SeAH Besteel Holdings (001430) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
SeAH Besteel Holdings is a holding company that consolidates the results of three specialty-steel affiliates rather than selling products itself. The earnings come from SeAH Besteel, which makes specialty-steel bars for automobiles and machinery; SeAH Changwon Integrated Special Steel, which makes super heat-resistant alloys; and SeAH Aerospace & Defense Materials, a tier-1 supplier of aluminum extrusions to Boeing. In March the company published a corporate value-up plan targeting an 8% ROE and a 0.7x P/B, along with a policy of paying out at least 30% of net profit as dividends; in late April it confirmed that Q1 net profit had more than tripled year on year, and its Texas specialty-alloy plant (SST) is about to begin commercial operation. The notable point is that profit is rebounding from a two-year trough and the company has a structural growth axis in aerospace, defense, and super heat-resistant alloys, plus defensive support from a 0.58x P/B and a 3.8% dividend yield; on the other hand, the core specialty-steel business is sensitive to downstream demand, free-cash-flow yield is negative because of heavy capital spending, and its 2.9% ROE is still far from the target.
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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.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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 0.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 7.5% higher than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.0%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder SeAH Holdings 61.72% (corporate)
Controlling bloc incl. related parties 62.65%
With the controlling bloc holding 63%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
SeAH Besteel Holdings does not sell products directly; it is a holding company that owns three specialty-steel affiliates and consolidates their results. The money comes from the affiliates. First, SeAH Besteel is the core business, making specialty-steel bars (rod-shaped steel) used in automobiles, machinery, and construction equipment, and it accounts for the largest share of revenue. Second, SeAH Changwon Integrated Special Steel makes stainless steel and super heat-resistant alloys (nickel- and cobalt-based alloys that withstand temperatures above 1,600 degrees), expanding into materials for gas turbines and aircraft engines. Third, SeAH Aerospace & Defense Materials is a tier-1 supplier of aluminum extrusions to Boeing, supplying aircraft-component materials, and its revenue grew four years in a row from ₩47.1 billion in 2020 to ₩105.5 billion in 2024. In other words, it looks like a traditional steelmaker, but its real growth engine is on the aerospace and defense specialty-alloy side.
The latest close is ₩40,050 and the market capitalization is ₩1.4 trillion. The price sits above its 20-day moving average (₩33,775) and below its 60-day moving average (₩43,774). 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 58.5, a neutral level. The one-month change is +24.8%, the three-month change is -43.6%, and the position relative to the 52-week high is -55.6%. Relative strength versus the KOSPI is 53 (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 53% of all stocks. Over the past three months it lagged the index by 31.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Here is what the valuation metrics mean for a beginner. The P/E ratio (how many times one year's profit the share price is) is 25.56x on last year's confirmed profit. However, last year's net profit of ₩56.2 billion had only just recovered from the prior year's trough (₩20.2 billion), so this trailing P/E creates the illusion of looking more expensive than it really is. The P/B ratio (how many times book equity the share price is) is 0.74x, well below 1x. There is a catch here: a holding company's book equity records its stakes in affiliates at their low historical cost, so the P/B actually looks higher than the true asset value. ROE (how much is earned in a year on equity) is 2.9% and the operating margin is 2.7%, still low. The debt ratio (debt relative to equity) is 101%, not particularly heavy, and the current ratio of 186% leaves ample short-term liquidity. EV/EBITDA (enterprise value including debt measured against operating cash flow before depreciation) is 6.7x, not a heavy burden. Net debt (total borrowings minus cash) is about ₩363.7 billion. That said, free-cash-flow yield (the ratio of actual cash earned to market cap) is -7.8%, showing that cash is currently flowing out because of large capital spending such as the Texas plant.
Profit is clearly turning up from a trough. Net profit was squeezed to ₩20.2 billion in 2024, then jumped +177.7% to ₩56.2 billion in 2025, and operating profit also recovered +88.1%. Q1 2026 was even stronger: revenue of ₩967.6 billion (+7.5%), operating profit of ₩31.1 billion (+71.8%), and net profit of ₩21.9 billion, up +264.7% from the same period a year earlier. Q1 net profit alone already filled a large part of last year's full-year figure. The rebound is driven by improving conditions in the core specialty-steel business and by growing revenue from aerospace, defense, and super heat-resistant alloys. On our own estimate, this year's forward P/E on net profit is around 14x, lower than last year's trailing 20.2x. In other words, it looks expensive on last year's numbers but the burden falls sharply when viewed on this year's rebounding profit.
The flow of disclosures is aligned with the rebound and growth investment. In March the company issued a voluntary disclosure of its corporate value-up plan, presenting an 8% ROE and 0.7x P/B target along with a policy of paying out at least 30% of consolidated net profit as dividends. In late April, a fair-disclosure release of preliminary Q1 results confirmed that net profit had more than tripled year on year, and on the same day it announced an IR event. Separately, the affiliates plan to begin commercial operation in the second half of this year at the specialty-alloy entity (SST) in Texas, into which about ₩213.0 billion was invested, and on the aerospace-defense side a new plant investment of around ₩100 billion has also been confirmed. Whether this growth investment translates into actual results is the point to watch going forward.
