Chosun Welding Pohang조선선재

Chosun Welding Pohang remains profitable with low debt, but its shares have fallen about 27% over the past year.

Chosun Welding Pohang makes welding materials for the automotive, construction and shipbuilding industries. On trailing twelve-month figures to H1 2026 it reported revenue of ₩54.2B-scale sales of ₩54.2B, operating income of ₩9.4B and net income of ₩12.4B, with no borrowings listed and cash of ₩47.1B. The share price of ₩72,600 sits near its 52-week low of ₩71,600.

What stands out

• Trailing revenue is ₩54.2B, with operating margin of 17.2% and net margin of 22.8%, though net income is boosted above operating income, which the data does not explain.
• Revenue grew 1.7% in 2025 after falling 23.6% in 2024, and operating income was ₩7.8B in 2025 versus ₩8.7B in 2024.
• The company reports no borrowings, a liabilities-to-equity ratio of 6.8%, and trailing free cash flow of ₩15.5B.
• Valuation metrics are low: P/E of 7.4, P/B of 0.5 and a dividend yield of 0.7%, while the DCF base case is ₩112,670, which is a model output, not a forecast.
• Shares are down 11.9% over one month, 12.3% over three months and 27.5% over one year, and recent investor flows show net selling by foreign and institutional investors over 20 days.

What to watch

• The amended annual report (Dec 2025) filed in August 2026 may be worth reviewing for any changes to the figures.
• Upcoming quarterly and annual filings, and whether revenue growth continues after the modest 2025 rebound.
• Foreign ownership is only 0.8%, and the data names no specific risks beyond the price weakness and the lack of recent news headlines.