SeAH Steel is not a steel mill that makes molten iron but a company that processes steel plate into steel pipe; its mainstays are carbon welded pipe for construction and plumbing, stainless pipe for refining and LNG facilities, and offshore-wind pipe, with energy pipe and offshore-wind structures in particular driving results. The March business report confirmed a sharp 2025 profit drop, but an April 13 corporate value-up plan and an April 29 supply-contract (correction) followed, Q1 revenue and net profit both rebounded on May 15, and its finances are solid with a P/B of 0.31x, a dividend yield of 4.5%, and a debt ratio of 62.9%. The point worth watching now is that in a phase where energy and wind demand revives and volume and margin rise together, the undervalued appeal — cheap relative to assets with a thick dividend — is strong; whereas revenue rose in Q1 but operating profit was nearly flat, so margin recovery is something to confirm further in the coming quarters, and there is volatility depending on the export environment.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 17.9% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 18.4% higher than a year earlier.
- ROE is 2.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.3%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder SeAH Steel Holdings 50.11% (corporate)
Controlling bloc incl. related parties 63.59%
With the controlling bloc holding 64%, control is very secure but the free float is thin.
🔎 In-depth analysis
- SeAH Steel is not a steel mill that makes molten iron directly but a company that processes steel plate to make and sell steel pipe.
- By the company's own description, its mainstays are three: (1) carbon welded pipe used in construction, plumbing, fire protection, and plant; (2) stainless welded pipe, resistant to corrosion and used in refining, chemicals, shipbuilding, and LNG facilities; and (3) offshore-wind pipe (monopiles and other substructures) that forms the columns when erecting wind turbines at sea.
- In particular, energy pipe used in oil and gas drilling and transport (an area with a large export share to the US and elsewhere) and offshore-wind structures are the key axes driving results.
- In other words, it is a structure where revenue and profit move less with the steel cycle itself than with how much energy development and power-infrastructure investment is circulating.
- The latest close is ₩118,900 and market capitalization is ₩337.2 billion.
- The price sits below the 20-day line (₩129,950) and below the 60-day line (₩145,955).
- Being under both the short- and medium-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that weighs the strength of gains against losses over the past 14 days on a 0–100 scale) is 34.6, a neutral level.
- The one-month change is -16.4%, the three-month change is -15.2%, and the position versus the 52-week high is -35.0%.
- Relative strength versus the KOSPI is 22 (on a 1–99 scale, computed from returns against the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 79% by strength among all stocks.
- Over the past three months it lagged the index by 32.5%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On confirmed 2025 results, the P/E ratio (how many times one year's net profit the share price is) is 11.24x and the P/B (how many times net asset value the share price is) is 0.30x.
- A P/B of 0.31x means the share price is set at a third of net asset value, a spot where price is quite low relative to assets.
- The important point here is that this P/E of 11.5x is "the figure after operating profit shrank to a quarter of the prior year in 2025." When based on a year in which profit was heavily depressed, the same share price makes the multiple look higher.
- So for a profit-inflection stock like this, the forward P/E based on this year's earning power is closer to the true picture.
- This year's forward P/E is markedly below the peer pipe-and-steel set (broadly 18–22x), a clear undervaluation signal.
- Finances are stable too, with a debt ratio (size of debt against equity) of 62.9%, a current ratio of 214%, and an interest coverage ratio of 1.26x, and returns are thick with a dividend yield of 4.5%.
- Over five years, revenue rose from ₩1.5 trillion in 2021 to ₩1.86 trillion in 2023 before pulling back to ₩1.48 trillion in 2025, and operating profit fell from ₩231.9 billion in 2023 to ₩49.6 billion in 2025 (net profit also fell from ₩188.8 billion to ₩30.0 billion).
- 2025 was a heavily depressed year, with revenue -17.9% and operating profit -75.5%.
- But the trend turned in Q1 2026, with cumulative revenue of ₩448.6 billion (+18.4% year on year) and net profit of ₩21.0 billion (+11.5%) rebounding.
- Operating profit alone was ₩24.1 billion (-5.8%), nearly flat, but the key is that revenue and net profit rose together.
- This year's earning power is set clearly higher than last year's confirmed figure, reflecting this recovery.
- Behind it is that energy-pipe and offshore-wind demand is turning again so volume is recovering, and — as the 0.31x P/B shows — the price has not yet fully reflected this recovery.
- On the multi-year trend alone it is a "decline," but on a quarterly basis the direction has already turned up.
- Still, with quarterly operating profit still flat, whether margin follows volume higher is something to keep confirming in the coming quarters.
- The recent flow is fairly clear from disclosures.
- The March 2026 business report confirmed the sharp 2025 profit drop, and the April 13 corporate value-up plan (voluntary disclosure) was the company voluntarily setting out its direction for shareholder returns and value improvement.
- On April 29 a single supply-contract (entry-correction) disclosure showed the order base continuing, and the May 15 quarterly report confirmed the Q1 revenue rebound.
- From late May into early June, regular disclosures such as the large business-group status and corporate governance reports were added.
- For contract and plan disclosures, the key is less the announcement itself than confirming, via the subsequent quarterly report, when it feeds through to actual revenue and cash flow.
- SeAH Steel's strengths are fairly clear.
- (1) With a P/B of 0.31x, the price is low relative to net assets, and this year's forward P/E is markedly below the peer set (18–22x), placing it in undervalued territory.
- (2) Returns are thick, with a dividend yield of 4.5% and a payout of 52%, and finances are solid, with a debt ratio of 62.9% and a current ratio of 214%.
- (3) Q1 2026 revenue and net profit rebounded together, and favorable disclosures such as the April supply contract and corporate value-up plan followed.
