Kiswire고려제강

Kiswire is a low-margin specialty wire maker whose profits have shrunk sharply, though its shares trade at a low multiple of book value.

Kiswire sells wire rope and specialty steel wire, mostly exported to automotive, tire and construction customers. Trailing results to H1 2026 show revenue of about ₩1.8T but an operating margin of only 1.4% and a net margin of 2.7%, well below its 2021 to 2022 levels. The share price is ₩16,280, down 4.7% over one year, with a market cap of about ₩440B.

What stands out

• Revenue has been broadly flat at roughly ₩1.7T to ₩2.1T over 2021 to 2025, while operating income fell from ₩98.5B in 2021 to ₩24.4B on a trailing basis.
• Trailing net income of ₩48.6B is roughly double operating income, but the data does not explain the gap, so it is worth checking the filings before drawing conclusions.
• Trailing free cash flow is negative at about -₩6.0B, and the company holds ₩222B in cash against ₩90B in borrowings.
• The shares trade at about 9 times earnings and 0.2 times book value, and the data shows a dividend yield of 2.1%.
• Foreign ownership fell from 7.0% to 6.1% over about 60 days, and the 20-day flows data shows foreign investors net sellers while retail investors were net buyers.

What to watch

• The full-year 2026 results and any update to the trailing margins, since the data shows no forecasts.
• Filings on the largest shareholder's holdings and insider share reports, both filed on 16 October 2026.
• Whether the amended half-year report from 29 September 2026 changes any reported figures; the data does not say what was amended.