Poongsan Holdings is a holding company whose subsidiary Poongsan makes copper and copper-alloy materials and defense munitions; rather than selling products directly, it earns money from dividends and equity-method income on its subsidiary stakes and from trademark royalties. First-quarter 2026 consolidated net profit was ₩33.4 billion, up about 104% from a year earlier, as rising copper prices and the subsidiary's munitions demand lifted results together. What stands out lately is that a high 4.8% dividend yield and a share price trading at a discount to net asset value are strengths, while holding-company earnings are swayed by subsidiary results and swing widely, and uncertainties such as talk of divesting the defense segment remain.
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 fell 3.8% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 23.6% higher than a year earlier.
- ROE is 6.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 15.4%.
- 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 Ryu Jin 37.61% (individual)
Controlling bloc incl. related parties 48.78%
With the controlling bloc holding 49%, the ownership structure is stable.
Net asset value (NAV) assessment Fairly valued32% discount to NAV
💡 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
| Poongsan | 38% |
🔎 In-depth analysis
- Poongsan Holdings is not a company that sells products itself but a holding company with subsidiaries.
- Its core subsidiary is Poongsan, in which it holds about a 38% stake and which makes copper and copper-alloy materials (rolled copper) and defense munitions (small-caliber and medium- to large-caliber).
- Another subsidiary, Poongsan Special Metals, produces stainless-steel materials, blanks for semiconductors and batteries, and high-nickel alloys for secondary batteries.
- Most of the holding company's income comes from dividends and equity-method income received from these subsidiaries, along with trademark royalties and management-advisory fees.
- So in reading results, one must look at the subsidiaries rather than the holding company itself, and especially at Poongsan's copper prices and defense-order flow.
- The stock is at ₩33,200, below the 20-day line (₩35,805) and the 60-day line (₩39,995).
- The three-month return is -39.4%, sharply pressed.
- It fell -11.4% over six months and -6.9% over one month, an ongoing downtrend.
- RSI (a gauge scaling the balance of recent up-force and down-force from 0 to 100) is 34, near oversold.
- In other words, this is a stretch where results rebounded but the share price instead took a correction.
- The P/E ratio (how many times one year's earnings the price represents) is 6.4x and P/B (how many times book net assets the price represents) is 0.41x.
- That said, a holding company often records its subsidiary stakes on the books at their acquisition cost, which is low, so the P/B can look higher than it really is.
- For a holding company it is therefore more accurate to view it by the market value of its holdings (NAV) than by P/B.
- ROE (how much is earned on equity in a year) is a decent 6.4%.
- The dividend yield is a high 4.8% (₩1,600 per share), returning about 30% of net profit as dividends.
- EV/EBIT (enterprise value including debt divided by operating profit, a debt-adjusted counterpart to P/E) is 8.3x and EV/EBITDA is 6.8x.
- Net debt (total borrowings minus cash) is about ₩59.6 billion, not large.
- However, last year's free cash flow (cash left after earning from operations and investing) was negative, so free-cash-flow yield was -2.4%.
- The debt ratio (debt relative to equity) is 116%, but a holding company records its subsidiaries' borrowings on a consolidated basis, so it is hard to view by the same yardstick as an ordinary company.
- Last year, 2025, was a year of negative growth.
- Revenue was ₩432.5 billion, down 3.8%, with operating profit of ₩66.8 billion (-36%) and net profit of ₩74.4 billion (-25%) both stepping back.
- But the picture shifted entering the first quarter of 2026.
- It rebounded sharply, with consolidated revenue of ₩121.0 billion (+23.6%), operating profit of ₩35.3 billion (+107%) and net profit of ₩33.4 billion (+104%).
- The rebound had two backdrops: rising copper prices improved materials-business profitability, and munitions demand in the subsidiary's defense segment provided support.
- In particular, Poongsan's defense revenue is structured so that about two-thirds is concentrated in the second half, leaving room for earnings to continue after the first quarter.
- First-quarter net profit of ₩33.4 billion already equals about 45% of last year's full-year figure (₩74.4 billion).
- If this trend holds, this year's net profit is likely to clearly exceed last year's.
- On a forward basis, the actual valuation reads lower than the trailing P/E of 6.4x, which reflects last year's slump.
- In March 2026 the company announced a corporate value-up plan via electronic disclosure, laying out a shareholder-return direction.
- In the same March it also disclosed a decision to buy back treasury shares.
- At the end of April it confirmed the first-quarter rebound with preliminary results (fair disclosure) and held an IR event to explain business conditions.
- In May, changes in largest-shareholder and executive holdings and large-holding status reports followed one after another.
- It is worth noting that a holding company's events center on shareholder-return-related disclosures such as dividends, treasury shares and governance, rather than on new-product orders.
- The strengths can be summarized in three points.
- First, the dividend yield is high at 4.8%.
- Second, subsidiary results rebounded sharply in the first quarter of 2026.
- Third, the share price trades at a discount to the net asset value (NAV) of its holdings.
- The points to watch are also clear.
- Holding-company earnings are swayed by the subsidiaries, especially Poongsan's copper prices and defense orders, and swing widely from quarter to quarter.
