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
Daiyang Metal returned to consolidated operating and net profit in 2025, but governance uncertainty persists as the controlling shareholder transaction and related rights offering remain incomplete.
2025 consolidated revenue reached KRW 223.5bn with operating profit of KRW 5.62bn, up about 197% year over year, while net income swung from loss to profit
Profit improvement continued into Q1 2026, but Q2 2026 showed rising operating profit alongside a net loss, underscoring quarter-to-quarter volatility
A deal for the former largest shareholder Bibiwon Union to sell a 60% stake has been signed, but delayed final payment and a related rights offering mean the governance dispute is not fully resolved
The debt ratio fell from 55.2% in 2024 to 44.3% in 2025, indicating an improving financial structure
Bullish nickel price forecasts and continued European stainless flat-product price hikes are cited as variables affecting both costs and selling prices
Daiyang Metal is a KOSPI-listed steelmaker whose core business is manufacturing and selling stainless cold-rolled steel sheets. It cold-rolls externally sourced stainless hot coil into finished sheets, operating both as a rolling maker and a coil center.
Its main customers span appliance makers, sink manufacturers, and auto parts suppliers, and more than half of sales are exported to the EU, Southeast Asia, and North America.
According to disclosures from around 2020, sales tied to major appliance makers LG Electronics and Samsung Electronics accounted for roughly 40% of total volume, providing a stable base for plant operations.
Based on data from the same period, the company held about a 5% share of the domestic stainless cold-rolled market, ranking fourth behind POSCO, Hyundai BNG Steel, and Hyundai Steel.
The company established a Gimhae plant to strengthen quality and delivery capabilities for appliance-sector clients and to build a more stable supply system.
It has also diversified through a consolidated subsidiary, DYM Daebu, which operates a consumer lending business, and a special purpose vehicle, Daeyang Hwaseong, set up for financial institution borrowing.
The largest shareholder is DYM Partners, which held a 15.91% stake as of a February 2026 filing, together with affiliated party Daeyang Holdings Company; however, as discussed in the outlook section, this structure remains subject to change pending an in-progress stake sale and rights offering.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩56.9B | ₩3B | 5.2% |
| 2025Q3 | — | — | — |
| 2025Q4 | ₩54.9B | ₩1.7B | 3.1% |
| 2026Q1 | ₩55.2B | ₩1B | 1.9% |
| 2026Q2 | ₩52.9B | ₩1.9B | 3.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩255B | ₩13.7B | ₩8.7B | 5.4% | 7.8% | 129.7% |
| 2023 | ₩201B | -₩2.5B | -₩35.3B | −1.2% | −36.1% | 54.5% |
| 2024 | ₩215.6B | ₩1.9B | -₩15.3B | 0.9% | −16.9% | 55.2% |
| 2025 | ₩223.5B | ₩5.6B | ₩9.4B | 2.5% | 9.4% | 44.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue in 2025 came to KRW 223.5 billion, up 3.6% from KRW 215.6 billion in 2024. Operating profit rose about 197% to KRW 5.62 billion from KRW 1.89 billion, lifting the operating margin from 0.9% to 2.5%.
Net income attributable to owners swung to a profit of KRW 9.40 billion from a loss of KRW 15.28 billion in 2024, while total equity increased from KRW 90.4 billion to KRW 100.1 billion and the debt ratio fell from 55.2% to 44.3%, reflecting a broader improvement in financial structure.
Cash flow from operations, however, declined to KRW 2.58 billion from KRW 7.99 billion in 2024, meaning the earnings recovery did not fully translate into stronger cash generation.
In 2023, revenue was KRW 201.0 billion with an operating loss of KRW 2.50 billion and a net loss attributable to owners of KRW 35.27 billion — the weakest of the past four annual periods.
