DI Dongil is a manufacturer that earns money across three lines: its traditional core of textiles and dyeing, secondary-battery materials such as carbon-coated aluminum foil for LFP batteries, and air- and water-treatment environmental equipment; although officially classified as "wholesale," its actual business is closer to materials manufacturing. In 2025 it ran a loss amid a textile downturn, weak secondary-battery demand and shrinking environmental-equipment sales, but that same year it decided on a new ₩110.76 billion investment in LFP carbon-coated aluminum foil, its Q1 2026 quarterly report confirmed a return to operating profit, and it kept a ₩100-per-share dividend. What stands out lately is that if the Q1 profit carries through the year, the battery-materials investment proceeds as planned, and the control dispute is resolved, the asset value implied by a P/B of 0.86x becomes a strength, but five-year revenue was declining, the current ratio is below 100%, and a prolonged dispute could shake the share price.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 74.1%).
- The most recent full-year net result was a loss.
- Revenue fell 7.7% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 4.5% higher than a year earlier.
- ROE is -1.9% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.3%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Jeongheon Foundation 13% (corporate)
Controlling bloc incl. related parties 21.43%
With the controlling bloc holding 21%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- DI Dongil (formerly of the Dongil Spinning group) earns money not from one business but across three lines.
- The first is its oldest core, textiles and dyeing; the second is secondary-battery materials (rechargeable batteries used in EVs and ESS), with carbon-coated aluminum foil for LFP batteries at the center; and the third is environmental equipment used in air and water treatment.
- The reasons the company itself gave in its DART filing for the 2025 earnings swing, a "textile-industry downturn, weak secondary-battery demand and shrinking environmental-equipment demand," show directly that these three lines make up its revenue.
- In other words, although officially classified as "wholesale," it is better understood, in line with the actual business, as a manufacturer that has layered a secondary-battery-materials growth axis onto traditional textiles.
- The latest close is ₩22,350 and market capitalization is ₩463.0 billion.
- The price sits below the 20-day line (₩22,558) and the 60-day line (₩25,326).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- The RSI (an auxiliary gauge that scores the balance of up- and down-moves over the past 14 days on a 0-100 scale) is 45.2, a neutral level.
- The one-month change is -0.9%, the three-month change is +4.7%, and the price sits -48.4% below its 52-week high.
- Relative strength versus the KOSPI is 25 (1-99, a recency-weighted conversion of returns against the index over the past year; higher means stronger than the market).
- That places it in roughly the top 76% of all stocks by strength.
- Over the past three months it lagged the index by 18.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Looking at value against the price, the P/B (how many times per-share net assets the share price is) is 0.89x, meaning the shares trade even below book net assets.
- The P/S (how many times one year's revenue the share price is) is also light at 0.78x relative to revenue scale.
- On confirmed annual (2025) figures, net profit was a loss so the P/E ratio (how many times one year's net profit the share price is) cannot be calculated, and the key clue here is that the 2025 metrics come off a "low base" where a single year's profit dipped into loss rather than reflecting the company's normal earnings power.
- It is therefore closer to reality to view the company through a forward lens, watching profit turn back up, than to judge it on last year's loss alone.
- Indeed, in Q1 2026 operating profit swung positive at about ₩700 million, showing the early stage of a return to a normal earnings track.
- On financial stability, the debt ratio (debt against equity) of 97.3% is unremarkable in absolute terms, but the current ratio (assets readily convertible to cash against debt due within a year) of 74.1% is below 100%, so short-term funding is a point to watch.
- Five-year revenue fell from ₩813.1 billion in 2021 to ₩601.4 billion in 2025 (five-year CAGR -7.3%), and operating profit turned from a ₩7.8 billion profit in 2024 to a ₩1.5 billion loss in 2025.
- Narrowing to the most recent quarter, though, the direction changes.
- Q1 2026 revenue was ₩169.8 billion, up 4.5% from a year earlier, and operating profit swung from loss to a profit of about ₩700 million.
- This recovery has a clear basis.
- In February 2026 the company decided to invest ₩110.76 billion (19.6% of equity) through 2030 at its Cheongju plant and elsewhere to produce carbon-coated aluminum foil for LFP batteries, a head-on response to broaden its materials capacity in step with EV and ESS battery markets adopting more LFP.
- In other words, a new secondary-battery-materials growth axis is filling the decline in traditional textile revenue, and profit has begun returning to positive.
- The forward picture of profit turning positive again this year rests on this Q1 turn to profit and the new investment momentum.
- That said, because this recovery has only just begun, future profit is closer to the starting point of a normalization process than a peak.
- Disclosures over the past year read along two threads.
- One thread is the business-recovery flow.
- In February 2026 a preliminary results disclosure confirmed the 2025 loss (cause: textile downturn, weak secondary-battery demand, shrinking environmental equipment), and on the same day a new facility investment of ₩110.76 billion in LFP carbon-coated aluminum foil was decided.
- In March, despite the loss, a ₩100-per-share cash dividend (0.48% yield on price) was approved, showing a commitment to shareholder returns, and the May Q1 quarterly report confirmed the return to operating profit.
- In April an IR (investor briefing) was announced to explain the business status and plans firsthand.
- The other thread is governance.
- In August 2025 a control-dispute lawsuit (a petition to appoint an inspector) was filed over an extraordinary shareholder meeting, followed by related disclosures.
- Growth investment and a dispute are proceeding within one company at the same time.
- The strengths are clear.
- Operating profit, which had been a loss, turned positive in Q1 2026, putting earnings at the start of normalization, and a new investment in the secondary-battery material of LFP carbon-coated aluminum foil is building a growth axis beyond traditional textiles.
