Taekyung Industrial is a conglomerate that runs together industrial base materials such as ultra-fine ground calcium carbonate processed from limestone, ferroalloys, and the operation of highway rest stops and gas stations; it also serves as the group's founding and holding entity, so profits from stakes in subsidiaries such as Taekyung BK, Taekyung Chemical and Namyoung Electric Lamp are added in, which lets one segment cushion another when a segment is weak. In March 2026 it voluntarily disclosed a corporate value-up plan, in February it continued a high dividend in the 5% range with a cash and in-kind dividend, and in May its first-quarter report disclosed a sharp earnings rebound. What stands out most recently is that a 0.42x P/B, a dividend in the 5% range and the value-up disclosure, combined with the first-quarter earnings rebound, make it cheap by any measure of assets, dividends or earnings; the caveats are that a 322% debt ratio is a variable felt when rates and industry conditions worsen together, and that in years when the core-business margin and subsidiary results move at once, the swing in consolidated profit can widen.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 322.2%).
- Revenue rose 15.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 21.8% higher than a year earlier.
- ROE is 5.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Hae-ryun 23.28% (individual)
Controlling bloc incl. related parties 62.01%
With the controlling bloc holding 62%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Taekyung Industrial is not a single-business company but a conglomerate that runs several businesses together.
- Its direct businesses center on industrial base materials such as ultra-fine ground calcium carbonate made by processing limestone, ferroalloys (non-ferrous metal materials that go into steel), and the operation of highway rest stops and gas stations (the living and culture segment).
- By the most recently disclosed consolidated revenue mix, lime manufacturing is the largest at about a third, non-ferrous metals and rest stops/gas stations are each around a fifth, and carbon dioxide gas, fuel and lamps follow.
- On top of this, Taekyung Industrial serves as the group's founding company and holding entity, holding stakes in the lime specialist Taekyung BK (quicklime, slaked lime, calcium carbonate), Taekyung Chemical, Korea's largest carbon dioxide gas company (dry ice, liquid carbonic acid), and Namyoung Electric Lamp, which makes lighting bulbs.
- In other words, on top of 'the materials and rest-stop operating profit I earn directly' is added 'the consolidated and equity profit the subsidiaries bring in,' so profit is built in a form where one segment cushions another when a segment is weak.
- The latest close is ₩4,580 and market capitalization is ₩133.9 billion.
- The price sits below the 20-day line (₩4,616) and below the 60-day line (₩4,839).
- Being under both the short- and mid-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that scores the strength of up moves against down moves over the last 14 days on a 0-100 scale) is 44.5, a neutral level.
- The one-month change is -1.3%, the three-month change is -6.2%, and the position versus the 52-week high is -17.9%.
- Relative strength versus KOSPI is 22 (1-99, converted from returns against the index over the past year with more weight on the recent period; higher means stronger than the market).
- That places it in roughly the top 79% of all stocks by strength.
- Over the past three months it lagged the index by 24.5%.
- Chart reading works best when volume and disclosure dates are viewed together.
- The P/E ratio (how many times a year's earnings the price is) is 7.98x and the P/B (how many times the company's net assets the price is) is 0.44x, so it trades at less than half of the company's net assets.
- The dividend yield is about 5.6% (dividend received against the price, ₩250 per share with a payout ratio of about 44%), clearly on the high side versus peers.
- Profitability is unremarkable, with ROE (how much is earned in a year on equity) of 5.5% and an operating margin of 7.1%, and a net margin of 2.2%.
- The debt ratio (debt against equity) is 322%, so debt is more than three times equity, but reading it together with the interest coverage ratio of 4.3x (operating profit covers interest more than four times over) and the current ratio of 196% (assets convertible to cash are nearly double the debt due within a year), near-term repayment is at a manageable level.
- One point to note is that the P/E and P/B above are all based on 2025 annual confirmed results.
