningsFY2025 consolidated revenue of ₩1.5991 trillion (+16.9%) and operating profit of ₩47 billion (+108.3%) confirmed. The company cited higher revenue and a base effect from a smaller sales-warranty provision versus the prior year as the causes of the operating-profit improvement.Earnings rose sharply, but part is a base effect from lower warranty costs, so near-term earnings momentum is positive while over the medium term it is worth confirming whether this margin holds. Source
- 2026-02-11DividendFY2025 year-end cash dividend decided: ₩110 per common share, total dividend of ₩6.82 billion, dividend yield of 2.73% (record date 2026-04-03, payment scheduled 2026-04-24).With a payout ratio of about 18.7% it is not excessive, so the burden on dividend sustainability is small. At the current price the dividend yield is about 2.2%, a supporting basis for stable cash flow. Source
- 2026-05-14UpdateFirst-quarter 2026 report. Consolidated revenue of ₩432.8 billion (+13.3%), operating profit of ₩23.3 billion (+26.6%), net profit of ₩35.0 billion (+126.1%), with strength continuing.Confirmation of a good start to the year. Still, the first-quarter net-profit surge owes much to a low prior-year base and the second-half seasonality tends to be weaker, so the full-year trend should be re-checked against second- and third-quarter results. Source
- 2026-03-18UpdateFY2025 business report. In 2025 the revenue mix was springs 60.6%, seats 37.8% and other 1.6%; domestic utilization 74.0% and overseas 70.6%; domestic production rose on the consolidation of Daewon Precision in the third quarter of 2024.Primary material for confirming the business mix and production base. Seen together, a structure in which springs make up 60% of revenue and utilization headroom in the 70% range leaves room for the top line to grow simply on higher utilization without capacity additions. Source
- 2025-08-26IRNotice of an investor relations (IR) presentation. The company directly announced a business and results briefing for investors.That the company shares its business status through IR is positive for information access. That said, the notice itself is not an event that directly affects results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 consolidated revenue | 1 ₩599.1 billion | 1 ₩599.1 billion | Confirmed | link |
| FY2025 consolidated operating profit | ₩47.0 billion(+108.3%) | ₩47.0 billion, 108.3% | Confirmed | link |
| Cash dividend per share (FY2025) | ₩110 | ₩110,x ₩6.8 billion, 2.73% | Confirmed | link |
| 2026 seasonality-approximated annual revenue | approx. ₩1.87 trillion | — | Unverified | link |
| 2025 revenue mix (springs/seats) | 60.6% · 37.8% · 1.6% | 969,119(60.6%)· 604,031(37.8%)· 25,922(1.6%) | Confirmed | link |
Recent filings Source
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipLargest-shareholder ownership change report
- 2026-04-24OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-16OwnershipLargest-shareholder ownership change report
- 2026-04-16OwnershipOwnership-change filing
- 2026-04-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-06OwnershipLargest-shareholder ownership change report
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
📖 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.