Wooyang HC (101970) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Wooyang HC is a comprehensive plant company that designs, fabricates, and supplies the equipment used in plant industries such as chemical processing and energy, built on two pillars — core chemical-process plant equipment based on oil and gas, and high-efficiency BOP equipment for power plants — with revenue heavily swayed by large supply-contract orders. In 2026 a string of single supply contracts worth ₩14.3 billion, ₩23.2 billion, and ₩23.4 billion were signed, accumulating a meaningful order book against annual revenue of ₩100.9 billion, and it has already swung from last year's loss to a first-quarter net profit of ₩4.5 billion. The point to watch lately is that if the orders are recognized as actual revenue and profit and the profitable trend continues quarter by quarter, the 0.82x P/B and the recovering profit would be highlighted together; but because revenue is heavily swayed by large orders, if the contracts prove one-off or their recognition is delayed, the pace of recovery could slow, and the thin 0.7% operating margin of 2025 needs to be confirmed as it settles in.
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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 “Machinery & Electrical Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery and electrical-equipment makers build and sell industrial gear, and orders and shipments feed fairly directly into profit. Because revenue translates cleanly into current-year net income, price-to-earnings (P/E) is the natural first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 45.0% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 3.7% higher than a year earlier.
- ROE is -2.3% (total-net basis). It is below the sector average.
- Operating margin is 0.4%.
- 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 Soulbrain Holdings 38.71% (corporate)
Controlling bloc incl. related parties 73.8%
With the controlling bloc holding 74%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Wooyang HC designs, fabricates, and supplies plant equipment in-house. A global comprehensive plant company that has supplied equipment across the plant industry — chemical processing, energy, and more — over the past 30 years, its business rests on two pillars. One is core chemical-process plant equipment based on oil and gas; the other is the high-efficiency BOP (Balance of Plant, the auxiliary equipment that supports power generation beyond the plant's main body) equipment that goes into power plants. In other words, when a large plant project is ordered, it wins, builds, and sells the devices and equipment that go into it, so revenue is heavily swayed by large supply-contract orders. Because market capitalization is on the smaller side at ₩156.0 billion, a single contract and swings in results have a relatively large effect on the whole picture of the company.
The latest close is ₩9,380 and the market capitalization is ₩138.7 billion. The price sits below its 20-day moving average (₩9,658) and below its 60-day moving average (₩10,252). 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 45.7, a neutral level. The one-month change is -13.9%, the three-month change is -33.1%, and the position relative to the 52-week high is -53.4%. Relative strength versus the KOSDAQ is 42 (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 42% of all stocks. Over the past three months it lagged the index by 2.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For full-year 2025 (separate basis), revenue was ₩100.9 billion, operating profit ₩0.7 billion, and net profit -₩4.3 billion — a loss. Because of this, the trailing (last year's results) P/E cannot be computed, and ROE comes out at -2.3%. But these figures are closer to a snapshot of a 'year that hit bottom.' In fact, in the first quarter of 2026 it already swung to a net profit of ₩4.5 billion — a scale that made up for last year's full-year loss (-₩4.3 billion) in a single quarter. For a stock whose profit is bending from negative to positive like this, the true picture is not the loss-making trailing P/E but the valuation based on the earnings it will generate this year. The debt ratio is 36.0% and the current ratio (assets that can be turned into cash within a year against debt due within a year) is 2.47x, so short-term liquidity is secured.
The top line fell from ₩200.1 billion in 2023 and ₩183.2 billion in 2024 to ₩100.9 billion in 2025, a large one-year drop. In a business that builds and delivers large orders like plant equipment, annual revenue swings with the timing of when projects are recognized, so rather than concluding a trend from one year's decline, it is right to watch whether the order book refills. That signal is appearing in 2026. First-quarter revenue was ₩31.2 billion, up +3.7% from the same period a year earlier, and above all net profit swung to a profit of ₩4.5 billion. For the full year, revenue of ₩107.8 billion and net profit of ₩10.5 billion are expected, a picture that rests on the premise that the profitable trend seen in the first quarter and the string of large supply contracts (₩14.3 billion, ₩23.2 billion, ₩23.4 billion) signed in 2026 carry through into results. The inflection from loss to a net profit in the ₩10 billion range is the crux of this year, and the key is whether this trend is confirmed quarter by quarter.
In 2026 large supply-contract disclosures came in succession. On June 12 a ₩14.3 billion single supply contract (14.2% of recent revenue), on June 2 a ₩23.2 billion one (a corrected disclosure), and on March 16 a ₩23.4 billion one (a corrected disclosure) were each signed. Given that the company's annual revenue runs around ₩100.9 billion, each single deal can be recognized meaningfully in revenue. The key is over what period these contracts are recognized as revenue, and whether they are one-off orders or repeatable deals. Because this determines the grain of this year's and next year's results, it is best to keep following delivery schedules and any additional orders in subsequent IR and disclosures.
