Cho-il Aluminium (018470) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Cho-il Aluminium is a primary-metals company that buys aluminium ingot and rolls and processes it into sheet and coil for sale, a classic materials-processing business whose results hinge on the aluminium price, the won exchange rate, and downstream demand. A February 2026 earnings-change filing and the March annual report confirmed full-year operating profit of ₩13.8 billion and net profit of ₩8.0 billion, and the May quarterly report then disclosed Q1 operating profit of ₩13.1 billion and net profit of ₩10.0 billion, pointing to improving earnings. What stands out lately is a two-sided picture: on the strong side, quarterly profit is rising again and, at a P/B of 0.57x, the stock trades cheaply relative to net assets, so valuation is not a heavy burden; on the cautious side, the core business is sensitive to aluminium prices and downstream demand, so if margin gains stall the premise behind forecast earnings could waver, and the 196.2% debt ratio could weigh on the company if industry conditions deteriorate.
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 “Non-Ferrous Metals” (Chemicals, Refining, Steel & Materials · Steel & Metals), a type typically read first through P/B.
Non-ferrous metals swing hard with global metal prices and downstream demand, so profits inflate in upturns and can turn to losses in downturns. With earnings this volatile, current-year multiples wobble, so price-to-book (P/B) — the share price against asset value — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- Revenue fell 84.8% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 0.4% higher than a year earlier.
- ROE is 4.3% (total-net basis). It is above the sector average.
- Operating margin is 87889.4%.
- 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 Lee Young-ho 18.06% (individual)
Controlling bloc incl. related parties 41.98%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis Reading
Cho-il Aluminium is a primary-metals company whose core business is rolling aluminium into thin sheet or coil. It buys aluminium ingot (raw metal blocks), then rolls and processes it into sheet and coil for sale, making it a classic materials-processing business whose results are driven by the aluminium price, the exchange rate, and downstream demand (materials for autos, building products, and electronics). As a small-to-mid-cap with a market capitalization of ₩120.3 billion, it is worth watching not only the underlying business trend but also how a single filing (a capacity expansion, a contract, or a financing) affects its finances.
The latest close is ₩1,024 and the market capitalization is ₩129.7 billion. The price sits above its 20-day moving average (₩958) and below its 60-day moving average (₩1,108). 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 53.2, a neutral level. The one-month change is +13.3%, the three-month change is -39.9%, and the position relative to the 52-week high is -47.5%. Relative strength versus the KOSPI is 9 (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 8% of all stocks. Over the past three months it lagged the index by 25.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The current P/E (how many times one year's earnings the price represents) is 16.25x and the P/B (how many times book value the price represents) is 0.59x. A P/B of 0.57x means the shares trade at a little over half the company's net assets (equity) — in itself not a burdensome level, but rather cheap relative to assets. The trailing P/E (based on last year's confirmed results) looks somewhat high because earnings are at an inflection point, bottoming out and turning up; the forward P/E, which reflects expected earnings, is clearly lower than the peer group. ROE (how much the company earns in a year on its equity) is 3.8%, above the peer average but not high in absolute terms, and the debt ratio (debt relative to equity) is 196.2%, reflecting the working-capital demands typical of materials processing. On balance, profitability is average and, on an asset and forward-earnings basis, the valuation leans toward undervalued.
The multi-year revenue trend reads as slowing, but the more important signal lies in the most recent quarter. In Q1 2026, operating profit rose 9.6% and net profit rose 18.7% year on year, so earnings turned upward again. Revenue was almost flat while profit climbed double digits, which means the spread between raw-material cost and selling price, or cost efficiency, is improving and margins are getting better. This year's forecast points to operating profit of about ₩57.0 billion and net profit of about ₩42.0 billion, figures that assume the Q1 earnings trend and a recovery in aluminium-processing margins carry on. Measured against the current share price, that forecast earnings pulls the forward P/E down, which reads as the earnings recovery not yet being fully reflected in the price. That said, because the core business is sensitive to aluminium prices and downstream demand, whether the margin improvement is temporary or a genuine trend needs to be confirmed with next quarter's results.
Recent filings center on results. The February 5, 2026 earnings-change filing set out full-year operating profit of ₩13.8 billion and net profit of ₩8.0 billion, and the March 12, 2026 annual report (for 2025.12) confirmed the same annual figures. The May 15, 2026 quarterly report (for 2026.03) then disclosed Q1 operating profit of ₩13.1 billion and net profit of ₩10.0 billion, revealing the improving earnings trend. When reading these filings, it helps to check whether this profit points in the same direction as the annual trend and whether any one-off factors are mixed in. The details can be confirmed in the original text of each filing.
