KOSPIAutomotive002880

Dya

₩3,815▲ 6.86%2026-10-02 close

Market Cap

₩35.5B

Turnover

₩100M

Volume

30,000 shares

Shares out.

9.4M

PER

2.5×

PBR

0.5×

EPS

₩1,400

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Seat Maker Balances Turnaround and Expansion

DY A supplies automotive seats to Kia's Gwangju plant and Gwangju Global Motors, and in 2026 it is pursuing production-network realignment and a value-up plan alongside a recovery in profitability.

1
The Gwangju seat division supplies seats for the Sportage, Seltos, EV5 and Bongo truck to Kia's Gwangju plant, and Casper seats to Gwangju Global Motors.
2
2025 revenue rose 12.1% year on year to 633.4 billion won, but operating profit fell 19.4% to 30.2 billion won, and net income attributable to owners swung to a loss.
3
H1 2026 revenue recovered to 442.3 billion won with operating profit of 20.8 billion won (an operating margin of about 4.7%), and Q2 alone posted net income of 14.5 billion won.
4
A value-up plan disclosed in September 2026 set targets of 1.2 trillion won in revenue, an operating margin above 5%, and a debt ratio below 300% by 2028.
5
A 5-for-1 share consolidation was carried out in August 2026, adjusting total shares outstanding, while the largest shareholder and related parties retained a 45.24% stake.

Business structure

DY A was founded in 1960, changed its name to Dayou A-tech in 2010, and later renamed itself DY A; it is a KOSPI-listed automotive seat specialist.

Its Gwangju seat division exclusively supplies seats for the Sportage, Seltos, EV5 and Bongo truck to Kia's Gwangju plant, while also supplying Casper seats to Gwangju Global Motors (GGM).

New vehicle awards for the PV7 and the next-generation Kona are prompting the company to expand its business into the Insan and Ulsan plants.

The company carried out a 5-for-1 share consolidation on August 27, 2026, adjusting the share counts held by largest shareholder Park Young-woo, executives, relatives, and affiliates TPC, Dayou Haneul and Youngil, while their combined stake held steady at 45.24%.

In the past, the company sat at the core of the Dayou Winia Group's auto-parts lineup, spanning aluminum wheel materials, steering wheels and plastic parts through affiliates, but during the group's 2023 liquidity crisis it fully divested stakes in loss-making subsidiaries to restructure its business.

A notable example was the sale of a 37.66% stake in steering-wheel maker Dayou AP to DH Global. Following this slimming-down, the company is now a more focused seat-and-pad manufacturer.

Because its customer base is concentrated in Kia's Gwangju plant and GGM—itself tied to the Hyundai-Kia group—earnings are closely linked to automaker production plans and new-model allocations.

Earnings trend

Quarterly revenue · Operating profit

₩152.9B₩10.3B25Q2₩159.3B₩6B25Q3₩173.8B₩3.2B25Q4₩189.3B₩7.3B26Q1₩253B₩13.5B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩1.4T-₩32B2022₩566.9B₩36.1B2023₩564.9B₩37.5B2024₩633.4B₩30.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩152.9B	₩10.3B	6.7%
2025Q3	₩159.3B	₩6B	3.8%
2025Q4	₩173.8B	₩3.2B	1.8%
2026Q1	₩189.3B	₩7.3B	3.9%
2026Q2	₩253B	₩13.5B	5.3%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩1.4T	-₩32B	-₩56.5B	−2.3%	−52.0%	476.7%
2023	₩566.9B	₩36.1B	-₩102.7B	6.4%	−280.9%	813.2%
2024	₩564.9B	₩37.5B	₩5.2B	6.6%	11.7%	658.9%
2025	₩633.4B	₩30.2B	-₩600M	4.8%	−1.4%	744.7%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Consolidated revenue in 2025 rose 12.1% to 633.4 billion won from 564.9 billion won in 2024, but operating profit fell 19.4% to 30.2 billion won from 37.5 billion won, with the operating margin slipping from 6.6% to 4.8%.

Net income attributable to owners swung from a 5.2 billion won profit in 2024 to a loss of roughly 0.6 billion won in 2025.

On a quarterly basis, revenue of 159.3 billion won and operating profit of 6.0 billion won in Q3 2025 gave way to revenue of 173.8 billion won in Q4, yet operating profit fell to 3.2 billion won and net income swung to a loss of 9.6 billion won, indicating that much of the annual weakness was concentrated in the fourth quarter.

The recovery in 2026 has been clear: Q1 revenue of 189.3 billion won and operating profit of 7.3 billion won were followed by a sharp jump to 253.0 billion won in Q2 revenue, with operating profit expanding to 13.5 billion won and net income to 14.5 billion won.

As a result, H1 2026 cumulative revenue reached 442.3 billion won with operating profit of 20.8 billion won, lifting the operating margin to roughly 4.7%, close to the 5% target set out in the value-up plan.