- For a stock like Taekyung Industrial, where earnings were held down for a year and then revive, the forward metric (a multiple based on this year's expected earnings) is closer to the real picture than the trailing metric (a multiple based on last year's confirmed earnings).
- This is not a place to conclude it is expensive from a 7.75x trailing P/E alone; the price reads properly only when this year's earnings are considered together.
- Over five years, revenue grew at about a 10.7% annual average from ₩516.8 billion in 2021 to ₩777.1 billion in 2025, and in 2025 it rose 15% from the year before, speeding up again.
- In 2025 operating profit of ₩55.4 billion was similar to the prior year and net profit was ₩16.8 billion, a one-year pause, a 'trough' phase in which the top line kept growing while only profit was briefly held down.
- That flow turned clearly in the first quarter of 2026.
- With revenue of ₩206.2 billion (+21.8%), operating profit of ₩17.2 billion (+43.4%) and net profit of ₩14.2 billion (+106.2%), profit rose sharply as core-business price and volume recovery and subsidiary profit came in together.
- On a foundation where revenue has grown steadily in the double digits, this is a phase where held-down margins are returning to normal, so it is natural for this year's annual profit to be clearly higher than last year's.
- In other words, revenue has never stopped growing and profit is at a spot where it is normalizing after passing a trough, which is the basis supporting this year's earnings, and these figures reflect a recovery right after profit was held down for a year.
- This year's most notable disclosure is the 'corporate value-up plan' voluntarily disclosed on March 24, 2026.
- A low-P/B, high-dividend stock presenting on its own its direction for capital efficiency and shareholder returns is meaningful from a shareholder standpoint, together with the dividend in the 5% range.
- Earlier, in February, it decided on a cash and in-kind dividend, continuing the high dividend; in March, the business report and annual general meeting confirmed 2025 results; and in May, the first-quarter report disclosed an earnings rebound.
- The information this site covers is limited to disclosures and official company material, and does not include individual orders or outside outlook material.
- This is a stock with clear strengths.
- A share price at less than half of net assets (0.42x P/B), a dividend in the 5% range, a value-up disclosure signaling higher capital efficiency, and the sharp earnings rebound confirmed in the first quarter all sit in one place.
- Even on the basis of last year's held-down profit the trailing P/E is lower than peers, and as this year's profit normalizes the forward P/E comes down, making the undervaluation even clearer.
- In other words, it is at a cheap spot by any measure of assets, dividends or earnings.
- A point to view together is the business structure.
- With profit sources split across lime, ferroalloys, rest stops and subsidiary stakes, there is stability in that one segment cushions another when it is weak, but in years when the core-business margin and subsidiary results move at once, the swing in consolidated profit also widens.
- The 322% debt ratio is also worth viewing together; because interest coverage and the current ratio support it, it is less an immediate burden than a variable felt when rates and industry conditions worsen together.
- In short, on top of the asset and shareholder-return appeal of a low P/B and high dividend, it is strong when the flow of profit recovering after passing a trough continues, and weaker in a phase where the core-business margin and rates and industry conditions turn down at once.
🔎 Valuation vs peers Undervalued
With the business mixed across lime and base-material chemicals and non-ferrous metals and consumer services, an exact same-business peer set is scarce, so among the site's listed chemical-materials companies, Lotte Fine Chemical and Namhae Chemical, which are close in market cap and business character, are used as the base peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lotte Fine Chemical | 10.44x | 0.45x | 4.36% |
| Namhae Chemical | 9.58x | 0.51x | 5.31% |
Its P/E and P/B are both lower than the peer set and its dividend is higher, placing it in undervalued territory by any measure of assets, earnings or dividends. That said, because 2025 net profit was a one-year trough, the trailing P/E of 8.2x has the limitation of making the company's true capability look somewhat expensive. Reflecting the sharp rebound in first-quarter 2026 profit, the multiple based on this year's projected earnings falls clearly below the trailing figure, a direction in which the strength of the undervaluation grows. The discount is explained by the high debt ratio and the volatility of the business and subsidiary profits, and if that volatility and the one-off share come to the fore, the discount can be justified. Rather than a flat conclusion that it is 'simply cheap,' it is appropriate to view it as a stock where the room to work off the undervaluation grows as earnings normalization is confirmed quarter by quarter.
