PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Manho Rope & Wire has posted operating losses for several years through 2025, but is now pursuing a business transition via treasury share retirement, its first dividend in four years, and a push into robotics and defense-related new businesses.
2025 revenue was KRW 152.9bn (-15.0%), with an operating loss of KRW 12.0bn, a narrower loss than 2024's KRW 30.8bn.
The 2025 net loss narrowed sharply to KRW 3.5bn from a large KRW 44.4bn net loss in 2024.
The company completed retirement of 6.38 million treasury shares (15.4% of shares outstanding) in July and resumed a year-end dividend (about KRW 4.3bn total) for the first time in four years.
Through the acquisitions of MH Systems and MH Dynamics, the company secured robot electronics/control and precision machining capabilities, and is building a new KRW 35bn R&D center and headquarters in Changwon.
Recent reports of a fiscal-2026 profit turnaround are based on company announcements and should be treated as provisional pending formal confirmed filings.
Manho Rope & Wire, founded in 1953, manufactures steel wire and cable products at production sites in Busan, Changwon, and Yangsan, including wire rope, synthetic fiber rope, hard-drawn steel wire, PC steel wire/bars, galvanized steel strand, and stainless steel wire.
Its core wire rope and fiber rope products are supplied mainly to the shipbuilding, fisheries, and construction sectors, while hard-drawn and PC steel wire products serve infrastructure, automotive, and electronics applications, making revenue closely tied to downstream industry cycles.
With a long operating history, the company holds numerous domestic and international classification society certifications and maintains a meaningful export presence.
More recently, the company has formalized a strategy to expand from its steel and materials core into advanced sectors such as robotics, mobility, and defense.
To this end, it acquired MH Systems, a robot electronics/control systems company, and MH Dynamics, a precision machining company (for KRW 20bn, 100% stake), absorbing integrated hardware-software robotics solution capabilities.
The company also announced a KRW 35bn investment to build a new R&D center and headquarters in Changwon, aiming to combine robotics, drones, and automotive component businesses into a converged industrial structure.
In August, it disclosed a value-up plan that includes improving the cost structure of its existing steel business through operational efficiency and stronger purchasing power, alongside expanding the share of high-value-added special steel products.
As these new businesses are not yet materially reflected in revenue, the company's sales base still centers on the legacy wire rope, fiber rope, and special steel wire businesses.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2024Q4 | ₩60.4B | ₩3.1B | 5.2% |
| 2025Q1 | ₩36.7B | -₩600M | −1.6% |
| 2025Q2 | ₩36.1B | -₩3.7B | −10.3% |
| 2025Q3 | ₩40.7B | -₩7.1B | −17.5% |
| 2025Q4 | ₩39.6B | -₩600M | −1.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩253.7B | ₩200M | ₩6.4B | 0.1% | 2.8% | 11.1% |
| 2023 | ₩213.3B | -₩7.4B | ₩9B | −3.5% | 3.5% | 8.7% |
| 2024 | ₩179.9B | -₩30.8B | -₩44.4B | −17.1% | −24.8% | 14.4% |
| 2025 | ₩153B | -₩12B | -₩3.5B | −7.8% | −1.9% | 12.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-10
Manho Rope & Wire's revenue declined for four consecutive years, from KRW 253.7bn in 2022 to KRW 213.3bn in 2023, KRW 179.9bn in 2024, and KRW 153.0bn in 2025.
Operating profit was marginally positive in 2022 (KRW 0.2bn, 0.1% margin) before turning to losses of KRW 7.4bn (-3.5%) in 2023 and widening sharply to KRW 30.8bn (-17.1%) in 2024, then narrowing to KRW 12.0bn (-7.8%) in 2025.
Net income swung more widely: the company posted net profits of KRW 6.4bn in 2022 and KRW 9.0bn in 2023 despite operating losses, then a large net loss of KRW 44.4bn in 2024, which narrowed considerably to KRW 3.5bn in 2025.
On the cash flow side, operating cash flow deteriorated sharply to negative KRW 33.9bn in 2024 before turning positive at KRW 6.8bn in 2025. By quarter, 4Q2024 saw revenue of KRW 60.4bn and an operating profit of KRW 3.1bn, yet a net loss of KRW 14.8bn, showing a wide gap between operating and net results.
