PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
Seungil, the domestic leader in aerosol cans, has posted two consecutive quarters of operating profit recovery in 2026 after an operating loss in the fourth quarter of 2025, though its annual operating margin remains thin.
Founded in 1961 and listed on KOSDAQ in 2001, the company is a metal packaging specialist holding roughly 60% share and the No.1 position in the domestic aerosol can market
Following an operating loss in Q4 2025, the company returned to operating profit in both Q1 and Q2 2026, with Q2 2026 marking the highest revenue and operating profit of the trailing four quarters
Annual revenue has stayed within a roughly 140-160 billion won range for four straight years, with the operating margin fluctuating between about 0.4% and 1.6%
The company newly entered the food subdivision/repackaging sales business starting in December 2024, and its export footprint is expanding into Southeast Asia and other regions
The company maintains a stable financial structure with a debt-to-equity ratio in the low-20% range and has a track record of paying annual cash dividends
Seungil is a metal packaging specialist founded in 1961 and listed on KOSDAQ in 2001, operating around two core businesses: aerosol cans and general cans.
The aerosol can segment produces specialty cans on an OEM basis for cosmetics, insecticides, and household products, and the company holds roughly 60% domestic market share, making it the No.1 player in this segment.
The general can segment manufactures metal containers of various sizes, including portable butane gas fuel cans, food and industrial cans, and large containers such as those used for gochujang paste, supplying customers in the food and beverage, paint, fuel, and chemical industries.
The company built an aerosol can manufacturing plant in 2010 and a CGMP-certified aerosol finished-product plant in 2015 to expand its production base.
Metal can manufacturing is a capital-intensive industry requiring large-scale equipment investment, which creates high barriers to entry and tends to favor established, long-tenured players. Starting in December 2024, the company added a food subdivision and repackaging sales business as a new revenue stream.
Its export activity has also been expanding geographically, moving from existing trading partners into Southeast Asia and other continents. That said, because its products are tied to necessity-driven consumption in food, beverage, and household goods, overall top-line growth tends to be modest.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩36.8B | ₩1.4B | 3.9% |
| 2025Q3 | ₩36.7B | ₩500M | 1.3% |
| 2025Q4 | ₩32.4B | -₩600M | −2.0% |
| 2026Q1 | ₩35.3B | ₩400M | 1.2% |
| 2026Q2 | ₩41.4B | ₩2B | 4.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩158.9B | ₩1.3B | ₩1.3B | 0.8% | 0.9% | 21.5% |
| 2023 | ₩141.9B | ₩600M | ₩400M | 0.4% | 0.3% | 19.0% |
| 2024 | ₩144.4B | ₩2.3B | ₩3.7B | 1.6% | 2.5% | 18.7% |
| 2025 | ₩141.5B | ₩2.3B | ₩2.5B | 1.6% | 1.7% | 23.7% |
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
Full-year 2025 revenue came in at KRW 141.5 billion, slightly down from KRW 144.4 billion in 2024, while operating profit of KRW 2.28 billion was nearly unchanged from KRW 2.29 billion in 2024.
Owner net income, however, fell sharply to KRW 2.52 billion in 2025 from KRW 3.66 billion in 2024, a gap that appears to reflect non-operating factors.
In 2023, revenue of KRW 141.9 billion came with operating profit of just KRW 0.60 billion and net income of KRW 0.42 billion, pushing the operating margin down to 0.4%, the weakest of the four years, while 2022 posted the largest top line at KRW 158.9 billion but an operating margin of only 0.8%.
On a quarterly basis, the company posted operating profit of KRW 0.46 billion and net income of KRW 0.67 billion in Q3 2025, before swinging to an operating loss of KRW 0.64 billion and a net loss of KRW 0.55 billion in Q4 2025, underscoring the volatility of quarterly results.
Q1 2026 saw a modest return to operating profit at KRW 0.43 billion, while net income of KRW 1.20 billion came in well above operating profit, likely reflecting non-operating gains.
Q2 2026 delivered the strongest quarter of the trailing four, with revenue of KRW 41.4 billion, operating profit of KRW 1.95 billion, and net income of KRW 1.86 billion.
As a result, cumulative owner net income across the trailing four quarters from Q3 2025 through Q2 2026 reached KRW 3.18 billion, recovering above the full-year 2025 net income figure of KRW 2.52 billion.
The metal packaging industry serves end demand rooted in food and beverage, household goods, and cosmetics, making it relatively less sensitive to economic cycles.
However, raw material costs for inputs such as aluminum and tin-plated steel, along with currency fluctuations, feed directly into production costs, making input price trends a key variable for margins.
Because the industry requires large-scale capital investment, new entry is difficult, which tends to keep market share among incumbents relatively stable.
Seungil dominates the domestic aerosol can market with roughly 60% share, facing comparatively limited competitive intensity in that segment, while the general can segment involves competition among multiple OEM manufacturers.
Recent pricing pressure on can and valve products has been observed, suggesting an environment where industry-wide margin improvement is not straightforward.
With the domestic market already at a mature stage in terms of growth, expanding export regions and developing new business lines stand out as the main avenues for revenue growth.
Since starting the food subdivision/repackaging sales business in December 2024, the company has been attempting to diversify beyond its traditional can manufacturing revenue base, though segment-level disclosure quantifying this new business's contribution has not yet been confirmed.
Export regions appear to be expanding from existing trading partners into Southeast Asia and other continents, indicating an ongoing effort to reduce reliance on domestic-centric revenue.