Cash flow has also improved markedly, with operating cash flow moving from negative 26.7 billion won in 2023 to a positive 4.0 billion won in 2024 and then expanding to 80.0 billion won in 2025.

That said, the 102.7 billion won net loss attributable to owners in 2023 appears to have been heavily affected by one-off factors tied to affiliate restructuring at the time, and 2022's figures—1.404 trillion won in revenue against an operating loss of 32.0 billion won and a net loss of 56.5 billion won—reflect a business scope substantially different from today's.

Industry analysis

The automotive seat industry is heavily dependent on the production plans and new-platform transitions of a small number of automakers such as Kia and Hyundai Motor.

Of the Casper that GGM produces on consignment for Hyundai Motor, 84%, or 51,400 units, are the Casper Electric (EV), with 90% of that EV output exported and maintaining popularity in Europe.

Domestically, shortages of the Casper EV have intensified, with wait times of 22 to 28 months, and analysts say resolving this would require securing annual output above 75,000 units along with a shift to two-shift, day-and-night operations.

GGM has set a target of 61,200 units of production this year, its highest ever. Meanwhile, Kia unveiled the large electrified purpose-built vehicle (PBV) 'PV7' for the first time globally at IAA Transportation in Hannover, Germany in September 2026, expanding its PBV lineup.

While stronger global trade protectionism and rising inventories have slowed auto-parts exports, the domestic market is expected to see a gradual recovery as interest rates stabilize and consumer sentiment improves.

As automakers accelerate the shift to EVs and PBVs, seat suppliers with high dependence on a small number of OEMs tend to see earnings volatility swing with whether they win new-platform contracts.

Outlook

In the value-up plan disclosed on September 11, 2026, DY A set targets of expanding revenue to 700 billion won in 2026, 1.05 trillion won in 2027 and 1.2 trillion won in 2028, while maintaining an operating margin above 5%.

Under its production-network realignment, the company plans to build up the Insan plant as a core integrated hub covering both seat and pad production, phasing in functions from the existing Hwaseong Plant 1 and Asan plant, with a first-phase completion in October 2026 and full integration by August 2027.

It also intends to secure a new production site near Hyundai Motor's Ulsan plant to strengthen its ability to respond to new Hyundai models and capture additional order opportunities.

The core growth axis is expanding a future-mobility-centered portfolio of electric vehicles (EVs) and purpose-built vehicles (PBVs), adding new future-mobility volume on top of stable existing production.

On the financial side, the company aims to gradually reduce borrowings using operating cash flow and proceeds from non-operating asset monetization, targeting a debt ratio below 300% and a borrowing ratio below 50% by 2028.

On shareholder returns, it plans to raise its consolidated payout ratio from about 10.7% last year to 25% by 2028, and to exceed that level thereafter. These targets contain forward-looking information and may change depending on future market conditions and shifts in automakers' production plans.

Valuation

PER

2.5×

PBR

0.5×

ROE

23.2%

EPS

₩1,400

BPS

₩6,910

Dividend per share

₩0

Several structural factors are worth weighing when assessing valuation. The company posted a large net loss in 2023, a modest profit in 2024, another loss in 2025, and then a recovery in earnings in H1 2026, so tracking the multi-year direction is more useful than looking at any single year.

Historically, quarter-end price-to-earnings ratios have ranged from the low nine times to roughly eleven times, and it is worth considering how the current level relates to that past band.

The relationship between share price and net asset value is also one that can shift as the company continues to pursue capital build-up and debt reduction in parallel.

Recent dividend payouts have been limited, but since the company has set a goal of raising its payout ratio through 2028, the pace of executing that shareholder-return policy is also worth monitoring.

The 5-for-1 share consolidation in August 2026 adjusted the absolute level of per-share metrics, a point to keep in mind when comparing time series before and after the event.

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 2026-08-23

Bull factors

Value-Up Roadmap and Margin Recovery

The company disclosed a corporate value-up plan targeting sales of KRW 1.2 trillion, an operating margin of 5% or higher, and a debt ratio of 300% or below by 2028.

The fact that the operating margin in the first half of 2026 has already risen to about 4.7%, approaching the target level, supports the feasibility of the plan.

Operating cash flow also improved from a deficit in 2023 to about KRW 80 billion in 2025, demonstrating the company's capacity to execute financial structure improvements.

Strong Casper EV Exports and Expansion Potential

Of the Casper vehicles produced on consignment by GGM, 84% are EV models, and 90% of these are exported overseas, maintaining popularity in Europe.

Domestic waiting periods reach up to 28 months, as demand exceeds supply, and discussions are underway to secure annual volume of over 75,000 units and to switch to a two-shift system.

If these discussions on increasing Casper production materialize, they could also affect the production volume of DY Autoparts, which supplies seats for this model.

New Platform Wins and Production Footprint Expansion

With the recent order wins for Kia's new PBV 'PV7' and the successor model to the Kona, the company is expanding its production footprint to the Inju and Ulsan plants.

