Chosun Refractories조선내화

Chosun Refractories is still profitable at a thin margin, but its share price has fallen sharply and trades at a high trailing earnings multiple.

Chosun Refractories, a Korean maker of heat-resistant materials mainly sold to steelmakers, reported trailing twelve-month revenue of ₩523B and operating income of ₩22B to H1 2026. Net income has fallen steeply from ₩5.8B in 2024 and ₩23.6B in 2023 to ₩2.2B on a trailing basis, and the share price is near its 52-week low at ₩11,420. The data does not include analyst views or forecasts for future earnings.

What stands out

• Revenue grew 6.3% in 2025 to ₩532B, but operating margin is thin at 4.3% on a trailing basis and net margin is just 0.4%.
• Trailing net income of ₩2.2B gives a P/E of about 61.6, while P/B of 0.6 suggests the market values the company below its book value.
• The share price is down 24.6% over one year and 15.7% over three months, and sits close to its 52-week low of ₩11,020.
• Liabilities are 123.7% of equity and borrowings are ₩197B against ₩56B of cash, so the balance sheet carries meaningful debt.
• Over the last 20 days, foreign and institutional investors were net sellers while retail investors were net buyers, and foreign ownership fell from 0.6% to 0.4%.

What to watch

• The next half-year and annual results, and whether margins recover from the current low levels.
• The cash dividend decided on 30 June 2026 (dividend yield 1.8%), and the record date and payment details in future filings.
• Further major sales or supply contract filings, and whether the company updates its value-up plan; the data contains no recent news headlines to add context.