SeAH Steel Holdings is a holding company that oversees a group of steel-pipe subsidiaries. Its core subsidiary, SeAH Steel, produces oil country tubular goods (OCTG), line pipe, and structural pipe, along with offshore-wind monopiles, while SeAH CM handles cold-rolled and coated sheet; as a result, earnings swing heavily with global oil prices, U.S. steel-pipe import policy, and the pace of offshore-wind orders. Recent filings include a subsidiary single-supply contract in April 2026, the Q1 report in May, and a debt-guarantee decision in June, while Q1 operating profit fell 59%, illustrating how volatile earnings can be in this business. What stands out lately is that a P/B of 0.23x - even lower than core subsidiary SeAH Steel's 0.31x - makes the depressed asset value a clear strength when the steel-pipe cycle holds up and subsidiary orders translate into revenue, whereas a delayed recovery in the cycle can make the swings in earnings more pronounced.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 2.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 4.7% higher than a year earlier.
- ROE is 3.1% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.5%.
- 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 Lee Soon-hyung 12.56% (individual)
Controlling bloc incl. related parties 64.62%
With the controlling bloc holding 65%, 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
| SeAH Steel | 50.11% |
🔎 In-depth analysis
- SeAH Steel Holdings does not manufacture products itself; it is a holding company that oversees a group of steel-pipe (steel rolled into pipe) subsidiaries.
- The actual earnings come from those subsidiaries.
- The core one is the listed subsidiary SeAH Steel, which makes oil country tubular goods (OCTG) driven into the ground to extract oil and gas, line pipe that carries crude and gas over long distances, and structural and plumbing pipe used in construction and piping.
- Through a UK subsidiary, it also supplies offshore-wind monopiles - the large steel columns that serve as the foundation for wind turbines at sea.
- A separate subsidiary, SeAH CM, handles cold-rolled and coated steel sheet.
- As a result, the company's earnings depend heavily on global oil prices and drilling activity, U.S. steel-pipe import policy, and the pace of offshore-wind orders.
- The latest close is ₩104,500 and the market cap is ₩432.8 billion.
- The price sits below the 20-day line (₩120,865) and below the 60-day line (₩167,020).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward force over the past 14 days on a 0-100 scale) is 27.8, close to a depressed zone.
- The one-month change is -22.9%, the three-month change is -56.5%, and the position versus the 52-week high is -58.7%.
- Relative strength versus KOSPI is 24 (on a 1-99 scale, converting return versus the index over the past year with more weight on the recent period; 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 has lagged the index by 64.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On a confirmed annual (2025) basis, the P/E ratio (how many times one year's profit the price represents) is 6.84x, the P/B (how many times net assets the price represents) is 0.21x, ROE (how much is earned in a year on equity) is 3.1%, and the operating margin is 5.5%.
- A P/B of 0.23x means the stock trades at only about a quarter of the company's net assets - clearly low relative to assets.
- That said, this company is in a phase where earnings are shifting after peaking in 2023 (operating profit of ₩590.9 billion), so rather than judging by the trailing multiple on last year's figures alone, it is closer to the real picture to also look at the forward multiple on this year's basis.
- Forward P/B is 0.21x.
- Against steel-pipe peers - SeAH Steel at 11.5x and POSCO Steeleon at 17.96x - 003030's forward P/E is on the low side, so even on an earnings basis it is not priced expensively.
- For reference, external classification data treats this company as financial and describes its debt ratio on that basis, but it is in fact a steel-pipe manufacturing holding company, so the debt ratio of 160.7% is properly read against general manufacturing and holding-company standards.
- Over five years, revenue rose steadily from ₩2.8 trillion in 2021 to ₩3.8 trillion in 2025 (+2.3% in 2025).
- Operating profit came down from ₩590.9 billion in 2023 to ₩205.8 billion in 2025, but net profit rose 47.7% year over year to ₩63.3 billion in 2025, showing a turn off the bottom.
- Q1 2026 revenue grew to ₩991.9 billion (+4.7%), but operating profit fell to ₩26.7 billion (-59.0%), a swing that stems from the way the steel-pipe business fluctuates quarter to quarter with oil prices and order timing.
- This year's forward earnings multiple is calculated to reflect such quarterly swings, and the earnings capacity it points to is rooted in demand for OCTG and line pipe, offshore-wind monopile orders, steel-pipe pricing, and subsidiary utilization.
- The revenue base is holding at record-high levels, and core subsidiary SeAH Steel trades at a low multiple versus peers on a forward basis, so if the steel-pipe cycle holds up there is room for earnings to widen again.
- The center of the disclosure flow is subsidiary earnings and orders.
- A single-supply contract signed by a subsidiary in April 2026 (a major management matter) is a clue to whether steel-pipe orders convert into subsequent revenue, and the May Q1 report and the March annual report are the documents that pinned down in figures how far earnings fell and turned this year.
- In June there was a debt-guarantee decision and a corporate governance report, showing the holding company's core role in backing subsidiary financing and its governance status.
- These were compiled from primary-source filings, not general news articles.
- Starting with the strengths: at a P/B of 0.23x the stock is heavily depressed relative to net assets - lower than its peer group, and lower even than core subsidiary SeAH Steel (P/B 0.31x).
