Yoosung T&S유성티엔에스

Yoosung T&S is a small steel-focused logistics firm whose trailing profit is far above its revenue, which looks driven by one-off items rather than core trading.

The company runs steel-related transport, port and warehousing services in Korea, with long-term contracts with POSCO and Hyundai Steel. Revenue has fallen sharply for several years, falling 56.1% in 2025 to ₩67B, and the highway rest-area distribution business ended in February 2025. The stock trades at about 1.4 times earnings and 0.2 times book value, but the trailing net income of ₩104B is about 190% of revenue and the filings provided do not explain its source.

What stands out

• Trailing twelve-month revenue is ₩55B with operating income of ₩1.9B, a 3.4% operating margin, while net income is ₩104B, so the bottom line is far larger than operations suggest.
• Revenue shrank in each year from 2022 to 2025, and 2025 revenue was ₩67B versus ₩153B in 2024.
• Debt is modest against equity at 15% liabilities-to-equity, but borrowings of ₩50B are close to the ₩55B trailing revenue.
• Shares are down 9.6% over one month and 7.3% over three months, yet up 73.1% over one year; the close of ₩4,050 sits between a 52-week low of ₩2,110 and high of ₩5,980.
• Foreign ownership is only 1.3%, and retail investors were net sellers over the last 20 days, while institutions were net buyers.

What to watch

• The half-year report (June 2026) and any filing explaining the large gap between net income and operating income.
• Upcoming share cancellation and 5%+ holding reports, which may signal changes in ownership or capital structure.
• Whether steel-sector volumes from POSCO and Hyundai Steel stabilise, since the filings and profile do not give forward guidance.