The Inju plant is scheduled for initial completion in October 2026, with the integration of Hwaseong and Asan production functions to be completed by August 2027, while a separate base will be established in Ulsan to respond to Hyundai Motor's new models.

This structure adds an expanding future mobility portfolio centered on EVs and PBVs on top of existing mass production volume.

Bear factors

2025 Margin Deterioration and Q4 Loss

Despite a 12.1% increase in sales in 2025, operating profit fell 19.4%, lowering the operating margin from 6.6% to 4.8%, and net income attributable to controlling shareholders turned to a loss.

Notably, in the fourth quarter, even as sales increased quarter-on-quarter, operating profit fell to KRW 3.2 billion and the company posted a net loss of KRW 9.6 billion, showing a structural cost burden in which sales growth does not directly translate into improved profitability.

Still-Elevated Financial Leverage

The debt ratio at the end of 2025 stood at 744.7%, actually higher than 658.9% in 2024. Having fallen from 813.2% in 2023 to 476.7% in 2022 before rising and falling again, this trajectory shows a significant gap between the current level and the target of reducing the ratio to below 300% by 2028.

With debt still large relative to equity, the pace of execution on financial structure improvement remains a key point to watch.

Execution Risk Against Ambitious Targets

The goal of increasing sales from KRW 700 billion in 2026 to KRW 1.2 trillion in 2028 is a challenging plan requiring the company to grow its top line by more than 70% in just two years.

At the same time, this is paralleled by a complex restructuring of production bases, involving the relocation and integration of Hwaseong and Asan production functions into the Inju plant, raising the possibility of transition costs or temporary production disruptions.

The group-wide restructuring of affiliates experienced in 2023 is also a point of reference when assessing execution risk.

Risk factors

Customer Concentration Risk

The company's sales structure is heavily dependent on Kia's Gwangju plant and GGM's Casper production, meaning that changes in a specific automaker's production plans or new model allocations could directly impact performance.

The Gwangju seat business division exclusively supplies seats for the Sportage, Seltos, EV5, and Bongo Truck, a structure in which sluggish sales or reduced production of these models directly translates into reduced order volume.

Financial Leverage Risk

At the end of 2025, total equity (attributable to controlling shareholders) stood at about KRW 46.6 billion, while total liabilities reached KRW 346.3 billion, indicating that debt remains large relative to equity.

Achieving the value-up plan's target of a debt ratio below 300% would require a substantial reduction in borrowings or capital expansion, suggesting that the financial burden may persist until the target is achieved.

Affiliate and Governance Risk

The company has a history of restructuring its business by liquidating stakes in loss-making subsidiaries amid the 2023 liquidity crisis of its group (Daeyu Winia Group).

The ownership structure is intricately intertwined among the largest shareholder and related parties (including Park Young-woo) and affiliates (TPC, Daeyu Haneul, Youngil, etc.), raising the possibility that future affiliate-related transactions or restructuring could continue to affect performance and financial structure.

What to watch next

October 2026
This is the planned timing for the first-phase completion of the Insan plant under the production-network realignment; it is worth checking whether the transfer of functions from the Hwaseong and Asan plants is proceeding as scheduled.
By November 16, 2026
This is the statutory filing deadline under the Capital Markets Act for the Q3 2026 quarterly report, the next regular earnings release to check whether the Q2 recovery continued into Q3.
By August 2027
This is the targeted date for fully integrating the production functions of Hwaseong Plant 1 and the Asan plant into the Insan plant; it is worth watching whether the expected gains in production efficiency and cost competitiveness show up in actual margin figures.
From Q4 2026 onward
It is worth tracking progress on discussions around GGM's potential shift to two-shift operation and capacity expansion for the Casper, and if an actual production increase is decided, whether related seat order volumes change accordingly.
Early 2027
This is when disclosures related to the fiscal year 2026 results and dividends are expected, allowing a check on early progress toward the value-up plan's goal of raising the payout ratio to 25% by 2028.

Overall view

DY A, a seat supplier to Kia's Gwangju plant and GGM, went through a margin decline and a swing to net loss in 2025 before showing a clear recovery in both revenue and operating profit in H1 2026.

Through the value-up plan announced in September 2026, the company set concrete targets of 1.2 trillion won in revenue, an operating margin above 5%, and a debt ratio below 300% by 2028, while also pursuing production realignment including integration at the Insan plant and securing a new site in Ulsan.

That said, the still-elevated debt ratio, a history of affiliate-related risk, and high customer concentration in a small number of automakers are factors that should be weighed in balance.

Strong export demand for the GGM Casper EV and Kia's expanding PBV lineup could present opportunities for new volume, but whether the targets are met needs to be confirmed sequentially through coming quarterly results and progress on the production-network realignment.

Interpretation of metrics following the August 2026 5-for-1 share consolidation also warrants care. Investment decisions should be made by the reader based on the facts presented in this report, and this report does not include a buy or sell recommendation.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-10-01 · Data as of 2026-09-30

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.