Dongkuk Industries (005160) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Dongkuk Industries, founded in 1967, is a steel company that processes and sells cold-rolled steel sheet, producing steel sheet at manufacturing sites in Pohang, Siheung, and Gyeongju, with results tied to steel prices and end-demand. In March 2026 annual revenue of ₩608.0 billion, operating profit of ₩7.0 billion, and net profit of -₩10.0 billion were confirmed, and on the same day a cash and in-kind dividend and a corporate value-up plan were also disclosed. What stands out recently is that in a phase where the steel cycle is bottoming out and value-up efforts feed into an earnings recovery, the P/B of 0.32x and a 6.7% dividend yield carry weight; however, if weak prices and demand persist, the operating loss that has returned and the high debt could remain a burden.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Steel & Metals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Steel and metals swing hard with raw-material prices and downstream demand, so profits balloon in upturns and can flip to losses in downturns. Because earnings are so volatile, price-to-book (P/B) — the share price against the value of plant and assets — is the first lens.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 6.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 13.7% lower than a year earlier.
- ROE is -2.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.2%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Jang Se-hee 26.91% (individual)
Controlling bloc incl. related parties 50.22%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Dongkuk Industries, founded in 1967, is a steel company whose core business is processing and selling cold-rolled steel sheet. Its head office is in Da-dong, Jung-gu, Seoul, and it produces steel sheet at manufacturing sites in Pohang, Siheung, and Gyeongju. It listed on the KOSDAQ in 1999 and has paid-in capital of ₩54.2 billion. The CEO and related parties hold a 50.22% stake, so management control is on the stable side. As a stock with a small market cap, it is worth examining together how a single earnings or financing disclosure affects finances and share count.
The latest close is ₩2,520 and the market capitalization is ₩136.7 billion. The price sits above its 20-day moving average (₩2,355) and above its 60-day moving average (₩2,511). 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 58.2, a neutral level. The one-month change is +7.2%, the three-month change is -33.6%, and the position relative to the 52-week high is -37.8%. Relative strength versus the KOSDAQ is 57 (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 57% of all stocks. Over the past three months it outpaced the index by 3.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual revenue is ₩608.0 billion, operating profit ₩7.0 billion, and net profit -₩10.0 billion, a loss. The operating margin is 1.2%, ROE (how much is earned on equity in a year) is -2.7%, and the debt ratio (debt against equity) is 235.2%. Because earnings are in the red, the P/E (how many times a year's earnings the price reflects) is not calculated, but the P/B (how many times book value the price reflects) is 0.38x, about a third of book value. Given that adjacent peers in the same sector are at 0.3-0.9x, the price is clearly low relative to assets. In other words, the price is set cheaply, and what is lacking is not the valuation but current profitability. The high debt ratio and the tight interest coverage from operating profit are points to watch together during the loss phase.
Revenue moved up and down in the ₩600 billion range — ₩622.6 billion in 2023, ₩650.1 billion in 2024, and ₩608.0 billion in 2025 — while operating profit swung from a loss in 2023 (-₩27.1 billion) to a positive ₩12.0 billion in 2024, then fell to ₩7.0 billion in 2025. In the most recent quarter, Q1 2026, revenue of ₩149.4 billion was down 13.7% from a year earlier, and operating profit of -₩4.6 billion and net profit of -₩10.7 billion returned to a loss. Steel processing has the characteristic that results swing with steel prices and end-demand (steel sheet for autos, home appliances, and construction), and right now it sits in a phase where both demand and prices have weakened. This year's revenue is estimated at around ₩572.4 billion, reflecting the Q1 flow — a step lower than last year. The key to recovery is when steel prices and end-demand turn, and until then both revenue and profit could stay in a subdued flow.
On March 26, 2026, the company's own 'corporate value-up plan' (voluntary disclosure) was released. As material in which the company states it will lift its own value, if it contains specific figures it serves as primary evidence for direction, and if not, as a signal of intent. On March 6, a profit-structure change disclosure confirmed annual revenue of ₩608.0 billion, operating profit of ₩7.0 billion, and net profit of -₩10.0 billion, and on the same day a cash and in-kind dividend decision was also disclosed. It is worth checking together whether the dividend continues even in a loss phase and whether it is supported by cash flow.
