Igu Industrial (025820) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Igu Industrial, founded in 1971, is a specialist non-ferrous metals manufacturer that produces copper, brass and phosphor-bronze materials at a scale of about 60,000 tonnes a year, supplying more than 20% of domestic demand and selling raw materials across manufacturing, from autos to semiconductors, electronics and construction. First-quarter 2026 results showed revenue of ₩151.6 billion, operating profit of ₩21.3 billion and net profit of ₩14.6 billion, an improvement in profitability so sharp that a single quarter's operating profit nearly matched last year's full-year figure, and dividends together with a corporate-value-up plan signaled shareholder-return intent. The key point to watch is that if copper and brass unit prices and downstream demand hold at first-quarter levels, a P/E of 11.94x and a P/B of 0.90x read as not fully reflecting the earnings inflection; but given the volatility typical of a materials business, if unit prices cool quickly or a somewhat high debt load reacts sensitively to the rate environment, the appeal can weaken along with earnings.
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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 & Metals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Steel and metals swing hard with raw-material prices and downstream demand, so profits balloon in upturns and can flip to losses in downturns. Because earnings are so volatile, price-to-book (P/B) — the share price against the value of plant and assets — 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 rose 7.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 17.6% higher than a year earlier.
- ROE is 13.6% (total-net basis). It is above the sector average.
- Operating margin is 7.2%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2021-12-31
Largest shareholder Son In-kook 24.66% (individual)
Controlling bloc incl. related parties 49.66%
With the controlling bloc holding 50%, the ownership structure is stable.
🔎 In-depth analysis Reading
Igu Industrial, established in 1971, is a specialist non-ferrous metals manufacturer that makes metal materials such as copper, brass and phosphor bronze at a scale of about 60,000 tonnes a year, supplying more than 20% of domestic demand. These materials are basic inputs used broadly across manufacturing, spanning auto parts, semiconductors, electrical and electronic products, kitchenware, machinery and construction materials. In other words, rather than a single finished product, it earns by selling the raw materials that many industries commonly need, so it moves together with the business cycle in downstream industries and with the price trends of raw materials such as copper and zinc.
The latest close is ₩4,460 and the market capitalization is ₩149.2 billion. The price sits above its 20-day moving average (₩3,892) and below its 60-day moving average (₩4,563). 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 59.9, a neutral level. The one-month change is +11.2%, the three-month change is -30.4%, and the position relative to the 52-week high is -34.0%. Relative strength versus the KOSPI is 15 (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 14% of all stocks. Over the past three months it lagged the index by 11.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual (2025) revenue was ₩507.8 billion, with operating profit of ₩24.4 billion and net profit of ₩10.9 billion. The operating margin was 4.8% and ROE (how much is earned in a year on shareholders' equity) was 7.5%, above the peer average. The debt-to-equity ratio of 158.8% is somewhat high, but a materials manufacturer typically has capital tied up in equipment and inventory, so it should be viewed within the sector. The P/E ratio is 11.67x and the P/B is 0.87x, meaning the stock trades below book value. That P/E, however, is based on last year's confirmed results, so for a company whose earnings are just turning up it can look somewhat high. If this year's earnings rise sharply, the multiple against earnings falls further at the same price, so this stock's true worth is better seen by reading this year's earnings trend alongside last year's numbers.
Revenue rose steadily from ₩433.4 billion in 2023 to ₩472.3 billion in 2024 and ₩507.8 billion in 2025, and operating profit jumped from ₩10.2 billion in 2023 to ₩25.2 billion in 2024 before holding at ₩24.4 billion in 2025. The clearest change came in the first quarter of 2026. Revenue was ₩151.6 billion, up 17.6% from the same period a year earlier; operating profit surged 177.8% to ₩21.3 billion, and net profit jumped 248% to ₩14.6 billion. With a single quarter's operating profit (₩21.3 billion) already near last year's full-year figure (₩24.4 billion), this looks less like a simple seasonal effect and more like a margin that has stepped up a level. For non-ferrous materials, margins are driven by the copper-brass price spread as well as by volume, and the sharp margin improvement in the first quarter appears to reflect unit prices and volume turning favorable at the same time. The forecast box pointing to full-year revenue of ₩619.9 billion and operating profit of ₩72.8 billion also rests on the assumption that this first-quarter earnings capacity holds through the year, so it is a figure backed by already-confirmed quarterly results rather than vague hope.
Looking at the recent disclosure flow, on 2026-03-24 the company set out its own value-enhancement direction with a corporate-value-up plan (voluntary disclosure), and on 2026-02-23 it signaled shareholder-return intent with a cash and in-kind dividend decision. Then, on 2026-05-15, the quarterly report confirmed first-quarter results of revenue ₩151.6 billion, operating profit ₩21.3 billion and net profit ₩14.6 billion. That the company kept paying dividends and issued a value-up plan even as earnings rose sharply can be read as an effort to link its greater earnings capacity to shareholder returns. That said, since a value-up plan is directional material, it is worth confirming actual execution and any one-off factors alongside it.
