SY Steeltech is a metal-processing manufacturer that fabricates steel sheet and other metal materials into products for sale; as a small-cap with a market capitalization of ₩82.6 billion, a single disclosure such as a rights offering has a relatively large effect on its financial position and share count. In July 2025 it decided on a rights offering by allocation to existing shareholders followed by a public offering of forfeited shares, newly issuing 15 million planned shares, with the process wrapping up in September; where these funds are used and whether they link to actual revenue and profit is the checkpoint. What stands out now is asset-based undervaluation as a strength, with a P/B of 0.86x placing the price below net assets, a current ratio of 371% and debt-to-equity ratio of 126.6%, and a bottomed-out price at an RSI of 23.6, whereas revenue has fallen over several years and in the most recent quarter and the company turned to loss from 2025, and the rights offering has increased the share count, so the direction hinges on a revenue rebound and the results of how the funds are deployed.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 16.8% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 34.2% lower than a year earlier.
- ROE is -2.2% (total-net basis). It is below the sector average.
- Operating margin is -2.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder SY 32% (corporate)
Controlling bloc incl. related parties 43%
With the controlling bloc holding 43%, the ownership structure is stable.
🔎 In-depth analysis
- SY Steeltech is a manufacturer in the metal-processing sector whose core business is fabricating steel sheet and other metal materials into products for sale.
- As a small-cap with a market capitalization of ₩82.6 billion, a single disclosure such as a rights offering tends to have a relatively large effect on its financial position and share count, even more than the ordinary flow of the business itself.
- When looking at the company, therefore, it helps to check financing disclosures alongside the core business's revenue trend.
- The latest close is ₩1,781 and market capitalization is ₩89.4 billion.
- The price sits below its 20-day line (₩1,970) and its 60-day line (₩2,822).
- Trading beneath both its short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 38.0, a neutral reading.
- The change is -16.4% over one month and -48.8% over three months, and the price sits -71.0% below its 52-week high.
- Relative strength versus the KOSDAQ is 32 (1-99, converted from the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 68% of all stocks by strength.
- Over the past three months it lagged the index by 36.2%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Full-year 2025 revenue was ₩97.4 billion, with an operating loss of ₩2.7 billion and a net loss of ₩2.1 billion.
- The operating margin was -2.8% and ROE (how much is earned in a year on equity) -2.2%, placing profitability in loss territory.
- Financial stability, by contrast, is on the sound side.
- The debt-to-equity ratio is 126.6%, not high, and the current ratio (assets convertible to cash within a year against debt due within a year) is 371%, leaving ample short-term coverage.
- On valuation, since the company is loss-making the P/E (how many times a year's profit the price is) cannot be derived, so the P/B (how many times book value the price is) is used.
- The P/B is 0.93x, below 1x, meaning the share price is set lower than the company's net assets.
- In other words, the current price is cheaply valued on asset value rather than earnings, and it is more accurate to read this as a zone where the weakness of being loss-making and the strength of a low price relative to assets exist side by side.
- Revenue fell from ₩119.8 billion in 2023 to ₩117.0 billion in 2024 and ₩97.4 billion in 2025, and operating profit, having passed through ₩14.6 billion and ₩8.1 billion over the same period, swung to a loss of ₩2.7 billion in 2025.
- In the most recent quarter, Q1 2026, losses continued with revenue of ₩17.5 billion, an operating loss of ₩600 million, and a net loss of ₩700 million, and quarterly revenue fell -34.2% from the same period a year earlier.
- This year's revenue is put at about ₩72.3 billion on an official-data seasonality approximation, a figure indicating that the decline in revenue may continue this year as well (operating and net profit are not presented separately, as there is no basis to assume a swing to profit).
- In short, this is a negative-growth phase in which both the multi-year and quarterly trends point down, and for profit to return to the black, a signal that revenue decline has stopped and utilization is recovering must first be confirmed.
- Recent disclosures are concentrated on financing.
- On July 28, 2025 the company decided on a rights offering by allocation to existing shareholders followed by a public offering of forfeited shares, resolving to newly issue 15 million planned shares, and the process wrapped up with the final issue price fixed on September 1, the subscription results (no public offering of forfeited shares carried out; the lead underwriter took them up) on September 5, and the securities-issuance results disclosure on September 11.
- A rights offering fills the company with cash but, in exchange, raises the share count and dilutes existing shareholders' stakes.
- The key checkpoints of these disclosures, therefore, are where the incoming funds are used, such as facilities or operations, and whether that investment leads to actual revenue and profit.
- This stock has a clear split between strengths and weaknesses.
- The strength is asset-based undervaluation.
- With a P/B of 0.86x, below 1x, the share price is lower than net assets, and short-term financial stability is supported by a 371% current ratio and a 126.6% debt-to-equity ratio.
- The price, too, sits at a bottomed-out level showing a depressed indicator (RSI 23.6) and a large drawdown.
- The weakness is the core business's results.
- Revenue has been falling over several years and in the most recent quarter, the company turned to loss from 2025, and the share-count increase from the rights offering must also be taken into account.
- All told, if a signal of revenue decline stopping and utilization and profitability recovering is confirmed, the price's cheapness relative to assets can come to the fore as a strength; conversely, if losses and negative growth drag on longer, it is a zone hard to sustain on undervaluation alone.
