UST유에스티

UST's trailing revenue has been recovering from a 2025 low, but profits are thin and the share price has fallen sharply over the past year.

UST makes stainless steel pipes and tubes for semiconductor, display, battery, automotive and water purifier customers. On a trailing twelve-month basis to H1 2026, it reported revenue of ₩64B, operating income of ₩4.1B and net income of ₩3.8B, well below its 2022 to 2023 levels. The shares closed at ₩1,460 on 2026-10-26, down 28.6% over one year and near the low end of their 52-week range of ₩1,344 to ₩2,450.

What stands out

• Revenue fell 22.5% in 2025 and 24.6% in 2024, after peaking near ₩100B in 2022 and 2023; the trailing figures show a partial rebound to ₩64B.
• Operating margin was 6.3% on a trailing basis, versus 16.2% in 2022 and 4% in 2025, so profitability has improved from 2025 but remains far below earlier years.
• Balance sheet looks conservative in the data: liabilities are 10.4% of equity, cash is ₩23B against borrowings of ₩5.5B, and trailing free cash flow was ₩1.0B.
• The company's own fair value model gives a base value of ₩3,529 per share, above the current price, but the bear case of ₩2,517 is also above it; the model's assumptions are not described in the data.
• Foreign ownership fell slightly to 1.3% from 1.4% over 60 days, and 20-day flows show net foreign selling of about ₩31M, with retail buying of about ₩30M.

What to watch

• The full-year 2026 results and the next quarterly filing, to see whether revenue and margins keep recovering from 2025.
• Follow-up on the corporate value-up plan filed in April 2026 and the cash dividend decided in March 2026, which the data shows gives a 4.1% yield.
• The amended half-year report filed on 2026-10-01; the data does not say what was changed.