Dongkuk Refractories & Steel동국알앤에스

Dongkuk Refractories & Steel shows thin margins and a steep one-year share price fall, though the latest half-year profit was positive.

The company runs refractories, steel pipe and IT services businesses, with trailing twelve-month revenue of about ₩112.6B and operating income of about ₩2.9B as of H1 2026. Profitability is very low, with a net margin of 0.6% and return on equity of 0.9%, while the share price is down 37.1% over one year and trades near ₩1,531 against a 52-week range of ₩1,374 to ₩2,890. The data includes a 5.2% dividend yield and a DCF base value of ₩960, which is below the current price.

What stands out

• Trailing revenue of ₩112.6B is roughly flat versus 2025's ₩110.7B, with 2025 revenue growth at 0.3%.
• Operating income fell from ₩3.4B in 2025 to about ₩2.9B on a trailing basis, and net income in 2024 was lifted to ₩1.6B, so earnings are uneven year to year.
• Borrowings of ₩27.4B exceed cash of ₩14.9B, and liabilities are 55.6% of equity.
• Trailing free cash flow is about ₩3.6B, a positive figure against a small market value of about ₩28.2B.
• Foreign ownership fell from 2.7% to 2.3% over the last 60 days, and foreign investors were net sellers over the past 20 days; the data shows no short-selling balance.

What to watch

• The next quarterly or annual results, and whether operating margin holds near 2.5%.
• Trading in the many insider shareholding reports filed since August 2026; the data does not say what they show.
• Whether borrowings are reduced relative to cash, and whether the dividend yield is maintained; the data does not name specific risks beyond these figures.