DS Dansuk is a resource-recycling company that earns money in three ways: a bioenergy business that turns used cooking oil and similar feedstock into biodiesel, a battery-recycling business that recovers black mass and lead from spent batteries, and a plastics-recycling operation that processes waste plastic into recycled raw material. Bioenergy is the largest share of total revenue, but the center of gravity for profit is shifting quickly toward battery recycling, which accounted for roughly 76% of first-quarter 2026 operating profit. Recent filings have centered on funding and transactions: a May decision to issue convertible bonds, the acquisition of shares in another company, a disposal of tangible assets, and a single supply contract. What stands out lately is that a light valuation (a P/B of 0.75 and a P/S of about 0.21) sits alongside a first-quarter revenue rebound of +12.1%, a narrowing net loss, and improving earnings quality from the thicker-margin recycling business. On the other side, the debt burden is heavy (a debt ratio of 280.8% and an interest coverage of 0.29x), and financing such as convertible bonds can lead to an increase in the share count.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 280.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 81.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 0.7% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 12.1% higher than a year earlier.
- ROE is -4.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 0.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Han Seung-wook 36.56% (individual)
Controlling bloc incl. related parties 40.08%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis
- DS Dansuk earns money in three broad ways.
- First, the bioenergy segment uses waste resources such as used cooking oil to make biodiesel, bio-heavy oil, and bio-marine fuel, which it supplies to refiners and power producers; it is one of the larger domestic biodiesel producers and has recently added facilities to produce feedstock for sustainable aviation fuel (SAF).
- Second, the battery-recycling segment recovers black mass (a black powder concentrated with lithium, nickel, cobalt and the like) and lead from spent batteries and resells them; by the company's own account, roughly 76% of first-quarter 2026 operating profit came from this segment.
- Third, the plastics-recycling segment processes waste plastic into recycled raw material.
- In short, this is a company that turns discarded resources back into resources; bioenergy is the largest share of total revenue, while the center of gravity for profit is shifting quickly toward battery recycling.
- The latest close is ₩11,340 and the market cap is ₩201.4 billion.
- The price sits below its 20-day line (₩12,525) and below its 60-day line (₩17,389).
- Trading beneath both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores upward versus downward momentum over the last 14 days on a 0-100 scale) is 30.1, a neutral level.
- The one-month change is -20.5%, the three-month change is -41.1%, and the position versus the 52-week high is -59.6%.
- Relative strength against the KOSPI is 2 (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).
- That places it around the top 99% for strength among all stocks.
- Over the past three months it lagged the index by 51.4%.
- Chart readings are best viewed together with volume and the dates of disclosures.
- Last year's (2025) results were revenue of about ₩954.9 billion, operating profit of about ₩8.0 billion, and net profit of about -₩12.0 billion, meaning a profit at the operating line but a loss at the bottom line.
- A P/E ratio (how many times a year's profit the share price is) is not calculated because last year's net profit was negative.
- The P/B (how many times the company's net assets the share price is) is 0.75, a level where the market cap sits about 25% below book net assets.
- The P/S (how many times a year's revenue the share price is) is about 0.21, quite light given a revenue base close to ₩1 trillion.
- On these asset and revenue yardsticks, the share price is not heavy.
- That said, the debt ratio (debt relative to equity) is high at 280.8%, the current ratio (assets soon convertible to cash versus debt due within a year) is 81.4%, below 100%, and the interest coverage (how many times operating profit covers interest) is 0.29x, meaning that on last year's numbers operating profit alone did not fully cover interest.
- ROE (how much is earned in a year on equity) is -4.5%.
- The key point is that these trailing (past confirmed) figures capture a loss-making phase, and whether this year's profit turns positive is the fork in the road for judging the company's value.
- Revenue eased down over three years, from about ₩1,070.4 billion in 2023 to about ₩961.7 billion in 2024 and about ₩954.9 billion in 2025; operating profit fell sharply over the same period, from ₩76.2 billion to ₩12.2 billion to ₩8.0 billion; and net profit swung from +₩40.0 billion in 2023 to losses in both 2024 and 2025.
