Seah Holdings is the holding company of the Seah Group, which makes specialty steel and steel pipe; rather than selling products directly, it holds stakes in subsidiaries and earns money from their performance and dividends. In 2025 consolidated revenue was ₩6.6 trillion and net profit ₩64.6 billion, and in the first quarter of 2026 net profit rose 35.7% year over year to ₩28.8 billion, showing a recovery. The notable point recently is that the value of its listed subsidiary stakes exceeds its own market capitalization by enough that the share price is low relative to net asset value (NAV), and a ₩30.0 billion treasury-share tender offer and cancellation showed a will to return value to shareholders; these are strengths, but because most of the profit comes from equity-method income of steel subsidiaries, both earnings and dividend capacity can waver together if the steel cycle turns down.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 278.8%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 9.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 11.8% higher than a year earlier.
- ROE is 2.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.6%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Tae-sung 35.12% (individual)
Controlling bloc incl. related parties 53.07%
With the controlling bloc holding 53%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued48% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| SeAH Besteel Holdings | 61.72% |
🔎 In-depth analysis
- Seah Holdings does not make products itself; it is a holding company overseeing the Seah Group's specialty-steel and steel-pipe affiliates.
- Its key holding is Seah Besteel Holdings, which handles specialty steel (high-grade steel for automobiles and machinery), in which it holds about 61.7%.
- Most of Seah Holdings' profit comes from equity-method income that reflects its share of what these subsidiaries earn, and from dividends the subsidiaries pass up.
- The consolidated revenue of over ₩6 trillion on the financial statements is in fact the combined revenue of the specialty-steel subsidiaries; only part of that is revenue the holding-company parent sells directly.
- The share price is ₩115,500, below the 20-day moving average (₩118,760) and the 60-day moving average (₩140,972).
- It has corrected about 26% over three months and about 18% over six months, leaving it 36% below its 52-week high.
- The RSI (an indicator that gauges recent upward and downward strength on a 0-100 scale) is 39.7, not overheated but rather depressed.
- Notably, the June treasury-share tender-offer price was ₩160,000, meaning the company bought back its own shares at a price considerably above the recent level.
- The P/E ratio (how many times one year's earnings the price represents) is 7.6x and the P/B (how many times book equity the price represents) is 0.22x, both low.
- But for a holding company these two metrics cannot be taken at face value.
- Because subsidiary stakes are carried on the books at long-ago acquisition cost, the P/B looks higher than the real value.
- The dividend yield is a relatively high 3.7% (₩4,300 per share) with a payout ratio of 25%.
- The debt ratio (debt relative to equity) is 278.8%, but this figure includes the specialty-steel subsidiaries' equipment borrowings on a consolidated basis, so it is different in character from the burden of the holding-company parent.
- Net debt (total borrowings less cash) is about ₩1.8 trillion, and EV/EBITDA (enterprise value including debt divided by operating profit before depreciation) is 6.9x.
- The interest burden relative to profit (interest coverage below 1x) is one item that looks tight on a consolidated basis.
- Net profit over five years — ₩49.3 billion (2021), ₩123.3 billion (2022), ₩82.0 billion (2023), ₩33.3 billion (2024), ₩64.6 billion (2025) — is cyclical, rising and falling with the steel cycle.
- 2024 was the trough, and 2025 net profit recovered 94%.
- The recovery continued into 2026: first-quarter 2026 revenue rose 11.8% year over year, operating profit 48.4% and net profit 35.7%.
- Reflecting this trend, this year's net profit has room to improve on last year's to around ₩90.0 billion.
- On that basis, the multiple on this year's expected earnings at the current market cap is a little over 5x, lower than the multiple calculated on last year's results.
- In other words, even if the P/E on last year's figures looks high, it is priced more cheaply on this year's earnings.
- That said, holding-company profit is swayed by subsidiaries' equity-method income and thus fluctuates from quarter to quarter, which should be kept in mind.
- The centerpiece of the first half of 2026 is the treasury-share tender offer.
- From May 20 to June 8 the company conducted a tender offer to buy back up to 187,000 of its own shares (4.41% of shares outstanding) at ₩160,000 per share, a total of about ₩30.0 billion.
- The purpose is to raise shareholder value by cancelling the acquired shares.
- The June 10 result showed about 499,000 shares tendered, closing with a 2.67-to-1 subscription ratio.
- Buying back and eliminating one's own shares at a price above the market price enlarges the portion belonging to remaining shareholders — a strong signal of shareholder returns.
- Adding the ₩4,300 per-share dividend on top makes the intensity of shareholder returns stand out.
- When looking at Seah Holdings, one should look first at the value of its holdings rather than the earnings multiple.
- Just the market value of its stake in listed subsidiary Seah Besteel Holdings (about 61.7%) exceeds Seah Holdings' entire market capitalization.
- Adding other subsidiary stakes and dividends, the discount of the share price to net asset value reaches about 48%.
- That is within the usual range of holding-company discounts (30-50%) but on the deep side.
- The strengths are clear: a low share price relative to NAV, a 3.7% dividend, and shareholder returns that extend to treasury-share cancellation.
- The cautions are equally clear.
- Because the root of profit is the steel cycle, if specialty-steel demand or prices turn down, both subsidiary earnings and the holding company's dividend capacity can shrink together.