Price history Close · MA20 · MA60
The latest close is ₩4,580 and the market capitalization is ₩133.9 billion. The price sits below its 20-day moving average (₩4,616) and below its 60-day moving average (₩4,839). 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 44.5, a neutral level. The one-month change is -1.3%, the three-month change is -6.2%, and the position relative to the 52-week high is -17.9%. Relative strength versus the KOSPI is 22 (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 21% of all stocks. Over the past three months it lagged the index by 24.5%. 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 -24.50% / 6M -41.75% / 12M -63.69%
Key metrics vs sector median
Valuation
The P/E of 7.98x is below the sector median (14.79x). The P/B of 0.44x is below the sector median (0.97x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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 5.5%, above the sector average (4.0%). The operating margin is 7.1%. The debt ratio is 322.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $434.8M | $447.8M | $515.0M | +15.01% ↑ faster |
| Operating profit | $29.2M | $36.9M | $36.7M | -0.45% ↓ slower |
| Net profit | $10.8M | $13.5M | $11.1M | -17.83% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $342.5M | $486.1M | $434.8M | $447.8M | $515.0M |
| Operating profit | $26.9M | $36.4M | $29.2M | $36.9M | $36.7M |
| Net profit | $12.0M | $15.3M | $10.8M | $13.5M | $11.1M |
| Revenue CAGR | 4-yr avg 10.74% | ||||
Revenue rose 15.0% year over year (2023 ₩656.0 billion → 2024 ₩675.7 billion → 2025 ₩777.1 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 0.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.7%. The two-year revenue CAGR is 8.8%. In the most recent quarter (Q1 2026), revenue was 21.8% 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.
- The dividend yield, at 5.5%, is on the high side.
- Revenue grew 15.0% 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
- 2026-03-24FilingVoluntarily disclosed a 2026 corporate value-up plan. A low-P/B, high-dividend stock officially presents its direction for capital efficiency and shareholder returns.A signal that raises mid-term expectations for improved shareholder returns and capital efficiency. Actual execution, however, needs to be confirmed through future dividends and results. Source
- 2026-05-15EarningsDisclosed the first-quarter 2026 report. A sharp rebound with revenue of ₩206.2 billion (+21.8%), operating profit of ₩17.2 billion (+43.4%) and net profit of ₩14.2 billion (+106.2%).A short-term signal of earnings normalizing versus last year's trough. With quarterly net profit exceeding operating profit, subsidiary and non-operating contributions need to be checked. Source
- 2026-03-23FilingDisclosed the 2025 business report. Annual revenue of ₩777.1 billion (+15%), operating profit of ₩55.4 billion (flat) and net profit of ₩16.8 billion (-17.8%) confirm top-line growth and an earnings trough.Shows continued mid-term revenue growth, but last year's profit was a trough. Confirmed results that serve as the baseline for this year's rebound. Source
- 2026-02-03DividendDisclosed a cash and in-kind dividend decision. A cash dividend of around ₩250 per share supports a dividend yield in the 5% range.A direct basis for the short-term high-dividend appeal. Whether earnings strength and cash flow support the dividend needs to be checked together. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated net profit | ₩16.8 billion(net_income 16,772,944,719) | ₩16.8 billion | Confirmed | link |
| First-quarter 2026 revenue and net profit | revenue 2,061.6·net profit 141.8(YoY +21.8%/+106.2%) | 2026 1 | Confirmed | link |
| Dividend per share (DPS) | ₩250 | — | Confirmed | link |
| P/E on this year's projected earnings (forward) | trailing 8.2x → forward approx. 3.6x(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-24Disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Disclosure
- 2026-03-23Amended filing
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-02-27Shareholders' 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.