Asia Cement (183190) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Asia Cement makes and sells cement and ready-mixed concrete (concrete supplied to sites in an unset state), and on a consolidated basis bundling subsidiaries such as Halla Cement, its cement segment accounts for about 95% of revenue, making it effectively a construction-cement maker. In the first quarter of 2026 revenue and operating profit both turned back to growth, giving a signal of passing the trough, and shareholder-return policy that returns profit to shareholders continued in disclosures, including retirement of about 1.45% of treasury stock in June and a high 53.5% payout ratio for 2025. What stands out lately is that if construction starts revive and shipment volume rises so earnings return to normal, the low forecast P/E and P/B and steady shareholder returns come to the fore; conversely, if the recovery in starts is slow, the low ROE (1.6%) and a tight balance sheet with a 200% debt ratio act as variables that slow the pace of recovery.
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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 “Building Materials” (Construction & Building Materials), a type typically read first through P/E.
Building-materials makers see results rise and fall with construction activity and new project starts, but the underlying make-and-sell profit structure is fairly clear. That makes price-to-earnings (P/E) — the share price against the profits earned — the 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
- Revenue fell 7.9% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 9.1% higher than a year earlier.
- ROE is 2.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.5%.
- 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 Asia Holdings 56.91% (corporate)
Controlling bloc incl. related parties 64.59%
With the controlling bloc holding 65%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Asia Cement makes and sells cement and ready-mixed concrete (concrete supplied to sites in an unset state). The head office directly makes and sells cement and ready-mix, and the business is viewed on a consolidated basis that bundles subsidiaries such as Halla Cement, acquired in 2017, along with Asia Industrial Development, Asia Ready-Mixed Concrete, and Samsung Ready-Mixed Concrete. Looking at the 2025 revenue mix (simple sum), cement is about 80.6%, ready-mix about 10.0%, and the cement segment including secondary products and other accounts for about 95% of the total. The remaining roughly 5% comes from non-core subsidiaries such as Gyeongju World (theme park, property leasing), Wooshin Venture Investment (venture capital), and Anong (farming), so the company's essence is effectively construction-cement manufacturing. As a must-have material at construction sites, cement demand is fairly steady, but its volume is a cycle-sensitive materials business that rises and falls with construction starts and pre-sale volume.
The latest close is ₩9,350 and the market capitalization is ₩336.4 billion. The price sits above its 20-day moving average (₩9,070) and below its 60-day moving average (₩9,578). 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 53.2, a neutral level. The one-month change is +0.4%, the three-month change is -17.5%, and the position relative to the 52-week high is -36.6%. Relative strength versus the KOSPI is 13 (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 12% of all stocks. Over the past three months it lagged the index by 3.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
When looking at valuation metrics, one should separate the confirmed-last-year basis from the this-year-earnings basis. On a confirmed 2025 basis the P/E (how many times one year's earnings the price is) is 20.21x, but this is a temporarily elevated figure because the denominator, last year's net profit of ₩16.9 billion, fell sharply below a normal year. By contrast, the this-year-earnings forecast P/E is lower than peers Hanil Cement (13.14x) and Sampyo Cement (23.06x). In other words, reflecting a flow of earnings returning to a normal track, this stock comes into cheap territory even on an earnings basis. On assets too, the P/B (how many times net assets the price is) is 0.31x, so the price the market assigns is below a third of book net assets. That is lower than peers (Hanil Cement 0.52x, Sampyo Cement 1.2x), so it is in undervalued territory on assets as well. On profitability, the ROE (how much is earned in a year on equity) is 1.6%, held down as last year's profit drop weighs directly, and the operating margin is 7.5%. The debt ratio (debt to equity) of 200.0% is not unusual for the equipment-heavy cement industry but is not light either, and an interest-coverage ratio of 2.64x shows a stretch where the ability to pay interest out of operating profit has grown tight. Meanwhile the dividend yield at the current price is about 2.5% (a ₩250-per-share dividend), the 2025 payout ratio is 53.5%, and the company is a high-dividend company that maintains, by disclosure, a policy of returning 40% or more of separate net profit as dividends.
