Namsun Aluminum makes and sells aluminum-extrusion products - building profiles such as window frames and exterior cladding - along with lightweight components that go into finished automobiles. Although classified under steel and primary metals, its actual revenue comes from aluminum processing and auto parts, and its controlling entity is Samra, part of the SM Group. A February 2026 earnings-structure change disclosure confirmed annual revenue of ₩258.9 billion, an operating loss of -₩3.3 billion, and net profit of +₩3.6 billion, turning net profit positive after a large loss the prior year; a May Q1 report showed revenue of ₩63.1 billion, an operating loss of -₩1.7 billion, and a net loss of -₩1.1 billion. The upside case is that a solid balance sheet (a 53.9% debt ratio and a 156% current ratio) and a P/B of 0.46x - cheap against asset value - are clear strengths; the downside is that revenue has fallen for two years and the core business (operating profit) is still around breakeven, so the stock reads strong when profitability is confirmed to have settled positive and weak if loss-making quarters continue.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 10.6% 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 0.9% lower than a year earlier.
- ROE is 1.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -1.3%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Samra 30% (corporate)
Controlling bloc incl. related parties 30%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis
- Namsun Aluminum makes and sells aluminum-extrusion products (a method of pushing metal through a die to draw out window frames, building materials, and industrial profiles) and aluminum auto components.
- One axis is aluminum profiles such as the window frames and exterior cladding used in construction; the other is lightweight components that go into finished vehicles.
- It is classified under steel and primary metals, but its actual revenue comes from aluminum processing and auto parts.
- Its controlling entity is Samra, part of the SM Group, and because it transacts with several affiliates within the group, reading the related-party section of the business report helps in understanding its cash and revenue flows.
- The latest close is ₩1,034 and the market cap is ₩133.5 billion.
- The price sits below both its 20-day line (₩1,102) and its 60-day line (₩1,661).
- Trading under both its short- and mid-term moving averages, the trend is subdued.
- The RSI (an indicator that gauges upward versus downward strength over the past 14 days on a 0-100 scale) is 30.6, a neutral level.
- The one-month change is -18.4%, the three-month change is -52.6%, and the price is -66.4% from its 52-week high.
- Relative strength versus the KOSPI is 31 (on a 1-99 scale, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 69% of all stocks by strength.
- Over the past three months it lagged the index by 59.6%.
- Chart readings are best viewed alongside volume and the dates of disclosures.
- Last year's annual revenue was ₩258.9 billion, with an operating loss of -₩3.3 billion and net profit of +₩3.6 billion.
- The operating margin was -1.3%, so the core business is still around breakeven, but net profit turned positive.
- ROE (how much the company earns in a year on its equity) is still low at 1.3%.
- The balance sheet is relatively solid, with a debt ratio (debt relative to equity) of 53.9% and a current ratio of 156%, leaving room in short-term liquidity.
- One point to note on valuation is the P/E ratio (how many times a year's earnings the price represents) of 36.67x.
- That figure looks high not because the price is expensive but because earnings are at an inflection point, having just turned from loss to profit, so the denominator - earnings - is still small.
- In such a phase, the P/E looks far more inflated than it really is.
- The more meaningful yardstick is the P/B (how many times book value the price represents) of 0.47x, meaning the shares trade at half the company's net asset value.
- Against nearby peers in the same industry, whose P/B is generally 0.4-0.9x, it sits on the low side.
- Annual revenue was ₩310.5 billion in 2023, ₩289.5 billion in 2024, and ₩258.9 billion in 2025, a declining trend over the past two years.
- That said, net profit turned from a large -₩26.7 billion loss in 2024 to +₩3.6 billion in 2025.
- The operating loss also narrowed from around -₩6.9 billion in 2023 to -₩3.3 billion in 2025, approaching breakeven.
- In Q1 2026, revenue of ₩63.1 billion was almost flat with the same period a year earlier (-0.9%), while an operating loss of -₩1.7 billion and net loss of -₩1.1 billion meant a small loss again on a quarterly basis.
- This year's annual revenue is expected to be around ₩260.2 billion, similar to last year.
- The key is whether it can shrink the loss and cross breakeven while revenue holds broadly steady, and that depends on aluminum raw-material prices, demand for building materials and auto parts, and the core business's utilization rate.
- It is still early to say the core business has settled into profit, and whether quarterly operating results turn positive is the confirming signal of recovery.
- Among recent disclosures, a February 12, 2026 earnings-structure change filing confirmed results of ₩258.9 billion in annual revenue, a -₩3.3 billion operating loss, and +₩3.6 billion in net profit.
- The key point of that filing is the swing of net profit to positive from the prior year's large loss.
- On September 11, 2025, there was a report on the completion of a small-scale merger, wrapping up the shareholder-determination and merger procedures over July and August, related to tidying up the group structure.
- On May 15, 2026, a Q1 report showed revenue of ₩63.1 billion, an operating loss of -₩1.7 billion, and a net loss of -₩1.1 billion.
- It is best to read these disclosures against whether they move in the same direction as the annual trend and whether one-off factors are mixed in.
- There are two strengths.
- First, the balance sheet is relatively solid: a 53.9% debt ratio and 156% current ratio mean funding pressure is not heavy, and net profit turned positive last year.
- Second, the price has fallen to 0.46x book, sitting cheap against net asset value.
- Even against nearby peers in the same industry, its P/B is on the low side, which reads as a valuation signal from the asset-value angle.
- There are clear cautions too.
