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JONBUR Research · Initiation

Namsun Aluminium · 008350 · Steel & Materials

Namsun Aluminium: Loss-Making Run Rate, Trading Below Book Value After a Steep Fall From the 52-Week High

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Namsun Aluminium shares closed at ₩1,081 on 2026-10-27, up 8.4% over three months but 69.0% below the 52-week high of ₩3,485. Trailing twelve-month results to H1 2026 show an operating loss of ₩7.6B on revenue of ₩267.5B, and the valuation model produced no estimate.

Written Oct 28, 2026 · Data as of Oct 27, 2026 · 1 view

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a low-margin business whose profits have been inconsistent. Operating margin has moved between -3.0% and 2.1% over five years, and the TTM figure is -2.9%. Net income has swung widely, including a ₩26.7B loss in 2024 and a ₩3.6B profit in 2025 despite an operating loss, so earnings quality is hard to read from these numbers alone.

On the other side, the balance sheet looks moderate, with liabilities at 54.7% of equity, and the shares trade at 0.5 times book value. That is below the company's own year-end P/B of 0.6 to 1.4 over the period. A low P/B alone does not say whether returns will improve, since ROE is currently negative at -1.5%.

Price momentum is mixed: +1.7% over one month and +8.4% over three months, but -3.0% over one year. Foreign ownership has slipped from 6.8% to 5.7% over 60 days. News headlines are not available in the data.

Business overview

Namsun Aluminium is listed on KOSPI in the Steel & Materials sector. It was founded on 1973-01-04 and listed on 1978-05-22, with 129,079,090 shares outstanding and a market capitalisation of about ₩139.5B. It has two co-CEOs, 조현기 and 정순원, and a recent filing on 2026-10-07 reports a change of representative director. The data does not give product or segment detail. Revenue was ₩230.3B in 2021, peaked at ₩310.5B in 2023 and fell to ₩258.9B in 2025. Filings also show repeated 5%+ holding reports and related-party transactions in September 2026.

Financial analysis

These figures come from filed financial statements. Revenue for 2025 was ₩258.9B, down 10.6% after a 6.8% fall in 2024. Operating income was -₩3.3B in 2025 (margin -1.3%) against +₩4.8B in 2024 (1.7%) and +₩6.4B in 2023 (2.1%). Net income was ₩3.6B in 2025, -₩26.7B in 2024 and ₩41.7B in 2021, with ROE of 1.2% in 2025 and -8.9% in 2024.

For the trailing twelve months to H1 2026, revenue was ₩267.5B, operating income -₩7.6B (-2.9%), net income -₩4.4B (-1.6%) and ROE -1.5%. Cash was ₩22.0B against borrowings of ₩45.7B. Free cash flow was -₩10.8B. Liabilities to equity stood at 54.7%.

Valuation

The share trades at 0.5 times book and 0.5 times sales. P/E and EV/EBITDA are not available because earnings are negative. Enterprise value is ₩161.9B and the dividend yield is 0.0%. Year-end P/B was 0.6 in 2024 and 2025, 1.0 in 2023, 0.9 in 2022 and 1.4 in 2021.

Among listed materials peers, P/B is 0.4 for POSCO Holdings, 1.6 for Korea Zinc, 0.2 for Hyundai Steel, 0.7 for Poongsan and 0.6 for SeAH Besteel Holdings. Peer P/E ratios, where available, range from 8.0 to 18.1. The valuation model did not produce an estimate for Namsun Aluminium, so there is no model estimate per share to compare with the ₩1,081 price.

Catalysts

  • The half-year report filed on 2026-08-14 set the latest earnings baseline, and the next periodic filing will show whether the operating loss narrows.
  • A change of representative director was disclosed on 2026-10-07, which could affect strategy or management direction.
  • Repeated 5%+ holding reports, most recently on 2026-10-16, point to changes among large shareholders.
  • Related-party transaction filings on 2026-09-04 may matter for how the group's internal dealings affect results.
  • The 3-month price gain of 8.4% shows some recovery, though institutions were roughly flat (₩20M) and retail and foreign investors were net sellers over the last 20 days.

Risks

  • The operating loss continues, with a TTM margin of -2.9% and a negative ROE of -1.5%.
  • Free cash flow was -₩10.8B over the trailing period, while borrowings of ₩45.7B exceed cash of ₩22.0B.
  • Revenue has fallen two years in a row, down 6.8% in 2024 and 10.6% in 2025.
  • Net income has been volatile and has not tracked operating income, making earnings hard to forecast.
  • Foreign ownership fell from 6.8% to 5.7% in 60 days, and the shares remain 69.0% below the 52-week high, showing price volatility.

Closing view

The data shows a company with modest leverage and a share price below book value, but also negative operating profit, negative free cash flow and falling revenue. No model estimate was available, so the valuation can only be judged against the company's own history and peers, which gives a mixed picture. The coming filings will show whether losses are narrowing and what the leadership change means for results.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 28, 2026InitiationStart of coverage (reader request)Namsun Aluminium: Loss-Making Run Rate, Trading Below Book Value After a Steep Fall From the 52-Week High

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information