Daehan Synthetic Fiber (003830) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Daehan Synthetic Fiber earns roughly 90% of its revenue from making synthetic fibers such as its 'ACEPORA' polyester yarn for fabrics, and adds a rental business by leasing the land and buildings at its Banyeo, Ulsan and Daegu plants. For full-year 2025 it reported revenue of ₩108.2 billion, an operating loss of ₩7.3 billion and net profit of ₩9.6 billion — turning a net profit even in a year of operating losses — and it also declared a cash and in-kind dividend. What stands out is that its asset appeal is clear at a P/B of 0.20x, with equity worth five times its market capitalization, so long as the value of its holdings and its rental and investment income hold steady; but with revenue declining for a third straight year and an operating loss, the stock weakens if the fiber core business stays soft for long and asset-based income wavers.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Chemicals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Chemicals is a cyclical business where profits swing with feedstock prices and product spreads, ballooning in upturns and often slipping into losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the value of the company's heavy asset base — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 12.6% year over year (3-year trend: falling).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 7.7% lower than a year earlier.
- ROE is 1.8% (total-net basis). It is below the sector average.
- Operating margin is -6.7%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Ho-jin 20.04% (individual)
Controlling bloc incl. related parties 61.72%
With the controlling bloc holding 62%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Daehan Synthetic Fiber makes money in two ways. The first is polyester (a type of synthetic fiber) yarn manufacturing, where fabric yarns such as 'ACEPORA' account for about 90% of revenue. The second is a rental business that leases out its holdings — the land and buildings at its Banyeo, Ulsan and Daegu plants. In other words, on top of its core fiber manufacturing, it also earns rental income from real estate and assets accumulated over many years. Because this is a small-cap stock, it is worth watching not only changes in the business itself but also how a single disclosure can affect earnings and the share count.
The latest close is ₩113,100 and the market capitalization is ₩150.2 billion. The price sits above its 20-day moving average (₩110,595) and above its 60-day moving average (₩111,702). 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 59.0, a neutral level. The one-month change is +7.0%, the three-month change is -4.5%, and the position relative to the 52-week high is -20.0%. Relative strength versus the KOSPI is 31 (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 30% of all stocks. Over the past three months it outpaced the index by 13.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue was ₩108.2 billion, and operating profit was -₩7.3 billion, a loss in the core business. Net profit, however, was a positive ₩9.6 billion, supported by non-operating income from its holdings and investments — which shows this is a company that must be viewed across both its core business and its assets. The P/E ratio (how many times a year's profit the share price represents) is 15.64x. In a stretch where the core business is loss-making, the P/E alone is hard to judge; the key point for this company is a P/B (how many times book value the share price represents) of 0.21x. With equity of ₩711.0 billion against a market cap only about one-fifth of that, this is a clear signal of undervaluation relative to asset value. The debt-to-equity ratio is 17.8% and the current ratio (assets convertible to cash within a year versus debt due within a year) is 154.9%, so short-term funding conditions are manageable.
Revenue fell from ₩134.4 billion in 2023 to ₩123.8 billion in 2024 and ₩108.2 billion in 2025, a top-line contraction. Operating profit also swung from a ₩3.2 billion profit in 2023 into a loss, showing a soft patch in the fiber core business. Net profit, by contrast, turned to a positive ₩9.6 billion in 2025 from a loss the prior year, and first-quarter 2026 net profit was ₩11.0 billion, up 41% from the same period a year earlier. In that same quarter operating profit was -₩0.6 billion, still a loss, yet net profit came in large — reaffirming that this company's earnings hinge more on its holdings and investments than on the core business. The points to watch for growth are therefore whether the fiber core business recovers and how steadily the income from its assets continues.
On February 11, 2026, a disclosure on changes in revenue and profit structure confirmed and announced full-year revenue of ₩108.2 billion, an operating loss of ₩7.3 billion and net profit of ₩9.6 billion. This is material to check whether it points in the same direction as the annual trend and whether there were one-off factors. Then on March 10, disclosures followed on a cash and in-kind dividend decision and on the record-date shareholder register closing tied to it. For shareholder returns such as dividends, it is worth confirming alongside whether earnings power and cash flow support them.