The strengths are clear. Quarterly profit is rising again, the P/B of 0.57x is cheap relative to net assets, and the forward P/E is low once the earnings recovery is taken into account. The price, too, is below half its 52-week high, so valuation is not a heavy burden. In other words, if the recovery in aluminium-processing margins continues and the Q1 earnings trend hardens into a trend, undervaluation becomes attractive on both an asset and a forward-earnings basis. The weaker condition is the business's cyclical sensitivity. If aluminium prices or downstream demand turn down and margin gains stall, the premise behind forecast earnings could waver, and the 196.2% debt ratio could act as a working-capital burden when industry conditions worsen. In short, this is a materials-type stock that is strong when margins and demand hold up and weaker when the aluminium cycle cools.
🔎 Valuation vs peers Undervalued
A comparison set within steel and primary metals whose market capitalizations are close to the company's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dongkuk Industries | — | 0.38x | -2.69% |
| KBI Dongyang Steel Pipe | — | 0.82x | -2.19% |
| Korea Cast Iron Pipe Ind. | 8.87x | 0.42x | 4.46% |
We looked first at a public-data comparison set within steel and primary metals whose market capitalizations are close. The current P/E (how many times one year's earnings the price represents) is 16.25x and the P/B (how many times book value the price represents) is 0.59x. That said, because lower-market-cap stocks are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the forecast box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | 1,368 | ₩57.0 billion | ₩42.0 billion |
| Next quarter | Q2 2026 | 458 | ₩17.1 billion | ₩12.1 billion |
Price history Close · MA20 · MA60
The latest close is ₩1,024 and the market capitalization is ₩129.7 billion. The price sits above its 20-day moving average (₩958) and below its 60-day moving average (₩1,108). 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 53.2, a neutral level. The one-month change is +13.3%, the three-month change is -39.9%, and the position relative to the 52-week high is -47.5%. Relative strength versus the KOSPI is 9 (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 8% of all stocks. Over the past three months it lagged the index by 25.7%. 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 -25.72% / 6M -37.55% / 12M -65.63%
Key metrics Computed vs sector median
Valuation
The P/E of 16.25x is in line with the sector median (14.17x). The P/B of 0.59x is above 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 4.3%, above the sector average (1.0%). The operating margin is 87889.4%. The debt ratio is 99.7%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $79,366 | $78,454 | $11,931 | -84.79% ↓ slower |
| Operating profit | $6.0M | $14.1M | $9.7M | -31.39% ↓ slower |
| Net profit | -$94,351 | $7.7M | $5.6M | -27.38% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $328.0M | $395.1M | $79,366 | $78,454 | $11,931 |
| Operating profit | $12.8M | $11.1M | $6.0M | $14.1M | $9.7M |
| Net profit | $11.0M | $12.5M | -$94,351 | $7.7M | $5.6M |
| Revenue CAGR | 4-yr avg -92.23% | ||||
Revenue fell 84.8% year over year (2023 ₩112,976,563 → 2024 ₩111,678,079 → 2025 ₩16,983,726), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 31.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -92.2%. The two-year revenue CAGR is -61.2%. In the most recent quarter (Q1 2026), revenue was 0.4% higher 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
- Revenue fell 84.8% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-02-05EarningsChange of 30% or more in revenue or profit structure (15% for large corporations): full-year revenue ₩169.8 million, operating profit ₩13.8 billion, net profit ₩8.0 billionThis is recent confirmed or preliminary earnings material. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩3.86 million, operating profit ₩13.1 billion, net profit ₩10.0 billionThis is recent confirmed or preliminary earnings material. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-03-12EarningsAnnual report (2025.12): revenue ₩419, operating profit ₩13.8 billion, net profit ₩8.0 billionThis is recent confirmed or preliminary earnings material. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,024 | ₩1,024 | Confirmed | link |
| Latest quarterly results | revenue 386, operating profit ₩13.1 billion | revenue 386, operating profit ₩13.1 billion | Confirmed | link |
| Annual results | revenue 1,698, operating profit ₩13.8 billion | revenue 1,698, operating profit ₩13.8 billion | Confirmed | link |
| Earnings filing (original text) | revenue or profit structure changed by 30% or more (15% for large companies): revenue 1,698 · operating profit ₩13.8 billion · net profit ₩8.0 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue 1,698 · operating profit ₩13.8 billion · net profit ₩8.0 billion | Confirmed | link |
| Earnings filing (original text) | (2026.03): 2026 1 revenue 386 · operating profit ₩13.1 billion · net profit ₩10.0 billion | (2026.03): 2026 1 revenue 386 · operating profit ₩13.1 billion · net profit ₩10.0 billion | Confirmed | link |
| Earnings filing (original text) | (2025.12): revenue ₩419 · operating profit ₩13.8 billion · net profit ₩8.0 billion | (2025.12): revenue ₩419 · operating profit ₩13.8 billion · net profit ₩8.0 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-20Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-05Shareholders' meeting notice
- 2026-03-05Shareholders' 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.