Manho Rope & Wire (001080) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Manho Rope & Wire earns more than 95% of its revenue from making and selling wire rope, fiber rope and specialty steel wire, intermediate materials that serve as inputs for auto parts, bed springs and machinery, so its results are heavily swayed by the business cycle of its downstream industries. In March the results of a roughly ₩4.1 billion private-placement exchangeable bond issuance were disclosed, and in May a series of filings on the exercise of conversion, warrant and exchange rights followed, pointing to both an inflow of funds and the potential for the share count to rise. What stands out lately is that a solid short-term financial position (a debt ratio of 12% and a current ratio of 686.8%), undervaluation relative to assets (a P/B of 0.84x) and a narrowing loss are strengths, while operating and net losses persist, revenue has fallen for a third straight year, and dilution from the exercise of the bonds could be significant, all of which must be viewed alongside whether the company turns a profit.
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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 “Steel & Metals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Steel and metals swing hard with raw-material prices and downstream demand, so profits balloon in upturns and can flip to losses in downturns. Because earnings are so volatile, price-to-book (P/B) — the share price against the value of plant and assets — is the first lens.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
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
- The most recent full-year net result was a loss.
- Revenue fell 15.0% year over year (3-year trend: falling).
- Most recent quarter (Q3 2025) revenue was 9.4% lower than a year earlier.
- ROE is -1.9% (total-net basis). It is below the sector average.
- Operating margin is -7.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-06-30
Largest shareholder Kim Sang-hwan 8.93% (individual)
Controlling bloc incl. related parties 23.63%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Manho Rope & Wire earns more than 95% of its revenue from making and selling wire rope (W/R), fiber rope and specialty steel wire. All are products processed from wire rod, which is not itself a final consumer good but an intermediate material that becomes an input for other products. The steel wire and rope the company makes are used across a broad range of industries, including auto parts, bed springs and various machinery. In other words, when the downstream industries that use wire rod, such as autos and machinery, do well, orders rise, and when those industries contract, orders fall, so the company's results are heavily influenced by downstream demand. With a market cap of ₩158.5 billion, which is on the smaller side, it is worth watching not only the flow of the business itself but also how a single disclosure such as a fundraising can affect the financials and the number of shares outstanding.
The latest close is ₩4,035 and the market capitalization is ₩167.5 billion. The price sits below its 20-day moving average (₩4,090) and below its 60-day moving average (₩4,469). 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 43.3, a neutral level. The one-month change is -14.1%, the three-month change is -21.6%, and the position relative to the 52-week high is -92.6%. Relative strength versus the KOSPI is 5 (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 4% of all stocks. Over the past three months it lagged the index by 5.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most recent annual figures (2025, non-consolidated) show revenue of ₩153.0 billion, an operating loss of ₩12.0 billion and a net loss of ₩3.5 billion, so the company is loss-making. With an operating margin of -7.8% and ROE (how much is earned in a year on equity) of -1.9%, profitability is still in a pre-recovery phase. The financial structure itself, however, is fairly solid. The debt ratio (debt against equity) is a moderate 112.0%, and the current ratio (assets that can be turned into cash within a year against debt due within a year) is a very high 686.8%, leaving ample short-term liquidity. On valuation, because earnings are negative, the P/E ratio (how many times one year's earnings the price is) cannot be calculated; instead the P/B (how many times book value the price is) is 0.89x. A P/B below 1x means the price is set below the company's net assets, which can be read as cheap in terms of asset value. It is appropriate to weigh both the losses and the below-book price together, without leaning to one side.
The top line has been shrinking, from ₩196.1 billion of revenue in 2021 to ₩153.0 billion in 2025. Revenue in 2025 fell 15.0% from the prior year, and the three-year trend also points downward. The operating result narrowed sharply from a ₩30.8 billion loss in 2024 to a ₩12.0 billion loss in 2025, and the net result also improved markedly, from a ₩44.4 billion loss in 2024 to a ₩3.5 billion loss in 2025. It has not turned from loss to profit, but on loss size alone the direction improved clearly within a single year. In the most recent quarter (Q3 2025), revenue was ₩37.1 billion, down 9.4% from the same period a year earlier, with an operating loss of ₩2.8 billion and a net loss of ₩4.7 billion. Because revenue is tied to downstream demand for wire rod (autos, machinery and the like), whether the top line rebounds depends heavily on the pace of recovery in these downstream industries. No official company outlook for this year could be confirmed, so this section is based only on confirmed results and their trend.
Recent disclosures cluster around fundraising and changes in the share count. On 2026-03-27, the results of a private-placement exchangeable bond issuance (unregistered, coupon-bearing, unsecured) were disclosed, with about ₩4.1 billion paid in. Then, on 2026-05-06 and 2026-05-11, disclosures on the exercise of conversion, warrant and exchange rights were filed. When such rights are exercised, funds can flow into the company or bonds can be converted into shares, potentially increasing the number of shares outstanding. It is therefore worth checking in the source filings both what purpose the funds are used for (facilities, operations, and so on) and how much the share count rises and dilutes existing shareholders. Where a facilities or operating purpose is stated, whether the actual investment later translates into revenue is the point to watch.