- Discussions of business restructuring and divestiture around the defense segment continue, leaving uncertainty in the subsidiaries' value.
- The NAV discount (about 32%) is within the normal range commonly seen at holding companies, so the discount alone does not make the case that it is cheap.
- In sum, when subsidiary results are good and the copper and defense cycles provide support, the appeal grows along with the dividend; but when subsidiary earnings wobble or defense restructuring becomes uncertain, the holding company's valuation can wobble along with it.
🔎 Valuation vs peers Fairly valued
We used the core subsidiary Poongsan (copper and defense) and the representative holding company Hanwha as the peer group. For a holding company, the value of its subsidiary stakes is the heart of the valuation, so we also take a net-asset-value (NAV) perspective.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Poongsan | 11.71x | 0.75x | 640.00% |
| Hanwha | 17.34x | 0.55x | 310.00% |
| Hanwha Aerospace | 34.98x | 5.07x | 1450.00% |
Poongsan Holdings trades at a P/E of 6.4x and P/B of 0.41x, below its own 38%-owned subsidiary Poongsan (P/E 11.7x, P/B 0.75x). A holding company trading cheaper than its subsidiary is a common phenomenon (the holding-company discount). The market value of its listed holdings is about ₩0.8 trillion while the market cap is about ₩0.5 trillion, a discount of about 32%. This discount falls within the usual 30-50% range for holding companies, so the discount alone does not make the case that it is deeply undervalued. That said, because last year was a year of negative growth the trailing P/E looks inflated relative to reality, and first-quarter 2026 net profit more than doubled, so on a forward basis the valuation reads lower. Factoring in the 4.8% dividend yield, it is also hard to call it expensive. All told, this is a fairly valued zone between undervalued and overvalued, in a structure where subsidiary results and the defense cycle decide the direction.
Price history Close · MA20 · MA60
The latest close is ₩33,200 and the market capitalization is ₩478.7 billion. The price sits below its 20-day moving average (₩35,805) and below its 60-day moving average (₩39,995). 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 34.2, a neutral level. The one-month change is -6.9%, the three-month change is -39.4%, and the position relative to the 52-week high is -39.4%. Relative strength versus the KOSPI is 15 (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 14% of all stocks. Over the past three months it lagged the index by 50.6%. 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 -50.58% / 6M -47.10% / 12M -71.68%
Key metrics vs sector median
Valuation
The P/E of 6.43x is in line with the sector median (6.67x). The P/B of 0.41x is below the sector median (0.49x). 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.
Profitability & financials
Return on equity (ROE) is 6.4%, above the sector average (5.0%). The operating margin is 15.4%. The debt ratio is 116.5%, 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 | $269.6M | $297.8M | $286.7M | -3.75% ↓ slower |
| Operating profit | $45.0M | $69.4M | $44.3M | -36.23% ↓ slower |
| Net profit | $55.1M | $66.1M | $49.3M | -25.31% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $323.3M | $256.9M | $269.6M | $297.8M | $286.7M |
| Operating profit | $64.2M | $53.1M | $45.0M | $69.4M | $44.3M |
| Net profit | $115.2M | $48.5M | $55.1M | $66.1M | $49.3M |
| Revenue CAGR | 4-yr avg -2.96% | ||||
Revenue fell 3.8% year over year (2023 ₩406.7 billion → 2024 ₩449.4 billion → 2025 ₩432.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 36.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -3.0%. The two-year revenue CAGR is 3.1%. In the most recent quarter (Q1 2026), revenue was 23.6% 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 4.8%, is on the high side.
Points to watch
- Revenue fell 3.8% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-23FilingAnnounced a corporate value-up plan via voluntary disclosure, laying out a shareholder-return direction.A factor that raises the predictability of shareholder-return policy, such as dividends and treasury shares, over the medium term. Source
- 2026-03-20UpdateDisclosed a decision to buy back treasury shares (material-fact report).Favorable for short-term supply-demand and a signal confirming commitment to shareholder returns. Source
- 2026-04-30EarningsFair disclosure of consolidated operating (preliminary) results: confirmed a sharp improvement in first-quarter revenue, operating profit and net profit.Supports the earnings rebound driven by rising copper prices and the subsidiary's munitions demand. Source
- 2026-04-27IRNotice disclosure of an IR event.An opportunity for the company to explain results and business conditions, strengthening investor communication. Source
- 2026-05-15FilingFiled the first-quarter 2026 quarterly report, formally finalizing the rebound results.Confirming the preliminary results in a formal report raises the reliability of the financial indicators. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated net profit growth rate | +103.6% (₩33.4 billion) | (2026-04-30) (2026-05-15) | Confirmed | link |
| Dividend per share (DPS) of ₩1,600 | ₩1,600 · 4.82% | — | Confirmed | link |
| This year's annual net profit estimate (about ₩105.0 billion) | self-estimate | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-12OwnershipLargest-shareholder ownership change report
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-27Disclosure
- 2026-04-10OwnershipOwnership-change filing
- 2026-03-23Disclosure
- 2026-03-20TreasuryMaterial-fact report (amended)
- 2026-03-20TreasuryMaterial-fact report (amended)
📖 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.