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
The core aluminum rolling business has returned to operating profit in 2026, but a delisting decision triggered by an audit opinion disclaimer and embezzlement allegations is now pending a court injunction ruling, leaving governance risk as the dominant factor overshadowing the operating trend.
Operating profit turned positive for two straight quarters in 2026, yet owner net income has posted losses for four consecutive quarters
KRX decided to delist the company on August 4, and the firm has filed for a court injunction to stay the effect
Both the FY2025 annual audit and the 2026 half-year review received a disclaimer of opinion, keeping accounting transparency concerns alive
The board was reshuffled at the August 24 extraordinary general meeting, and the new management is expected to pursue a sale of control
The rail-car structure business was spun off into wholly-owned subsidiary Jin Materials, positioned to benefit from Hyundai Rotem's order growth
Daeho AL is an aluminum rolling specialist established in 2002 through the acquisition of the sheet business division of Namsun Aluminum, with aluminum coil, sheet, and high-quality circle plates as its core products.
The company holds annual rolling capacity of about 70,000 tons plus 24,000 tons of high-grade circle plate capacity for kitchenware, and exports more than 30% of output to Southeast Asia and other regions.
As of fiscal 2024, revenue mix was reported at 78.78% aluminum coil (AL COIL), 14.89% circle plate (AL CIRCLE), and 6.33% from processing and other items.
Key customers include Samsung Electronics, Samsung SDI, and Hyundai Rotem, for which the company acts as a tier-1 or tier-2 supplier of materials for electronics, secondary batteries, and rail applications.
The company previously also ran a rail-car structure processing business supplying parts to Hyundai Rotem, but in April 2025 it spun off that segment via a physical division into a newly established entity called Jin Materials.
Following the spin-off, Jin Materials remains a wholly-owned subsidiary consolidated into Daeho AL's financial statements, and its rail-related revenue has been growing alongside increased order intake at rail-car manufacturers such as Hyundai Rotem.
Some observers note that this physical-division structure means the growth benefits of the rail business now accrue at the wholly-owned subsidiary level rather than flowing directly to minority shareholders of the parent.
Aluminum materials are noted for strong workability and corrosion resistance, with application areas expanding beyond kitchenware into electronics, automotive, and battery-case uses.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩50.1B | ₩4B | 8.0% |
| 2025Q3 | ₩59.1B | -₩3B | −5.2% |
| 2025Q4 | ₩54.4B | -₩2.1B | −3.8% |
| 2026Q1 | ₩65.4B | ₩1.7B | 2.7% |
| 2026Q2 | ₩71.1B | ₩1.9B | 2.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩174B | ₩9.3B | ₩5.9B | 5.4% | 8.1% | 110.7% |
| 2023 | ₩181.6B | ₩8.4B | ₩3.5B | 4.6% | 3.7% | 54.0% |
| 2024 | ₩168.5B | ₩5.8B | ₩1.4B | 3.5% | 1.5% | 58.6% |
| 2025 | ₩215.6B | ₩3.5B | -₩32.1B | 1.6% | −38.5% | 100.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-24
Consolidated revenue in 2025 reached KRW 215.64 billion, up roughly 28% from KRW 168.53 billion in 2024. However, operating profit fell to KRW 3.47 billion from KRW 5.83 billion the prior year, pulling the operating margin down from 3.5% to 1.6%.
Owner net income swung to a loss of KRW 32.12 billion in 2025 from a profit of KRW 1.40 billion in 2024, while operating cash flow also turned negative at KRW -2.02 billion, meaning cash generation deteriorated even as operating income stayed in the black.
By quarter, 2Q25 was solid with revenue of KRW 50.1 billion, operating profit of KRW 4.0 billion, and owner net income of KRW 3.5 billion, but the company swung to losses in 3Q25 (revenue KRW 59.1 billion, operating loss KRW 3.0 billion, net loss KRW 3.4 billion) and 4Q25 (revenue KRW 54.4 billion, operating loss KRW 2.1 billion, net loss KRW 36.3 billion).
The scale of the 4Q25 net loss far exceeded the operating loss, suggesting one-off charges or asset-related losses below the operating line.
Operating profit turned positive again in both 1Q26 (revenue KRW 65.4 billion, operating profit KRW 1.7 billion) and 2Q26 (revenue KRW 71.1 billion, operating profit KRW 1.9 billion), yet owner net income remained negative at KRW -3.7 billion and KRW -0.7 billion respectively, marking four consecutive quarters of net losses.
As a result, cumulative owner net loss over the trailing four quarters (3Q25-2Q26) totals roughly KRW 44.1 billion. Given this divergence between an operating recovery and persistent bottom-line losses, further scrutiny of non-operating items appears warranted for a fuller read of the results.
Aluminum rolled materials are regarded as having strong workability and corrosion resistance, with application areas steadily expanding beyond kitchenware into electronics, automotive, and battery-case uses.
EV lightweighting and the expansion of the secondary battery market have been cited as structural demand drivers for aluminum materials. Because most raw aluminum is imported, international aluminum prices and currency movements have a direct impact on the cost structure.
The rail-car structure business, now run through subsidiary Jin Materials, is tied to order volumes at rail-car manufacturers such as Hyundai Rotem, and recent order intake at such manufacturers is reported to be increasing.
The domestic aluminum sheet market features competition among a limited number of mid-sized rolling companies, and Daeho AL has built up a long production history in circle plates for kitchenware.
Since 2025, however, governance issues such as the audit opinion disclaimer and the listing eligibility review have come to the fore, and company-specific risk has increasingly dominated market attention independent of the company's underlying industry position.
