Kiswire, founded in 1945, is a specialist maker of wire rope and special wire rod. It buys steel wire rod, draws it thin and twists it, and sells value-added secondary-processed products such as wire rope for ships and cranes, PC steel wire for bridges and buildings, and tire cord and steel cord. In March 2026 it issued a corporate-value-enhancement plan targeting a payout ratio of 40%+ and a total shareholder-return ratio of 25%+, and it increased 2025 treasury-share purchases by 8.0% versus the prior year; the May 15 quarterly report confirmed a sharp Q1 net-profit jump. What stands out lately is that if core-business margin rises to follow the Q1 net-profit rebound and shareholder returns are actually executed, a P/B of 0.26x and a forward P/E of 12.31x become grounds for a re-valuation; but Q1 operating profit actually fell, so a core-margin recovery is still at the confirmation stage, and results are swayed by shipbuilding, construction, and auto end-demand.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 4.0% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 2.2% lower than a year earlier.
- ROE is 0.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Hong Seok-pyo 20.07% (individual)
Controlling bloc incl. related parties 67.8%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Kiswire (KISWIRE), founded in 1945, is a specialist maker of wire rope and special wire rod.
- It buys steel raw material (wire rod), draws it thin and twists it, and sells value-added secondary-processed products.
- Its mainstays are wire rope used in ships, cranes, elevators, and mines; PC steel wire and strand (steel cords that pull and reinforce concrete) used in bridges and building structures; tire cord and steel cord that reinforce automobile tires; and various industrial hard-drawn wire.
- In other words, this is not integrated steelmaking that "melts iron" but a business that "processes drawn steel wire and sells it," so even within the same steel industry it differs in character from large blast-furnace makers like POSCO and Hyundai Steel.
- Revenue has a high export share, and through domestic and overseas subsidiaries it moves with the cycles of the auto, shipbuilding, and construction end-markets.
- The latest close is ₩17,280, with a market cap of ₩466.6 billion.
- The price sits below its 20-day (₩18,286) and 60-day (₩21,024) moving averages.
- Trading under both short- and mid-term averages, the trend is subdued.
- The RSI (a gauge that measures the balance of upward and downward strength over the past 14 days on a 0-100 scale) is 36.5, a neutral reading.
- The one-month change is -5.7%, the three-month change -15.5%, and the price sits 36.5% below its 52-week high.
- Relative strength versus the KOSPI is 23 (on a 1-99 scale that weights recent one-year returns against the index more heavily toward recent periods; higher means stronger than the market), placing it roughly in the top 77% for strength among all stocks.
- Over the past three months it lagged the index by 33.9%.
- Chart interpretation is best done alongside trading volume and disclosure dates.
- On a confirmed full-year (FY2025) basis, the P/E ratio (how many times one year's net profit the share price represents) is 48.55x, which looks higher than the industry median (17.9x).
- But this figure is inflated because last year's net profit was unusually small at ₩9.6 billion, so it is more accurate to read it as "last year's profit was at the bottom" than as "expensive." In fact, the forward P/E (a multiple based on the profit expected over the next year) that reflects this year's recovered earnings comes down to a level similar to or lower than peers such as Poongsan (12.6x).
- The P/B (how many times net asset value the share price represents) is 0.26x, less than half the industry median (0.57x)—a deeply discounted price relative to book net assets.
- ROE (how much is earned on equity in a year) is still low at 0.5%, but this is based on last year when profit was at the bottom, so it has room to rise as this year's profit recovers.
- Operating margin is 2.2% and the debt ratio (debt relative to equity) is 146.4%, both ordinary levels, while a current ratio of 261% means short-term payment ability is sound.
- Over five years, revenue peaked at ₩2.1 trillion in 2022 after ₩1.7 trillion in 2021, then moved sideways in the ₩1.7-1.8 trillion range: ₩1.79 trillion in 2023, ₩1.74 trillion in 2024, and ₩1.81 trillion in 2025.
- Operating profit fell from ₩133.5 billion in 2022 to ₩26.1 billion in 2024, then rose again to ₩40.7 billion (+56.0%) in 2025, while net profit bottomed from ₩33.7 billion in 2024 to ₩9.6 billion in 2025.
- The inflection is clear this year: Q1 2026 revenue was essentially flat at ₩432.7 billion (-2.2%), but net profit surged +245.6% to ₩21.0 billion from ₩6.1 billion a year earlier, exceeding twice last year's full-year net profit in a single quarter.
- That said, in the same quarter operating profit was ₩7.0 billion (-14.8%), so the core-margin recovery is still slow—a point to watch alongside.
- The most meaningful recent disclosure is the corporate-value-enhancement plan (voluntary disclosure) of March 27, 2026.
- The company set shareholder-return targets of a payout ratio of 40%+ or a total shareholder-return ratio (including treasury shares) of 25%+, plus an expansion of at least 10% over the five-year average treasury-share purchase amount, and stated that 2025 treasury-share purchases were ₩9.44 billion, up 8.0% from the prior year (₩8.75 billion).
- This should be distinguished as a target for the shareholder-return policy, not a revenue or profit plan.
- The same day, the AGM results and appointment of outside directors were disclosed.
- Later, the May 15 Q1 2026 quarterly report confirmed the net-profit surge, and on May 14 a largest-shareholder ownership-change report and an executive/major-shareholder ownership report were filed.
- The March 19 business report (Dec.
- 2025) disclosed confirmed annual results.
- Starting with the strengths: at a P/B of 0.26x, the stock is deeply discounted to net assets, and meanwhile net profit rebounded sharply this year, so the P/E that looked high on last year's profit comes down to the 12x range (forward P/E 12.31) on a next-year basis, sitting at or below peers.