This is a stock where strengths and weaknesses split clearly. The strength is price. At a P/B of 0.32x it trades at a third of book value, and the dividend yield reaches 6.7%, so on asset value and dividends alone it is clearly a cheap spot. The weakness is the profitability of the core business. With revenue falling, operations back in the red, and a high debt ratio, the earnings burden can persist while steel prices and end-demand are weak. In sum, in a phase where the steel cycle bottoms out and the company's value-up efforts feed into an actual earnings recovery, the low P/B and high dividend carry weight; conversely, if weak prices and demand persist, the loss and debt hold it back.
🔎 Valuation vs peers Undervalued
Peers close in market cap within steel and primary metals.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cho-il Aluminium | 16.25x | 0.59x | 4.35% |
| Kumkang Kind | — | 0.32x | -8.04% |
| KBI Dongyang Steel Pipe | — | 0.82x | -2.19% |
Within steel and primary metals, we prioritized public-data peers close in market cap. The current P/E (how many times a year's earnings the price reflects) is not available, and the P/B (how many times book value the price reflects) is 0.38x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large impact, so we did not draw a firm conclusion from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩572.4 billion | — | — |
| Next quarter | Q2 2026 | ₩155.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩2,520 and the market capitalization is ₩136.7 billion. The price sits above its 20-day moving average (₩2,355) and above its 60-day moving average (₩2,511). 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 58.2, a neutral level. The one-month change is +7.2%, the three-month change is -33.6%, and the position relative to the 52-week high is -37.8%. Relative strength versus the KOSDAQ is 57 (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 57% of all stocks. Over the past three months it outpaced the index by 3.0%. 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 +2.99% / 6M +27.40% / 12M -35.80%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.38x is below the sector median (0.45x).
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.
Profitability & financials
Return on equity (ROE) is -2.7%, below the sector average (1.0%). The operating margin is 1.2%. The debt ratio is 123.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $437.4M | $456.7M | $427.1M | -6.48% ↓ slower |
| Operating profit | -$19.0M | $8.4M | $4.9M | -41.36% |
| Net profit | -$3.6M | -$4.4M | -$7.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $512.2M | $604.5M | $437.4M | $456.7M | $427.1M |
| Operating profit | $24.5M | $827,440 | -$19.0M | $8.4M | $4.9M |
| Net profit | $13.8M | $4.5M | -$3.6M | -$4.4M | -$7.0M |
| Revenue CAGR | 4-yr avg -4.44% | ||||
Revenue fell 6.5% year over year (2023 ₩622.6 billion → 2024 ₩650.1 billion → 2025 ₩608.0 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 41.4% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -4.4%. The two-year revenue CAGR is -1.2%. In the most recent quarter (Q1 2026), revenue was 13.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 5.8%, is on the high side.
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 6.5% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-26UpdateCorporate value-up plan (voluntary disclosure) (2026 Dongkuk Industries corporate value-up plan): confirm the company's plan in the original textMaterial the company presented itself. If figures are included, treat it as primary evidence for the outlook box; if not, treat it only as directional information. Source
- 2026-03-06EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩608.0 billion, operating profit ₩7.0 billion, net profit -₩10.0 billionRecently confirmed or preliminary results. We check whether it runs in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-03-06UpdateCash and in-kind dividend decision: confirm the return termsA disclosure related to cash returns or changes in share count. We confirm whether earnings capacity and cash flow provide support. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩2,520 | ₩2,520 | Confirmed | link |
| Latest quarterly results | revenue ₩149.4 billion, operating profit -₩4.6 billion | revenue ₩149.4 billion, operating profit -₩4.6 billion | Confirmed | link |
| Annual results | revenue ₩608.0 billion, operating profit ₩7.0 billion | revenue ₩608.0 billion, operating profit ₩7.0 billion | Confirmed | link |
| Outlook/plan disclosure text | — | — | Confirmed | link |
| Earnings disclosure text | revenue30%: revenue ₩608.0 billion · operating profit ₩7.0 billion · net profit -₩10.0 billion | revenue30%: revenue ₩608.0 billion · operating profit ₩7.0 billion · net profit -₩10.0 billion | Confirmed | link |
| Shareholder-return disclosure text | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-05OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-06Shareholders' meeting notice
- 2026-03-06Shareholders' meeting notice
- 2026-03-06DividendCash/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.