KRX has granted an improvement period through April 14, 2027 regarding the delisting grounds tied to the FY2025 audit opinion disclaimer.
Separately, however, the listing eligibility review triggered by embezzlement and breach-of-trust allegations resulted in delisting decisions first by the Corporate Review Committee in June and then by the Listing Committee on August 4.
The company has filed for a court injunction to stay the effect of the delisting decision, and until a final ruling is confirmed the firm reportedly retains its listed status while trading remains suspended.
At the August 24 extraordinary general meeting, most of the incumbent management stepped down and a new board was formed with four inside directors, three outside directors, and one auditor, with the new management expected to pursue a sale of control.
At around the same time, the external auditor also issued a disclaimer of opinion on the 2026 half-year review report, meaning accounting transparency questions persist independent of the operating recovery.
A minority-shareholder cooperative has continued to raise objections, including over the basis for vote-counting, so the dispute over control has not been fully resolved.
Amid this backdrop, the rail-car structure business run through subsidiary Jin Materials is seen by some as having revenue growth potential tied to rising order intake at rail-car manufacturers such as Hyundai Rotem.
With net income posting losses for four consecutive quarters, the price-to-earnings ratio sits in a range that is difficult to calculate through conventional methods. The share price trades at a level discounted to net asset value, with the price-to-book ratio remaining below 1x.
Dividends have not been paid in recent years, so any approach based on dividend appeal is limited.
Non-financial variables—namely the pending court injunction hearing over the delisting decision and the progress of the control-sale process—are intertwined with the fundamentals, meaning resolution of the listing status and governance issues currently carries more weight than a conventional earnings- or asset-based valuation read.
Operating profit has returned to the black for two consecutive quarters in 2026, but since net losses persist, the stabilization of non-operating items also warrants continued attention.
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 2026-08-24
Operating profit turned positive for two consecutive quarters in 1Q26 and 2Q26, with revenue also rising sequentially each quarter. Full-year 2025 revenue likewise grew roughly 28% year over year to KRW 215.6 billion.
However, since net losses have persisted, the operating recovery has not yet translated directly into improved net income.
Jin Materials, the rail-car structure subsidiary spun off via the physical division, is seen by some as having revenue growth potential tied to rising order intake at rail-car manufacturers such as Hyundai Rotem. As a wholly-owned subsidiary, its results continue to be reflected in Daeho AL's consolidated financials.
At the August 24 extraordinary general meeting, most incumbent management stepped down and a new board was formed, with the new management expected to pursue a sale of control. This can be read as an attempt to address the governance problems that were the backdrop to the delisting crisis.
The KRX Listing Committee decided to delist Daeho AL on August 4, and the company has filed for a court injunction to stay the effect. Since a final ruling on the underlying case may take time, uncertainty over the company's listing status persists.
Following the FY2025 annual audit, the external auditor also issued a disclaimer of opinion on the 2026 half-year review. The fact that no conclusion on the adequacy of financial information has been reached despite the operating recovery is a burden on investor confidence.
A former CEO accused several current and former executives of roughly KRW 14 billion in embezzlement and breach of trust, and the company filed a counter-accusation. A minority-shareholder cooperative has also objected to the vote-counting basis, keeping the control dispute alive.
Whether the company retains its listing may hinge on the outcome of the court injunction hearing over the delisting decision, and if the injunction is denied, procedures such as liquidation trading cannot be ruled out. This is regarded as the top-priority risk with a direct bearing on shareholder value.
Both the FY2025 annual audit and the 2026 half-year review received a disclaimer of opinion, and if the FY2026 annual audit yields a similar result, delisting grounds could resurface once the improvement period ends on April 14, 2027.
Aluminum is a raw material sourced mostly overseas, so international price and currency movements have a direct bearing on the cost structure. A slowdown in downstream demand tied to economic cycles could also weigh on margins.
A ruling on the court injunction to stay the delisting decision could serve as an initial gauge of whether the company retains its listing.
The statutory deadline for the 3Q26 quarterly report arrives, and it will be worth checking whether earnings disclosure and the auditor's review opinion are released together even while trading remains suspended.
Disclosures related to the control sale being pursued by the new board formed after the August EGM (such as buyer contacts or sale terms) may emerge.
This marks the expiry of the improvement period granted by KRX, by which point whether accounting transparency improves and audit opinions normalize will be the key variable for continued listing.
Daeho AL is an aluminum rolling company centered on aluminum coil and circle plate products, and signs of a recovery in the core business have emerged, with operating profit turning positive for two consecutive quarters in 2026.
However, the FY2025 audit opinion disclaimer combined with a listing eligibility review tied to embezzlement and breach-of-trust allegations led to a delisting decision by the KRX Listing Committee on August 4.
The company has filed for a court injunction to stay the effect, and while it reportedly retains its listed status for now, trading remains suspended, with the final outcome depending on the court's ruling and whether audit opinions normalize going forward.
A new board was formed at the August 24 extraordinary general meeting and the new management is expected to pursue a sale of control, but continued objections from a minority-shareholder cooperative mean governance-related uncertainty is unlikely to be resolved quickly.
Financially, net income has posted losses for four consecutive quarters, with cumulative owner net losses over the trailing four quarters reaching roughly KRW 44.1 billion, so an operating recovery and deteriorating bottom-line results currently coexist.
Investors will want to continue monitoring the outcome of the court injunction hearing, whether accounting transparency improves during the improvement period, and the progress of the control-sale process.
Report written 2026-09-05 · Data as of 2026-09-04
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