Aluko알루코

Aluko's share price has rebounded sharply over the past month, but its profits have shrunk and it still burns cash.

Aluko is a Korean aluminum materials maker serving EV battery cases, electronics, construction and industrial customers. On trailing twelve months to H1 2026 it had revenue of ₩526B, operating income of ₩22.9B and net income of ₩19.4B, all lower than in 2024 and 2025. The stock closed at ₩1,845 on 23 October 2026, up 19.3% over one month but down 11.7% over one year.

What stands out

• Revenue fell 7.6% in 2025 after a 5.4% rise in 2024, and trailing revenue to H1 2026 is ₩526B versus ₩576B for 2025.
• Operating margin was 4.3% on a trailing basis, down from 6.1% in both 2024 and 2025.
• Borrowings are ₩527B against cash of ₩44B, and liabilities are 151% of equity; trailing free cash flow is negative at about ₩-142B.
• Valuation metrics are low: P/E 9.2, P/B 0.5, and no dividend yield, with the share price well below its 52-week high of ₩3,495.
• Foreign ownership slipped to 3.7% from 4.1% over 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• Full-year 2026 results and the Q3 quarterly report, which will show whether margins and cash flow are recovering.
• Further debt guarantee disclosures; two guarantee decisions were filed in August 2026 and one was amended in July.
• Whether the 5%+ holding reports filed in 2026 signal changes in major shareholdings.