Kumkang Kind (014280) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Kumkang Kind is a steel and primary-metals company whose main products are steel pipe and system formwork (aluminum forms, or 'al-form') used on construction sites, with annual revenue in the ₩800 billion range that is directly tied to the construction cycle and civil-engineering and building volume, while the value of its stakes in affiliates and related companies also forms part of the company's worth. In January 2026 it signed a ₩10.4 billion supply contract; in February it confirmed full-year revenue of ₩802.2 billion, operating profit of ₩10.5 billion, and a net loss of ₩44.7 billion; in December 2025 there was a report on the results of a treasury-share disposal; and in the first quarter both operating profit and net profit swung back into the black. What stands out lately is that at this earnings inflection the P/B of 0.26x and a 3.2% dividend yield make it cheap on either an asset or dividend view, but with a current ratio of 95.7% and an interest-coverage ratio below 1x, financial headroom is tight, so the key is whether the Q1 recovery carries into the next quarter.
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 Pipe” (Chemicals, Refining, Steel & Materials · Steel & Metals), a type typically read first through P/E.
Steel-pipe makers produce and sell tubular products, with volume and margin flowing into results as energy and construction demand and steel input prices move. Because revenue converts fairly directly into current-year profit, price-to-earnings (P/E) is the natural first read.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 96.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 0.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.6% lower than a year earlier.
- ROE is -8.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.1%.
- 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 Ahn Young-soon 10.83% (individual)
Controlling bloc incl. related parties 40.83%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis Reading
Kumkang Kind is in the steel and primary-metals sector, and its main products are steel pipe and system formwork (aluminum forms that serve as molds when pouring concrete, commonly called 'al-form') used on construction sites. Revenue runs in the ₩800 billion range a year, with demand tied directly to the construction cycle and to civil-engineering and building volume. On top of this, it also holds stakes in affiliates and related companies, so the sale of its core products and the value of those holdings together make up the company's worth. With a market cap of ₩111.3 billion, which is not large, individual supply-contract and earnings disclosures show a relatively large effect on revenue and profit.
The latest close is ₩4,115 and the market capitalization is ₩120.7 billion. The price sits above its 20-day moving average (₩3,920) and below its 60-day moving average (₩4,278). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.0, a neutral level. The one-month change is -1.7%, the three-month change is -28.2%, and the position relative to the 52-week high is -43.3%. Relative strength versus the KOSPI is 12 (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 11% of all stocks. Over the past three months it lagged the index by 15.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Full-year 2025 revenue was ₩802.2 billion, with operating profit of ₩10.5 billion and a net loss of ₩44.7 billion, so last year was a loss year. Because of this loss, the P/E ratio (how many times a year's earnings the price is worth) on last year's confirmed results cannot be calculated. The P/B (how many times book value the price is worth), however, is 0.32x, meaning the stock trades at a third of the company's net asset value. It is hard to call the stock expensive or risky by looking only at trailing metrics (based on last year's confirmed results). This stock is at an inflection where profit is just turning, so this year's recovering profit (forward) is closer to the true picture than the past figures anchored to last year's loss. On financial soundness, a current ratio of 95.7% (assets convertible to cash within a year against debt due) and an interest-coverage ratio below 1x place it under 'caution', so the check point is whether the earnings recovery actually continues and supports cash flow.
Annual revenue held in the ₩800 billion range without major swings: ₩856.9 billion in 2023, ₩801.4 billion in 2024, and ₩802.2 billion in 2025. Profit is the key. Operating profit was compressed from ₩66.6 billion in 2023 to ₩33.0 billion in 2024 and ₩10.5 billion in 2025, then in Q1 2026 posted ₩13.2 billion, a recovery that in a single quarter exceeded last year's full-year figure. Q1 operating profit was up 87.5% from the same period a year earlier, and net profit swung from a loss to a ₩17.2 billion profit. Reflecting this Q1 trend, the outlook for this year is operating profit of ₩40.8 billion and net profit of ₩83.1 billion, a clear swing from last year's loss into profit. The recovery is driven by construction-material demand and pricing, and by the profit and loss tied to its holdings returning from last year's one-off weakness to a normal track. This year's forward P/E reflects this picture of profit reviving. Still, whether the recovery was a single strong quarter or continues quarter after quarter is something to confirm in the next set of results.
On January 7, 2026 a single-sale supply contract (voluntary disclosure) put the contract amount at ₩10.4 billion. As a new order that feeds through to revenue, whether it is a one-off or a repeatable transaction shapes the medium-term revenue path. On February 19, 2026 a change in revenue and profit-loss structure disclosed the confirmed 2025 full-year results of ₩802.2 billion in revenue, ₩10.5 billion in operating profit, and a ₩44.7 billion net loss. As a document showing the shape of last year's loss, looking at where the one-off factors sat helps gauge the extent of this year's recovery. The December 22, 2025 report on the results of a treasury-share disposal is a disclosure tied to share count and shareholder returns, a point at which to check whether earnings strength and cash flow support it.
