# SeAH Bestee (001430.KO)

Canonical: https://gigainvestors.com/s/001430.KO

Analysis as of: 2026-10-16T07:44:03.088Z. Financial observations: FY2014–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 37,050.00 per share; close as of 2026-10-15.

Estimated value: low KRW 27,702.48 per share, central KRW 31,092.55 per share, high KRW 35,605.45 per share. Buy at or below the central value KRW 31,092.55 per share. Valuation as of 2026-10-16T07:44:03.088Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.65×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.02×

- FY2019: 0.01×

- FY2020: -0.00×

- FY2021: 0.07×

- FY2022: 0.03×

- FY2023: 0.05×

- FY2024: 0.01×

- FY2025: 0.03×

- LTM to Jun 2026: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.0%

- ROIC, second-lowest year: 1.0%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 8.3%

- Recent gross margin (lower of latest and 3-year median): 8.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 3.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.2%

- FY2017: 5.4%

- FY2018: 1.6%

- FY2019: 1.0%

- FY2020: -0.0%

- FY2021: 7.5%

- FY2022: 3.6%

- FY2023: 5.8%

- FY2024: 1.5%

- FY2025: 2.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.69×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 334B

- Net income, five-year total: KRW 482B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 31.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.26×

- FY2022: 1.00×

- FY2023: 0.66×

- FY2024: -2.88×

- FY2025: -0.32×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.2% vs 2.5%

- Per-share earnings: 2491.89 to 1567.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: KRW 891B

- Cumulative retained earnings: KRW 111B

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.4%

- Per-share value change: KRW -924.89

- Per-share value, starting three-year median: KRW 2K

- Per-share value, ending three-year median: KRW 2K

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.4%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 73B

- Cumulative net income, 10 years: KRW 489B

- ROIC, first three-year median: 4.2%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 4K

- FY2018: KRW 589.74

- FY2019: KRW 483.41

- FY2020: KRW -7K

- FY2021: KRW 5K

- FY2022: KRW 3K

- FY2023: KRW 4K

- FY2024: KRW 564.00

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -2.7%

- FY2018: -1.8%

- FY2019: -8.6%

- FY2020: -19.3%

- FY2021: 2.9%

- FY2022: 1.5%

- FY2023: -2.8%

- FY2024: -7.8%

- FY2025: -1.5%

## Holders

## Price story

Down 51% since Apr 2026 · sales +6.5%

Story as of 2026-10-16T10:00:12.911Z; price observation 2026-10-15.

Price needs cash profits to grow 3.3% a year for ten years

### Sales · FY2025–2026

sales +6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 3.06T 

- FY2018: KRW 3.28T 

- FY2019: KRW 2.96T 

- FY2020: KRW 2.54T 

- FY2021: KRW 3.65T 

- FY2022: KRW 4.39T 

- FY2023: KRW 4.08T 

- FY2024: KRW 3.64T 

- FY2025: KRW 3.65T 

- FY2026: KRW 3.89T 

### Gross margin · FY2025

gross margin 8.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 10.2% 

- FY2017: 10.4% 

- FY2018: 5.8% 

- FY2019: 5.8% 

- FY2020: 5.2% 

- FY2021: 10.8% 

- FY2022: 7.9% 

- FY2023: 9.9% 

- FY2024: 7.1% 

- FY2025: 8.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in steel; annual sales are KRW 3.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2025: revenue 3651585276950; grossProfit 315070153320; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001430.KO: SeAH Besteel Holdings Corporation manufactures and sells special steel products in South Korea, the rest of Asia, South America, North America, Oceania, Europe, and internationally. It operates through Special Steel and Aluminum Extrusion divisions. The company offers special steel products comprising rolled materials, forgings, and secondary processed materials; open-die forging products consisting of shells, rings, shafts, hollow bars, rolls, discs, blocks, and mold steel, as well as forgings for ship engines; nuclear power materials and equipment, such as casks, canisters, and nuclear forgings; and automotive parts, undercarriage parts, and machinery parts. It also engages in the manufacture and sale of stainless-steel pipes; and mining-related business investment activities. The company's products are used in energy, machinery, automotive bearing, shipbuilding, and nuclear applications. It exports its products. The company was founded in 1955 and is headquartered in Seoul, South Korea. SeAH Besteel Holdings Corporation operates as a subsidiary of SeAH Holdings Co. Ltd.

