Aluko makes its money by melting aluminum and drawing it out into long, uniform cross-sections (extrusion) and then finishing those profiles. Although classified under steel and primary metals, its actual products are aluminum materials and components: building window frames and cladding, industrial structural sections, and aluminum parts for electronics and automobiles, with annual revenue of about ₩575.7 billion. In June 2025 it secured a single supply contract worth ₩108.7 billion to fill its order book, and after full-year figures were finalized in February 2026 (revenue ₩575.7 billion, operating profit ₩34.9 billion, net profit ₩15.5 billion), first-quarter results showed revenue of ₩142.1 billion, operating profit of ₩9.7 billion, and net profit of ₩13.2 billion. The notable point is that, on an asset-value and current-year-earnings basis, a P/B of 0.50x and a forward P/E below the sector median flag it as undervalued, and Q1 net profit rising year over year is a clear strength, but revenue is in a slowing phase, Q1 operating profit fell sharply, and a debt ratio of 279.6% with an interest coverage ratio below 1x make its financial position tight.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 279.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 97.3%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 7.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 15.8% lower than a year earlier.
- ROE is 4.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder KPTU 19.11% (individual)
Controlling bloc incl. related parties 46.81%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- Aluko earns its revenue by melting aluminum and drawing it into long profiles of a fixed cross-section (extrusion) and then finishing those profiles.
- It is classified under steel and primary metals, but its actual products are aluminum materials and components, led by building window frames and cladding, industrial structural sections, and aluminum parts for electronics and automobiles.
- Annual revenue recently has been around ₩575.7 billion, and in June 2025 it signed a single supply contract worth ₩108.7 billion, locking in an order book that will feed future revenue.
- With a market capitalization of ₩164.7 billion, which is not large, a single sizable supply contract or one earnings disclosure can move the overall picture of the company meaningfully, and that is worth keeping in mind.
- The latest close is ₩1,618, with a market cap of ₩156.7 billion.
- The price sits below the 20-day line (₩1,797) and below the 60-day line (₩2,313).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 34.9, a neutral level.
- The one-month change is -16.5%, the three-month change is -37.6%, and the price stands -53.0% from its 52-week high.
- Relative strength versus the KOSPI is 9 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it in roughly the top 92% of all stocks by strength.
- Over the past three months it lagged the index by 48.0%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Recent annual revenue is ₩575.7 billion, operating profit ₩34.9 billion, and net profit ₩15.5 billion.
- The operating margin is 6.1% and ROE (a profitability gauge of how much is earned in a year on shareholders' equity) is 4.8%, above the sector average.
- On last year's finalized results, the P/E ratio (how many times a year's earnings the share price is) is 10.09x and the P/B (how many times book value the share price is) is 0.48x.
- A P/B of 0.5x means the shares are priced at half the company's net asset value, which in itself is a cheap zone relative to assets.
- Notably, this year's forward P/E is below both last year's P/E of 10.6x and the sector median.
- In a period where earnings swing up and down, forward measures that reflect this year's earnings track the real picture more closely than trailing measures based only on the past year's results.
- That said, the debt ratio is 279.6%, the current ratio is 97.3%, and the interest coverage ratio is below 1x, so debt and short-term cash flow are on the tight side, and financial stability is something to watch separately.
- Annual revenue was ₩591.2 billion in 2023, ₩622.9 billion in 2024, and ₩575.7 billion in 2025, a mixed pattern of rising one year and falling the next, and operating profit similarly moved between ₩35.0 billion and ₩38.0 billion.
- In Q1 2026, revenue of ₩142.1 billion and operating profit of ₩9.7 billion fell -15.8% and -39.8% respectively from the same period a year earlier, while net profit rose to ₩13.2 billion, up +16.0%.
- The key point is that although revenue and operating income were pressured, Q1 net profit was large enough to already cover most of a full year's net profit (₩15.5 billion).
- On this year's forward basis, operating profit is estimated at around ₩24.0 billion and net profit at around ₩21.9 billion, with the net profit accumulated in Q1 forming the base of the ₩21.9 billion annual figure, which points above last year's ₩15.5 billion.
- This forward net profit being set higher than last year's finalized figure rests directly on the net-profit improvement confirmed in Q1, and as a result the forward P/E comes down.
- It should be made clear that revenue growth itself is in a slowing phase, but this year's earnings picture is holding up on the net-profit side despite that slowdown.
- On June 26, 2025, there was a disclosure of a single supply contract (₩108.7 billion).
- Because the contract amount and term connect directly to future revenue recognition, whether this deal is one-off or repeatable will shape the medium-term read.
- On February 25, 2026, a disclosure of a change in revenue and profit structure finalized annual revenue of ₩575.7 billion, operating profit of ₩34.9 billion, and net profit of ₩15.5 billion, and the May 15, 2026 quarterly report disclosed Q1 revenue of ₩142.1 billion, operating profit of ₩9.7 billion, and net profit of ₩13.2 billion.
- It is best to read earnings disclosures while checking whether they point in the same direction as the annual trend and whether one-off factors are mixed in.
- The strengths are clear.
- At a P/B of 0.50x the shares trade at half net asset value, and this year's forward P/E is below both last year's P/E and the sector median, so undervaluation signals appear on both the earnings and asset sides.