- In sum, this is a stock that is strong when the steel cycle recovers or holds and shareholder returns continue, and weaker when the industry slows.
🔎 Valuation vs peers Undervalued
A peer set of listed holding and steel affiliates within the Seah Group that are similar in business substance and governance structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SeAH Steel Holdings | 6.84x | 0.21x | 3.10% |
| SeAH Besteel Holdings | 19.37x | 0.56x | 2.90% |
For a holding company, it is hard to judge over- or undervaluation from consolidated P/E and P/B. Because subsidiary stakes are carried on the books at acquisition cost, the P/B looks higher than the real value. So we view it from a net asset value (NAV) perspective. The market value of its listed subsidiary stakes (chiefly about 61.7% of Seah Besteel Holdings) already exceeds Seah Holdings' own market capitalization. Adding other subsidiary stakes, net cash and dividends, the discount to NAV is about 48%, on the deep side of the usual holding-company discount (30-50%). The P/E calculated on last year's results is 7.6x, which looks high, but with earnings recovering since the 2024 trough the multiple is lower on this year's earnings. Like fellow group holding company Seah Steel Holdings (P/E 6.8x, P/B 0.21x), the share price is similarly low relative to asset value. Weighing this NAV discount together with the intensity of shareholder returns, we judge it undervalued.
Price history Close · MA20 · MA60
The latest close is ₩115,500 and the market capitalization is ₩490.0 billion. The price sits below its 20-day moving average (₩118,760) and below its 60-day moving average (₩140,972). 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 39.7, a neutral level. The one-month change is -7.2%, the three-month change is -26.1%, and the position relative to the 52-week high is -36.2%. Relative strength versus the KOSPI is 20 (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 19% of all stocks. Over the past three months it lagged the index by 42.1%. 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 -42.15% / 6M -47.56% / 12M -62.32%
Key metrics vs sector median
Valuation
The P/E of 7.58x is below the sector median (16.39x). The P/B of 0.22x is below the sector median (0.50x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 2.9%, above the sector average (2.0%). The operating margin is 2.6%. The debt ratio is 278.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $4.3B | $4.0B | $4.4B | +9.88% ↑ faster |
| Operating profit | $133.1M | $65.7M | $116.3M | +76.91% ↑ faster |
| Net profit | $54.4M | $22.0M | $42.8M | +94.28% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.0B | $4.5B | $4.3B | $4.0B | $4.4B |
| Operating profit | $204.3M | $130.0M | $133.1M | $65.7M | $116.3M |
| Net profit | $32.6M | $81.7M | $54.4M | $22.0M | $42.8M |
| Revenue CAGR | 4-yr avg 2.43% | ||||
Revenue rose 9.9% year over year (2023 ₩6.4 trillion → 2024 ₩6.0 trillion → 2025 ₩6.6 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 76.9% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.4%. The two-year revenue CAGR is 1.5%. In the most recent quarter (Q1 2026), revenue was 11.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.7%, is on the high side.
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
- 2026-06-10UpdateConfirmed results of a treasury-share tender offer — ₩160,000 per share, up to 187,000 shares (4.41%), about ₩30.0 billion, for the purpose of cancellation. About 499,000 shares were tendered, a 2.67-to-1 subscription ratio.Buying back one's own shares above the market price and cancelling them reduces the share count and enlarges the portion belonging to remaining shareholders. A signal of stronger shareholder returns in both the near and medium term. Source
- 2026-05-20FilingFiled the treasury-share tender-offer notice — formalizing a plan to raise shareholder value by cancelling the acquired shares for profit. Tender-offer period May 20 to June 8.The company stating it would buy back its own shares above the market price reveals the gap between the value management sees and the market price. Source
- 2026-05-19FilingDecided to acquire treasury shares (material-event report) — the board resolved the procedure to acquire and cancel treasury stock.A procedural basis confirming the shareholder-return policy at the board level. Together with the dividend, it underpins the intensity of returns. Source
- 2026-05-15EarningsFirst-quarter 2026 report — consolidated revenue ₩1.7113 trillion, operating profit ₩57.7 billion, net profit ₩28.8 billion. Year over year, revenue up 11.8%, operating profit up 48.4% and net profit up 35.7%.The earnings recovery underway since the 2024 trough was confirmed again in the first quarter. Improved specialty-steel results at the subsidiaries flow through as equity-method income. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Treasury-share tender-offer price and size | ₩160,000 / 18.7 / approx. ₩30.0 billion | ₩160,000 / 187,000(4.41%) / approx. ₩29.9 billion | Confirmed | link |
| First-quarter 2026 net profit (consolidated) | ₩28.8 billion | net profit ₩28.8 billion | Confirmed | link |
| Seah Besteel Holdings ownership stake | approx. 61.72% | — | Unverified | link |
| This year's expected net profit (in-house estimate) | approx. ₩90.0 billion | — | Unverified | — |
Recent filings
- 2026-06-10TreasuryTreasury-stock acquisition decision
- 2026-06-10Disclosure
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-20Disclosure
- 2026-05-20Disclosure
- 2026-05-20Disclosure
- 2026-05-19TreasuryMaterial-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-20OwnershipOwnership-change 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.