KBI Dongyang Steel Pipe, founded in 1973, makes domestic steel pipe for waterworks and steel pipe for transporting gas and oil; because pipe for infrastructure projects ordered by the government, public agencies and the gas corporation forms the backbone of its revenue, a single large order carries a big impact. Supply contracts came in back to back at ₩32.0 billion in December 2025, ₩27.0 billion in March 2026 and ₩21.2 billion in May, and as these contracts accumulated they led to a 53% jump in first-quarter 2026 revenue and a swing to profit. What stands out recently is that if the first-quarter profit continues and orders keep coming in, the Undervalued appeal of a P/B of 0.87x, below net assets, comes alive, but if the profit breaks off or new orders stop, the burden of a loss could come back into focus.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 6.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 53.5% higher than a year earlier.
- ROE is -2.2% (controlling-interest basis). It is below the sector average.
- Operating margin is -0.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder KBI Kukin Sanup 12.63% (corporate)
Controlling bloc incl. related parties 26.96%
With the controlling bloc holding 27%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- KBI Dongyang Steel Pipe makes and sells steel pipe.
- Founded in 1973, it has its headquarters in Cheonan, South Chungcheong, a plant in Chungju, North Chungcheong, and a sales headquarters office in Seoul.
- It has two main products.
- First, waterworks steel pipe used in domestic waterworks projects, which it has long supplied for major waterworks construction.
- Second, steel pipe for transporting gas and oil, made at the Chungju plant since 1990, used in building the nationwide gas main network.
- In other words, the backbone of revenue is pipe for social-infrastructure projects ordered by the government, public agencies and the gas corporation.
- Order volumes come in as supply contracts and are then recognized as actual revenue, so a single large order tends to have a relatively big impact.
- The latest close is ₩1,107 and market capitalization is ₩114.9 billion.
- The price sits below its 20-day line (₩1,285) and its 60-day line (₩1,550).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an indicator that gauges the strength of gains versus declines over the past 14 days on a 0-100 scale) is 31.8, a neutral level.
- The one-month change is -17.6%, the three-month change is -36.0%, and the price is -65.6% from its 52-week high.
- Relative strength versus the KOSPI is 6 (on a 1-99 scale, converted from returns against the index over the past year with heavier weight on the recent period; higher means stronger than the market).
- That places it in roughly the top 95% of all stocks by strength.
- Over the past three months it lagged the index by 51.7%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The most recently confirmed 2025 annual results were revenue of ₩234.8 billion, operating profit of -₩1.6 billion and net profit of -₩3.1 billion, a loss.
- Because of this the P/E (how many times a year's profit the share price represents) cannot be computed.
- Instead the P/B (how many times the company's book value the share price represents) is 0.87x, which means market capitalization is actually below the company's net assets.
- The read's label is attached as 'Overvalued,' but that is only a mechanical result computed from last year's loss alone; the actual share price sits below book value, so it is hard to call it expensive.
- The debt ratio (debt relative to equity) is 169.4% and the current ratio (assets that can be converted to cash relative to debt due within a year) is 178%, so short-term payment ability poses no problem.
- The key is whether last year's loss was the bottom, and in the first quarter of 2026 both operating profit and net profit swung back to positive, a sign that it was.
- Annual revenue was on a declining path, from ₩278.3 billion in 2023 to ₩250.3 billion in 2024 and ₩234.8 billion in 2025, and operating profit fell into the red in 2025.
- In the first quarter of 2026, however, the mood changed.
- Quarterly revenue rose 53.5% year over year to ₩67.0 billion, and with operating profit of ₩4.2 billion and net profit of ₩1.7 billion it swung to profit, a scale that fills a full year's loss in a single quarter.
- The backdrop to this recovery lies in orders.
- Supply contracts were booked one after another at ₩32.0 billion at the end of 2025, ₩27.0 billion in March 2026 and ₩21.2 billion in May 2026, and because for infrastructure pipe order volumes flow into revenue on a schedule, the first quarter's profit does not look one-off.
- This year's outlook reflecting this is revenue of ₩303.4 billion and operating profit of ₩18.0 billion, a picture of climbing from last year's operating loss to a three-digit-billion-won profit this year, grounded in the already-confirmed first-quarter profit and accumulated orders.
- The center of the recent flow is supply-contract disclosures.
- Single supply contracts were disclosed one after another at ₩32.0 billion on December 31, 2025 (amended), ₩27.0 billion on March 20, 2026 (amended), and ₩21.2 billion on May 15, 2026.
- At a steel-pipe company, supply contracts are the most direct clue to where and how much future revenue will come from, and the point to watch is how the contract amounts and delivery periods are split across and recognized in actual quarterly results.
- These contracts can be seen to have accumulated and led to the surge in first-quarter 2026 revenue and the swing to profit.