- ROE also runs above the sector average, and the price has fallen nearly halfway from its 52-week high, sitting near a low.
- Q1 net profit rising year over year, which supports this year's net-profit picture, is also favorable.
- On the other side, the points to watch are that revenue is in a slowing phase and Q1 operating profit fell sharply, and that a debt ratio of 279.6%, a current ratio of 97.3%, and an interest coverage ratio below 1x leave debt and short-term funding capacity tight.
- In short, from the standpoint of asset value and this year's earnings, it is a stock whose cheap price is a standout strength, and how solid the picture becomes depends on whether a recovery in revenue growth and an easing of the financial burden are confirmed.
🔎 Valuation vs peers Undervalued
Compared against a public-data peer set within steel and primary metals that is close in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai BNG Steel | 10.86x | 0.31x | 2.85% |
| KBI Metal | — | 1.43x | -0.04% |
| Manho Rope & Wire | — | 1.01x | -1.88% |
Within steel and primary metals, the priority was a public-data peer set close in market capitalization. The current P/E ratio (how many times a year's earnings the share price is) is 10.09x and the P/B (how many times book value the share price is) is 0.48x. However, since smaller-cap names are heavily affected by earnings swings and financing disclosures, the read was not settled on last year's finalized-results measures alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩543.7 billion | ₩24.0 billion | ₩21.9 billion |
| Next quarter | Q2 2026 | ₩146.6 billion | ₩6.9 billion | ₩6.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩1,618 and the market capitalization is ₩156.7 billion. The price sits below its 20-day moving average (₩1,797) and below its 60-day moving average (₩2,313). 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 34.9, a neutral level. The one-month change is -16.5%, the three-month change is -37.6%, and the position relative to the 52-week high is -53.0%. Relative strength versus the KOSPI is 9 (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 8% of all stocks. Over the past three months it lagged the index by 48.0%. 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 -47.98% / 6M -53.62% / 12M -70.45%
Key metrics vs sector median
Valuation
The P/E of 10.09x is below the sector median (16.39x). The P/B of 0.48x is in line with the sector median (0.50x).
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)
DCF (discounted cash flow) estimate — discount rate 10.1%, 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 4.8%, above the sector average (2.0%). The operating margin is 6.1%. The debt ratio is 279.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $391.8M | $412.9M | $381.5M | -7.59% ↓ slower |
| Operating profit | $24.9M | $25.2M | $23.1M | -8.29% ↓ slower |
| Net profit | $12.3M | $12.0M | $10.3M | -14.52% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $335.1M | $427.8M | $391.8M | $412.9M | $381.5M |
| Operating profit | $11.0M | $22.9M | $24.9M | $25.2M | $23.1M |
| Net profit | $2.8M | $9.2M | $12.3M | $12.0M | $10.3M |
| Revenue CAGR | 4-yr avg 3.30% | ||||
Revenue fell 7.6% year over year (2023 ₩591.2 billion → 2024 ₩622.9 billion → 2025 ₩575.7 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 8.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.3%. The two-year revenue CAGR is -1.3%. In the most recent quarter (Q1 2026), revenue was 15.8% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- Debt is somewhat higher than equity (debt ratio 279.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 97.3%).
- Revenue fell 7.6% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2025-06-26ContractSingle sale/supply contract signed: contract amount ₩108.7 billionThe contract amount and term are key to future revenue recognition. Whether it is one-off or a repeatable deal will shape the medium-term read. Source
- 2026-02-25EarningsChange in revenue or profit structure of 30% or more (15% for large corporations): annual revenue ₩575.7 billion, operating profit ₩34.9 billion, net profit ₩15.5 billionRecent finalized or preliminary results. Read alongside whether they point in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩142.1 billion, operating profit ₩9.7 billion, net profit ₩13.2 billionRecent finalized or preliminary results. Read alongside whether they point in the same direction as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,618 | ₩1,618 | Confirmed | link |
| Latest quarterly results | revenue ₩142.1 billion, operating profit ₩9.7 billion | revenue ₩142.1 billion, operating profit ₩9.7 billion | Confirmed | link |
| Annual results | revenue ₩575.7 billion, operating profit ₩34.9 billion | revenue ₩575.7 billion, operating profit ₩34.9 billion | Confirmed | link |
| Original text of the contract disclosure | ㆍapprox. : approx. ₩108.7 billion | ㆍapprox. : approx. ₩108.7 billion | Confirmed | link |
| Original text of the earnings disclosure | revenue30%: revenue ₩575.7 billion · operating profit ₩34.9 billion · net profit ₩15.5 billion | revenue30%: revenue ₩575.7 billion · operating profit ₩34.9 billion · net profit ₩15.5 billion | Confirmed | link |
| Original text of the earnings disclosure | (2026.03): 2026 1 revenue ₩142.1 billion · operating profit ₩9.7 billion · net profit ₩13.2 billion | (2026.03): 2026 1 revenue ₩142.1 billion · operating profit ₩9.7 billion · net profit ₩13.2 billion | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Amended filing
- 2026-02-25EarningsEarnings filing
- 2026-02-25Shareholders' meeting notice
📖 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.