Looking at annual results alone, it was a downhill road. Revenue fell from ₩1.2005 trillion in 2023 to ₩1.1103 trillion in 2024 to ₩1.0228 trillion in 2025, and operating profit dropped sharply in the final year over the same period from ₩146.9 billion to ₩140.8 billion to ₩77.1 billion. Net profit also fell 79% year on year to ₩16.9 billion in 2025, from a combination of the revenue decline and some fourth-quarter losses. This directly reflects an industry backdrop of reduced construction-start volume. The important change appeared most recently, in the first quarter of 2026. Revenue of ₩240.6 billion (+9.1%) and operating profit of ₩11.4 billion (+14.0%) both turned back to growth, and net profit rose sharply to ₩6.7 billion from ₩1.1 billion in the same period a year earlier. That revenue and operating profit both grew by double digits is not a mere recovery but a signal that operations and sales are reviving. The low this-year-earnings forecast P/E also results from reflecting this rebound. Because cement is a construction material, more shipments spread fixed costs and profitability recovers, so as last year's trough earnings return to normal, this year's profit sits in a spot clearly higher than last year's confirmed figure. That said, the extent of this recovery depends on how much construction-start volume revives, so it is best to watch the industry backdrop itself alongside.
Recent disclosures are especially clear on the shareholder-return side. On June 10, 2026, the board resolved to retire 528,156 treasury shares (about 1.45% of issued shares, about ₩5.0 billion) effective June 18. As a profit retirement in which capital does not shrink and only the number of issued shares falls, it moves to raise per-share value. Earlier, on April 15, a ₩500 million treasury-stock-acquisition trust contract was terminated at term expiry, and the company specified per fair disclosure that it would retire the relevant treasury shares. The corporate value-up plan disclosed on March 27 reaffirmed a return policy of dividends of 40% or more of separate net profit and stated that with a 2025 payout ratio of 53.5% it qualifies as a high-dividend company under the Restriction of Special Taxation Act. The May 15 quarterly report is the material confirming the first-quarter rebound above. Overall, disclosures confirm that the company is steadily carrying out its direction of returning profit to shareholders.
The strengths are clear. The confirmed-last-year P/E of 19.02x is merely a figure set high by a temporary profit drop; reflecting a flow of earnings returning to normal, the stock's actual valuation is much lighter. Second, in the first quarter of 2026 revenue and operating profit both turned back to growth, giving a signal of passing the trough, and shareholder-return policy that returns profit to shareholders through treasury-share retirement and a high dividend continues in disclosures. The points to view together are profitability and the industry backdrop. The ROE of 1.6% is low as last year's profit drop presses it down; the debt ratio of 100% and interest-coverage ratio of 2.6x mean financial headroom is on the tight side; and with revenue tied to construction-start volume, the pace of recovery hinges on the industry backdrop. In sum, in a phase where construction starts revive and shipments rise so earnings return to normal, the low forecast P/E and P/B and steady shareholder returns come strongly to the fore; conversely, if the recovery in starts is slow, the low ROE and tight balance sheet act as variables that slow the pace of recovery.
