Wooshin makes body parts stamped from steel sheet and chassis parts that link the wheels and suspension, supplying them to automakers; the overwhelming share of its revenue comes from deliveries to the Hyundai Motor and Kia group, so the production and sales volumes of these two customers and their new-model cycles drive its results. A March 16 business report confirmed 2025 revenue of ₩1.96 trillion, operating profit of ₩102.4 billion, and net income of ₩66.7 billion (an increase in profit), while a May 15 Q1 report showed operating profit falling 44% year on year in another dip; ROE of 11.7% exceeds the peer median (7.0%). What stands out most recently is that when automaker volumes hold up and quarterly profits carry through to the full year, the low valuation of a 5.72x P/E and 0.67x P/B and the high ROE come alive as strengths, whereas revenue is heavily concentrated in the two customers and, with a debt ratio of 272.9% and interest coverage of 2.05x, financial headroom is tight, so prolonged production cuts or margin pressure work as a burden.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 272.9%).
- Revenue rose 14.6% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 6.8% higher than a year earlier.
- ROE is 11.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.2%.
- The P/E sits below the sector median.
Ownership & governance As of 2023-12-31
Largest shareholder Global Auto Trading 16.43% (corporate)
Controlling bloc incl. related parties 46.55%
With the controlling bloc holding 47%, the ownership structure is stable.
🔎 In-depth analysis
- Wooshin is a manufacturer that makes parts corresponding to the skeleton of a car and delivers them to automakers.
- Its mainstay products are body parts stamped from steel sheet and chassis parts that connect the wheels and suspension to the body (subframes, control arms, cross members, and the like).
- Because the overwhelming share of its revenue comes from deliveries to the Hyundai Motor and Kia group, the production and sales volumes of these two customers and their new-model cycles directly drive Wooshin's results.
- In addition to its domestic plants, it operates overseas production subsidiaries in India, China, and elsewhere that supply local automaker plants together, so exchange rates and overseas utilization also directly affect its profit and loss.
- The latest close is ₩8,330 and market capitalization is ₩290.9 billion.
- The price sits below its 20-day line (₩10,926) and below its 60-day line (₩11,611).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the past 14 days on a 0-100 scale) is 37.0, a neutral level.
- The one-month change is -19.4%, the three-month change is -21.4%, and the price is -46.4% from its 52-week high.
- Relative strength versus the KOSPI is 32 (on a 1-99 scale that converts one-year return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 68% of all stocks by strength.
- Over the past three months it has lagged the index by 42.9%.
- Chart readings are best viewed together with volume and the dates of disclosures.
- On final annual (2025) results, the P/E (how many times a year's earnings the price is) is 4.36x and the P/B (how many times net assets the price is) is 0.51x.
- On earnings alone, that is a price of less than six times a year's profit, and the shares trade even below net assets.
- ROE (how much is earned in a year on capital) of 11.7% clearly exceeds the industry median (7.0%), so the efficiency of turning capital into profit is on the good side.
- The operating margin of 5.2% is the thin margin typical of parts manufacturing, but the strength is earning an above-peer ROE on top of it.
- The debt ratio (debt against equity) of 272.9% means debt exceeds equity, so financial headroom is not ample, and interest coverage of 2.05x is a level where operating profit covers interest with a little left over, so changes in rates and utilization should be watched together.
- One more point: the P/E and P/B above are on last year's final (trailing) earnings.
- The forward P/E reflecting this year's earnings is lower than trailing, so if profit is trending up, the real felt valuation is a notch lighter than last year's figures.
- This forward P/E is below the peer median, so on the diagnosis the valuation is viewed as "undervalued."
- Over five years, revenue rose from ₩1.2 trillion in 2021 to ₩2.0 trillion in 2025, and operating profit recovered over the same span from ₩24.2 billion to ₩102.4 billion.
- It did not climb in one direction every year: revenue and profit both fell from 2023 to 2024 and then revived in 2025 in a "V-shaped" pattern, so the three-year trend is read as "mixed." That said, the most recent 2025 saw all three metrics rise—revenue +14.6%, operating profit +56.9%, net income +24.5%—and the pace of increase quickened from the prior year.
- This revival of profit owes much to the interplay of recovering Hyundai and Kia production volumes, the new-model cycle, and improved overseas-subsidiary utilization.
- That this year's forward P/E comes out below last year's trailing 5.72x can also be read as the market viewing this year's earnings more thickly than last year's.
- The short-term check point is Q1 2026.
- Revenue grew to ₩505.6 billion (+6.8%), but operating profit fell 44.3% year on year to ₩17.0 billion, so top-line growth and quarterly profitability moved separately.
- Net income came in at ₩28.3 billion (-2.8%), a smaller drop than at the operating line.
- The key, therefore, is to confirm at each earnings release whether this year's profit sustains last year's recovery trend quarter by quarter.
- Recent flow centers on periodic reports and shareholder-return disclosures.
- A February 13, 2026 disclosure of a change of 15% or more in the profit-and-loss structure first revealed that 2025 operating profit had risen sharply from the prior year, and the March 16 business report confirmed the figures (revenue ₩1.96 trillion, operating profit ₩102.4 billion, net income ₩66.7 billion).
- On March 4, a cash-and-in-kind dividend was decided, delivering a shareholder return of ₩170 per share (payout ratio 8.9%).
- The May 15 Q1 report confirmed that operating profit dipped again, leaving something to check quarter by quarter as to whether last year's profit recovery carries into this year.
- For this stock, periodic results and dividends are the main catalysts rather than order or large-contract disclosures, so watching the volume changes of the automaker customers is key.
- This is a stock with relatively clear strengths.
