KISCO한국철강

KISCO has swung to losses over the last twelve months, with revenue falling and operating margin negative, while the shares trade near book value.

KISCO, a Korean rebar maker where rebar is about 94% of sales, reported trailing twelve-month revenue of ₩534B to H1 2026 with an operating loss of ₩46B and a net loss of ₩16B. The business has shrunk sharply from ₩1.06T of revenue in 2022, and the company still holds net cash of roughly ₩36B on its balance sheet. At ₩9,630 the stock is priced at about 0.5 times book value, with a dividend yield of 7.8% shown in the data.

What stands out

• Revenue fell 18.9% in 2025 to ₩487B and has continued to shrink, while 2024 profit was flattered by a ₩23B net income despite near-zero operating income.
• Operating margin turned negative at -8.6% on a trailing basis, after being 11.6% in 2021, and free cash flow was -₩4.9B.
• Cash of ₩37B against borrowings of under ₩1B means leverage is low; liabilities are 14.8% of equity.
• The company filed a trust contract termination and a related material matters report for its own share buyback in September 2026, and the half-year report for June 2026 was filed on 14 August.
• The stock is down 6% over one year but up 2.3% over three months; the 52-week range is ₩7,610 to ₩11,720.
• Trailing price-to-earnings is not meaningful because earnings are negative; the DCF model in the data gives a base value of ₩13,335, with bear ₩10,377 and bull ₩18,852.

What to watch

• The next quarterly and full-year results, to see whether operating losses narrow from the trailing -8.6% margin.
• Details of the buyback termination and whether any new share repurchase is announced.
• Steel demand and scrap input costs, the main risks named in the profile, given the company's reliance on domestic construction and a single product.