Ilseung (333430) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Ilseung is an equipment-and-materials company classified in the shipbuilding sector. Last year it posted annual revenue of ₩50.7 billion, operating profit of ₩10.9 billion and net profit of ₩7.5 billion, showing a structure that converts a modest top line into solid profit. In the quarterly report filed on May 14, 2026, Q1 2026 revenue of ₩12.1 billion, operating profit of ₩2.3 billion and net profit of ₩3.7 billion confirmed an improving-earnings trend, and with an operating margin of 21.4% and an ROE of 16.3% pointing to good profitability, the share price still sits -67.3% below its 52-week high with an RSI of 28.1, leaving price and results pointing in opposite directions. The point to note is that if the widened margin holds into the next quarter the current price looks cheap relative to profit, whereas because the earnings improvement came from margin rather than revenue growth, it is worth checking whether this margin level is sustainable, along with the financial trend implied by a debt ratio of 79.9%.
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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 “Shipbuilding” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/B.
Shipbuilding rides a heavy vessel-ordering cycle, with profits bunching in upturns and slipping into losses in downturns, so current-year earnings alone give an unstable read. That makes price-to-book (P/B) — the share price against the value of docks and facilities the company owns — the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 2.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 20.4% higher than a year earlier.
- ROE is 20.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 23.6%.
- 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 Sejin Heavy Industries 54.51% (corporate)
Controlling bloc incl. related parties 74.1%
With the controlling bloc holding 74%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Ilseung is an equipment-and-materials company classified in the shipbuilding sector. Last year's annual revenue was ₩50.7 billion, with operating profit of ₩10.9 billion and net profit of ₩7.5 billion, a structure that leaves good profit relative to its revenue scale. Given its small-cap nature, not only the business itself but each quarterly earnings disclosure tends to have a large effect on the financials and the share price, so it helps to watch the flow of disclosures alongside it.
The latest close is ₩4,295 and the market capitalization is ₩132.0 billion. The price sits above its 20-day moving average (₩3,481) and above its 60-day moving average (₩3,866). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.2, a neutral level. The one-month change is +34.6%, the three-month change is -29.9%, and the position relative to the 52-week high is -56.7%. Relative strength versus the KOSDAQ is 56 (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 56% of all stocks. Over the past three months it outpaced the index by 5.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Last year's annual revenue was ₩50.7 billion, with operating profit of ₩10.9 billion and net profit of ₩7.5 billion. The operating margin of 21.4% is high, and the ROE (how much is earned in a year on equity) of 16.3% makes the profitability assessment 'excellent.' The debt ratio (debt versus equity) of 281.7% means debt somewhat exceeds equity, but a current ratio of 366% and an interest-coverage ratio of 6.25x mean short-term payment capacity and the ability to cover interest are ample. The trailing (on last year's confirmed results) P/E is 13.36x and the P/B is 2.02x, which look ordinary by the numbers alone; but this company is at an inflection where profit is rising quickly, so assessing it on last year alone risks missing the real picture. On this year's profit, the forecast P/E is clearly below the peer set (Daeyang Electric 6.14x, Halla IMS 9.24x), reading as an undervalued signal. The assessment is likewise 'undervalued.'
Revenue was roughly flat, at ₩53.0 billion in 2023, ₩51.8 billion in 2024 and ₩50.7 billion in 2025, but earnings tell a different story. Operating profit grew from ₩5.3 billion in 2023 to ₩10.9 billion in 2025, up +57.1% year over year, and net profit jumped +328.9%. In the most recent quarter, Q1 2026, this trend grew even clearer, with revenue up +20.4% year over year, operating profit up +228.0% and net profit up +263.6%. In other words, with revenue similar, the margin improved sharply and profit jumped. This year's forecast is around revenue of ₩54.6 billion, operating profit of ₩35.6 billion and net profit of ₩37.6 billion, a result of already earning ₩3.7 billion of net profit in the first quarter plus a trend of margins rising each quarter. The backdrop to this profit growth is that a backlog is being realized as profit and the operating margin has stepped up a level; because profit grows even as revenue stalls, margin improvement rather than the top line is the key driver.
On 2026-02-27, a revenue and earnings-structure change filing disclosed last year's annual results (revenue ₩50.7 billion, operating profit ₩10.9 billion, net profit ₩7.5 billion), and on 2026-03-23 the annual report confirmed these figures. Then, in the 2026-05-14 quarterly report, Q1 2026 results (revenue ₩12.1 billion, operating profit ₩2.3 billion, net profit ₩3.7 billion) confirmed the improving-earnings trend. Given that it is a small-cap, earnings disclosures such as quarterly reports and earnings-structure changes are likely to remain a major variable for the share price going forward.