Through 2025, the pattern continued: 1Q (revenue KRW 36.7bn, operating loss KRW 0.6bn, net profit KRW 7.6bn), 2Q (revenue KRW 36.1bn, operating loss KRW 3.7bn, net loss KRW 5.1bn), 3Q (revenue KRW 40.7bn, the quarter's largest operating loss of KRW 7.1bn, net loss KRW 6.3bn), and 4Q (revenue KRW 39.6bn, operating loss KRW 0.6bn, net profit near breakeven at KRW 0.25bn).
This recurring divergence between operating and net results across quarters suggests one-off items have materially influenced reported earnings.
The debt ratio remained stable, moving from 11.1% in 2022 to 12.0% in 2025, indicating the balance sheet itself has not been significantly destabilized despite the earnings volatility.
The wire rope, fiber rope, and special steel wire industry is closely tied to capital investment and cycles in traditional sectors such as shipbuilding, fisheries, and construction, resulting in stable but limited-growth demand.
As the company itself has noted, intensifying technological catch-up and price competition from Chinese manufacturers weigh on the profitability of domestic players. The multi-year revenue decline can be interpreted as a combined result of this competitive pressure and softening downstream demand.
In contrast, robotics, defense, and drones are areas of higher growth expectation aligned with government policies promoting advanced manufacturing, and a number of traditional Korean materials and components companies are pursuing similar diversification.
Manho Rope & Wire's strategy is to build integrated robotics hardware-software capabilities through vertical linkage with its existing materials business, but this is a market already contested by numerous technology firms and large conglomerate affiliates, presenting entry barriers for a late mover.
The company's academic partnership with Kyungnam University to build an AI-based smart factory can be viewed as part of an effort to narrow this technology gap.
Ultimately, how quickly new businesses can offset the structural low growth of the legacy steel and materials business is likely to be a key variable for the company's industry positioning.
In its value-up plan disclosed on August 13, the company laid out a mid-to-long-term strategy including improving the cost structure of its legacy steel business, expanding the share of high-value-added products, growing into robotics, mobility, and defense through M&A, and raising funds via disposal of non-operating assets.
Its capital allocation policy also stated that shareholder returns would be gradually expanded based on operating cash flow once the business stabilizes.
In practice, the company completed the retirement of 6.38 million treasury shares (15.4% of shares outstanding) in July, and in late August announced a resumption of its year-end dividend (about KRW 4.3bn total) for the first time since fiscal 2022.
The dividend record date is September 15, which as of today has not yet occurred.
However, this reported profit turnaround and dividend resumption are provisional developments confirmed through media reports (Newspim, Viva100, The Stock, Edaily, late August to early September 2026) covering periods beyond the quarterly window (2025Q1-2025Q4) in the provided confirmed financial data, and require reconfirmation through formal regulatory filings.
Construction of the Changwon R&D center and new headquarters (a KRW 35bn investment) is underway following an April investment agreement, though the completion timeline and the point at which new businesses will contribute to revenue have not yet been specified.
The pace at which robotics electronics/control and precision machining capabilities from the MH Systems and MH Dynamics acquisitions translate into external sales is likely to be a key gauge of the success of this business realignment.
Manho Rope & Wire has moved from a period of sustained operating losses toward a narrowing loss trend in 2025, and net income has similarly improved from a large loss to a much smaller one.
This directional earnings improvement, combined with the recent strengthening of shareholder return policy through treasury share retirement and dividend resumption, has drawn market attention.
The stock appears to trade at a discount relative to book value, consistent with the fact that the new business transition has not yet been substantially reflected in the financial statements.
Given the absence of dividends for several years prior, the resumption can be seen as a notable shift in shareholder returns, though whether policies such as semi-annual dividends continue will depend on the pace of business stabilization. No brokerage target price or investment rating was identified in available sources.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-10
The 2025 operating and net losses narrowed substantially from 2024, and operating cash flow turned positive at KRW 6.8bn from negative KRW 33.9bn. Fourth-quarter net income also turned slightly positive, indicating a continuing improvement trend.