### Why customers stay

Margins ranged from 7.1% to 9.9% during 2023–25; it earns 3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2023: grossProfit / revenue = 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2024: grossProfit / revenue = 7.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2025: grossProfit / revenue = 8.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); 10-year return on capital observations [[2016,0.04167165594911707],[2017,0.054485865285970096],[2018,0.016026881047570638],[2019,0.010488806215950481],[2020,-0.00044570118572354126],[2021,0.07524528042738723],[2022,0.03587713552337451],[2023,0.05798209620350597],[2024,0.01533776003959013],[2025,0.024774870516197926]]; median 0.03032600301978622. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 488 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2016: growth capex 0; upkeep 163131085590; owner earnings 92100313370. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2017: growth capex 0; upkeep 96532102060; owner earnings 125373663930. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2018: growth capex 0; upkeep 82122721640; owner earnings 5898238550. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2019: growth capex 0; upkeep 66132253000; owner earnings 115062040900. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2021: growth capex 0; upkeep 58725266760; owner earnings 234309501710. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2022: growth capex 0; upkeep 103740000900; owner earnings 90953368830. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2023: growth capex 0; upkeep 143426866070; owner earnings 84890709100. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); Dividend observations: [[2016,35595649000],[2017,28476519200],[2018,32036084100],[2019,31604616550],[2020,10678694700],[2021,2615369400],[2022,48664970400],[2023,37665626200],[2024,37494601660],[2025,38540626200]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); FY2025: cash repurchases 488033017.5 KRW.

### Are managers owners

Insiders own 64.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 001430.KO SharesStats.PercentInsiders = 64.64 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:03.088Z); Ten-year compound average after fade. Initial solved rate 0.034464296552679685. Price 37050; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 23,200.00 per share