- In the first quarter of 2026, however, the trend began to change.
- Revenue rose +12.1% year on year to about ₩278.1 billion, breaking a three-year decline, and the net loss narrowed sharply to about -₩1.9 billion.
- The driver of this recovery is clear.
- Amid steady structural demand for recycling waste resources, the thicker-margin battery-recycling business carried roughly 76% of first-quarter operating profit and is lifting the quality of earnings.
- In other words, the top line is held up by bioenergy while profitability is newly filled in by battery recycling, a dual structure the company is shifting toward.
- The forward P/E on this year's basis is about 51x, which means the company is turning from loss to profit but the scale of that profit is still at an early-recovery level.
- Unlike the loss-making trailing period, a meaningful multiple appears once a positive profit for this year first enters the denominator, a pattern that naturally shows up in a stock at the inflection point where profit has just turned positive.
- The thicker the surplus becomes, the faster this multiple falls.
- Recent filings are concentrated on funding and transactions.
- A May 20 decision to issue convertible bonds (bonds that can later be converted into shares) and a May 28 disclosure of the results of an issue of share-linked bonds are moves to bring in outside capital, and they also mean the share count could rise.
- The May 22 acquisition of shares in another company reads as business expansion or vertical integration, while the May 26 decision to dispose of tangible assets reads as a cash inflow and a tidying of the financial structure.
- On May 29 a single supply contract disclosure (with a correction) added to revenue visibility, and on May 19 the company announced an IR (investor presentation), signaling a venue to explain its direction directly.
- In early June, changes in the holdings of the largest shareholder and executives and a large-holding report followed.
- With funding and asset reshuffling proceeding together, whether this is preparation for growth investment or a response to financial strain is something to confirm through the IR and next quarter's results.
- This company's strengths and weaknesses are both distinct.
- There are three strengths.
- First, on asset and revenue yardsticks the share price is clearly light (a P/B of 0.75 and a P/S of about 0.21).
- Second, revenue that had been pressed for three years turned direction with +12.1% in the first quarter, and the net loss narrowed sharply.
- Third, the weight of profit is shifting toward the thicker-margin battery-recycling business, improving the quality of earnings.
- Add the structural demand for resource recycling, and if the turn to profit actually firms up, the undervalued asset value could come into focus.
- The weakness, by contrast, is the balance sheet.
- With a debt ratio of 280.8%, a current ratio of 81.4%, and interest coverage of 0.29x, the debt burden is heavy, and financing such as convertible bonds can lead to an increase in the share count (dilution).
- In sum, this is a stock that is strong when the revenue recovery and battery-recycling margins connect clearly to a profit, and weak when the recovery is slow or added dilution compounds an interest-and-repayment burden.
- Reading both axes together — the seemingly cheap asset value and the heavy debt — is the way to read this stock accurately.
🔎 Valuation vs peers Inconclusive
Compared against chemical names that share the resource-recycling and battery-recycling theme: Sungeel HiTech (recovering black mass and metals from spent batteries), Cosmo Chemical (secondary-battery materials and recycling), and Lotte Chemical as a reference for the chemical-industry down-cycle.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SungEel HiTech | 0.00x | 3.47x | -61.08% |
| Cosmo Chemical | 0.00x | 1.66x | -13.80% |
| Lotte Chemical | 0.00x | 0.21x | -16.19% |
Against the battery-recycling peer set (Sungeel HiTech at a P/B of 5.05 and Cosmo Chemical at 2.16), DS Dansuk's P/B of 0.91 is a clear discount on an asset basis. Because all of the peers are loss-making, they cannot be ranked by P/E, and among them DS Dansuk has the smallest loss with an ROE of -4.5%, so its profitability erosion is relatively less severe. That said, because last year was a net loss, multiple comparison on a trailing (past confirmed profit) basis has limits, and whether the turn to profit happens hinges on forward (this year's expected) variables such as the revenue recovery and battery margins. Given the chemical-industry down-cycle (Lotte Chemical at a P/B of 0.27 and an ROE of -16.2%), a low P/B does not automatically mean undervaluation, and adding the 280.8% debt ratio and the possibility of dilution, it is more appropriate to hold judgment and re-assess after confirming the turn to profit and financial stabilization than to declare it cheap or expensive.