- Revenue has fallen for the past two years, and the core business (operating profit) is still around breakeven, so it is hard to conclude it has settled into profit.
- On a quarterly basis it swings back into loss at times, so the texture of the recovery is not smooth.
- It is also a small-cap, so a single disclosure (a merger, a rights issue, financing, and the like) has an outsized effect on results and share count.
- In short, cheap asset value and a stable balance sheet provide support, and the stock reads strong when the core business is confirmed to have settled into profit and weak if loss-making quarters continue.
🔎 Valuation vs peers Overvalued
A market-cap-adjacent comparison set within steel and primary metals.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Igu Industrial | 11.67x | 0.87x | 7.50% |
| Dongkuk CM | — | 0.14x | -5.39% |
| Korea Cast Iron Pipe Ind. | 8.63x | 0.40x | 4.69% |
Within steel and primary metals, we looked first at a public-data comparison set close in market cap. The current P/E ratio (how many times a year's earnings the price represents) is 36.67x and the P/B (how many times book value the price represents) is 0.47x. That said, for smaller-cap stocks the swings in earnings and the impact of financing disclosures are large, so we did not draw firm conclusions from metrics based only on last year's confirmed results. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩260.2 billion | — | — |
| Next quarter | Q2 2026 | ₩70.2 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩1,034 and the market capitalization is ₩133.5 billion. The price sits below its 20-day moving average (₩1,102) and below its 60-day moving average (₩1,661). 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 30.6, a neutral level. The one-month change is -18.4%, the three-month change is -52.6%, and the position relative to the 52-week high is -66.4%. Relative strength versus the KOSPI is 32 (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 31% of all stocks. Over the past three months it lagged the index by 59.6%. 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 -59.58% / 6M -48.46% / 12M -63.96%
Key metrics vs sector median
Valuation
The P/E of 36.67x is above the sector median (16.39x). The P/B of 0.47x is in line with the sector median (0.50x).
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 1.3%, below the sector average (2.0%). The operating margin is -1.3%. The debt ratio is 53.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $205.8M | $191.9M | $171.6M | -10.57% ↓ slower |
| Operating profit | $4.3M | $3.2M | -$2.2M | -167.69% ↓ slower |
| Net profit | -$174,800 | -$17.7M | $2.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $152.7M | $169.5M | $205.8M | $191.9M | $171.6M |
| Operating profit | -$4.6M | -$1.7M | $4.3M | $3.2M | -$2.2M |
| Net profit | $27.6M | $18.5M | -$174,800 | -$17.7M | $2.4M |
| Revenue CAGR | 4-yr avg 2.97% | ||||
Revenue fell 10.6% year over year (2023 ₩310.5 billion → 2024 ₩289.5 billion → 2025 ₩258.9 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 167.7% 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 -8.7%. In the most recent quarter (Q1 2026), revenue was 0.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 10.6% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-12EarningsChange of 30% or more (15% for large corporations) in revenue or earnings structure: annual revenue of ₩258.9 billion, operating loss of -₩3.3 billion, net profit of ₩3.6 billionThis is recent confirmed or preliminary results. Check whether it moves in the same direction as the annual trend and whether any one-off factors are present. Source
- 2025-09-11FilingMerger-completion report (merger): July 8, 2025 - shareholder-determination record-date announcement July 8, 2025; merger contract date July 9, 2025; shareholder-determination record date July 23, 2025; small-scale merger announcement July 23, 2025; merger-objection notice receipt period start July 23, 2025; end August 6, 2025This is a recent change confirmed from the original official disclosure. It needs to be checked for whether it carries through to actual results and financial metrics. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue of ₩63.1 billion, operating loss of -₩1.7 billion, net loss of -₩1.1 billionThis is recent confirmed or preliminary results. Check whether it moves in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,034 | ₩1,034 | Confirmed | link |
| Latest quarterly results | revenue ₩63.1 billion, operating profit -₩1.7 billion | revenue ₩63.1 billion, operating profit -₩1.7 billion | Confirmed | link |
| Annual results | revenue ₩258.9 billion, operating profit -₩3.3 billion | revenue ₩258.9 billion, operating profit -₩3.3 billion | Confirmed | link |
| Original earnings disclosure text | revenue30%: revenue ₩258.9 billion · operating profit -₩3.3 billion · net profit ₩3.6 billion | revenue30%: revenue ₩258.9 billion · operating profit -₩3.3 billion · net profit ₩3.6 billion | Confirmed | link |
| Original disclosure text | : 25 07 08 - 2025 07 08 - approx. 2025 07 09 - 2025 07 23 - 2025 07 23 - 2025 07 23 - 2025 08 06 | : 25 07 08 - 2025 07 08 - approx. 2025 07 09 - 2025 07 23 - 2025 07 23 - 2025 07 23 - 2025 08 06 | Confirmed | link |
| Original earnings disclosure text | (2026.03): 2026 1 revenue ₩63.1 billion · operating profit -₩1.7 billion · net profit -₩1.1 billion | (2026.03): 2026 1 revenue ₩63.1 billion · operating profit -₩1.7 billion · net profit -₩1.1 billion | Confirmed | link |
| Basis for the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-05-29Large-business-group status disclosure
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-28Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-06OwnershipOwnership-change filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-30OwnershipOwnership-change filing
- 2026-03-23PeriodicAnnual business report
- 2026-03-23PeriodicQuarterly report (amended)
- 2026-03-23PeriodicSemi-annual report (amended)
- 2026-03-23Audit report
- 2026-03-16Disclosure
📖 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.