Seah Holdings세아홀딩스

Seah Holdings shows thin margins and a shrinking share price, though its valuation multiples look low on the reported figures.

Seah Holdings is a holding company whose income comes mainly from its steel and materials subsidiaries, so its results depend on how those businesses perform. On trailing twelve-month figures to H1 2026 it reported revenue of ₩7.1T, operating income of ₩248B and net income of ₩104B, with free cash flow negative at about -₩137B. The share price closed at ₩117,600 on 2026-10-29, down 6.8% over one month and 1.9% over one year, and sits well below its 52-week high of ₩184,800.

What stands out

• Operating margin on trailing figures is 3.5%, up from 2.7% in 2025, while net margin is 1.5%.
• Borrowings of about ₩2.1T are large against cash of ₩309B, and liabilities are 114.1% of equity.
• Reported P/E is 4.6 and P/B is 0.2, with a dividend yield of 3.7%, but the data gives no analyst view on whether this is fair value.
• The model's base-case fair value is ₩230,519, far above the current price, while its bear case is ₩0 and bull case ₩2.5M; the data does not say how reliable these figures are.
• Filings in recent months include several 5%+ holding reports, a share cancellation decision and a cash dividend decision, and no news headlines were supplied.

What to watch

• The next half-year or annual results, and whether operating margin holds above the 2025 level.
• Whether free cash flow turns positive and how borrowings change against cash.
• Further filings on share cancellation, dividends and changes in major shareholder holdings.