KISCO Holdings is a holding company whose core subsidiary, Korea Iron & Steel, makes construction rebar, so its results are effectively driven by the steel subsidiary's business and, within that, by construction activity and rebar market conditions, with consolidated revenue falling from ₩1.5 trillion in 2023 to ₩825.3 billion in 2025. On June 9, officers and the board successively disclosed trust contracts to acquire treasury shares, on March 27 a dividend of ₩1,850 per share was resolved, and the May 15 Q1 report confirmed a revenue rebound (+6.5%), but with operating losses continuing through 2024-2025, results are passing through a trough. What stands out recently is that the strengths of an asset play are clear - the share price is only 0.29x net assets, the balance sheet is very solid with a debt ratio of 14% and a current ratio of 1,153%, and the dividend yield is about 7.6% - whereas it is not currently a profit-generating state, so if construction and steel conditions sink further, losses could drag on and strain dividend capacity.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 18.6% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 6.5% higher than a year earlier.
- ROE is -1.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -8.6%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Jang Se-hong 45.58% (individual)
Controlling bloc incl. related parties 55.82%
With the controlling bloc holding 56%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Korea Steel | 60.34% |
🔎 In-depth analysis
- KISCO Holdings is less a company that sells products directly than a holding company overseeing steel affiliates.
- The group's core subsidiary is Korea Iron & Steel, which makes construction rebar (steel bars placed inside concrete to hold the structure together, and the like).
- KISCO Holdings' results are therefore effectively driven by the steel subsidiary's business and, within that, by construction activity and rebar market conditions.
- That consolidated revenue fell from ₩1.5 trillion in 2023 to ₩825.3 billion in 2025 is also a direct reflection of the construction slowdown and weak rebar market.
- In short, looking at this company is closer in character to taking on construction and steel assets cheaply in holding-company form.
- The latest close is ₩24,700 and the market cap is ₩350.2 billion.
- The price sits above both the 20-day line (₩24,492) and the 60-day line (₩24,550).
- Trading above both its short- and medium-term moving averages, the trend is on the healthy side.
- The RSI (an auxiliary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 53.5, a neutral level.
- The one-month change is +5.1%, the three-month change is -3.1%, and the stock sits -13.3% below its 52-week high.
- Relative strength versus the KOSPI is 27 (on a 1-99 scale, computed from returns against the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it around the top 73% of all stocks by strength.
- Over the past three months it has lagged the index by 24.1%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- Because operations are currently at a loss, the P/E ratio (how many times one year of profit the share price represents) cannot be calculated.
- The key metric to watch instead is the P/B (how many times net assets per share the share price represents), which is 0.29x.
- That means it trades at about a third of the company's net assets (roughly ₩80,000 per share), clearly a cheap zone relative to assets.
- The debt ratio (debt relative to equity) is very low at 14.2%, and the current ratio (assets soon convertible to cash relative to debt due within a year) is ample at 1,153%, giving it a solid balance sheet with almost no risk of being shaken by debt.
- That said, ROE (the rate earned in a year on shareholders' equity) is -1.6% and the operating margin is -8.6%, so while the assets are sturdy, it is not making money right now.
- In other words, this is accurately viewed not as a stock that is a burden because it is expensive, but as an asset play that is cheap but not yet generating profit.
- Consolidated revenue moved from ₩1.58 trillion in 2021 to ₩1.81 trillion in 2022, ₩1.54 trillion in 2023, ₩1.01 trillion in 2024, and ₩825.3 billion in 2025, declining steadily after peaking in 2022 (a -26.8% annual average over the past two years).
- Operating profit also deepened into losses, from a profit of about ₩149.3 billion in 2023 to -₩3.6 billion in 2024 and -₩70.7 billion in 2025.
- This is the result of a construction slowdown overlapping with falling rebar unit prices, a signal closer to being at the trough of the steel-industry cycle than a problem with the company itself.
- Indeed, in the most recent quarter (Q1 2026) revenue was about ₩203.0 billion, up 6.5% year on year, so the decline has stopped.
- The quarterly bottom line is still a loss (-₩17.3 billion), but the fact that revenue has begun to grow again can be read as an early change of the industry stabilizing at a bottom.
- That said, whether this year's profit turns to a surplus depends on the pace of the steel and construction recovery, so while the direction of recovery is visible, its magnitude and timing are still too early to confirm.
- Recent disclosures weigh toward asset value and shareholder returns.
- On 2026-06-09, officers and the board successively disclosed the conclusion of trust contracts to acquire treasury shares, signaling that within the company the current share price is seen as undervalued.
- On May 15, the Q1 2026 report confirmed in numbers a revenue rebound (+6.5%), and on March 27 the regular shareholders' meeting resolved a dividend of ₩1,850 per share (about 8% of the share price at the time), continuing the high dividend.
- On March 19, the swing to a loss was formalized in the 2025 earnings.
- Tying the flow together, the picture is one of results passing through a trough while the company and its officers respond with shareholder returns and treasury shares grounded in asset value.
- This stock's strengths are clear.
- The share price is only 0.29x net assets, the balance sheet is very solid with a debt ratio of 14% and a current ratio of 1,153%, and the dividend yield is high at about 7.6%.