In 2022, revenue peaked at KRW 255.0 billion among the four years, with operating profit of KRW 13.71 billion and owner net income of KRW 8.74 billion, though that year's equity structure included KRW 62.66 billion in non-controlling interests, warranting caution in direct comparison with recent years.
On a quarterly basis, Q2 2025 posted revenue of KRW 56.92 billion, operating profit of KRW 2.97 billion, and net income of KRW 4.51 billion, while Q4 2025 showed revenue of KRW 54.86 billion, operating profit of KRW 1.68 billion, and net income of KRW 5.67 billion (Q3 2025 figures could not be confirmed).
Q1 2026 continued the improving trend with revenue of KRW 55.17 billion, operating profit of KRW 1.05 billion, and net income of KRW 0.84 billion, which is directionally consistent with Steel Daily's report of a Q1 2026 swing to operating profit on a standalone basis.
Q2 2026, however, saw revenue of KRW 52.91 billion and operating profit rising to KRW 1.94 billion, yet net income fell back into a loss of KRW 1.23 billion, highlighting a divergence between operating and net results in that quarter.
Nickel prices, a key cost driver for the stainless steel industry, have seen a series of upward revisions recently. Bernstein raised its 2026 nickel price target to $17,357 per ton from $15,164, while projecting stainless steel demand to grow about 5% year over year.
The World Bank's April 2026 commodity outlook also projected nickel prices rising 12% year over year in 2026. Changes to Indonesia's ore mining quota (RKAB) policy are cited as a factor adding supply-side uncertainty.
The European stainless flat-products market has maintained a price-hike bias, though end-demand recovery is reported to remain slow.
In the domestic market, large players such as POSCO, Hyundai BNG Steel, and Hyundai Steel occupy the top tiers, with Daiyang Metal positioned around fourth place based on older disclosed data, competing on narrow-width and thin-gauge specialty products along with cost and delivery competitiveness.
Given that more than half of sales are exported to the EU, Southeast Asia, and North America, European price trends and currency movements carry relatively significant weight for the company's results.
Daiyang Metal's governance dispute has moved toward resolution after former largest shareholder Bibiwon Union signed a deal to sell about 6 million of its roughly 10.17 million shares (a 60% stake) to five investors aligned with second-largest shareholder Daeyang Holdings Company.
However, while a KRW 6 billion down payment has been made, the final payment and a rights offering intended to strengthen the current management's control have each been postponed twice, meaning the dispute will only be substantively resolved once these procedures are completed.
The company appointed Sang-jong Cho as new CEO in February 2026, restructuring the management framework aligned with Daeyang Holdings Company.
On the operational side, the company has stated it is pursuing surface-processing quality improvements and cost reductions through upgrades to its coil grinding line (CGL), alongside expanded contracts with global appliance makers.
In April 2026, it disclosed the acquisition of land and a building near Gwangjin-gu, Seoul for about KRW 9 billion, expanding its metropolitan-area sales and office footprint.
According to a May 2026 Steel Daily report, the company separately decided on a rights offering via shareholder allocation followed by a public offering of unsubscribed shares, aimed at securing operating funds and strengthening production competitiveness.
Whether this governance resolution and the related facility and funding plans proceed smoothly remains a key variable for the stability of future earnings.
Daiyang Metal's financial footing has shown signs of improvement, with net income swinging from loss to profit in 2025 and the debt ratio declining.
The stock has tended to trade at a discount to recently disclosed net asset value per share, and according to a valuation data platform (as of July 10, 2026), the five-year average price-to-book ratio also came in below 1x.
That five-year average period, however, includes the loss years of 2022–2024, so how the recent earnings recovery feeds into this average bears watching.
No cash dividend was paid based on the most recent fiscal year, suggesting shareholder returns currently depend more on earnings improvement and balance-sheet stabilization than on direct payouts.
Because the governance resolution process — including the final payment and rights offering — remains incomplete, its progress should be factored into any ongoing valuation discussion.