On a standalone basis, Q1 2026 showed a slight year-over-year revenue decline alongside double-digit declines in both operating profit and net income, attributed mainly to low utilization in the aerosol segment and price cuts on can and valve products.
In contrast, Q2 2026 posted the highest quarterly revenue and operating profit of the trailing four quarters, signaling a quarterly recovery trend.
Going forward, key points to watch include whether this quarterly recovery persists and whether the new business line and export expansion translate into actual revenue growth.
No specific quantitative earnings guidance has been publicly confirmed to date, warranting further confirmation through additional disclosures or IR materials.
The stock trades at a notable discount to net asset value, with the price-to-book ratio sitting well below 1x.
On the earnings side, a recovery trend emerged as the company moved from an operating loss in Q4 2025 to consecutive profitable quarters in Q1 and Q2 2026, though on an annual basis the operating margin remains at a low level.
On the dividend side, the company has a history of paying annual cash dividends, though the yield itself does not stand out as notably higher than the industry average.
The fact that trailing four-quarter net income has recovered above the full-year 2025 net income figure is a relevant reference point for valuation judgment, but this reflects only the direction of past results and does not guarantee continuation.
Given the limited trading volume and liquidity typical of a small-cap stock, valuation metrics warrant cautious interpretation.
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
Seungil maintains a firmly established No.1 position in the domestic aerosol can market with roughly 60% share. Because the industry is capital-intensive and requires large-scale equipment investment, new entry is difficult, which gives this market position room to persist over an extended period. This provides a foundation for operating in an environment of relatively lower competitive intensity.
The 2025 debt-to-equity ratio of 23.7% has stayed within a stable 18.7%-23.7% range over the past four years. Equity has grown steadily from KRW 145.5 billion in 2022 to KRW 150.4 billion in 2025. This low debt ratio and stable capital base can serve as a buffer against external shocks.
After posting an operating loss and net loss in Q4 2025, the company returned to profit for two consecutive quarters in Q1 and Q2 2026. Q2 2026 in particular stood out with revenue of KRW 41.4 billion and operating profit of KRW 1.95 billion, the strongest of the trailing four quarters. Whether this consecutive improvement trend continues is a key point to monitor going forward.
From 2022 through 2025, the operating margin fluctuated between just 0.4% and 1.6% without showing a clear improving trend. Despite revenue scaling above KRW 140 billion, absolute operating profit has remained in the low single-digit billions of won, reflecting a persistently thin-margin structure. This suggests the cost structure and pricing competition environment are unlikely to change quickly.
Quarterly results have swung significantly, moving from a profit in Q3 2025 to a loss in Q4 2025, then back to profit in Q1 and Q2 2026. This volatility appears to reflect a combination of factors including utilization rates, seasonal demand, and raw material prices.
The observation period remains too short to conclude that a single quarter's improvement represents a sustained upward trend.
The food subdivision/repackaging sales business launched in December 2024 remains at an early stage, with its segment-level revenue contribution not yet specifically confirmed in disclosures. Annual revenue actually declined from KRW 158.9 billion in 2022 to KRW 141.5 billion in 2025. Time appears necessary before the new business and export expansion translate into meaningful revenue growth.
Fluctuations in key raw material prices such as aluminum and tin-plated steel, along with currency movements, directly affect production costs.
The sharp decline in Q1 2026 operating profit was attributed to price cuts on can and valve products and low utilization, confirming the impact of cost and pricing pressure on results.
Because raw material price direction depends heavily on external factors, this remains a variable largely outside the company's control.
Annual revenue moved from KRW 158.9 billion in 2022 to KRW 141.5 billion in 2025, showing no clear growth trend over four years. With the domestic market already at a mature stage, the existing business alone may face limits to top-line expansion. Whether new business lines and export growth can reverse this trend remains to be observed.
Given the characteristics of a small-cap stock with a limited market capitalization, trading volume may be constrained, potentially amplifying price volatility. No brokerage analyst coverage has been confirmed over the past month, which may create information asymmetry in the market.
In this kind of environment, market reactions to disclosures and news can turn out larger or smaller than expected.
Check the Q3 2026 earnings disclosure — verify whether the revenue and operating profit improvement seen in Q2 2026 continues, and monitor changes in utilization rates and can/valve pricing
Check for board resolutions and the dividend record date announcement — monitor whether the annual cash dividend policy continues and whether the payout size changes
Check the FY2026 annual business report — this may be the first opportunity to see concrete figures on the food subdivision business's revenue contribution and the results of export region expansion
Monitor trends in key raw material prices such as aluminum and tin-plated steel, along with the KRW/USD exchange rate — assess how changes in cost pressure affect margins
Seungil is a metal packaging specialist with a stable business foundation anchored by roughly 60% share and the dominant position in the domestic aerosol can market.
Following an operating loss in Q4 2025, the company returned to profit for two consecutive quarters in Q1 and Q2 2026, with Q2 in particular marking the strongest quarter of the trailing four, signaling a recovery in earnings.
On an annual basis, however, the operating margin remains in the low single digits, and revenue itself has been confined to a range without clear growth over the past four years.
The food subdivision/repackaging business launched at the end of 2024 and the expansion into new export regions represent attempts at revenue diversification, but concrete performance figures have yet to be confirmed.
The financial structure remains stable, with a debt-to-equity ratio in the low-20% range, suggesting reasonable resilience against external shocks.
Overall, the picture combines weaknesses in earnings volatility and thin margins with strengths in market position and financial stability, and the key points to watch going forward are whether the quarterly earnings recovery persists and whether the new business meaningfully contributes to revenue.
Report written 2026-09-05 · Data as of 2026-09-04
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