- 2016-11: KRW 24,650.00 per share

- 2016-12: KRW 25,550.00 per share

- 2017-01: KRW 24,850.00 per share

- 2017-02: KRW 26,050.00 per share

- 2017-03: KRW 28,200.00 per share

- 2017-04: KRW 27,900.00 per share

- 2017-05: KRW 28,450.00 per share

- 2017-06: KRW 30,550.00 per share

- 2017-07: KRW 34,850.00 per share

- 2017-08: KRW 35,450.00 per share

- 2017-09: KRW 31,450.00 per share

- 2017-10: KRW 31,750.00 per share

- 2017-11: KRW 30,150.00 per share

- 2017-12: KRW 29,050.00 per share

- 2018-01: KRW 31,750.00 per share

- 2018-02: KRW 28,500.00 per share

- 2018-03: KRW 25,800.00 per share

- 2018-04: KRW 27,000.00 per share

- 2018-05: KRW 23,400.00 per share

- 2018-06: KRW 21,450.00 per share

- 2018-07: KRW 21,450.00 per share

- 2018-08: KRW 20,750.00 per share

- 2018-09: KRW 19,500.00 per share

- 2018-10: KRW 16,200.00 per share

- 2018-11: KRW 16,700.00 per share

- 2018-12: KRW 17,700.00 per share

- 2019-01: KRW 17,750.00 per share

- 2019-02: KRW 19,300.00 per share

- 2019-03: KRW 19,150.00 per share

- 2019-04: KRW 19,650.00 per share

- 2019-05: KRW 17,150.00 per share

- 2019-06: KRW 18,400.00 per share

- 2019-07: KRW 16,200.00 per share

- 2019-08: KRW 16,150.00 per share

- 2019-09: KRW 16,400.00 per share

- 2019-10: KRW 16,000.00 per share

- 2019-11: KRW 15,850.00 per share

- 2019-12: KRW 15,250.00 per share

- 2020-01: KRW 12,900.00 per share

- 2020-02: KRW 10,900.00 per share

- 2020-03: KRW 7,500.00 per share

- 2020-04: KRW 9,290.00 per share

- 2020-05: KRW 9,720.00 per share

- 2020-06: KRW 10,150.00 per share

- 2020-07: KRW 10,950.00 per share

- 2020-08: KRW 9,780.00 per share

- 2020-09: KRW 9,760.00 per share

- 2020-10: KRW 9,400.00 per share

- 2020-11: KRW 10,300.00 per share

- 2020-12: KRW 10,600.00 per share

- 2021-01: KRW 12,250.00 per share

- 2021-02: KRW 14,700.00 per share

- 2021-03: KRW 18,550.00 per share

- 2021-04: KRW 26,150.00 per share

- 2021-05: KRW 30,800.00 per share

- 2021-06: KRW 31,700.00 per share

- 2021-07: KRW 31,400.00 per share

- 2021-08: KRW 29,250.00 per share

- 2021-09: KRW 25,900.00 per share

- 2021-10: KRW 21,650.00 per share

- 2021-11: KRW 18,250.00 per share

- 2021-12: KRW 19,900.00 per share

- 2022-01: KRW 15,050.00 per share

- 2022-02: KRW 17,650.00 per share

- 2022-03: KRW 18,550.00 per share

- 2022-04: KRW 18,250.00 per share

- 2022-05: KRW 17,550.00 per share

- 2022-06: KRW 15,350.00 per share

- 2022-07: KRW 15,550.00 per share

- 2022-08: KRW 18,650.00 per share

- 2022-09: KRW 16,250.00 per share

- 2022-10: KRW 16,750.00 per share

- 2022-11: KRW 19,250.00 per share

- 2022-12: KRW 16,300.00 per share

- 2023-01: KRW 16,400.00 per share

- 2023-02: KRW 22,500.00 per share

- 2023-03: KRW 22,650.00 per share

- 2023-04: KRW 23,150.00 per share

- 2023-05: KRW 24,150.00 per share

- 2023-06: KRW 25,750.00 per share

- 2023-07: KRW 28,100.00 per share

- 2023-08: KRW 23,600.00 per share

- 2023-09: KRW 24,600.00 per share

- 2023-10: KRW 21,750.00 per share

- 2023-11: KRW 24,600.00 per share

- 2023-12: KRW 24,850.00 per share

- 2024-01: KRW 21,950.00 per share

- 2024-02: KRW 25,800.00 per share

- 2024-03: KRW 22,800.00 per share

- 2024-04: KRW 22,200.00 per share

- 2024-05: KRW 22,800.00 per share

- 2024-06: KRW 20,750.00 per share

- 2024-07: KRW 18,940.00 per share

- 2024-08: KRW 19,990.00 per share

- 2024-09: KRW 20,550.00 per share

- 2024-10: KRW 19,840.00 per share

- 2024-11: KRW 23,000.00 per share

- 2024-12: KRW 19,760.00 per share

- 2025-01: KRW 19,280.00 per share

- 2025-02: KRW 19,700.00 per share

- 2025-03: KRW 17,480.00 per share

- 2025-04: KRW 17,860.00 per share

- 2025-05: KRW 23,400.00 per share

- 2025-06: KRW 32,900.00 per share

- 2025-07: KRW 31,350.00 per share

- 2025-08: KRW 27,900.00 per share

- 2025-09: KRW 25,200.00 per share

- 2025-10: KRW 27,500.00 per share

- 2025-11: KRW 27,900.00 per share

- 2025-12: KRW 50,200.00 per share

- 2026-01: KRW 72,800.00 per share

- 2026-02: KRW 69,100.00 per share

- 2026-03: KRW 64,400.00 per share

- 2026-04: KRW 75,500.00 per share

- 2026-05: KRW 53,500.00 per share

- 2026-06: KRW 34,800.00 per share

- 2026-07: KRW 33,300.00 per share

- 2026-08: KRW 41,000.00 per share

- 2026-09: KRW 44,950.00 per share

- 2026-10: KRW 43,150.00 per share

## Annual estimated value (KRW per share)

- FY2018: low KRW 41,740.51 per share, central KRW 47,435.48 per share, high KRW 55,016.70 per share

- FY2019: low KRW 38,017.30 per share, central KRW 42,888.78 per share, high KRW 49,373.76 per share

- FY2020: low KRW 34,505.54 per share, central KRW 38,417.46 per share, high KRW 43,625.06 per share

- FY2021: low KRW 44,259.12 per share, central KRW 50,276.80 per share, high KRW 58,287.61 per share

- FY2022: low KRW 29,680.39 per share, central KRW 33,555.53 per share, high KRW 38,714.15 per share

- FY2023: low KRW 26,472.87 per share, central KRW 30,039.82 per share, high KRW 34,788.20 per share

- FY2024: low KRW 29,100.62 per share, central KRW 32,267.38 per share, high KRW 36,483.00 per share

- FY2025: low KRW 27,723.41 per share, central KRW 30,905.31 per share, high KRW 35,141.09 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:49:18.756Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations