TAEWOONG is a forging specialist that shapes metal by hammering steel, making large rings, flanges and main shafts for wind turbines, crankshafts for marine engines, and industrial-machinery and plant parts. About half of its revenue comes from wind-power equipment, followed by shipbuilding and marine engines, industrial plants and industrial machinery. In 2025 revenue fell 9.5% year on year and operating profit dropped 78%, pressing results down hard; but in the first quarter of 2026 operating profit jumped to ₩2.79 billion, roughly triple a year earlier (+196%), marking the start of a recovery. What stands out lately is that with offshore-wind parts orders being booked as revenue from the second quarter and profit reviving, recovery momentum is large while wind-power investment continues; but if wind and shipbuilding ordering cools, results could swing again depending on the order backlog.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 9.5% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 3.1% higher than a year earlier.
- ROE is 0.9% (total-net basis). It is below the sector average.
- Operating margin is 1.4%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Heo Yong-do 19.89% (individual)
Controlling bloc incl. related parties 54.52%
With the controlling bloc holding 55%, control is very secure but the free float is thin.
🔎 In-depth analysis
- TAEWOONG is a leading domestic firm in free forging (shaping with a press without a die by pressing large blocks of steel into part shapes).
- Its largest revenue source is wind power, which made up about 49% of revenue in 2025.
- It makes large forged products such as flanges (disc-shaped connecting parts) that join wind-tower sections, bearing rings that support the rotating shaft, and generator main shafts.
- Next is shipbuilding and marine engines (about 18%), supplying large engine crankshafts and propulsion shafts.
- Industrial plants (about 15%), industrial machinery (about 11%) and power generation including nuclear (about 3%) make up the rest.
- In other words, rather than a single finished product, this is a company that hammers out and sells large metal parts that form the backbone of the wind, shipbuilding and plant industries.
- The shares sit at ₩26,200, below the 20-day line (₩31,678) and the 60-day line (₩39,998).
- The three-month return of -42.5% shows a heavy drop.
- However, the six-month return of +7.2% marks a spot where it had risen before the short-term plunge.
- The RSI (an indicator that gauges short-term overheating and slump on a 0-100 scale) is 38.6, near oversold.
- It sits 55% below the 52-week high.
- In short, the medium-term trend points down, but in the short term the drop has piled up deeply.
- On valuation, the trailing (based on last year's results) P/E ratio (how many times one year of profit the share price is) looks very high at 96.8x.
- But this is an illusion arising from the earnings bottom, with 2025 operating profit down 78%.
- As profit recovers, this multiple falls quickly.
- The metric worth noting instead is the P/B (how many times book net assets the share price is) at 0.86x.
- That means it trades below book value.
- Profitability is still shallow.
- ROE (how much is earned in a year on equity) is 0.9% and the operating margin is 1.4%, still bearing the marks of the earnings trough.
- The balance sheet, with a debt ratio (debt against equity) of 133%, is neither heavy nor light, and the current ratio (cash-like assets against debt due within a year) is 196%, so near-term liquidity is ample.
- On enterprise-value metrics, net debt (total borrowings minus cash) is ₩65.4 billion, and the FCF yield (actual cash generated against market cap) is 0.8%, so cash-generation power is still weak.
- EV/EBITDA (debt-adjusted enterprise value divided by operating profit before depreciation) is 26.6x, which is likewise a value at a point when profit is pressed down and has room to fall on recovery.
- The past three years were a downturn.
- Revenue fell from ₩443.8 billion in 2023 to ₩349.7 billion in 2025, operating profit plunged from ₩39.5 billion to ₩5.0 billion, and net profit from ₩34.2 billion to ₩5.4 billion.
- This resulted from a gap in wind and shipbuilding orders combined with raw-material burden.
- But the flow changed heading into 2026.
- First-quarter revenue rose 3.1% year on year to ₩88.3 billion, operating profit jumped to ₩2.79 billion — about triple a year earlier (+196%) — and net profit rose 183% to ₩4.25 billion.
- Revenue rose a little while profit jumped sharply, a sign that the share of high-margin products has risen.
- The core driver of the recovery is offshore wind.
- Volumes supplying tower flanges to large overseas offshore-wind farms begin to be reflected in revenue in earnest from the second quarter.
- For full-year 2026, profit is judged to be in a phase of clearly improving away from the trough.
- The trailing P/E looks high, but on a forward basis reflecting the profit recovery the valuation burden shrinks greatly.
- Disclosures read as the earnings trough and the recovery together.
- A February 2026 disclosure of a change of 30% or more in profit-and-loss structure confirmed the 2025 profit plunge.
- The March business report disclosed a wind-centered revenue mix and the order backlog, and the March annual general meeting handled dividend and board agenda items.
- Then the May first-quarter report showed, in the numbers, a recovery with operating profit triple that of a year earlier.
- Rather than separate large order disclosures, the key is the flow of already-secured offshore-wind volumes being realized as revenue quarter after quarter.
- TAEWOONG is a large forging company whose profit moves greatly with the wind and shipbuilding cycles.
- The strengths are clear.
- First, having passed the 2025 earnings trough, first-quarter 2026 operating profit tripled, marking the start of a recovery.
- Second, offshore-wind parts supply is booked as revenue from the second quarter, underpinning the profit improvement.
- Third, a P/B of 0.86x means it trades below book value, giving a cushion to the downside on the asset-value side.
- The cautions should be viewed in balance too.
- Because profit is heavily swayed by the wind and shipbuilding ordering cycle, if global wind investment or shipbuilding orders slow, results could swing again once the order backlog is used up.
- A debt ratio of 133% and still-shallow cash-generation power also improve only if the recovery continues.
- In sum, this is a typical cyclically sensitive recovery stock — profit momentum is large while wind investment continues and orders feed through to revenue, and it weakens when that cycle cools.
🔎 Valuation vs peers Fairly valued
Compared with energy and heavy-industry parts companies that supply large metal parts to wind, shipbuilding and industrial-plant sectors.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sungkwang Bend | 19.40x | 1.22x | 627.00% |
| SK Oceanplant | 21.99x | 1.02x | 464.00% |
| Hanwha Ocean | 19.33x | 3.90x | 2019.00% |
The trailing P/E of 96.8x on last year's results is an illusion stemming from 2025 profit being pressed to a trough. The real picture must be viewed on a forward basis, with profit on a recovery track. The forward P/E reflecting the recovery narrows to a level somewhat higher than peers (Sungkwang Bend and SK Oceanplant at about 19-22x). By contrast, the P/B of 0.86x is the lowest among the peers, placing it in undervalued territory on the asset-value side. The profit recovery is real, but the forward multiple is not markedly cheaper than peers, and the below-book P/B offsets that burden. Whether the recovery continues in stepwise fashion divides the direction of the valuation.
Price history Close · MA20 · MA60
The latest close is ₩26,200 and the market capitalization is ₩524.2 billion. The price sits below its 20-day moving average (₩31,678) and below its 60-day moving average (₩39,998). 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 38.6, a neutral level. The one-month change is -16.8%, the three-month change is -42.5%, and the position relative to the 52-week high is -55.4%. Relative strength versus the KOSDAQ is 68 (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 68% of all stocks. Over the past three months it lagged the index by 22.2%. 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 -22.16% / 6M +11.07% / 12M -16.50%
Key metrics vs sector median
Valuation
The P/E of 96.82x is above the sector median (16.68x). The P/B of 0.86x is below the sector median (1.43x). 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 0.9%, below the sector average (10.0%). The operating margin is 1.4%. The debt ratio is 132.9%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $294.1M | $256.0M | $231.7M | -9.49% ↑ faster |
| Operating profit | $26.2M | $15.1M | $3.3M | -77.99% ↓ slower |
| Net profit | $22.6M | $16.4M | $3.6M | -78.07% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $213.6M | $261.0M | $294.1M | $256.0M | $231.7M |
| Operating profit | $3.4M | $1.9M | $26.2M | $15.1M | $3.3M |
| Net profit | $4.7M | $362,743 | $22.6M | $16.4M | $3.6M |
| Revenue CAGR | 4-yr avg 2.05% | ||||
Revenue fell 9.5% year over year (2023 ₩443.8 billion → 2024 ₩386.3 billion → 2025 ₩349.7 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 78.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.1%. The two-year revenue CAGR is -11.2%. In the most recent quarter (Q1 2026), revenue was 3.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 9.5% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsFirst-quarter 2026 report. Revenue of ₩88.3 billion (+3.1%), operating profit of ₩2.79 billion (up 196% year on year), net profit of ₩4.25 billion (+183%), as profit recovered sharply away from the trough.Short term: entry into a profit-improvement phase on confirmation of the earnings turnaround. Medium term: a basis for whether the recovery continues if offshore-wind volumes keep feeding into revenue. Source
- 2026-02-24EarningsDisclosure of a change of 30% or more in profit-and-loss structure. 2025 operating profit fell about 78% year on year (₩5.0 billion), marking the earnings trough.Short term: confirmation of weak results. Medium term: this trough becomes a low base for the later recovery, widening the year-on-year improvement. Source
- 2026-03-18Filing2025 business report. Disclosed a business structure and order backlog in which about 49% of revenue is wind-power equipment, 18% shipbuilding and marine engines, and 15% industrial plants.Medium term: confirms that, with wind at nearly half, results are tied to the wind cycle. Source
- 2026-03-26DividendAnnual general meeting result. Handled routine agenda items such as dividend and financial-statement approval.Short term: finalizes routine procedures related to shareholder returns and governance. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-02-24Shareholders' meeting notice
- 2026-02-24EarningsEarnings 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.