PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩250 per share · Prices as of the 2026-10-02 close
DSR has shown a recovery in operating margin and net income since 2025, though revenue remains below its 2022 peak.
Owner net income over the latest four quarters (2025Q3-2026Q2) totaled KRW 31.5 billion, exceeding the full-year net income levels of 2023 and 2024.
The 2025 operating margin improved to 6.4% from 5.1% in 2024, but remains below the 9.7% recorded in 2022.
Owner equity rose steadily from roughly KRW 199.7 billion in 2022 to about KRW 244.5 billion in 2025, reflecting improved financial stability.
The debt ratio fell from 80.3% in 2022 to 55.2% in 2024, then edged up slightly to 58.3% in 2025.
As a small-cap KOSPI-listed stock, trading liquidity may be limited given its modest market capitalization.
DSR was established in 1965 to manufacture synthetic fiber ropes and stainless steel wire, changed its corporate name in 2000, and listed on the KOSPI in 2013.
Through its Korea division and overseas divisions in China, Vietnam, and the United States, the company manufactures and sells wire rope, stainless steel wire, and synthetic fiber rope.
It has strengthened its market position by developing high-function, eco-friendly, and high-strength super-fiber materials to increase the share of higher value-added products.
Its products serve a wide range of end uses including mooring, lifting, fishing, oil and gas, mining, leisure, logging, crane, automotive, electronics, construction, agriculture, and consumer goods.
In the domestic wire rope and hard-drawn steel wire market, DSR competes with large players such as Kiswire, which supplies similar end markets including automotive, mining, shipping and fishing, and machinery.
Expansion of the offshore plant industry tied to marine resource development, along with rising export volumes from expanded free trade agreements, has been cited as a driver of recent earnings improvement.
Demand expansion across offshore plant, automotive, electronics, machinery, and semiconductor industries is expected, with new-market entry and higher value-added product development presented as growth strategies.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩76.7B | ₩3B | 3.8% |
| 2025Q3 | ₩74.7B | ₩5.5B | 7.4% |
| 2025Q4 | ₩77B | ₩5.1B | 6.7% |
| 2026Q1 | ₩76.3B | ₩6.7B | 8.7% |
| 2026Q2 | ₩88.2B | ₩4.1B | 4.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩367.5B | ₩35.8B | ₩24B | 9.7% | 12.0% | 80.3% |
| 2023 | ₩291.1B | ₩24.3B | ₩17.5B | 8.3% | 8.1% | 57.4% |
| 2024 | ₩299.8B | ₩15.3B | ₩14.5B | 5.1% | 6.3% | 55.2% |
| 2025 | ₩302.4B | ₩19.3B | ₩15B | 6.4% | 6.1% | 58.3% |
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
On an annual basis, revenue fell about 20% from KRW 367.46 billion in 2022 to KRW 291.10 billion in 2023, then recovered gradually to KRW 299.81 billion in 2024 and KRW 302.39 billion in 2025.
Operating profit declined from KRW 35.77 billion (9.7% margin) in 2022 to KRW 24.26 billion (8.3%) in 2023 and KRW 15.34 billion (5.1%) in 2024, before rebounding to KRW 19.29 billion (6.4%) in 2025.
Owner net income shrank from KRW 24.03 billion in 2022 to KRW 17.49 billion in 2023 and KRW 14.54 billion in 2024, before edging up to KRW 14.96 billion in 2025.
On a quarterly basis, 2025Q2 revenue was KRW 76.69 billion with operating profit of KRW 2.95 billion, while owner net income was slightly negative at KRW -0.03 billion, near breakeven.
Owner net income then reached KRW 7.31 billion in 2025Q3 and KRW 3.42 billion in 2025Q4, followed by operating profit of KRW 6.67 billion and net income of KRW 9.79 billion in 2026Q1, and in 2026Q2 revenue climbed to KRW 88.21 billion — the largest of the recent quarters — while operating profit was only KRW 4.07 billion but net income rose further to KRW 11.00 billion.
The fact that net income exceeded operating profit in both 2026Q1 and 2026Q2 suggests non-operating items contributed meaningfully to bottom-line results.
Notably, the sum of owner net income over the trailing four quarters (2025Q3-2026Q2) reached KRW 31.53 billion, exceeding any single full-year net income figure of the past four years.
Operating cash flow fell from KRW 52.11 billion in 2022 to KRW 22.52 billion in 2023, KRW 16.84 billion in 2024, and KRW 19.76 billion in 2025, remaining well below the 2022 peak. The debt ratio declined from 80.3% in 2022 to 55.2% in 2024 before rising modestly to 58.3% in 2025.
The domestic wire rope and hard-drawn steel wire market is understood to be an oligopoly dominated by a small number of large producers.
Competitor Kiswire states that it supplies wire rope, strand wire, and PC steel wire to the automotive, mining, shipping and fishing, and machinery industries, indicating substantial overlap with DSR's end markets.
Data providers note that DSR's performance tends to move with capital investment and export volumes in downstream industries such as offshore plants, shipbuilding, automotive, and construction.
Expansion of the offshore plant industry tied to marine resource development, together with rising export volumes from expanded free trade agreements, has been cited as a driver of recent revenue recovery.
The company operates production and sales subsidiaries in multiple countries including China, Vietnam, and the United States, exposing it to demand shifts, currency movements, and trade policy changes across these markets simultaneously.
Raw material costs for steel and stainless steel wire rod directly affect the cost structure underlying cost of goods sold. New-market entry and higher value-added product development are cited as pillars of future growth strategy, reflecting an ongoing effort to move away from commodity-driven price competition.
