POSCO M-Tech포스코엠텍

POSCO M-Tech's trailing profits have recovered from a weak 2025, but the share price has fallen 34.8% over the past year.

POSCO M-Tech makes steelmaking deoxidizers and provides packaging and related services, mainly for POSCO's steel operations. On trailing twelve-month figures to H1 2026 it reports revenue of ₩392.3B, operating income of ₩17.2B and net income of ₩15.8B, well above its 2025 levels. At ₩10,850 the shares trade far below their 52-week high of ₩23,100, and the data's own DCF model puts the base value at ₩1,975, far below the current price.

What stands out

• Trailing operating margin is 4.4% versus 0.3% for the full year 2025, a sharp swing in the reported numbers.
• Full-year 2025 net income was ₩1.4B on ₩357.4B revenue, so the trailing recovery is recent and not yet a multi-year record.
• Valuation is high on earnings: P/E is 28.7 and P/B is 3.6, while peers such as POSCO Holdings (P/E 16.2) and SeAH Besteel (P/E 12.7) trade lower.
• Balance sheet looks moderate: liabilities are 33.8% of equity, cash is ₩38.9B against borrowings of ₩15.1B, and trailing free cash flow is ₩11.2B.
• Recent filings include preliminary earnings in July and the half-year report in August, plus a major sales or supply contract on 2026-07-02. The news feed has no headlines for the period.

What to watch

• The next quarterly or annual results, to see whether the trailing margin improvement holds.
• Any further major sales or supply contract filings and their effect on revenue.
• The gap between the share price and the data's DCF base value, which is very sensitive to the assumptions used; the data does not explain them.