Kumkang Kind is a stock where last year's loss (the past) and this year's earnings recovery (the present) cross. The strong side is clear. In the first quarter both operating and net profit rose sharply into the black, and this year, with a P/B of 0.26x and a 3.2% dividend yield, the stock is cheap on any of an earnings, asset, or dividend view. Trailing metrics are simply invisible because of last year's loss; for a stock at an earnings inflection, this year's forward figures are closer to fact, and on that basis the undervaluation signal is clear. The cautionary side must be weighed too. With a current ratio of 95.7% and an interest-coverage ratio below 1x, financial headroom is tight, so the key is whether the Q1 earnings recovery carries into the next quarter and refills cash flow. In sum, in a phase where quarterly results extend the Q1 recovery trend and new orders link through to revenue, the strength of being cheap relative to assets and earnings comes to the fore; conversely, if the recovery stalls at one quarter or the financial strain builds again, the undervaluation may be slow to be reflected.
🔎 Valuation vs peers Undervalued
A comparison set of similarly-sized companies within the steel and primary-metals sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dongkuk Industries | — | 0.38x | -2.69% |
| Daechang | 51.72x | 0.36x | 4.23% |
| Cho-il Aluminium | 16.25x | 0.59x | 4.35% |
We looked first at a public-data comparison set of similarly-sized companies within steel and primary metals. The current P/E (how many times a year's earnings the price is worth) is not available, and the P/B (how many times book value the price is worth) is 0.32x. That said, because smaller-cap names are heavily swayed by earnings swings and financing disclosures, we did not draw firm conclusions from metrics based solely on last year's confirmed results. The basis for the forward box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩782.9 billion | ₩40.8 billion | ₩83.1 billion |
| Next quarter | Q2 2026 | ₩195.9 billion | ₩10.9 billion | ₩25.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩4,115 and the market capitalization is ₩120.7 billion. The price sits above its 20-day moving average (₩3,920) and below its 60-day moving average (₩4,278). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.0, a neutral level. The one-month change is -1.7%, the three-month change is -28.2%, and the position relative to the 52-week high is -43.3%. Relative strength versus the KOSPI is 12 (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 11% of all stocks. Over the past three months it lagged the index by 15.8%. 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 -15.75% / 6M -47.66% / 12M -53.96%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.32x 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 -8.0%, below the sector average (1.0%). The operating margin is 2.1%. The debt ratio is 196.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $602.0M | $563.0M | $563.5M | +0.10% ↑ faster |
| Operating profit | $46.8M | $23.2M | $7.4M | -68.24% ↓ slower |
| Net profit | $27.0M | $3.9M | -$31.4M | -909.96% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $400.8M | $512.1M | $602.0M | $563.0M | $563.5M |
| Operating profit | $18.2M | $23.8M | $46.8M | $23.2M | $7.4M |
| Net profit | $14.0M | $35.8M | $27.0M | $3.9M | -$31.4M |
| Revenue CAGR | 4-yr avg 8.89% | ||||
Revenue rose 0.1% year over year (2023 ₩856.9 billion → 2024 ₩801.4 billion → 2025 ₩802.2 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 68.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.9%. The two-year revenue CAGR is -3.2%. In the most recent quarter (Q1 2026), revenue was 0.6% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 96.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-01-07ContractSingle-sale supply contract signed (voluntary disclosure): ₩10.4 billionThe contract amount and term are central to how future revenue is recognized. Whether it is a one-off or a repeatable transaction shapes the medium-term read. Source
- 2026-02-19EarningsChange of 30% or more (15% for large corporations) in revenue or profit-loss structure: full-year revenue ₩802.2 billion · operating profit ₩10.5 billion · net loss ₩44.7 billionThis is recent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2025-12-22UpdateReport on the results of a treasury-share disposal: check the return termsThis is a disclosure tied to cash returns or a change in share count. Confirm whether earnings strength and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,115 | ₩4,115 | Confirmed | link |
| Latest quarterly results | revenue ₩196.7 billion, operating profit ₩13.2 billion | revenue ₩196.7 billion, operating profit ₩13.2 billion | Confirmed | link |
| Annual results | revenue ₩802.2 billion, operating profit ₩10.5 billion | revenue ₩802.2 billion, operating profit ₩10.5 billion | Confirmed | link |
| Contract disclosure (original filing) | single supply contract signed (voluntary disclosure): contract value ₩10.4 billion | single supply contract signed (voluntary disclosure): contract value ₩10.4 billion | Confirmed | link |
| Earnings disclosure (original filing) | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩802.2 billion · operating profit ₩10.5 billion · net profit -₩44.7 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩802.2 billion · operating profit ₩10.5 billion · net profit -₩44.7 billion | Confirmed | link |
| Shareholder-return disclosure (original filing) | check the payout terms | check the payout terms | Confirmed | link |
| Basis for the forward box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-01Material-fact report
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-28OwnershipOwnership-change filing
- 2026-03-20Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-09OwnershipOwnership-change filing
- 2026-03-05Shareholders' meeting notice
- 2026-03-05Shareholders' meeting notice
- 2026-02-19EarningsEarnings 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.