This company has two faces — its core business and its assets. The strong side is asset value. With equity worth five times its market cap, it trades at a P/B of 0.20x, and even in a year of operating losses it posted a net profit and declared a dividend. From the standpoint of buying cheaply against assets, the appeal is clear. The weak side is the core business. With revenue declining for a third straight year and an operating loss, it is hard to grow earnings on the core business alone unless the fiber cycle recovers. In short, the stock is stronger the more steadily the value of its holdings and its rental and investment income hold up, and weaker the longer the fiber core business stays soft and asset income wavers.
🔎 Valuation vs peers Undervalued
A peer set within chemicals with adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Iljin Diamond | 18.15x | 0.30x | 2.35% |
| Chemtros | — | 1.15x | -3.94% |
| iFamily SC | 6.59x | 1.31x | 17.69% |
Within chemicals, a public-data peer set with nearby market capitalization was looked at first. The current P/E ratio (how many times a year's profit the share price represents) is 15.64x and the P/B (how many times book value the share price represents) is 0.21x. That said, smaller-cap names are heavily affected by earnings swings and financing disclosures, so no conclusion was drawn from last year's confirmed-results metrics alone. The forecast box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩99.8 billion | — | — |
| Next quarter | Q2 2026 | ₩26.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩113,100 and the market capitalization is ₩150.2 billion. The price sits above its 20-day moving average (₩110,595) and above its 60-day moving average (₩111,702). 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 59.0, a neutral level. The one-month change is +7.0%, the three-month change is -4.5%, and the position relative to the 52-week high is -20.0%. Relative strength versus the KOSPI is 31 (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 30% of all stocks. Over the past three months it outpaced the index by 13.2%. 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 +13.16% / 6M -21.11% / 12M -56.79%
Key metrics Computed vs sector median
Valuation
The P/E of 15.64x is in line with the sector median (14.15x). The P/B of 0.21x is below the sector median (0.90x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.8%, 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 1.8%, below the sector average (4.0%). The operating margin is -6.7%. The debt ratio is 17.8%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $94.4M | $87.0M | $76.0M | -12.57% ↓ slower |
| Operating profit | $1.7M | -$1.1M | -$5.1M | — |
| Net profit | $7.3M | -$1.8M | $6.7M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $82.4M | $106.0M | $94.4M | $87.0M | $76.0M |
| Operating profit | $2.2M | $4.5M | $1.7M | -$1.1M | -$5.1M |
| Net profit | $17.1M | $23.5M | $7.3M | -$1.8M | $6.7M |
| Revenue CAGR | 4-yr avg -2.00% | ||||
Revenue fell 12.6% year over year (2023 ₩134.4 billion → 2024 ₩123.8 billion → 2025 ₩108.2 billion), and the three-year trend is 'falling'. The rate of decline widened 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 -2.0%. The two-year revenue CAGR is -10.3%. In the most recent quarter (Q1 2026), revenue was 7.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 12.6% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-02-11EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩108.2 billion · operating profit -₩7.3 billion · net profit ₩9.6 billionThis is recent confirmed or preliminary results. Check whether it points in the same direction as the annual trend and whether there were one-off factors. Source
- 2026-03-10UpdateCash and in-kind dividend decision: confirm return conditionsThis is a disclosure related to cash returns or changes in the share count. Confirm whether earnings power and cash flow support it. Source
- 2026-03-10UpdateShareholder register closing (record date) for cash and in-kind dividend: confirm return conditionsThis is a disclosure related to cash returns or changes in the share count. Confirm whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩113,100 | ₩113,100 | Confirmed | link |
| Latest quarterly results | revenue ₩26.5 billion, operating profit -₩0.6 billion | revenue ₩26.5 billion, operating profit -₩0.6 billion | Confirmed | link |
| Annual results | revenue ₩108.2 billion, operating profit -₩7.3 billion | revenue ₩108.2 billion, operating profit -₩7.3 billion | Confirmed | link |
| Results disclosure source text | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩108.2 billion · operating profit -₩7.3 billion · net profit ₩9.6 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩108.2 billion · operating profit -₩7.3 billion · net profit ₩9.6 billion | Confirmed | link |
| Shareholder-return disclosure source text | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Shareholder-return disclosure source text | record date set for cash/stock dividend: check the payout terms | record date set for cash/stock dividend: check the payout terms | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-04Large-business-group status disclosure (amended)
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Shareholders' meeting notice
- 2026-03-10DividendCash/stock dividend decision
📖 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.