- On the large customer base of Hyundai Motor and Kia, it earns profitability with an ROE of 11.7% that exceeds the peer median (7.0%), and yet at a P/E of 5.72x and P/B of 0.67x the price is light relative to earnings and net assets.
- In particular, the forward P/E reflecting this year's earnings is lower than trailing and below the peer median, so on the diagnosis the valuation is viewed as "undervalued." In other words, it is not a spot that is risky because it is expensive, but closer to one trading cheaply.
- The part to watch carefully comes from the business structure.
- Revenue is heavily concentrated in the two automaker customers, so its results wobble along with their production adjustments; with a debt ratio of 272.9% and interest coverage of 2.05x, financial headroom is tight; and Q1 2026 operating profit fell 44% year on year, so the volatility of quarterly profitability is on the large side.
- In sum, it is a structure where, when automaker volumes hold up and quarterly profits carry through to the full year, the low valuation and high ROE come alive as strengths, and where, when customer production cuts or margin pressure drag on, the thin operating margin and high debt work as a burden.
🔎 Valuation vs peers Fairly valued
The peer set prioritizes functional comparables that supply body and chassis parts to automakers. HL Mando covers chassis, braking, and steering systems; Hwaseung Corporation is a small-cap maker of automotive materials and rubber parts; and Hyundai Mobis, a much larger module and after-sales company, is kept for reference only.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HL Mando | 22.70x | 0.84x | 3.69% |
| Hwaseung Corporation | 1.68x | 0.46x | 27.54% |
| Hyundai Mobis | 11.54x | 0.86x | 7.44% |
(a) Within the peer set, Wooshin's P/E of 5.4x is markedly below HL Mando (30.5x) and Hyundai Mobis (15.1x) and above Hwaseung Corporation (1.6x), placing it in the low range of the small-cap parts cluster. (b) That its P/B stays at 0.63x even though its ROE is higher than the two large peers can be seen as a discount driven by customer concentration and high debt. (c) That said, the 5.4x P/E has the limitation of being on last year's final (trailing) earnings. With Q1 2026 operating profit falling 44% and entering an inflection period, viewing it through a DART seasonality approximation (annual operating profit of about ₩53.5 billion) in place of official company guidance suggests this year's burden may not be as light as last year's figures. Taken together, it is viewed as sitting in a "fairly valued" range—neither heavy nor cheap relative to assets and earnings—with the conclusion hinging on the annual sustainability of quarterly profit.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩514.0 billion | ₩17.1 billion | ₩9.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,330 and the market capitalization is ₩290.9 billion. The price sits below its 20-day moving average (₩10,926) and below its 60-day moving average (₩11,611). 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 37.0, a neutral level. The one-month change is -19.4%, the three-month change is -21.4%, and the position relative to the 52-week high is -46.4%. Relative strength versus the KOSPI is 33 (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 32% of all stocks. Over the past three months it lagged the index by 42.9%. 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 -42.86% / 6M -36.18% / 12M -58.75%
Key metrics vs sector median
Valuation
The P/E of 4.36x is below the sector median (7.76x). The P/B of 0.51x is in line with the sector median (0.56x).
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 11.7%, above the sector average (7.0%). The operating margin is 5.2%. The debt ratio is 272.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.2B | $1.1B | $1.3B | +14.61% ↑ faster |
| Operating profit | $55.5M | $43.3M | $67.9M | +56.86% ↑ faster |
| Net profit | $51.2M | $35.5M | $44.2M | +24.51% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $819.6M | $1.1B | $1.2B | $1.1B | $1.3B |
| Operating profit | $16.0M | $57.9M | $55.5M | $43.3M | $67.9M |
| Net profit | $16.2M | $49.2M | $51.2M | $35.5M | $44.2M |
| Revenue CAGR | 4-yr avg 12.24% | ||||
Revenue rose 14.6% year over year (2023 ₩1.8 trillion → 2024 ₩1.7 trillion → 2025 ₩2.0 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 56.9% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.2%. The two-year revenue CAGR is 4.3%. In the most recent quarter (Q1 2026), revenue was 6.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 11.7% points to solid profitability.
- Revenue grew 14.6% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 report — revenue ₩505.6 billion (+6.8%), operating profit ₩17.0 billion (-44.3% year on year)The top line grew, but operating profit fell sharply, making it a short-term check point on whether 2025's profit recovery carries into this year. Source
- 2026-03-16Update2025 business report — revenue ₩1.96 trillion, operating profit ₩102.4 billion, net income ₩66.7 billion confirmedThe recovery in operating profit, up 56.9% from the prior year, is confirmed in final figures. These are the base results for annual valuation metrics such as P/E and ROE. Source
- 2026-03-04DividendCash-and-in-kind dividend decision — ₩170 per share, payout ratio 8.9%A decision returning part of the recovered profit to shareholders, a disclosure that lets one view cash flow and dividend sustainability together. Source
- 2026-02-13EarningsDisclosure of a change of 15% or more in the profit-and-loss structure — 2025 profit and loss changed significantly from the prior yearA mandatory disclosure that flagged the 2025 profit recovery ahead of the business report's confirmation. With a large swing, it drew short-term attention. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 operating profit (consolidated) | ₩102.4 billion | DART 2025 | Confirmed | link |
| Q1 2026 operating profit (cumulative) | ₩17.0 billion | DART 2026 1 | Confirmed | link |
| Dividend per share (2025 year-end) | ₩170 | DART | Confirmed | link |
| 2026 operating profit seasonality approximation | approx. ₩53.5 billion | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-20Disclosure
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-09Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
- 2026-03-04DividendCash/stock dividend decision
- 2026-02-13EarningsEarnings filing
📖 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.