Ilseung's strengths are clear. With an operating margin of 21.4% and an ROE of 16.3%, profitability is good, and as quarterly profit rises markedly, this year's forecast P/E has come down into undervalued territory versus peers. The share price is down -67.3% from its 52-week high with an RSI of 28.1, so the price has fallen sharply while profit, conversely, is improving, and the divergence between price and results stands out. The point to examine is that revenue itself is not growing and the earnings improvement comes from margin, so whether this margin level holds into the next quarter is the key. The debt ratio of 79.9% is also somewhat high, so it helps to check the financial trend as well as the results. In short, if the widened margin holds, the current price looks cheap relative to profit; if the margin falls back, that appeal weakens.
🔎 Valuation vs peers Undervalued
A comparison set of shipbuilding names close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Chosun Refractories | 73.60x | 0.70x | 2.64% |
| Daeyang Electric | 6.71x | 0.61x | 9.58% |
| Halla IMS | 11.65x | 1.52x | 13.57% |
Within shipbuilding, we prioritized a public-data comparison set close in market cap. The current P/E ratio (how many times a year's profit the share price is) is 17.71x and the P/B (how many times book value the share price is) is 2.73x. That said, for smaller-cap names, swings in profit and funding disclosures carry a large effect, so we did not draw firm conclusions from last year's confirmed results alone. The forecast box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩54.6 billion | ₩35.6 billion | ₩37.6 billion |
| Next quarter | Q2 2026 | ₩12.9 billion | ₩4.2 billion | ₩3.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩4,295 and the market capitalization is ₩132.0 billion. The price sits above its 20-day moving average (₩3,481) and above its 60-day moving average (₩3,866). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.2, a neutral level. The one-month change is +34.6%, the three-month change is -29.9%, and the position relative to the 52-week high is -56.7%. Relative strength versus the KOSDAQ is 56 (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 56% of all stocks. Over the past three months it outpaced the index by 5.8%. 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 +5.84% / 6M +3.24% / 12M +0.13%
Key metrics Computed vs sector median
Valuation
The P/E of 17.71x is above the sector median (12.80x). The P/B of 2.73x is above the sector median (1.61x). 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 11.3%, 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 20.9%, above the sector average (13.0%). The operating margin is 23.6%. The debt ratio is 79.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $37.2M | $36.4M | $35.6M | -2.16% ↑ faster |
| Operating profit | $3.7M | $4.9M | $7.6M | +57.12% ↑ faster |
| Net profit | $2.7M | $1.2M | $5.2M | +328.90% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $29.4M | $45.7M | $37.2M | $36.4M | $35.6M |
| Operating profit | $2.0M | $2.3M | $3.7M | $4.9M | $7.6M |
| Net profit | -$4.5M | $1.7M | $2.7M | $1.2M | $5.2M |
| Revenue CAGR | 4-yr avg 4.87% | ||||
Revenue fell 2.2% year over year (2023 ₩53.0 billion → 2024 ₩51.8 billion → 2025 ₩50.7 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit rose 57.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.9%. The two-year revenue CAGR is -2.2%. In the most recent quarter (Q1 2026), revenue was 20.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 20.9% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 2.2% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-27EarningsChange of 30% or more in revenue or earnings structure (15% for large corporations): annual revenue ₩50.7 billion, operating profit ₩10.9 billion, net profit ₩7.5 billionRecently confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are involved. Source
- 2026-05-14EarningsQuarterly report (2026.03): Q1 2026 revenue ₩12.1 billion, operating profit ₩2.3 billion, net profit ₩3.7 billionRecently confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are involved. Source
- 2026-03-23EarningsAnnual report (2025.12): revenue ₩2,534, operating profit ₩800 million, net profit ₩2.9 billionRecently confirmed or preliminary results. Check whether they point in the same direction as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,295 | ₩4,295 | Confirmed | link |
| Latest quarterly results | revenue ₩12.1 billion, operating profit ₩2.3 billion | revenue ₩12.1 billion, operating profit ₩2.3 billion | Confirmed | link |
| Annual results | revenue ₩50.7 billion, operating profit ₩10.9 billion | revenue ₩50.7 billion, operating profit ₩10.9 billion | Confirmed | link |
| Earnings disclosure text | revenue30%: revenue ₩50.7 billion · operating profit ₩10.9 billion · net profit ₩7.5 billion | revenue30%: revenue ₩50.7 billion · operating profit ₩10.9 billion · net profit ₩7.5 billion | Confirmed | link |
| Earnings disclosure text | (2026.03): 2026 1 revenue ₩12.1 billion · operating profit ₩2.3 billion · net profit ₩3.7 billion | (2026.03): 2026 1 revenue ₩12.1 billion · operating profit ₩2.3 billion · net profit ₩3.7 billion | Confirmed | link |
| Earnings disclosure text | (2025.12): revenue ₩2,534 · operating profit ₩0.8 billion · net profit ₩2.9 billion | (2025.12): revenue ₩2,534 · operating profit ₩0.8 billion · net profit ₩2.9 billion | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-14PeriodicQuarterly report
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
- 2026-02-27EarningsEarnings 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.