- On top of that, the corporate-value-enhancement plan formalizes a direction of stronger shareholder returns via dividends and buybacks, opening a channel for the cheaply traded asset value to be re-valued.
- There are points to weigh alongside: while Q1 net profit rose sharply, operating profit actually fell, so the core-margin recovery is still at the confirmation stage.
- And with a business structure swayed by shipbuilding, construction, and auto end-demand as well as by the exchange rate and wire-rod costs, the pace of earnings recovery can vary with end-demand.
- In short, if core-business margin rises to follow the Q1 net-profit rebound and shareholder returns are actually executed, the low P/B and the lowered forward P/E become grounds for a re-valuation; conversely, if end-demand turns down again, the pace of recovery could slow.
🔎 Valuation vs peers Inconclusive
The peer set prioritizes stocks close in business substance to wire rope and special wire rod, rather than large integrated steelmakers. Manho Rope & Wire is the most similar wire-rope specialist peer; Poongsan and POSCO Steeleon are the same primary-metals processing, and POSCO Holdings serves as a large-cap reference point for the industry. All figures are on-site (current-price) calculations.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Manho Rope & Wire | — | 1.01x | -1.88% |
| Poongsan | 11.71x | 0.75x | 6.40% |
| POSCO Steeleon | 16.50x | 0.73x | 4.44% |
| POSCO Holdings | 35.79x | 0.42x | 1.18% |
(a) Positioning versus peers: on P/B, at 0.27x it is more deeply discounted to net assets than the wire-rope peer Manho Rope & Wire (0.89x) and Poongsan and POSCO Steeleon (in the 0.8x range). (b) Premium/discount: this discount reflects low profitability (ROE 0.5%) and volatile earnings, so it is hard to call it outright undervalued. (c) Limits of the trailing P/E and forward grounds: with last year's net profit at the bottom, the confirmed P/E of 50.9x overstates the actual earnings power. Approximating seasonality from DART's confirmed quarterly results suggests room for 2026 net profit to recover (about ₩72.1 billion, a single-digit forward P/E), but this is an unverified approximation and whether the Q1 net-profit surge was a one-off has not been confirmed. Until a core-margin recovery and the annual persistence of net profit are confirmed, it is hard to conclude undervalued, fairly valued, or overvalued, so this is left Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩453.7 billion | ₩11.1 billion | ₩13.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩17,280 and the market capitalization is ₩466.6 billion. The price sits below its 20-day moving average (₩18,286) and below its 60-day moving average (₩21,024). 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 36.5, a neutral level. The one-month change is -5.7%, the three-month change is -15.5%, and the position relative to the 52-week high is -36.5%. Relative strength versus the KOSPI is 23 (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 23% of all stocks. Over the past three months it lagged the index by 33.9%. 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 -33.89% / 6M -48.07% / 12M -59.84%
Key metrics vs sector median
Valuation
The P/E of 48.55x is above the sector median (16.39x). The P/B of 0.26x is below the sector median (0.50x). 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)
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 0.5%, below the sector average (2.0%). The operating margin is 2.2%. The debt ratio is 146.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.2B | +4.00% ↑ faster |
| Operating profit | $37.3M | $17.3M | $27.0M | +55.98% ↑ faster |
| Net profit | $47.4M | $22.3M | $6.4M | -71.47% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.4B | $1.2B | $1.2B | $1.2B |
| Operating profit | $65.3M | $88.5M | $37.3M | $17.3M | $27.0M |
| Net profit | $86.0M | $53.7M | $47.4M | $22.3M | $6.4M |
| Revenue CAGR | 4-yr avg 1.70% | ||||
Revenue rose 4.0% year over year (2023 ₩1.8 trillion → 2024 ₩1.7 trillion → 2025 ₩1.8 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 56.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.7%. The two-year revenue CAGR is 0.6%. In the most recent quarter (Q1 2026), revenue was 2.2% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-27FilingCorporate-value-enhancement plan (voluntary disclosure) — targeting a payout ratio of 40%+ or a total shareholder-return ratio of 25%+, and expanding treasury-share purchases by 10%+ over the five-year average. 2025 treasury-share purchases were ₩9.44 billion (+8.0% YoY).A policy disclosure that formalizes a stronger shareholder-return direction on a mid-term basis. It is not a revenue or profit target; execution and free cash flow are the keys. Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue ₩432.7 billion (-2.2%), operating profit ₩7.0 billion (-14.8%), net profit ₩21.0 billion (+245.6%).Short term, the net-profit rebound is confirmed but operating profit declined. Whether core-business margin recovers needs confirmation next quarter. Source
- 2026-03-19Earnings2025 business report (consolidated) — revenue ₩1.81 trillion (+4.0%), operating profit ₩40.7 billion (+56.0%), net profit ₩9.6 billion (-71.5%).Discloses confirmed annual results. Operating profit recovered, but net profit was at the bottom—the reason last year's P/E looks high. Source
- 2026-05-14FilingFiling of a largest-shareholder ownership-change report and an executive/major-shareholder ownership report.Material for checking governance and insider ownership changes. More for governance monitoring than short-term supply-demand. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 net profit | ₩21.0 billion(+245.6% YoY) | ₩21.1 billion | Confirmed | link |
| Corporate-value-enhancement plan shareholder-return target | 98.0%(FY2025) | : 40%+ 25%+, 5 +10% | Confirmed | link |
| FY2025 annual net profit | ₩9.6 billion(-71.5% YoY) | ₩9.6 billion | Confirmed | link |
| 2026 seasonality-approximated net profit | ₩72.1 billion | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-14OwnershipLargest-shareholder ownership change report
- 2026-05-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 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.