Daewonsanup대원산업

Daewonsanup trades at a deep discount to its filed book value and a low earnings multiple, but revenue and profit have been shrinking since 2025 and the stock is down over the past year.

Daewonsanup, a Kosdaq-listed maker of automotive seats with Kia as its main customer, reported trailing twelve-month revenue of ₩1.00T and operating income of ₩46.8B to the half-year of 2026, both below its 2025 full-year levels. The share price of ₩10,180 sits near the lower end of its 52-week range of ₩9,510 to ₩18,930 and is down 12.5% over one year. The data includes a new CEO appointed in March 2026 and several lawsuit-related filings this summer, but the data does not describe what these lawsuits concern.

What stands out

• Trailing operating margin is 4.7%, down from 6.7% in 2025 and 8.0% in 2024.
• Trailing net income of ₩69.8B is well above operating income, so non-operating items or other income appear to be contributing; the data does not explain why.
• Valuation metrics are very low: P/E of 2.9, P/B of 0.3, and a 2.5% dividend yield. A DCF fair value model gives a base of ₩65,832, but this is a model output, not a forecast.
• Trailing free cash flow is ₩47.4B against borrowings of ₩9.5B and cash of ₩66.2B, so the balance sheet looks conservative with liabilities at 30.5% of equity.
• Foreign ownership rose to 15.7% from 15.1% over sixty days, while retail and institutional investors were net sellers over the last twenty days.

What to watch

• Lawsuit filings from July and August 2026 are listed without detail, so the filings themselves should be read for their subject and possible impact.
• Full-year 2026 results and the next quarterly report, since the trend in revenue and operating margin has been weakening.
• Dependence on Kia as the main customer and the company's overseas subsidiaries in China, Russia and Vietnam, which are described in the profile but not quantified in the data.