JONBUR Research · Initiation
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Kumkang Kind · 014280 · Steel & Materials
Kumkang Kind: Operating profit recovers in 2026 while net losses and negative free cash flow persist
Why this report
Start of coverage: written when a reader opened this company and there was no report yet.
Kumkang Kind's trailing revenue reached ₩818.2B with an operating margin of 3.7%, but net income remains negative at -₩17.3B. The shares trade at 0.3x book value, and a model estimate sits well above the ₩4,310 share price, with a very wide bear-to-bull range.
Written Oct 19, 2026 · Data as of Oct 16, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a picture of improving operations but a weak bottom line. Operating income over the trailing twelve months to H1 2026 was ₩30.6B, up from ₩10.5B in 2025, and the operating margin rose from 1.3% to 3.7%. However, net income is still negative at -₩17.3B, ROE is -4.5%, and free cash flow is -₩70.8B, so the recovery is not yet visible in earnings or cash.
The share price is ₩4,310, up 10.5% over three months but down 14.1% over one year and about half the 52-week high of ₩8,470. Valuation multiples are low, but they sit alongside losses and heavy borrowing, so low multiples alone do not say whether the market is wrong. Filings show an exchangeable bond issue decision in June 2026 and several 5%+ holding reports. The data does not give the reasons or terms behind them.
Business overview
Kumkang Kind is listed on the KOSPI in the Steel & Materials sector, with a market value of about ₩126.4B and 29,329,357 listed shares. It was founded in 1979 and listed in 1988, and it is run by two co-CEOs, 전장열 and 전재범. Revenue grew from ₩570.5B in 2021 to ₩856.9B in 2023, then slipped to ₩801.4B in 2024 and ₩802.2B in 2025. The data does not describe its products or business lines, so nothing further is stated here.
Every earlier JONBUR Research report and update note on Kumkang Kind, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩6,003
- +47%
- Base
- ₩18,658
- +358%
- Bull
- ₩42,334
- +940%
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.
Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 6.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions
Filings and data used
- Half-year report (Jun 2026)Aug 14, 2026
- 5%+ holding reportAug 12, 2026
- 5%+ holding reportAug 3, 2026
- Results of Rights Offering or Issuance of Equity-Linked Bonds, etc. (Voluntary Disclosure)Jul 2, 2026
- 5%+ holding reportJun 17, 2026
- Exchangeable bond issue decisionJun 1, 2026
- Disclosure of Corporate Governance ReportMay 29, 2026
- Quarterly report (Mar 2026)May 15, 2026
- 5%+ holding reportApr 28, 2026
- Annual general meeting resultsMar 20, 2026
- Report on Appointment, Dismissal, or Mid-Term Resignation of Independent DirectorsMar 20, 2026
- Audit report submittedMar 12, 2026
- Daily prices up to 2026-10-16
- Financial statements, trailing 12 months as of H1 2026
- Our fair value model, statements as of TTM to H1 2026
Report history
- Oct 28, 2026Update noteModel fair value changeKumkang Kind: Model fair value estimate rises to ₩2,305 per share, no new filing behind it
- Oct 21, 2026Update noteModel fair value changeKumkang Kind: Model fair value estimate falls to ₩1,901 per share from ₩18,658
- Oct 19, 2026InitiationStart of coverage (reader request)Kumkang Kind: Operating profit recovers in 2026 while net losses and negative free cash flow persist
Source: KRX statistical information