This stock has clearly divided strengths and cautions. On the positive side, the debt ratio of 12.0% is not heavy and the current ratio of 686.8% is very high, so short-term finances are solid, and at a P/B of 0.84x the price sits below book value (net assets), placing it cheap in terms of asset value. The operating and net losses narrowing sharply within a year is also a directionally positive signal. On the cautionary side, operating and net results are still in the red and revenue has fallen for three straight years, so a top-line recovery has not been confirmed, and the exercise of the exchangeable bond and conversion and warrant rights could increase the share count. In sum, this is a stock where the below-book price stands out as a strength if downstream demand for wire rod turns and the narrowing loss leads to a profit, and one that works weakly if the losses drag on or dilution grows from additional fundraising. Rather than the price itself, it is worth following whether the narrowing loss leads to a profit and whether the funds actually connect to business investment.
🔎 Valuation vs peers Overvalued
Steel and primary-metals peers of adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Aluko | 10.73x | 0.48x | 5.04% |
| Hyundai BNG Steel | 12.00x | 0.34x | 3.47% |
| Namsun Aluminum | 36.70x | 0.47x | 1.28% |
Within steel and primary metals, public-data peers of comparable market cap were prioritized. The current P/E (how many times one year's earnings the price is) cannot be confirmed, and the P/B (how many times book value the price is) is 0.89x. That said, for smaller-cap names, earnings swings and the impact of fundraising disclosures are large, so no firm conclusion was drawn from metrics based solely on last year's confirmed results. The basis for the outlook box is that no official company forecast could be confirmed.
Price history Close · MA20 · MA60
The latest close is ₩4,035 and the market capitalization is ₩167.5 billion. The price sits below its 20-day moving average (₩4,090) and below its 60-day moving average (₩4,469). 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 43.3, a neutral level. The one-month change is -14.1%, the three-month change is -21.6%, and the position relative to the 52-week high is -92.6%. Relative strength versus the KOSPI is 5 (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 4% of all stocks. Over the past three months it lagged the index by 5.0%. 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 -4.95% / 6M -93.72% / 12M -91.40%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.89x is above the sector median (0.45x).
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 10.1%, 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 sector average (1.0%). The operating margin is -7.8%. The debt ratio is 11.2%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $154.1M | $126.4M | $107.5M | -14.98% ↑ faster |
| Operating profit | -$8.7M | -$21.6M | -$8.4M | — |
| Net profit | -$2.9M | -$31.2M | -$2.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $137.8M | $178.2M | $154.1M | $126.4M | $107.5M |
| Operating profit | $882,374 | $147,157 | -$8.7M | -$21.6M | -$8.4M |
| Net profit | $607,989 | $4.5M | -$2.9M | -$31.2M | -$2.5M |
| Revenue CAGR | 4-yr avg -6.03% | ||||
Revenue fell 15.0% year over year (2023 ₩219.3 billion → 2024 ₩179.9 billion → 2025 ₩153.0 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -6.0%. The two-year revenue CAGR is -16.5%. In the most recent quarter (Q3 2025), revenue was 9.4% lower than the same period a year earlier.
Latest quarterly results Source Q3 2025 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 15.0% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-11UpdateExercise of conversion, warrant and exchange rights: check detailed terms in the source filingA disclosure where the purpose of the fund inflow and the change in the share count must be viewed together. Where a facilities or operating purpose is stated, whether the actual investment is executed and connects to revenue is the key. Source
- 2026-05-06UpdateExercise of conversion, warrant and exchange rights: check detailed terms in the source filingA disclosure where the purpose of the fund inflow and the change in the share count must be viewed together. Where a facilities or operating purpose is stated, whether the actual investment is executed and connects to revenue is the key. Source
- 2026-03-27UpdateResults of a rights offering or issuance of stock-related bonds (voluntary disclosure): dated 2026-03-19, actual shares issued - actual amount issued ₩4,089,644,859, payment date 2026-03-27. 4. Other material matters relevant to investment judgment: the company's 'unregistered, coupon-bearing, unsecured private-placement exchangeable bond' resolved by the board on March 19, 2026, was paid in as aboveA disclosure where the purpose of the fund inflow and the change in the share count must be viewed together. Where a facilities or operating purpose is stated, whether the actual investment is executed and connects to revenue is the key. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,035 | ₩4,035 | Confirmed | link |
| Latest quarterly results | revenue ₩37.1 billion, operating profit -₩2.8 billion | revenue ₩37.1 billion, operating profit -₩2.8 billion | Confirmed | link |
| Annual results | revenue ₩153.0 billion, operating profit -₩12.0 billion | revenue ₩153.0 billion, operating profit -₩12.0 billion | Confirmed | link |
| Fundraising disclosure source text | exercise of conversion / warrant / exchange rights: see the filing for detailed terms | exercise of conversion / warrant / exchange rights: see the filing for detailed terms | Confirmed | link |
| Fundraising disclosure source text | exercise of conversion / warrant / exchange rights: see the filing for detailed terms | exercise of conversion / warrant / exchange rights: see the filing for detailed terms | Confirmed | link |
| Fundraising disclosure source text | 6-03-19 - 4,089,644,859 2026-03-27 4. 2026 3 19 ' ' | 6-03-19 - 4,089,644,859 2026-03-27 4. 2026 3 19 ' ' | Confirmed | link |
| Basis for the outlook box | — | — | Unverified | — |
Recent filings Source
- 2026-06-09Disclosure
- 2026-06-01Corporate governance report
- 2026-05-15Disclosure
- 2026-05-14Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-11Disclosure
- 2026-05-06Disclosure
- 2026-04-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27Paid-in capital increase
- 2026-03-19Material-fact report
- 2026-03-16OwnershipOfficers'/major-shareholders' holdings report (amended)
- 2026-03-13OwnershipOfficers'/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.