The strengths are clear. From last year's loss it already swung to a first-quarter net profit of ₩4.5 billion, and for the full year a net profit in the ₩10 billion range is drawn — an earnings inflection phase. Even so the stock is below book value (P/B 0.82x), and the forward P/E based on this year's profit is not an outlier versus peers, so it does not look expensive from either an asset or an earnings angle. The diagnostic also classifies the valuation as 'undervalued.' So if orders are recognized as actual revenue and profit and the profitable trend continues each quarter, this is a spot where the low P/B and the recovering profit could be highlighted together. On the other side, the point to be careful about is that, given the business trait in which revenue is heavily swayed by large orders, if the contracts prove one-off or their recognition is delayed, the pace of profit recovery could slow. Also, since the 2025 operating margin was thin at 0.7%, whether profitability settles in stably is a point to confirm as well. In sum, this is a stock at the start of a recovery where a swing to profit and low valuation come together, but whether that recovery is confirmed in quarterly results is the condition that decides its strength or weakness.
🔎 Valuation vs peers Overvalued
A comparison set of metal-processing names with adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Semyung Electric | 8.86x | 1.26x | 14.78% |
| Jeryong Industrial | 11.75x | 1.57x | 16.42% |
| Shinhwa Pretech | — | 1.14x | -6.40% |
Within metal processing, we prioritized a public-data comparison set with nearby market capitalization. The current P/E (how many times a year's earnings the price represents) is not available, and the P/B (how many times book value the price represents) is 0.73x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩107.8 billion | — | ₩10.5 billion |
| Next quarter | Q2 2026 | ₩32.3 billion | — | ₩4.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩9,380 and the market capitalization is ₩138.7 billion. The price sits below its 20-day moving average (₩9,658) and below its 60-day moving average (₩10,252). 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 45.7, a neutral level. The one-month change is -13.9%, the three-month change is -33.1%, and the position relative to the 52-week high is -53.4%. Relative strength versus the KOSDAQ is 42 (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 42% of all stocks. Over the past three months it lagged the index by 2.1%. 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 -2.09% / 6M +7.81% / 12M -46.84%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.73x is in line with the sector median (0.78x).
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, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -2.3%, below the sector average (1.0%). The operating margin is 0.4%. The debt ratio is 30.6%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $140.5M | $128.7M | $70.9M | -44.96% ↓ slower |
| Operating profit | $17.8M | $21.8M | $496,290 | -97.73% ↓ slower |
| Net profit | $15.3M | $19.3M | -$3.0M | -115.73% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $140.5M | $128.7M | $70.9M |
| Operating profit | — | — | $17.8M | $21.8M | $496,290 |
| Net profit | — | — | $15.3M | $19.3M | -$3.0M |
| Revenue CAGR | 2-yr avg -29.00% | ||||
Revenue fell 45.0% year over year (2023 ₩200.1 billion → 2024 ₩183.2 billion → 2025 ₩100.9 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 97.7% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -29.0%. The two-year revenue CAGR is -29.0%. In the most recent quarter (Q1 2026), revenue was 3.7% 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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 45.0% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-12ContractSingle supply contract signed: contract value ₩14.3 billion, 14.2% of recent revenueThe contract value and period are central to future revenue recognition. Whether it is one-off or repeatable shapes the mid-term reading. Source
- 2026-06-02Contract[Correction] Single supply contract signed: contract value ₩23.2 billion, 12.8% of recent revenueThe contract value and period are central to future revenue recognition. Whether it is one-off or repeatable shapes the mid-term reading. Source
- 2026-03-16Contract[Correction] Single supply contract signed: contract value ₩23.4 billion, 12.8% of recent revenueThe contract value and period are central to future revenue recognition. Whether it is one-off or repeatable shapes the mid-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩9,380 | ₩9,380 | Confirmed | link |
| Latest quarterly results | revenue ₩31.2 billion, operating profit ₩3.0 billion | revenue ₩31.2 billion, operating profit ₩3.0 billion | Confirmed | link |
| Annual results | revenue ₩100.9 billion, operating profit ₩0.7 billion | revenue ₩100.9 billion, operating profit ₩0.7 billion | Confirmed | link |
| Contract disclosure text | single supply contract signed: contract value ₩14.3 billion · vs recent revenue 14.2% | single supply contract signed: contract value ₩14.3 billion · vs recent revenue 14.2% | Confirmed | link |
| Contract disclosure text | [amended] single supply contract signed: contract value ₩23.2 billion · vs recent revenue 12.8% | [amended] single supply contract signed: contract value ₩23.2 billion · vs recent revenue 12.8% | Confirmed | link |
| Contract disclosure text | [amended] single supply contract signed: contract value ₩23.4 billion · vs recent revenue 12.8% | [amended] single supply contract signed: contract value ₩23.4 billion · vs recent revenue 12.8% | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-02Single supply/sales contract (amended)
- 2026-05-14PeriodicQuarterly report
- 2026-04-28Disclosure
- 2026-03-23Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-16Single supply/sales contract (amended)
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-05Shareholders' meeting notice
- 2026-02-12Shareholders' 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.