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 2026-09-05
Consolidated operating profit rose about 197% in 2025 and net income swung from loss to profit, with the improvement continuing into Q1 2026. The company attributed the gains mainly to higher sales volume and a lower cost-of-sales ratio.
However, since Q2 2026 net income fell back into a loss, further confirmation is needed on whether this trend holds steadily.
The debt ratio declined from 54.5% in 2023 and 55.2% in 2024 to 44.3% in 2025, while total equity grew from KRW 90.4 billion to KRW 100.1 billion. This structural improvement could ease future funding pressure. However, operating cash flow actually decreased, leaving a gap between reported earnings and cash generation.
Bernstein and the World Bank, among others, project nickel prices to rise year over year in 2026, and European stainless flat-product prices have maintained an upward bias. If cost increases are adequately passed through to selling prices, this environment could be margin-supportive.
However, slow end-demand recovery remains a variable for whether these price increases translate into higher sales volumes.
With the final payment for the largest-shareholder stake sale and the related rights offering each postponed twice, the governance dispute has not been procedurally concluded. If the largest shareholder position remains unsettled, concerns about management stability could persist. Delays in these procedures could also affect broader funding plans.
In Q2 2026, operating profit rose from the prior quarter, yet net income posted a loss of KRW 1.23 billion, revealing a gap between operating and net results. It should also be noted that Q3 2025 figures could not be confirmed, making it harder to fully track the recent quarterly trend.
The company has repeatedly pursued convertible bond issuances and rights offerings in recent years, and another rights offering to secure operating funds is currently planned. Repeated capital raises can carry the risk of diluting existing shareholders. Concerns along these lines have also been voiced among minority shareholders.
The final payment for the stake-sale contract tied to the governance dispute and the related rights offering timeline have already been delayed twice. Further delays or a resumption of legal disputes could negatively affect management stability and decision-making speed.
Raw material prices such as nickel are subject to significant volatility tied to factors like Indonesia's ore mining quota policy. Given that more than half of sales come from exports, currency fluctuations are also a factor that can affect results.
While stainless flat-product prices in major export markets such as Europe have maintained an upward bias, end-demand recovery is reported to be slow.
Ongoing market-share competition with large rivals such as POSCO and Hyundai BNG Steel, along with the spread of trade protectionism, are factors requiring continued management.
The Q3 2026 quarterly report filing should be checked to see whether the operating-versus-net income gap seen in Q2 repeats, or whether the earnings improvement trend resumes.
Whether the final payment for the largest-shareholder stake sale and the current management's rights offering payment are actually completed is the key event determining whether the governance dispute is truly resolved.
The issue price, subscription rate, and listing schedule of the shareholder-allocation-plus-public-offering rights issue should be checked to gauge the scale of funds raised and the degree of shareholder dilution.
It will be important to continually monitor how nickel prices and changes to Indonesia's mining quota policy feed through to costs and selling prices.
Daiyang Metal showed an improving financial trend in 2025, with consolidated operating profit and net income swinging to positive territory and the debt ratio declining, a pattern that continued into Q1 2026.
However, Q2 2026 demonstrated that quarterly volatility remains significant, as operating profit rose while net income fell back into a loss.
The company's largest variable is its governance dispute: the final payment for the largest-shareholder stake-sale contract and the associated rights offering have each been postponed twice, leaving the process procedurally incomplete.
On the operational side, the company is pursuing cost reductions through facility upgrades, expanded transactions with appliance makers, and additional office space, while bullish nickel price forecasts and continued European price hikes stand out as industry variables affecting both costs and selling prices.
This is a period marked by both positive factors — improved financial structure and earnings recovery — and negative factors — governance uncertainty and quarterly earnings volatility.
Whether the governance dispute procedures are completed and whether earnings-to-cash-flow continuity holds across quarters are likely to be the key variables in assessing future earnings stability.
Report written 2026-09-05 · Data as of 2026-09-04
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