- Overseeing subsidiaries with structural demand outlets in OCTG and offshore-wind monopiles is another support.
- On the other hand, this company's earnings swing quarter to quarter with U.S. steel-pipe policy, oil prices, and offshore-wind order timing, and as the -59% drop in Q1 operating profit shows, the volatility of earnings itself is large.
- In short, when the steel-pipe cycle holds up and subsidiary orders show up as revenue, the price depressed on both assets and earnings becomes a clear strength; conversely, when the cycle's recovery is delayed, the swings in earnings stand out.
- The starting line is that both asset value and this year's earnings multiple sit low versus peers.
🔎 Valuation vs peers Inconclusive
Matching the underlying business, steel-pipe manufacturers and related steel companies were used as the peer set - core subsidiary SeAH Steel, plus Husteel and POSCO Steeleon in the pipe and sheet space (all listed on the Korea Exchange, metrics on a current-price basis).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SeAH Steel | 11.24x | 0.30x | 2.67% |
| Husteel | — | 0.20x | -1.42% |
| POSCO Steeleon | 16.50x | 0.73x | 4.44% |
Within the steel-pipe peer set, 003030 is among the lowest on P/B, and lower even than its own core subsidiary SeAH Steel (306200, P/B 0.35x). A holding company trading cheaper than its subsidiary is common as a holding discount. That said, (a) its position versus peers is a discount on assets, but (b) the P/E of 8.8x is placed on last year's confirmed profit (trailing), which had shrunk to a third of the 2023 peak, so it is less reliable at an earnings inflection, and (c) for a forward basis there is no official company outlook, forcing reliance on a DART seasonality approximation (this year's operating profit of ₩80.3 billion). Assets look cheap, but with the earnings recovery unconfirmed it is hard to declare it cheap, so we leave it Inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩1.05 trillion | approx. ₩30.6 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩104,500 and the market capitalization is ₩432.8 billion. The price sits below its 20-day moving average (₩120,865) and below its 60-day moving average (₩167,020). 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 27.8, near oversold territory. The one-month change is -22.9%, the three-month change is -56.5%, and the position relative to the 52-week high is -58.7%. Relative strength versus the KOSPI is 24 (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 64.2%. 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 -64.19% / 6M -46.40% / 12M -80.54%
Key metrics vs sector median
Valuation
The P/E of 6.84x is in line with the sector median (6.67x). The P/B of 0.21x is below the sector median (0.49x).
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 8.6%, 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 3.1%, below the sector average (5.0%). The operating margin is 5.5%. The debt ratio is 160.7%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.6B | $2.4B | $2.5B | +2.30% ↑ faster |
| Operating profit | $391.7M | $140.3M | $136.4M | -2.73% ↑ faster |
| Net profit | $188.0M | $28.4M | $41.9M | +47.72% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $2.6B | $2.6B | $2.4B | $2.5B |
| Operating profit | $198.1M | $375.9M | $391.7M | $140.3M | $136.4M |
| Net profit | $146.2M | $203.0M | $188.0M | $28.4M | $41.9M |
| Revenue CAGR | 4-yr avg 7.25% | ||||
Revenue rose 2.3% year over year (2023 ₩3.9 trillion → 2024 ₩3.7 trillion → 2025 ₩3.8 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 2.7% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.2%. The two-year revenue CAGR is -2.0%. In the most recent quarter (Q1 2026), revenue was 4.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-04-29UpdateA subsidiary signed a single-supply contract (major management matter). As a steel-pipe supply contract, the key question is whether the contract size and revenue-recognition timing are reflected in subsequent quarterly results.Short term, order momentum; medium term, a clue to whether the subsidiary's revenue and cash flow are actually reflected. Contracts can be canceled or amended, so any follow-up correction filings should be watched alongside. Source
- 2026-05-15UpdateQ1 2026 report. Revenue grew to ₩991.9 billion (+4.7%), but it confirmed that earnings fell sharply, with operating profit of ₩26.7 billion (-59.0%) and net profit of ₩8.2 billion (-86.2%).A key document for judging whether the earnings slowdown is temporary or a trend. Whether margins recover is the point to watch in subsequent quarters. Source
- 2026-03-13Update2025 annual report (consolidated). It confirmed annual revenue of ₩3.8 trillion (+2.3%) and operating profit of ₩205.8 billion (-2.7%) - revenue held, but profit is far below the 2023 peak (₩590.9 billion).The reference point for the five-year trend. It shows a phase of margin retreat, with profit cut relative to revenue. Source
- 2026-06-05UpdateDebt-guarantee decision for third parties (corrected filing). A structure in which the holding company backs financing for subsidiaries and others through guarantees.This is the holding company's core role of supporting subsidiaries, but guarantees can lead to contingent liabilities, so the size and beneficiaries need to be checked. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-05Amended filing
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-29Single supply/sales contract (amended)
- 2026-04-10OwnershipOwnership-change filing
- 2026-04-03Amended filing
- 2026-04-03Amended filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-23Shareholders' meeting notice
- 2026-03-16PeriodicAnnual business report (amended)
- 2026-03-13PeriodicAnnual business 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.