- While the steel sector itself has low P/B ratios, it is cheap even compared with its core subsidiary Korea Iron & Steel (0.41x) or its peer Dongkuk Steel (0.26x), and it has the clear character of an asset play where one can collect a dividend while waiting for an industry recovery.
- On the other hand, the caution is that it is not currently in a profit-generating state.
- Operating losses continued through 2024-2025, and if construction and steel conditions sink further, losses could drag on and strain dividend capacity.
- In sum, when steel and construction conditions stabilize at a bottom and turn around, it is an asset play where the low P/B and high dividend shine together, whereas if the industry downturn drags on, the weak link is that the profit recovery is delayed.
- This is a stock where the assets are cheap and the dividend is high, but the earnings rebound hinges on the steel cycle.
🔎 Valuation vs peers Inconclusive
Viewing the base sector (semiconductor test components) as a misclassification, the peer set was built on the actual business, steel (construction rebar and bar steel) and the holding structure, comparing first against the core subsidiary Korea Iron & Steel and the same steel peer group.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Steel | 0.00x | 0.43x | -1.16% |
| Kiswire | 48.55x | 0.26x | 0.53% |
| Poongsan | 11.71x | 0.75x | 6.40% |
(a) Position versus peers: the P/B of 0.29x is a low-P/B zone similar to the core subsidiary Korea Iron & Steel (0.41x) and Kiswire (0.28x), and is on the low side even within the steel peer group. (b) Premium/discount: versus a profitable steel maker like Poongsan (0.9x) it is at a clear discount, a result reflecting the losses and the sharp revenue decline. (c) Limits of trailing figures and the forward basis: with the 2025 loss, the P/E is not produced, and as steel is a cyclical industry, it is hard to conclude normal earning power from trailing figures during a loss phase alone. With no official company outlook for the future, one could only gauge revenue of about ₩806.8 billion via a DART seasonality approximation (this year's Q1 confirmed results applied with the past three years' quarterly ratios), and profit was not produced given the many loss-making quarters. Accordingly, rather than concluding cheap or expensive, it is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩214.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩24,700 and the market capitalization is ₩350.2 billion. The price sits above its 20-day moving average (₩24,492) and above its 60-day moving average (₩24,550). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 53.5, a neutral level. The one-month change is +5.1%, the three-month change is -3.1%, and the position relative to the 52-week high is -13.3%. Relative strength versus the KOSPI is 27 (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 27% of all stocks. Over the past three months it lagged the index by 24.1%. 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 -24.08% / 6M -38.56% / 12M -60.09%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.31x is below the whole-market median (1.15x).
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 11.0%, 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 -1.6%, below the whole-market average (5.0%). The operating margin is -8.6%. The debt ratio is 14.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.0B | $671.5M | $547.0M | -18.55% ↑ faster |
| Operating profit | $98.9M | -$2.4M | -$46.9M | — |
| Net profit | $60.3M | $21.5M | -$12.1M | -156.28% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.0B | $1.2B | $1.0B | $671.5M | $547.0M |
| Operating profit | $133.0M | $131.2M | $98.9M | -$2.4M | -$46.9M |
| Net profit | $75.4M | $52.9M | $60.3M | $21.5M | -$12.1M |
| Revenue CAGR | 4-yr avg -15.00% | ||||
Revenue fell 18.6% year over year (2023 ₩1.5 trillion → 2024 ₩1.0 trillion → 2025 ₩825.3 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 -15.0%. The two-year revenue CAGR is -26.8%. In the most recent quarter (Q1 2026), revenue was 6.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 7.5%, is on the high side.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 18.6% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-09UpdateThe holding company resolved to conclude a trust contract to acquire treasury shares (for shareholder-return purposes).Positive for short-term supply and demand, and it shows a will for shareholder returns even in a loss phase. That said, as it is a cash outflow, it should be viewed alongside dividend capacity. Source
- 2026-06-09UpdateThe subsidiary also resolved to conclude a trust contract to acquire treasury shares on the same day (a material management matter of the subsidiary).With the holding company and subsidiary buying treasury shares simultaneously, it is interpreted as a group-wide shareholder-return signal. Source
- 2026-05-15EarningsThe Q1 2026 quarterly report confirmed revenue of ₩203.0 billion (+6.5% year on year) and a continued operating loss.The revenue decline has stopped and rebounded slightly, but the loss continues, so the timing of a swing to profit is the key item to confirm. Source
- 2026-03-27DividendThe regular shareholders' meeting resolved the 2025 year-end dividend (₩1,850 per share).At a dividend yield of about 8.0% on the current price, the return appeal is large, while if the loss continues, the sustainability of the dividend source needs to be checked. Source
- 2026-03-19EarningsThe 2025 business report formalized an annual swing to a loss, with consolidated revenue of ₩825.3 billion and an operating loss of ₩70.7 billion.The core-business weakness from the construction slowdown was confirmed on an annual basis, so whether industry conditions rebound becomes the premise for an earnings recovery. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09TreasuryMaterial-fact report
- 2026-06-09TreasuryMaterial-fact report
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-30OwnershipOwnership-change filing
- 2026-03-30Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-23Amended filing
- 2026-03-23Amended filing
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit 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.