The strengths are clear. Even as earnings stepped up a level, the share price has fallen, so at a P/E of 11.94x and a P/B of 0.90x it trades below book value; a single quarter's operating profit nearly matches last year's full-year figure, so profitability has improved sharply, and ROE also exceeds the peer average. Dividends and a value-up plan signal shareholder-return intent as well. On these grounds the current level reads as not yet fully reflecting the earnings inflection. The caution is the volatility typical of a non-ferrous materials business. Because earnings swing with copper and brass prices and downstream demand, if the favorable unit-price and volume environment of the first quarter wobbles, this year's earnings could fall short of the forecast, and the somewhat high debt-to-equity ratio makes it sensitive to the rate environment too. In sum, if materials unit prices and downstream demand hold at first-quarter levels, the current level looks cheap; if unit prices cool quickly, the appeal can weaken along with earnings.
🔎 Valuation vs peers Undervalued
A peer set of adjacent market-cap names within the steel and primary-metals sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Namsun Aluminum | 36.70x | 0.47x | 1.28% |
| Dongkuk CM | — | 0.16x | -5.39% |
| Korea Cast Iron Pipe Ind. | 8.87x | 0.42x | 4.46% |
We first looked at a public-data peer set with adjacent market caps within the steel and primary-metals sector. The current P/E (how many times a year's earnings the price is) is 13.66x and the P/B (how many times book value the price is) is 0.95x. That said, for smaller market-cap names, earnings swings and funding disclosures have a large effect, so we did not draw firm conclusions from trailing-year figures 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 | ₩619.9 billion | ₩72.8 billion | — |
| Next quarter | Q2 2026 | ₩161.7 billion | ₩16.8 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩4,460 and the market capitalization is ₩149.2 billion. The price sits above its 20-day moving average (₩3,892) and below its 60-day moving average (₩4,563). 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 59.9, a neutral level. The one-month change is +11.2%, the three-month change is -30.4%, and the position relative to the 52-week high is -34.0%. Relative strength versus the KOSPI is 15 (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 14% of all stocks. Over the past three months it lagged the index by 11.9%. 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 -11.87% / 6M -35.07% / 12M -55.15%
Key metrics Computed vs sector median
Valuation
The P/E of 13.66x is in line with the sector median (14.17x). The P/B of 0.95x is above the sector median (0.45x). 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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 13.6%, above the sector average (1.0%). The operating margin is 7.2%. The debt ratio is 183.3%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $304.4M | $331.8M | $356.7M | +7.51% ↓ slower |
| Operating profit | $7.2M | $17.7M | $17.1M | -3.01% ↓ slower |
| Net profit | $461,063 | $8.9M | $7.7M | -13.38% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $234.9M | $301.8M | $304.4M | $331.8M | $356.7M |
| Operating profit | $25.0M | $9.6M | $7.2M | $17.7M | $17.1M |
| Net profit | $14.8M | $4.0M | $461,063 | $8.9M | $7.7M |
| Revenue CAGR | 4-yr avg 11.01% | ||||
Revenue rose 7.5% year over year (2023 ₩433.4 billion → 2024 ₩472.3 billion → 2025 ₩507.8 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 3.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.0%. The two-year revenue CAGR is 8.2%. In the most recent quarter (Q1 2026), revenue was 17.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 13.6% points to solid profitability.
Points to watch
- Revenue rose 7.5% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-03-24UpdateCorporate-value-up plan (voluntary disclosure): review the company's plan in the original textMaterial the company itself put forward as a plan. Where figures are given, treat it as the primary basis for the forecast box; where none are, treat it only as directional material. Source
- 2026-02-23UpdateCash and in-kind dividend decision: check the return termsA disclosure related to cash returns or changes in the share count. Confirm whether earnings capacity and cash flow support it. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩151.6 billion, operating profit ₩21.3 billion, net profit ₩14.6 billionThe most recent confirmed or preliminary earnings data. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,460 | ₩4,460 | Confirmed | link |
| Latest quarterly results | revenue ₩151.6 billion, operating profit ₩21.3 billion | revenue ₩151.6 billion, operating profit ₩21.3 billion | Confirmed | link |
| Annual results | revenue ₩507.8 billion, operating profit ₩24.4 billion | revenue ₩507.8 billion, operating profit ₩24.4 billion | Confirmed | link |
| Outlook/plan disclosure (original text) | — | — | Confirmed | link |
| Shareholder-return disclosure (original text) | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Earnings disclosure (original text) | (2026.03): 2026 1 revenue ₩151.6 billion · operating profit ₩21.3 billion · net profit ₩14.6 billion | (2026.03): 2026 1 revenue ₩151.6 billion · operating profit ₩21.3 billion · net profit ₩14.6 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-03-24Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-24Disclosure
- 2026-03-16PeriodicAnnual business report (amended)
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-02-23Shareholders' meeting notice
- 2026-02-23Shareholders' 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.