CS HoldingsCS홀딩스

CS Holdings trades near book value with steady trailing profits, but revenue has been shrinking and the share price is down over the past year.

CS Holdings is a Korean holding company whose group makes and sells welding materials for automotive, shipbuilding and construction customers, with operations in Korea, Vietnam, Japan and Thailand. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩137B...

What stands out

• Trailing revenue is about ₩137.2B with operating income of about ₩20.8B (15.2% margin) and net income of about ₩23.5B, which is higher than operating income and so likely includes non-operating gains.
• Revenue fell 5% in 2025 and 17.5% in 2024, while 2023 and 2021 margins were lower or similar, so top-line momentum is weak.
• Valuation metrics are low: P/E about 3.5x, P/B about 0.2x, and a 0.7% dividend yield. The data's NAV model gives a base value of ₩23,049 against a ₩70,500 close, which is a model output, not a forecast.
• Balance sheet looks light: liabilities are 8.3% of equity and reported cash is about ₩112B against borrowings of about ₩0.7B.
• Shares are up 4.1% over one month and 4.3% over three months, but down 15.8% over one year and trade about 23% below the 52-week high of ₩91,000. Foreign ownership rose from 4.6% to 5.2% over 60 days.

What to watch

• Full-year 2026 results and the next quarterly report, to see whether revenue declines have stopped.
• The October 2026 executive and major shareholder trading plan filing, which may signal insider share sales.
• The data includes no recent news headlines, so any company-specific developments beyond the filings are not covered here.