Consider the strengths and the cautions together. The strengths: first, profit is clearly rebounding from a two-year trough. Second, on top of traditional specialty steel there is a structural growth axis in aerospace, defense, and super heat-resistant alloys. Third, a 0.58x P/B and a 3.8% dividend yield provide defensive support on the asset and dividend side, and the company has set its own value-up targets. The cautions are also clear. First, the core specialty-steel business is sensitive to downstream demand such as automobiles and construction equipment, so profit wavers if conditions turn down again. Second, cash is currently flowing out because of large capital spending, so free-cash-flow yield is negative. Third, the 2.9% ROE is still far from the company's stated 8% target. In sum, this is a strong name if downstream demand continues to recover and the aerospace-defense investment bears fruit, but a weaker one if downstream weakness returns or commercialization of new businesses is delayed.
🔎 Valuation vs peers Inconclusive
Listed specialty-steel and steel holding companies, along with steel-materials issuers, whose business and structure are closest.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SeAH Steel Holdings | 7.39x | 0.22x | 0.55% |
| Hyundai Steel | 0.00x | 0.19x | -0.04% |
| POSCO Steeleon | 16.25x | 0.72x | 3.59% |
Compared with fellow steel holding companies such as SeAH Steel Holdings (0.23x P/B) or Hyundai Steel (0.19x), SeAH Besteel Holdings' 0.58x P/B is relatively high. However, this can be seen as reflecting a growth premium for aerospace and defense specialty alloys. The 20.2x trailing P/E is limited by the fact that last year's net profit had only just rebounded from a two-year trough, making it look more expensive than it really is. On this year's rebounding profit the burden falls sharply, and given that a holding company's book equity records affiliate stakes at a low value, the undervaluation implied by P/B may actually be larger. Because the durability of the rebound (downstream conditions) and the commercialization of new businesses are still to be confirmed, the direction is left inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩40,050 and the market capitalization is ₩1.4 trillion. The price sits above its 20-day moving average (₩33,775) and below its 60-day moving average (₩43,774). 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 58.5, a neutral level. The one-month change is +24.8%, the three-month change is -43.6%, and the position relative to the 52-week high is -55.6%. Relative strength versus the KOSPI is 53 (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 53% of all stocks. Over the past three months it lagged the index by 31.6%. 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 -31.65% / 6M -55.59% / 12M -33.86%
Key metrics Computed vs sector median
Valuation
The P/E of 25.56x is above the sector median (14.17x). The P/B of 0.74x is above the sector median (0.45x). 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 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.7%, above the sector average (1.0%). The operating margin is 3.0%. The debt ratio is 105.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.9B | $2.6B | $2.6B | +0.43% ↑ faster |
| Operating profit | $138.2M | $36.8M | $69.1M | +88.05% ↑ faster |
| Net profit | $90.1M | $14.2M | $39.5M | +177.70% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.6B | $3.1B | $2.9B | $2.6B | $2.6B |
| Operating profit | $167.5M | $89.8M | $138.2M | $36.8M | $69.1M |
| Net profit | $130.6M | $63.9M | $90.1M | $14.2M | $39.5M |
| Revenue CAGR | 4-yr avg 0.00% | ||||
Revenue rose 0.4% year over year (2023 ₩4.1 trillion → 2024 ₩3.6 trillion → 2025 ₩3.7 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 88.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.0%. The two-year revenue CAGR is -5.4%. In the most recent quarter (Q1 2026), revenue was 7.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 3.0%, is on the high side.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-25FilingVoluntary disclosure of a corporate value-up plan targeting an 8% ROE and a 0.7x P/B, with a policy of paying out at least 30% of consolidated net profit as dividends over 2024-2027.Over the medium term, it specifies a dividend floor and a profitability target, increasing the predictability of capital policy. Source
- 2026-04-29EarningsFair disclosure of preliminary consolidated Q1 2026 results: revenue of ₩967.6 billion (+7.5%), operating profit of ₩31.1 billion (+71.8%), net profit of ₩21.9 billion (+264.7%).In the near term, it confirms an escape from the profit trough and strengthens earnings momentum. Source
- 2026-04-29IRDisclosure announcing an IR event timed to the Q1 results release.In the near term, it gives the company a chance to explain results and the progress of new businesses. Source
- 2026-03-16FilingFiling of the 2025 annual report: consolidated revenue of ₩3.6516 trillion, net profit of ₩56.2 billion (+177.7% versus ₩20.2 billion a year earlier).Over the medium term, it officially confirms the profit recovery from a two-year trough. Source
- 2026-03-24DividendResolution of the annual general meeting: a 2025 fiscal-year dividend of ₩1,200 per share (a yield of about 3.8%), maintaining a consolidated payout ratio of 68.6%.Over the medium term, it confirms consistency in shareholder returns by keeping to a dividend floor even before the profit recovery. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated net profit | ₩21.9 billion(+264.7% YoY) | ₩21.9 billion | Confirmed | link |
| Dividend per share (DPS) | ₩1,200 | ₩1,200 | Confirmed | link |
| 2025 consolidated net profit | ₩56.2 billion(+177.7% YoY) | ₩56.2 billion | Confirmed | link |
| Own forward estimate of this year's net profit | approx. ₩80.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-29Disclosure
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-25Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-13Audit 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.