- Points to examine: (1) results have volatility depending on energy-pipe and offshore-wind demand and the export environment (trade, tariffs, and the like), and (2) revenue rose in Q1 but operating profit was nearly flat, so margin recovery is something to confirm further in the coming quarters.
- In sum, it is a stock that is strong in a phase where energy and wind demand revives and volume and margin rise together, and weak in a phase where export demand or pipe prices turn down again.
- The key is that, at a spot cheap relative to assets and thick with dividends, it stands at the start of a profit recovery.
🔎 Valuation vs peers Undervalued
The comparison is on the business substance of "steel-pipe manufacturing" rather than a simple steel-industry average. HuSteel, which makes steel pipe from steel plate; SeAH Besteel Holdings, the same group's specialty-steel holding entity; and POSCO Steeleon in surface-treated and coated steel plate are treated as close peers, with the market bellwether POSCO Holdings included only as a size reference. P/E, P/B, and ROE are the site's own calculations at the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Husteel | — | 0.20x | -1.42% |
| SeAH Besteel Holdings | 19.37x | 0.56x | 2.89% |
| POSCO Steeleon | 16.50x | 0.73x | 4.44% |
| POSCO Holdings | 35.79x | 0.42x | 1.18% |
Against the pipe peer set, SeAH Steel has a low P/B and a thick dividend, so on assets and dividends it sits in discount territory. But it is early to declare it "cheap"; the key is the timing of the base earnings. The current P/E of 11.24x is a trailing (confirmed prior-year) figure after 2025 profit shrank to a quarter. In a profit-inflection phase, a trailing P/E can over- or under-state true earning power, and on a forward approximation that overlays seasonality on the Q1 rebound, the annual net profit approximation falls to around ₩80.0 billion. Because this forward figure is a seasonality approximation and not official company guidance, the "undervalued" reading should be treated only as a tentative observation until profit normalization is actually confirmed.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩463.6 billion | approx. ₩22.9 billion | approx. ₩19.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩118,900 and the market capitalization is ₩337.2 billion. The price sits below its 20-day moving average (₩129,950) and below its 60-day moving average (₩145,955). 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 34.6, a neutral level. The one-month change is -16.4%, the three-month change is -15.2%, and the position relative to the 52-week high is -35.0%. Relative strength versus the KOSPI is 22 (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 21% of all stocks. Over the past three months it lagged the index by 32.5%. 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 -32.52% / 6M -36.39% / 12M -68.16%
Key metrics vs sector median
Valuation
The P/E of 11.24x is below the sector median (16.39x). The P/B of 0.30x 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.
Intrinsic value (DCF estimate)
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 2.7%, above the sector average (2.0%). The operating margin is 3.3%. The debt ratio is 62.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.2B | $1.2B | $984.1M | -17.94% ↓ slower |
| Operating profit | $153.7M | $134.5M | $32.9M | -75.55% ↓ slower |
| Net profit | $125.2M | $90.8M | $19.9M | -78.11% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $992.4M | $1.2B | $1.2B | $1.2B | $984.1M |
| Operating profit | $87.5M | $142.6M | $153.7M | $134.5M | $32.9M |
| Net profit | $60.6M | $105.6M | $125.2M | $90.8M | $19.9M |
| Revenue CAGR | 4-yr avg -0.21% | ||||
Revenue fell 17.9% year over year (2023 ₩1.9 trillion → 2024 ₩1.8 trillion → 2025 ₩1.5 trillion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 75.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.2%. The two-year revenue CAGR is -10.7%. In the most recent quarter (Q1 2026), revenue was 18.4% 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.
- The dividend yield, at 4.6%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 17.9% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed — cumulative revenue ₩448.6 billion (+18.4% year on year), net profit ₩21.0 billion (+11.5%) reboundedShort term, a material confirming the revenue recovery. But operating profit was ₩24.1 billion (-5.8%), with margin not keeping pace with the revenue increase, so over the medium term whether margin normalizes is the crux. Source
- 2026-04-29UpdateSingle supply-contract signed (entry-correction) — a correction disclosure related to a steel-pipe supply contractShort term, a signal that the order base is continuing. Which quarter's results the contract scale and revenue-recognition timing feed through to needs confirming via the subsequent quarterly report. Source
- 2026-04-13FilingCorporate value-up plan (voluntary disclosure) — the company's voluntarily stated direction for corporate value and shareholder-return improvementOver the medium term, a material to gauge the direction of shareholder-return policy such as dividends and capital efficiency. The actual effect must be confirmed via subsequent disclosures on dividends and treasury shares and via results. Source
- 2026-03-12Earnings2025 business report (consolidated) filed — confirming an annual sharp profit drop with revenue ₩1.48 trillion (-17.9%) and operating profit ₩49.6 billion (-75.5%)A material confirming the 2025 profitability slowdown, explaining that the current P/E of about 13x is "based on a year of sharply dropped profit." Whether profit normalizes is the starting point for interpreting the valuation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue/operating profit | revenue ₩1.48 trillion · operating profit ₩49.6 billion | (2025.12) DART | Confirmed | link |
| Q1 2026 cumulative results | revenue ₩448.6 billion(+18.4%) · operating profit ₩24.1 billion(-5.8%) · net profit ₩21.0 billion(+11.5%) | (2026.03) DART | Confirmed | link |
| Latest closing price | ₩118,900 | — | Unverified | link |
| Seasonality-approximated annual operating profit | approx. ₩97.4 billion | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-29Single supply/sales contract (amended)
- 2026-04-13Disclosure
- 2026-03-23Amended filing
- 2026-03-20Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-13Litigation disclosure
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit 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.
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.