Dongkuk CM (460850) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Dongkuk CM is a steel surface-treatment specialist that traces its roots to the Dongkuk Steel Group. It makes coated steel sheet, applying zinc and other metals to cold-rolled steel, and color-coated steel sheet, and supplies these to building interior and exterior materials, appliance panels and furniture, adding margin through its plating and coating know-how. Full-year 2025 results were revenue of ₩2.77 trillion, an operating loss of -₩38.8 billion and a net loss of -₩52.9 billion, but Q1 2026 swung back to profit with revenue of ₩687.0 billion and operating profit of ₩8.0 billion (+64% YoY), marking the start of a recovery inflection. The key point to watch: if steel-processing spreads stabilize and quarterly profits continue, its low valuation (P/B 0.14x) and 6.7% dividend yield stand out alongside the earnings recovery, but with a debt ratio of 176% and a current ratio of 79.5%, financial headroom is tight, so a renewed deterioration in prices and spreads could shake 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 “Steel & Metals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Steel and metals swing hard with raw-material prices and downstream demand, so profits balloon in upturns and can flip to losses in downturns. Because earnings are so volatile, price-to-book (P/B) — the share price against the value of plant and assets — is the first lens.
That said, the company is currently in a revenue-growth rather than a profit phase, so this metric alone offers only a limited read.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 79.1%).
- The most recent full-year net result was a loss.
- Revenue rose 28.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.9% lower than a year earlier.
- ROE is -5.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -1.3%.
- 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 Dongkuk Holdings 33.6% (corporate)
Controlling bloc incl. related parties 33.64%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis Reading
Dongkuk CM is a steel surface-treatment specialist launched out of the Dongkuk Steel Group, which was founded in 1954. Its core business is taking cold-rolled steel and processing it one step further to add value, making coated steel sheet with zinc and other metals applied to the surface, and color-coated steel sheet (print and paint-coated sheet). These products are used close to daily life, in building roofs, exterior walls and interior materials, appliance panels for refrigerators and washing machines, and furniture. In other words, it is not a company that sells ordinary hot-rolled or cold-rolled steel as is, but one whose business is weighted toward processing and surface treatment that adds margin through plating and coating know-how. With a market cap of ₩134.8 billion this is not a large name, so quarterly results and a single disclosure can have an outsized effect on the balance sheet and share price, and are best watched together.
The latest close is ₩5,250 and the market capitalization is ₩157.0 billion. The price sits above its 20-day moving average (₩4,889) and above its 60-day moving average (₩5,182). 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 58.1, a neutral level. The one-month change is +10.6%, the three-month change is -19.0%, and the position relative to the 52-week high is -26.9%. Relative strength versus the KOSPI is 25 (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 25% of all stocks. Over the past three months it lagged the index by 2.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Latest annual (2025) revenue was ₩2.77 trillion, with an operating loss of -₩38.8 billion and a net loss of -₩52.9 billion, so it was a loss year. Because of this the P/E (how many times one year's profit the price is) is not produced, and instead the P/B (how many times book value the price is) is 0.16x. A P/B of 0.14x means the price is set at about one-seventh of the company's net assets, a very cheap zone relative to asset value. Against the P/B of comparable steel processors, generally 0.4-0.9x, it is strikingly low. That said, the tight financial headroom clearly has to be factored in, with a debt ratio (debt against shareholders' equity) of 276% and a current ratio (assets that can be turned into cash within a year against debt due within a year) of 79.5%. It is hard to nail down 'expensive' or 'cheap' from last year's loss-year figures alone; the key is whether profit turns, and the clue shows up in the most recent quarter.
Revenue scale grew from ₩1.27 trillion (2023) to ₩2.16 trillion (2024) to ₩2.77 trillion (2025), expanding the top line for two straight years. On the other hand, the bottom line turned for a year, from a 2024 operating profit of ₩77.3 billion and net profit of ₩63.8 billion into a 2025 loss; in steel processing, when the gap between raw-material prices and product prices (the spread) narrows, profit can be squeezed even as the top line grows. The important change comes in the most recent quarter. Q1 2026 revenue was ₩687.0 billion, down 7.9% year on year, but operating profit was ₩8.0 billion, up 64% year on year, back in the black. Operating profit rising while revenue fell is a signal that the price and cost structure is improving and profitability is starting to turn. For the full year, operating profit of ₩25.9 billion is projected, a picture of turning from last year's -₩38.8 billion loss to profit, with the Q1 swing marking the starting point. That said, the turn all the way to net profit still has financial costs and other items to work through, so there are things to confirm quarter by quarter.
Recent disclosures are mostly about results. The April 24, 2026 preliminary-results fair disclosure reported Q1 revenue of ₩687.0 billion, operating profit of ₩8.0 billion and net loss of -₩2.1 billion, and this quarterly swing to operating profit is the most recent evidence of this year's recovery. Before that, the March 9, 2026 correction and the February 4, 2026 profit-structure change disclosure settled the confirmed full-year 2025 results (revenue ₩2.77 trillion, operating loss -₩38.8 billion, net loss -₩52.9 billion). Since this is a flow connecting an annual loss to a quarterly swing to profit, it is worth watching future disclosures for whether the recovery continues and whether any one-off factors are mixed in.