🔎 Valuation vs peers Inconclusive
The comparison is against the listed peers whose business mix is most similar among those centered on cement and ready-mixed concrete (on-site peers.py figures, at the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanil Cement | 14.60x | 0.60x | 4.04% |
| Sampyo Cement | 21.15x | 1.11x | 5.19% |
(a) Position versus the true peer set: the P/B is the lowest among peers, so on asset value it is in undervalued territory, but the ROE is lower than peers, so the discount is in part justified by profitability. (b) Premium/discount: assets are a discount, profitability is a discount, and shareholder returns (treasury-share retirement, high dividend) are a plus factor, and these conflict. (c) The trailing P/E of 21.55x is inflated because last year's net profit slumped to ₩16.9 billion, so the limits of an earnings-inflection stretch are large. With no official company outlook figure, applying the recent three-year seasonality ratio to DART's confirmed first-quarter results gives an annual approximation (operating profit about ₩72.9 billion, net profit about ₩50.6 billion) that lowers the forward burden, but as this is an unverified approximation, the call is left as Inconclusive rather than committing. This is a stock with strong assets and dividend and weak profitability and industry backdrop, whose assessment diverges by condition.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩296.9 billion | approx. ₩30.4 billion | approx. ₩19.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩9,350 and the market capitalization is ₩336.4 billion. The price sits above its 20-day moving average (₩9,070) and below its 60-day moving average (₩9,578). 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 53.2, a neutral level. The one-month change is +0.4%, the three-month change is -17.5%, and the position relative to the 52-week high is -36.6%. Relative strength versus the KOSPI is 13 (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 12% of all stocks. Over the past three months it lagged the index by 3.7%. 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 -3.70% / 6M -41.01% / 12M -64.59%
Key metrics Computed vs sector median
Valuation
The P/E of 20.21x is above the sector median (17.22x). The P/B of 0.31x is below the sector median (0.42x). 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 2.1%, in line with the sector average (2.0%). The operating margin is 7.5%. The debt ratio is 97.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $843.3M | $780.0M | $718.5M | -7.88% ↓ slower |
| Operating profit | $103.2M | $98.9M | $54.2M | -45.20% ↓ slower |
| Net profit | $62.9M | $57.2M | $11.9M | -79.25% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $627.0M | $730.7M | $843.3M | $780.0M | $718.5M |
| Operating profit | $90.4M | $82.9M | $103.2M | $98.9M | $54.2M |
| Net profit | $66.5M | $44.6M | $62.9M | $57.2M | $11.9M |
| Revenue CAGR | 4-yr avg 3.46% | ||||
Revenue fell 7.9% year over year (2023 ₩1.2 trillion → 2024 ₩1.1 trillion → 2025 ₩1.0 trillion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 45.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.5%. The two-year revenue CAGR is -7.7%. In the most recent quarter (Q1 2026), revenue was 9.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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
- Revenue fell 7.9% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-10UpdateDecided to retire 528,156 held treasury shares (about 1.45% of issued shares, about ₩5.0 billion) as a profit retirement effective June 18. Capital unchanged, only the number of issued shares falls.Direct shareholder return that raises per-share value as the number of issued shares falls. Positive for short-term supply-demand and reaffirms the will toward shareholder returns. Source
- 2026-04-15UpdateA ₩500 million treasury-stock-acquisition trust contract (2025-10-16 to 2026-04-15) was terminated at term expiry. The held treasury shares are specified as slated for retirement per fair disclosure.The prior stage of the return cycle that later led to the June retirement. Over the medium term, a direction of reducing shares in circulation. Source
- 2026-03-27IRCorporate value-up plan (voluntary disclosure): reaffirmed a policy of dividends of 40% or more of separate net profit; with a 2025 payout ratio of 53.5% it qualifies as a high-dividend company.A basis for medium-to-long-term dividend stability. That said, no specific revenue or profit targets were given, so the outlook should be read via confirmed results and seasonality. Source
- 2026-05-15EarningsFirst-quarter 2026 report: revenue ₩240.6 billion (+9.1%), operating profit ₩11.4 billion (+14.0%), confirming a quarterly rebound after annual negative growth.A signal of improvement versus last year's trough. Note, however, that the net-profit growth rate (+530%) is exaggerated because the year-earlier base was small. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 revenue (consolidated) | 1₩22.8 billion | 1₩22.8 billion | Confirmed | link |
| Cement-segment revenue share | approx. 95% | 1,030,508, 52,328 | Confirmed | link |
| Number of treasury shares retired | 528,156 | 528,156, 36,506,428, 2026-06-18 | Confirmed | link |
| 2026 annual operating profit (approximation) | approx. ₩72.9 billion | — | Unverified | link |
Recent filings Source
- 2026-06-10Disclosure
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-15TreasuryMaterial-fact report
- 2026-04-15Disclosure
- 2026-04-07OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18EarningsAmended filing
- 2026-03-18Audit report
📖 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.
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