The company views demand expansion across offshore plant, automotive, electronics, machinery, and semiconductor industries as growth opportunities, presenting new-market entry and higher value-added product development as its strategy.
Development of high-function and eco-friendly materials, along with high-strength super fibers, continues to be the direction for raising the value-added content of rope and wire products.
In 2026, owner net income reached KRW 9.79 billion in Q1 and KRW 11.00 billion in Q2, an improved trend versus the second half of 2025.
However, operating profit in the same quarters was lower at KRW 6.67 billion and KRW 4.07 billion respectively, suggesting non-operating factors contributed meaningfully to net income, and whether this pattern persists warrants monitoring.
Whether utilization and export share at the overseas subsidiaries in China, Vietnam, and the United States continue to expand, and how raw material costs and currency movements feed through to margins, are key points to watch going forward.
As of the time of research, no major new capacity expansion or large order disclosures were identified, so gradual improvement within the existing business portfolio appears to be the base-case scenario for now.
The stock trades at a discount to net asset value per share, suggesting the market is not fully reflecting the company's book value at this level.
On the earnings side, operating margin improved in 2025 after bottoming in 2024, and the sum of owner net income over the trailing four quarters has recovered to a level above any single full-year figure of recent years.
However, quarterly operating margins have swung widely, from the low single digits to near the high single digits, meaning the direction of recovery has held while its pace has varied quarter to quarter.
As a small-cap KOSPI-listed name with a modest market capitalization, trading liquidity is a factor worth considering alongside these metrics.
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
Operating margin improved to 6.4% in 2025 from 5.1% in 2024. Owner net income over the trailing four quarters (2025Q3-2026Q2) totaled KRW 31.53 billion, exceeding the full-year figures for both 2023 (KRW 17.49 billion) and 2024 (KRW 14.54 billion).
In 2026Q1 and Q2, net income reached KRW 9.79 billion and KRW 11.00 billion respectively, continuing a two-quarter streak of double-digit-billion results.
Owner equity rose steadily from about KRW 199.7 billion in 2022 to about KRW 244.5 billion in 2025. The debt ratio fell sharply from 80.3% in 2022 to 55.2% in 2024, and while it rose modestly to 58.3% in 2025, it remains well below 2022 levels. Operating cash flow has stayed positive every year, underpinning the company's cash-generating capacity.
DSR operates production and sales subsidiaries in Korea, China, Vietnam, and the United States, manufacturing wire rope, stainless steel wire, and synthetic fiber rope.
Its products serve a wide range of applications including mooring, lifting, fishing, oil and gas, mining, crane, automotive, electronics, and construction, spreading reliance across multiple end markets.
The company is also pursuing higher value-added products through development of high-function, eco-friendly, and high-strength super-fiber materials.
Compared with 2022 revenue of KRW 367.46 billion and operating profit of KRW 35.77 billion, 2025 figures of KRW 302.39 billion and KRW 19.29 billion are roughly 18% and 46% lower, respectively. After revenue dropped nearly 20% in 2023 alone, the subsequent two years of recovery have proceeded at a gradual pace.
Quarterly operating margin ranged from 3.85% in 2025Q2 up to 8.74% in 2026Q1, then back down to 4.62% in 2026Q2. This fluctuation reduces the predictability of quarter-to-quarter results.
As a KOSPI small-cap with a market capitalization of roughly KRW 0.1 trillion, the stock has structural characteristics that can limit trading volume. This can affect how quickly information is reflected and how metrics should be interpreted.
Manufacturing costs for wire rope and hard-drawn steel wire are heavily dependent on steel and stainless steel wire rod prices. A rise in international raw material prices could increase cost of goods sold and pressure operating margins.
With overseas subsidiaries in China, Vietnam, and the United States, fluctuations in local currencies against the Korean won affect export competitiveness and the translation of overseas results. A stronger won could weigh on export profitability.
The company's results tend to move with capital investment and export volumes in downstream industries such as offshore plants, shipbuilding, automotive, and construction. A slowdown in investment in these sectors or in the broader global economy could lead to reduced order volumes.
Around the statutory filing deadline for the 2026 Q3 report, this is a point to check whether the owner net income improvement seen in 2026 Q1-Q2 continued into Q3.
A point to review the finalized FY2026 annual results and the dividend resolution disclosed around the annual shareholders' meeting.
Steel and stainless steel wire rod prices, along with KRW exchange rates against the US dollar, Chinese yuan, and Vietnamese dong, should be monitored on an ongoing basis to gauge their impact on costs and export profitability.
Any future disclosures of new orders or capacity expansion tied to offshore plant, shipbuilding, or offshore wind end markets should be checked to assess the substance of growth momentum.
DSR saw revenue and operating profit contract after peaking in 2022, before entering a gradual recovery phase from 2025 following a trough in 2024.
The fact that owner net income summed over the trailing four quarters now exceeds any single full-year figure from recent years is a positive signal, though quarterly operating margin volatility—ranging from the low single digits to near 9%—remains evident.
In 2026 Q1 and Q2, net income exceeded operating profit, suggesting a possible contribution from non-operating items, and whether this pattern persists requires confirmation in upcoming quarters.
On the balance sheet side, steadily rising equity and a debt ratio well below 2022 levels are positive factors for stability. On the other hand, revenue remains below its 2022 level, and liquidity constraints typical of a KOSPI small-cap persist.
Ultimately, the direction of earnings recovery, the pace of any return toward peak revenue, and raw material and currency volatility are three factors worth weighing together.
Report written 2026-09-05 · Data as of 2026-09-04
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.