- Moreover, at a P/B of 0.86x the shares sit below book net assets, so the price is not a heavy one on asset value.
- At the same time there are points to watch.
- Five-year revenue was declining, the current ratio is below 100% so short-term funding is tight, and, above all, a control dispute is ongoing so decision-making and the share price can be shaken by events.
- In short, this company is strong under conditions where "Q1 profit carries through the year, the battery-materials investment proceeds as planned, and the dispute is resolved," and weak where "weak textile and environmental demand drags on or a prolonged dispute unsettles investment execution." A valuation below net assets and early signs of an earnings recovery are clear points to watch, and to these one adds the durability of quarterly profit, investment progress, and resolution of the dispute.
🔎 Valuation vs peers Inconclusive
As a hybrid manufacturer spanning textiles, secondary-battery materials and environmental equipment, DI Dongil has few clean peers; small industrial and materials stocks whose figures are available on the site were used only as a rough reference set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Youngone Corporation | 7.42x | 0.89x | 12.03% |
| Igu Industrial | 11.67x | 0.87x | 7.50% |
With profit in a loss, value cannot be judged on trailing P/E, and in this kind of earnings inflection the position against net assets (P/B) and the durability of the profit recovery must be viewed together. A P/B of 0.9x sits slightly below net assets, similar to the peers, and cannot on its own be declared cheap. On the forward side, the Q1 2026 turn to profit and the new investment in LFP carbon-coated aluminum foil are the basis for recovery, but with no official company annual forecast, revenue can only be gauged from a seasonality approximation. Until the durability of the exit from loss and the resolution of the control dispute are confirmed, it is right to withhold a fair-or-mispriced verdict.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩163.4 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩22,350 and the market capitalization is ₩463.0 billion. The price sits below its 20-day moving average (₩22,558) and below its 60-day moving average (₩25,326). 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 45.2, a neutral level. The one-month change is -0.9%, the three-month change is +4.7%, and the position relative to the 52-week high is -48.4%. 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 lagged the index by 18.2%. 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 -18.19% / 6M -31.84% / 12M -77.26%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.89x is in line with the sector median (0.80x).
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.
Profitability & financials
Return on equity (ROE) is -1.9%, below the sector average (7.0%). The operating margin is -0.3%. The debt ratio is 97.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $452.6M | $431.9M | $398.6M | -7.73% ↓ slower |
| Operating profit | $4.2M | $5.2M | -$1.0M | -119.78% ↓ slower |
| Net profit | $2.1M | $1.1M | -$6.5M | -709.39% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $538.9M | $605.6M | $452.6M | $431.9M | $398.6M |
| Operating profit | $32.2M | $29.7M | $4.2M | $5.2M | -$1.0M |
| Net profit | $27.8M | $35.7M | $2.1M | $1.1M | -$6.5M |
| Revenue CAGR | 4-yr avg -7.26% | ||||
Revenue fell 7.7% year over year (2023 ₩682.9 billion → 2024 ₩651.7 billion → 2025 ₩601.4 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 119.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -7.3%. The two-year revenue CAGR is -6.2%. In the most recent quarter (Q1 2026), revenue was 4.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 74.1%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 7.7% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-02-11Filing2025 preliminary consolidated results: revenue ₩601.4 billion (-7.7%), operating loss ₩1.5 billion, a swing to loss. The company attributed it to a textile-industry downturn, weak secondary-battery demand and shrinking environmental-equipment demand.Short term: the swing to loss confirms margin concerns. Medium term: showing the weakness stems from the demand cycles of the three business axes, so whether they recover is the point to watch. Source
- 2026-02-11FilingNew facility investment decision: ₩110.76 billion (19.6% of equity) in the Cheongju plant and elsewhere to produce LFP carbon-coated aluminum foil, 2026-2030.Medium term: a large investment growing a secondary-battery-materials axis beyond traditional textiles. That said, the execution period is long and can shift with business conditions. Source
- 2026-03-05Dividend2025 year-end cash dividend decision: ₩100 per common share, 0.48% yield on price, total dividend of about ₩1.97 billion (record date 2025-12-31).Short term: keeping the dividend despite a loss confirms a commitment to shareholder returns. That said, the yield itself is at a low level. Source
- 2025-08-21UpdateControl-dispute lawsuit filed: a petition to appoint an inspector to examine the legality of convening and resolving the 2025-08-29 extraordinary shareholder meeting (Seoul Central District Court, 8 petitioners).Short and medium term: governance uncertainty widens share-price volatility. The backdrop to the September 2025 plunge and the large swings in trading volume that followed. Source
- 2026-05-15EarningsQ1 2026 quarterly report: revenue ₩169.8 billion (+4.5%), operating profit about ₩700 million, a swing to profit.Short term: a signal of a turn from loss to quarterly profit. Medium term: whether the profit carries through the full year is the key thing to confirm. Source
- 2026-04-21IRIR (investor briefing) announcement. An official occasion for the company to explain its business status and plans firsthand.Medium term: an opportunity to confirm the new investment and quarterly-results flow through the company's official channel. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual operating profit (swing to loss) | -₩1.5 billion(operating margin -0.3%) | -1,544,756 | Confirmed | link |
| Dividend per share (DPS) | ₩100 | ₩100 | Confirmed | link |
| Q1 2026 revenue | ₩169.8 billion(+4.5%) | ₩169,789,885,584 | Confirmed | link |
| 2026 annual revenue (seasonality approximation) | approx. ₩614.3 billion | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-21Disclosure
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-10OwnershipOfficers'/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.