KBI Dong Yang Steel PipeKBI동양철관

KBI Dong Yang Steel Pipe's shares jumped on a SpaceX supply report, but its trailing results remain loss-making and the stock is down 51.5% over one year.

The company makes steel pipes for water, gas, oil and construction uses, with a subsidiary that produces copper alloys. Trailing twelve-month revenue to H1 2026 was ₩263.6B, with a small operating profit of ₩2.7B but a net loss of ₩4.4B. Shares closed at ₩1,247 on 28 October 2026, with a market value of ₩129.4B, after a sharp rally tied to October 19 news.

What stands out

• Trailing revenue is ₩263.6B, but net income is negative at -₩4.4B (net margin -1.7%) and free cash flow is -₩34.3B.
• Full-year 2025 was also loss-making: revenue fell 6.2% to ₩234.8B and net loss was ₩3.1B.
• Balance sheet shows liabilities at 75.2% of equity, cash of ₩19.1B against borrowings of ₩60.5B.
• Price-to-book is 0.9 and there is no dividend; price-to-earnings is not meaningful because earnings are negative.
• On 19 October 2026, several outlets reported a supply deal of about 950 to 1,000 tons of steel pipe to SpaceX, and the shares hit the daily upper limit. The filings list does not show a matching disclosure in the data provided, and the deal's value is not stated.

What to watch

• Whether the SpaceX supply news is confirmed in a filing, and its size and timing, which are not given in the data.
• The amended H1 2026 half-year report filed 30 September 2026 and any further revisions to reported profit or loss.
• Foreign ownership fell from 2.5% to 1.6% over 60 days, and foreign investors were net sellers over the last 20 days, while retail investors were net buyers.