This reflects confirmed data through 2025, however, and subsequent reports of a full turnaround require separate verification.
The company completed retirement of treasury shares equal to 15.4% of shares outstanding in July, and resumed a year-end dividend in late August for the first time since fiscal 2022.
Its value-up plan also includes plans for a future semi-annual dividend and phased expansion of treasury share retirement, actions that can be read as evidence of shareholder value initiatives.
Through the acquisitions of MH Systems and MH Dynamics, the company secured robot electronics/control and precision machining technology, and is building a new KRW 35bn R&D center and headquarters in Changwon to diversify into robotics, drones, and automotive components.
This represents an attempt to offset the structural low growth of the legacy materials business with new growth drivers, which could diversify the business portfolio if successful.
Revenue declined for four consecutive years, from KRW 253.7bn in 2022 to KRW 153.0bn in 2025. Intensifying price competition with Chinese manufacturers has been cited as a background factor, along with softening demand from downstream shipbuilding and construction sectors. Until new businesses gain traction, the legacy business alone offers limited assurance of a revenue rebound.
Fourth-quarter 2024 posted an operating profit yet a large net loss, while first-quarter 2025 posted a net profit despite an operating loss. This frequent divergence between quarterly operating and net results points to significant one-off item influence, reducing the predictability of future earnings.
The robotics and defense new businesses are not yet materially reflected in revenue, and recently reported profit turnaround news is provisional and requires reconfirmation through formal filings.
The completion timeline for the Changwon R&D center and the point at which new businesses will contribute to revenue have not been specifically confirmed.
The wire rope and steel wire industry is heavily dependent on shipbuilding, construction, and fisheries cycles, and intensifying technological catch-up and price competition from Chinese manufacturers have been cited as a persistent burden. Should downstream demand soften further, revenue recovery could be delayed.
The robotics and defense sectors are already contested by numerous technology firms, and as a late entrant the company may need additional time and capital to build technology capability and secure customers.
There is also a possibility that synergies with acquired entities such as MH Systems and MH Dynamics may not materialize as planned.
The confirmed financial data provided extends only through 4Q2025, and subsequent media reports of a profit turnaround and dividend resumption are provisional, based on company announcements, and require reconfirmation through formal disclosures.
Given the significant quarterly volatility in net income, one-off factors may continue to materially affect future results.
Dividend record date. It is worth confirming the actual payment process and the final dividend disclosure for this resumption after four years without a dividend.
At the next regular quarterly/business report disclosure, it is worth checking whether the recently reported profit turnaround is confirmed in formal financial statements, and whether robotics/defense new business revenue contribution appears for the first time.
It is worth confirming the actual implementation of the semi-annual dividend mentioned in the value-up plan for the first time, along with any further treasury share retirements.
It is worth monitoring the progress and completion schedule of the Changwon R&D center and new headquarters (KRW 35bn investment), and the resulting timeline for new business operations to begin.
Manho Rope & Wire has passed through a difficult period of declining revenue and operating losses from 2022 through 2025, though the confirmed financial data itself shows signs of improvement, with losses narrowing and operating cash flow turning positive in 2025.
In recent months, notable changes have emerged in shareholder returns and governance, including treasury share retirement, the resumption of dividends after four years, and the disclosure of a value-up plan.
At the same time, the company is expanding into robotics, defense, and mobility to address the structural growth stagnation of its legacy wire rope and steel wire business, with the acquisitions of MH Systems and MH Dynamics and the new Changwon R&D center as key pillars of this shift.
However, recently reported news of a full profit turnaround is provisional, based on company announcements, and is not yet reflected in the confirmed financial data provided (through 4Q2025), requiring reconfirmation through formal disclosures.
The timing and scale of new business revenue contribution, along with the continuity of shareholder return policies such as semi-annual dividends, are key variables to watch going forward.
Investors should consider both the structural slowdown in the legacy business and the early-stage nature of the new business transition while continuing to monitor subsequent disclosures.
Report written 2026-09-11 · Data as of 2026-09-10
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