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.
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 0.7%.
- P/E is hard to compute here, so this is read on P/B.
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
- 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 closing price is ₩10,320 and market capitalization is ₩152.6 billion.
- The price sits above its 20-day line (₩10,266) and below its 60-day line (₩11,543).
- With the short- and mid-term trends diverging, the direction should be read separately for each.
- The RSI (a supplementary gauge that weighs upward versus downward momentum over the past 14 days on a 0-100 scale) is 47.7, a neutral level.
- The one-month change is +20.4%, the three-month change is -14.9%, and the position versus the 52-week high is -48.8%.
- Relative strength versus the KOSDAQ is 67 (1-99, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 33% of all stocks by strength.
- Over the past three months it outpaced the index by 10.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- 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 136.0% 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 | 8.12x | 1.15x | 14.16% |
| Jeryong Industrial | 11.26x | 1.50x | 13.32% |
| Shinhwa Pretech | — | 1.20x | -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 0.83x. 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 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 ₩10,320 and the market capitalization is ₩152.6 billion. The price sits above its 20-day moving average (₩10,266) and below its 60-day moving average (₩11,543). 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 47.7, a neutral level. The one-month change is +20.4%, the three-month change is -14.9%, and the position relative to the 52-week high is -48.8%. Relative strength versus the KOSDAQ is 67 (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 67% of all stocks. Over the past three months it outpaced the index by 10.2%. 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 +10.24% / 6M +2.77% / 12M -8.67%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.83x is below the sector median (1.43x).
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)
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 (10.0%). The operating margin is 0.7%. The debt ratio is 136.0%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $132.6M | $121.5M | $66.8M | -44.96% ↓ slower |
| Operating profit | $16.7M | $20.6M | $468,223 | -97.73% ↓ slower |
| Net profit | $14.5M | $18.2M | -$2.9M | -115.73% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $132.6M | $121.5M | $66.8M |
| Operating profit | — | — | $16.7M | $20.6M | $468,223 |
| Net profit | — | — | $14.5M | $18.2M | -$2.9M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
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 | ₩10,320 | ₩10,320 | 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 | ㆍapprox. : approx. ₩14.3 billion · revenue 14.2% | ㆍapprox. : approx. ₩14.3 billion · revenue 14.2% | Confirmed | link |
| Contract disclosure text | []ㆍapprox. : approx. ₩23.2 billion · revenue 12.8% | []ㆍapprox. : approx. ₩23.2 billion · revenue 12.8% | Confirmed | link |
| Contract disclosure text | []ㆍapprox. : approx. ₩23.4 billion · revenue 12.8% | []ㆍapprox. : approx. ₩23.4 billion · revenue 12.8% | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 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.