Price history Close · MA20 · MA60
The latest close is ₩11,340 and the market capitalization is ₩201.4 billion. The price sits below its 20-day moving average (₩12,525) and below its 60-day moving average (₩17,389). 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 30.1, a neutral level. The one-month change is -20.5%, the three-month change is -41.1%, and the position relative to the 52-week high is -59.6%. Relative strength versus the KOSPI is 2 (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 1% of all stocks. Over the past three months it lagged the index by 51.4%. 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 -51.42% / 6M -61.35% / 12M -82.47%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.74x is below the sector median (0.97x).
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 -4.5%, below the sector average (4.0%). The operating margin is 0.8%. The debt ratio is 280.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $709.5M | $637.4M | $632.9M | -0.71% ↑ faster |
| Operating profit | $50.5M | $8.1M | $5.3M | -34.51% ↑ faster |
| Net profit | $26.5M | -$6.1M | -$8.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $709.5M | $637.4M | $632.9M |
| Operating profit | — | — | $50.5M | $8.1M | $5.3M |
| Net profit | — | — | $26.5M | -$6.1M | -$8.0M |
| Revenue CAGR | 2-yr avg -5.55% | ||||
Revenue fell 0.7% year over year (2023 ₩1.1 trillion → 2024 ₩961.7 billion → 2025 ₩954.9 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 34.5% year over year. That said, the decline narrowed. Over the 3 years on record, revenue compound annual growth (CAGR) is -5.5%. The two-year revenue CAGR is -5.5%. In the most recent quarter (Q1 2026), revenue was 12.1% 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.
Points to watch
- Debt is somewhat higher than equity (debt ratio 280.8%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 81.4%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 0.7% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-29UpdateSingle supply contract signed (with correction). A correction report on matters related to a product supply contract.Helps secure revenue visibility in the short term. Depending on the contract's size and duration, it affects utilization and profit. Source
- 2026-05-28FilingResults of a rights offering or issuance of share-linked bonds (voluntary disclosure). A report on the outcome of outside financing.Secures operating and investment funds over the medium term. At the same time, the possibility of a higher share count is a source of dilution in per-share value. Source
- 2026-05-26FilingMaterial-fact report (decision to dispose of tangible assets). A decision to sell held tangible assets.Possible short-term cash inflow and improvement in the financial structure. The business impact needs checking depending on the nature of the disposed assets. Source
- 2026-05-22FilingDecision to acquire shares and equity securities in another company. Acquisition of a stake in an outside entity.Possible business expansion or vertical integration over the medium term. A funding burden depending on the purpose and size of the acquisition. Source
- 2026-05-20FilingMaterial-fact report (decision to issue convertible bonds). A decision to issue bonds convertible into shares.Helps secure funds over the medium term. On conversion, a higher share count can dilute existing shareholders' stakes. Source
- 2026-05-19IRNotice of an IR (investor presentation). Advance notice of a venue where the company explains its business and results directly.An opportunity to confirm the company's official direction. Its business plans and financial response feed into how the market judges it. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-02OwnershipLargest-shareholder ownership change report
- 2026-06-01Corporate governance report
- 2026-05-29Single supply/sales contract (amended)
- 2026-05-29OwnershipLargest-shareholder ownership change report
- 2026-05-28Paid-in capital increase
- 2026-05-26Material-fact report
- 2026-05-22Disclosure
- 2026-05-20Material-fact report
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
📖 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.