Dongkuk CM has two clear strengths. First, at a P/B of 0.14x the share price is very cheap relative to asset value and lower even than peers, a clear undervaluation signal. Second, from last year's loss came a Q1 2026 swing to operating profit (+64% YoY), so it sits at the start of an inflection where profitability is turning, and full-year operating profit is also forecast to be positive. On top of this, a dividend yield of 6.7% is on the high side, offering some reward for the wait. On the other hand, the point to be careful about is the balance sheet. With a debt ratio of 176% and a current ratio of 79.5%, financial headroom is tight, so a renewed deterioration in steel prices and raw-material spreads, or a capital-raising disclosure, could shake the pace of recovery. In sum, in a phase where steel-processing prices stabilize and quarterly profits continue, the low P/B and the earnings recovery stand out together and the name is strong; conversely, in a phase where spreads narrow again or the financial burden grows, it weakens.
🔎 Valuation vs peers Undervalued
Comparables with adjacent market cap within steel and primary metals.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Igu Industrial | 13.66x | 0.95x | 13.57% |
| Namsun Aluminum | 36.70x | 0.47x | 1.28% |
| Korea Cast Iron Pipe Ind. | 8.87x | 0.42x | 4.46% |
Within steel and primary metals, public-data comparables closest in market cap were considered first. The current P/E (how many times one year's profit the price is) cannot be confirmed, and the P/B (how many times book value the price is) is 0.16x. That said, for lower-market-cap names, profit swings and capital-raising disclosures carry a large effect, so this was not judged on last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩2.6 trillion | ₩25.9 billion | — |
| Next quarter | Q2 2026 | ₩664.8 billion | ₩9.7 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩5,250 and the market capitalization is ₩157.0 billion. The price sits above its 20-day moving average (₩4,889) and above its 60-day moving average (₩5,182). 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 58.1, a neutral level. The one-month change is +10.6%, the three-month change is -19.0%, and the position relative to the 52-week high is -26.9%. Relative strength versus the KOSPI is 25 (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 25% of all stocks. Over the past three months it lagged the index by 2.6%. 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 -2.57% / 6M -19.71% / 12M -55.29%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.16x is below the sector median (0.45x).
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 -5.4%, below the sector average (1.0%). The operating margin is -1.3%. The debt ratio is 171.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $889.5M | $1.5B | $1.9B | +27.96% ↓ slower |
| Operating profit | $18.7M | $54.3M | -$27.3M | -150.21% ↓ slower |
| Net profit | $7.1M | $44.8M | -$37.2M | -182.98% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $889.5M | $1.5B | $1.9B |
| Operating profit | — | — | $18.7M | $54.3M | -$27.3M |
| Net profit | — | — | $7.1M | $44.8M | -$37.2M |
| Revenue CAGR | 2-yr avg 47.88% | ||||
Revenue rose 28.0% year over year (2023 ₩1.3 trillion → 2024 ₩2.2 trillion → 2025 ₩2.8 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 150.2% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is 47.9%. The two-year revenue CAGR is 47.9%. In the most recent quarter (Q1 2026), revenue was 7.9% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 5.7%, is on the high side.
- Revenue grew 28.0% year over year, a sign of growth.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 79.1%).
- 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.
Recent news & events searched · sourced
- 2026-04-24EarningsPreliminary results (fair disclosure): Q1 2026 revenue ₩687.0 billion, operating profit ₩8.0 billion, net loss -₩2.1 billionRecent confirmed or preliminary results. Check whether they point the same way as the annual trend and whether any one-off factors are present. Source
- 2026-03-09Earnings[Correction] Change of 30% or more in revenue or profit structure (15% for large corporations): annual revenue ₩2.8 trillion, operating loss -₩38.8 billion, net loss -₩52.9 billionRecent confirmed or preliminary results. Check whether they point the same way as the annual trend and whether any one-off factors are present. Source
- 2026-02-04EarningsChange of 30% or more in revenue or profit structure (15% for large corporations): annual revenue ₩2.8 trillion, operating loss -₩38.8 billion, net loss -₩52.9 billionRecent confirmed or preliminary results. Check whether they point the same way as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,250 | ₩5,250 | Confirmed | link |
| Latest quarterly results | revenue ₩687.0 billion, operating profit ₩8.0 billion | revenue ₩687.0 billion, operating profit ₩8.0 billion | Confirmed | link |
| Annual results | revenue ₩2.8 trillion, operating profit -₩38.8 billion | revenue ₩2.8 trillion, operating profit -₩38.8 billion | Confirmed | link |
| Results disclosure (original text) | 2026 1 revenue ₩687.0 billion · operating profit ₩8.0 billion · net profit -₩2.1 billion | 2026 1 revenue ₩687.0 billion · operating profit ₩8.0 billion · net profit -₩2.1 billion | Confirmed | link |
| Results disclosure (original text) | [amended] revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩2.8 trillion · operating profit -₩38.8 billion · net profit -₩52.9 billion | [amended] revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩2.8 trillion · operating profit -₩38.8 billion · net profit -₩52.9 billion | Confirmed | link |
| Results disclosure (original text) | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩2.8 trillion · operating profit -₩38.8 billion · net profit -₩52.9 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩2.8 trillion · operating profit -₩38.8 billion · net profit -₩52.9 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-05-13Disclosure
- 2026-05-07OwnershipOwnership-change filing
- 2026-04-24EarningsFair-disclosure notice
- 2026-04-09Amended filing
- 2026-04-09Disclosure
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOwnership-change filing
- 2026-04-09OwnershipLargest-shareholder ownership change 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.