Seoyon Topmetal서연탑메탈

Seoyon Topmetal is profitable on a trailing basis and trades at a low multiple, but sales growth has slowed and the shares are down over the year.

Seoyon Topmetal, a Korean maker of automotive molds and excavator cabins, reported trailing revenue of about ₩213B and operating income of about ₩12B to H1 2026, with a 5.7% operating margin. Revenue grew 13.5% in 2025, but the shares are down 12.1% over one year, closing at ₩3,390 on 26 October 2026, and the market value is about ₩39B. The company carries ₩7.8B of borrowings against ₩2.1B of cash, and the data includes no news headlines.

What stands out

• Trailing operating income of about ₩12B and net income of about ₩10B, with a net margin of 4.9%.
• Operating margin has held around 5 to 6% in 2023 to 2025, up from 2.3% in 2022 but below the 7.8% seen in 2021.
• Trailing P/E is 3.8 and P/B is 0.4, but the data gives a DCF base value of ₩15,731, well above the share price, with a bear case of ₩7,675 and a bull case of ₩30,537.
• Foreign ownership fell from 2.2% to 1.7% over 60 days, and 20-day retail flows were net negative.
• Filings in the period were mainly 5%+ holding reports, an insider shareholding report and the half-year report for June 2026; the data has no news headlines.

What to watch

• The next quarterly results and whether revenue growth continues after 2025's 13.5% rise.
• Debt levels: borrowings of ₩7.8B against a liabilities-to-equity ratio of 76.9%.
• Further 5%+ holding and insider shareholding filings, which may show ownership changes; the data does not explain the reasons behind them.