- The strengths are clear.
- The company swung from last year's loss to a profit in the first quarter of 2026, revenue also rose 53%, and behind it are supply contracts booked one after another.
- Yet the share price trades at 0.87x book value, that is, below net assets, and it has come down a lot from its 52-week high.
- It is a phase with results going up and the price going down.
- Among the peer set, Korea Cast Iron Pipe (P/B of 0.39x) and Dongkuk CM (0.14x) are lower still, but unlike them this company is passing right through an earnings inflection, so it is hard to compare simply on a book-value basis.
- To note the cautions as well, the keys are whether the profit continues beyond a single quarter, and whether the supply contracts are one-off volumes or recurring transactions.
- If the first-quarter profit holds beyond the second quarter and orders keep coming in, the Undervalued appeal comes alive; conversely, if the profit breaks off or new orders stop, the burden of a loss could come back into focus.
🔎 Valuation vs peers Overvalued
A peer set of steel-and-primary-metal names with similar market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Cast Iron Pipe Ind. | 8.63x | 0.40x | 4.69% |
| Dongkuk CM | — | 0.14x | -5.39% |
| Igu Industrial | 11.67x | 0.87x | 7.50% |
Within steel and primary metals, we looked first at a public-data peer set of comparable market capitalization. The current P/E (how many times a year's profit the share price represents) cannot be confirmed, and the P/B (how many times book value the share price represents) is 0.81x. That said, for smaller-cap names the impact of earnings swings and funding disclosures is large, so we did not rely on trailing-year confirmed-results metrics alone. 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 | ₩303.4 billion | ₩18.0 billion | — |
| Next quarter | Q2 2026 | ₩75.4 billion | ₩6.5 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩1,107 and the market capitalization is ₩114.9 billion. The price sits below its 20-day moving average (₩1,285) and below its 60-day moving average (₩1,550). 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 31.8, a neutral level. The one-month change is -17.6%, the three-month change is -36.0%, and the position relative to the 52-week high is -65.6%. Relative strength versus the KOSPI is 6 (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 5% of all stocks. Over the past three months it lagged the index by 51.7%. 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 -51.73% / 6M -60.29% / 12M -69.12%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.81x is above 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 -2.2%, below the sector average (2.0%). The operating margin is -0.7%. The debt ratio is 169.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $184.5M | $165.9M | $155.6M | -6.20% ↑ faster |
| Operating profit | $1.5M | $4.4M | -$1.1M | -124.29% ↓ slower |
| Net profit | -$1.0M | -$13.0M | -$2.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $120.6M | $176.4M | $184.5M | $165.9M | $155.6M |
| Operating profit | -$2.1M | $5.1M | $1.5M | $4.4M | -$1.1M |
| Net profit | -$2.5M | $2.6M | -$1.0M | -$13.0M | -$2.1M |
| Revenue CAGR | 4-yr avg 6.57% | ||||
Revenue fell 6.2% year over year (2023 ₩278.3 billion → 2024 ₩250.3 billion → 2025 ₩234.8 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 124.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.6%. The two-year revenue CAGR is -8.2%. In the most recent quarter (Q1 2026), revenue was 53.5% 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 most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 6.2% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15ContractSingle supply contract signed: contract value ₩21.2 billionThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction determines the medium-term reading. Source
- 2026-03-20Contract[Amended] Single supply contract signed: contract value ₩27.0 billionThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction determines the medium-term reading. Source
- 2025-12-31Contract[Amended] Single supply contract signed: contract value ₩32.0 billionThe contract value and term are central to future revenue recognition. Whether it is one-off or a repeatable transaction determines the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,107 | ₩1,107 | Confirmed | link |
| Latest quarterly results | revenue ₩67.0 billion, operating profit ₩4.2 billion | revenue ₩67.0 billion, operating profit ₩4.2 billion | Confirmed | link |
| Annual results | revenue ₩234.8 billion, operating profit -₩1.6 billion | revenue ₩234.8 billion, operating profit -₩1.6 billion | Confirmed | link |
| Contract disclosure original text | ㆍapprox. : approx. ₩21.2 billion | ㆍapprox. : approx. ₩21.2 billion | Confirmed | link |
| Contract disclosure original text | []ㆍapprox. : approx. ₩27.0 billion | []ㆍapprox. : approx. ₩27.0 billion | Confirmed | link |
| Contract disclosure original text | []ㆍapprox. : approx. ₩32.0 billion | []ㆍapprox. : approx. ₩32.0 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-19OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Single supply/sales contract
- 2026-03-26Shareholders' meeting notice
- 2026-03-20Single supply/sales contract (amended)
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-16OwnershipOwnership-change filing
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
📖 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.