Taeyang Metal Industrial태양금속

Taeyang Metal's trailing profits are thin, but the stock trades at a low multiple while carrying heavy borrowings and negative free cash flow.

Taeyang Metal Industrial makes cold-forged automotive and electronic fasteners such as bolts, screws, nuts and washers, with major customers including Hyundai Motor, Kia and Hyundai Mobis. Revenue has been flat at about ₩620B for 2024 and 2025, and trailing figures to H1 2026 show revenue of ₩619B, operating income of ₩24B and net income of ₩17B. Borrowings of ₩235B are large relative to cash of ₩7B, and trailing free cash flow was negative at -₩24B.

What stands out

• Trailing operating margin is 3.8% and net margin is 2.8%, up from 2.6% and about 0.4% in 2024 and 2025 respectively for operating and net figures as reported.
• Liabilities are 259% of equity, and the data shows borrowings far exceeding cash.
• At ₩2,935, the shares trade at a trailing P/E of 6.2 and P/B of 0.6, below the peers listed, which range from 6 to 18.8 on P/E.
• The discounted cash flow model gives a base value of ₩2,691, close to the current price, though the bear case is shown as ₩0 and the bull case as ₩20,155, a very wide range.
• Foreign ownership rose from 3.1% to 4% over 60 days, while retail and institutional investors were net sellers over the last 20 days.

What to watch

• The next filing with the Q3 2026 quarterly report is not yet listed in the data; watch for it and for whether free cash flow turns positive.
• Debt levels and interest costs relative to thin operating income of about ₩24B.
• The data shows no recent news headlines, so any change in customer demand from major automakers is not visible here.