- Which way it goes will be decided by whether revenue rebounds next quarter and by the results of how the funds are deployed.
🔎 Valuation vs peers Undervalued
A peer set of metal-processing companies of comparable market capitalization drawn from public data.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sea Mechanics | 53.72x | 1.03x | 1.92% |
| Samyoung M-Tek | 10.25x | 1.04x | 10.15% |
| NRB | — | 0.87x | -0.62% |
Within metal processing, a peer set of comparable market capitalization drawn from public data was prioritized. The current P/E (how many times a year's profit the price is) cannot be confirmed, and the P/B (how many times book value the price is) is 0.93x. That said, because smaller-cap names are heavily affected by profit swings and financing disclosures, no firm conclusion was drawn from figures based solely on last year's confirmed results. The forecast box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩72.3 billion | — | — |
| Next quarter | Q2 2026 | ₩19.1 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩1,781 and the market capitalization is ₩89.4 billion. The price sits below its 20-day moving average (₩1,970) and below its 60-day moving average (₩2,822). 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 38.0, a neutral level. The one-month change is -16.4%, the three-month change is -48.8%, and the position relative to the 52-week high is -71.0%. Relative strength versus the KOSDAQ is 32 (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 32% of all stocks. Over the past three months it lagged the index by 36.2%. 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 -36.17% / 6M -35.41% / 12M -63.27%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.93x 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.
Profitability & financials
Return on equity (ROE) is -2.2%, below the sector average (10.0%). The operating margin is -2.8%. The debt ratio is 126.6%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $79.4M | $77.5M | $64.5M | -16.77% ↓ slower |
| Operating profit | $9.7M | $5.4M | -$1.8M | -133.01% ↓ slower |
| Net profit | $7.2M | $4.0M | -$1.4M | -134.45% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $79.4M | $77.5M | $64.5M |
| Operating profit | — | — | $9.7M | $5.4M | -$1.8M |
| Net profit | — | — | $7.2M | $4.0M | -$1.4M |
| Revenue CAGR | 2-yr avg -9.83% | ||||
Revenue fell 16.8% year over year (2023 ₩119.8 billion → 2024 ₩117.0 billion → 2025 ₩97.4 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 133.0% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -9.8%. The two-year revenue CAGR is -9.8%. In the most recent quarter (Q1 2026), revenue was 34.2% lower 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
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 16.8% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2025-09-11UpdateSecurities-issuance results (voluntary disclosure) (rights offering (allocation to existing shareholders followed by public offering of forfeited shares)): disclosure)/(2025.09.11) securities-issuance results (voluntary disclosure) (rights offering (allocation to existing shareholders followed by public offering of forfeited shares)) securities-issuance results (voluntary disclosure) 1. Type of securities: registered common shares 2. Method of issuance: rights offering by allocation to existing shareholders 3. Issuance details: planned shares to be issued 15,000,000, planned issuance amount (won) 5This is a disclosure where the purpose of the fund inflow and changes to the share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and links to revenue is the key. Source
- 2025-09-05UpdateRights offering or subscription results for equity-linked bonds and the like (voluntary disclosure): pursuant to Article 9(2) of the relevant regulations and Article 6(11) of the underwriting agreement, the shares will not be allocated to public-offering subscribers and the lead underwriter will take them up (no public offering of forfeited shares carried out). 7. Other matters for investment reference 1. The above subscription date is the closing date of the existing-shareholder subscription period. (Subscription period:This is a disclosure where the purpose of the fund inflow and changes to the share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and links to revenue is the key. Source
- 2025-09-01UpdateFinal issue price for the rights offering confirmed: -14 securities registration statement (equity securities) 2025-07-28 decision on rights and bonus offering (allocation to existing shareholders followed by public offering of forfeited shares) 2025-07-28 decision on first issue price of the rights offering 2025-07-28 prospectusThis is a disclosure where the purpose of the fund inflow and changes to the share count must be viewed together. Where a facility or operating purpose is stated, whether the investment is actually executed and links to revenue is the key. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩1,781 | ₩1,781 | Confirmed | link |
| Latest quarterly results | revenue ₩17.5 billion, operating profit -₩0.6 billion | revenue ₩17.5 billion, operating profit -₩0.6 billion | Confirmed | link |
| Annual results | revenue ₩97.4 billion, operating profit -₩2.7 billion | revenue ₩97.4 billion, operating profit -₩2.7 billion | Confirmed | link |
| Financing disclosure (original text) | ): )/(2025.09.11) ) 1. 2. 3. 15,000,000 5 | ): )/(2025.09.11) ) 1. 2. 3. 15,000,000 5 | Confirmed | link |
| Financing disclosure (original text) | approx. : 』 9 2 approx. 6 11 approx. . 7. 1. approx. approx. . (approx. : | approx. : 』 9 2 approx. 6 11 approx. . 7. 1. approx. approx. . (approx. : | Confirmed | link |
| Financing disclosure (original text) | : -14 2025-07-28 2025-07-28 1 2025-07-28 | : -14 2025-07-28 2025-07-28 1 2025-07-28 | Confirmed | link |
| Forecast box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-20OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-20OwnershipOwnership-change filing
- 2026-04-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOwnership-change filing
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Shareholders' meeting notice
- 2026-03-10EarningsEarnings 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.