# Poongsan (103140.KO)

Canonical: https://gigainvestors.com/s/103140.KO

Analysis as of: 2026-10-16T07:43:07.742Z. Financial observations: FY2008–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 62,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 110,130.06 per share, central KRW 153,642.27 per share, high KRW 179,464.62 per share. Buy at or below the central value KRW 153,642.27 per share. Valuation as of 2026-10-16T07:43:07.742Z; scenarios are not confidence intervals.

Expected annual return: 20.3% at the stated quote. About 20.3% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.04×

- FY2019: 0.02×

- FY2020: 0.05×

- FY2021: 0.09×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.06×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.3%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 11.0%

- Recent gross margin (lower of latest and 3-year median): 11.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.6%

- FY2017: 8.2%

- FY2018: 3.4%

- FY2019: 1.3%

- FY2020: 4.2%

- FY2021: 10.0%

- FY2022: 6.9%

- FY2023: 7.9%

- FY2024: 9.0%

- FY2025: 6.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 912B

- Net income, five-year total: KRW 958B

- Return on incremental invested capital: 9.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.4 pp

- Working capital / revenue, final three-year average: 41.3%

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

- FY2021: 1.02×

- FY2022: 0.99×

- FY2023: 0.69×

- FY2024: 0.99×

- FY2025: 0.99×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.6% vs 7.9%

- Per-share earnings: 4911.79 to 5727.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: KRW 1.77T

- Cumulative retained earnings: KRW 1.01T

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.2%

- Per-share value change: KRW 815.21

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW 6K

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.7%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 18B

- Cumulative net income, 10 years: KRW 1.40T

- ROIC, first three-year median: 7.6%

- ROIC, last three-year median: 7.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 5K

- FY2017: KRW 5K

- FY2018: KRW 2K

- FY2019: KRW 628.94

- FY2020: KRW 3K

- FY2021: KRW 9K

- FY2022: KRW 6K

- FY2023: KRW 6K

- FY2024: KRW 9K

- FY2025: KRW 5K

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 7.3%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -0.2%

- FY2018: -1.6%

- FY2019: -7.8%

- FY2020: -2.1%

- FY2021: 7.8%

- FY2022: 0.3%

- FY2023: -14.7%

- FY2024: 4.8%

- FY2025: 7.3%

## Holders

## Price story

Down 61% since Jul 2025 · sales +5.8%

Story as of 2026-10-16T10:00:12.600Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.8% a year for ten years

### Sales · FY2025–2026

sales +5.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.94T 

- FY2018: KRW 2.77T 

- FY2019: KRW 2.45T 

- FY2020: KRW 2.59T 

- FY2021: KRW 3.51T 

- FY2022: KRW 4.37T 

- FY2023: KRW 4.13T 

- FY2024: KRW 4.55T 

- FY2025: KRW 5.05T 

- FY2026: KRW 5.34T 

### Gross margin · FY2025

gross margin 11.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.1% 

- FY2017: 13.9% 

- FY2018: 9.6% 

- FY2019: 7.7% 

- FY2020: 10.5% 

- FY2021: 14.2% 

- FY2022: 10.6% 

- FY2023: 10.7% 

- FY2024: 13.5% 

- FY2025: 11.4% 

## Owner memo

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

### How it makes money

Operates in metal fabrication; annual sales are KRW 5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2025: revenue 5048580386630; grossProfit 574767337010; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 103140.KO: Poongsan Corporation manufactures and sells copper and copper-related products in South Korea and internationally. It offers fabricated nonferrous material, such as copper and copper alloy sheets and strips; lead frame alloys; coin blanks and commemorative precious metal coin blanks; copper and copper alloy rods, bars, and wires; lead free cutting brass; and stainless-steel strips and high nickel alloys. The company also provides defense products, including ammunition used in anti-aircraft guns, mortars, howitzers, tank guns, and naval guns; and commercial ammunition for recreational hunting and competitive shooting under the PMC brand. In addition, it is involved in the manufacturing of semi-finished products and components used in the production of ammunition comprising primers, fuses, bullet jacket cups, case cups, discs, cones, rotating bands, links, tungsten penetrators, and shell bodies; production of fuses for naval ammunition, mortar shells, and multiple-launch rocket systems; and production of nitrocellulose and nitroglycerine chemicals contained in propellants; and production of turbine blades for aircraft manufacturers. Poongsan Corporation was founded in 1968 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 10.7% to 13.5% during 2023–25; it earns 7.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2023: grossProfit / revenue = 10.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2024: grossProfit / revenue = 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2025: grossProfit / revenue = 11.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); 10-year return on capital observations [[2016,0.07608580283944368],[2017,0.08178928394349873],[2018,0.0341066459889519],[2019,0.012951921185316262],[2020,0.04169375538255133],[2021,0.09990399242569158],[2022,0.0692217281994246],[2023,0.07943703657253207],[2024,0.0898300332165755],[2025,0.06186025644307009]]; median 0.07265376551943414. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 68.5% of cash earnings on expansion; earns 9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2016: growth capex 0; upkeep 99604623230; owner earnings 160710259530. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2017: growth capex 0; upkeep 81823033100; owner earnings 75307661040. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2018: growth capex 0; upkeep 73775753920; owner earnings 80250664780. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2019: growth capex 0; upkeep 61215271300; owner earnings 52809088948. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2020: growth capex 0; upkeep 50023985420; owner earnings 121163138234. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2021: growth capex 0; upkeep 90991267550; owner earnings 248694950912. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2022: growth capex 22236133290; upkeep 94731091190; owner earnings 173873294936. Growth capex / owner earnings = 0.12788699551696406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2023: growth capex 0; upkeep 137678060880; owner earnings 108238752934. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2024: growth capex 106322981820; upkeep 89626198410; owner earnings 234743637294. Growth capex / owner earnings = 0.4529323267102567.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2025: growth capex 100029742050; upkeep 90313867510; owner earnings 145971136176. Growth capex / owner earnings = 0.6852706957722954.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); Incremental return on capital 0.08968431915545956, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); Dividend observations: [[2016,14049290760],[2017,19680244760],[2018,22489585480],[2019,16867488430],[2020,11205440760],[2021,16807417360],[2022,28057865640]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); FY2025: cash repurchases 42271291.66666667 KRW.

### Are managers owners

Insiders own 38.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 103140.KO SharesStats.PercentInsiders = 38.080999999999996 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.poongsan.co.kr/include/images/ir/2025%20Annual%20Reprot_F.pdf (filed ); tive
industries by expanding our customer base in Vietnam and India. We have also been supplying our customers in
these areas with high value-added materials as they respond to their own domestic changes and developments.
These achievements emphasize Poongsan’s position as a trusted strategic partner with a reputation of focusing on
innovation and long-term development.
In 2025, while our sales increased by 10%, our profit declined by 37%, with a significant amount of the decline
due to the U.S tariffs and their global impact. Our copper alloy division and our defense division recorded sales
of KRW 2.7 trillion (US $1.9 billion) and KRW 1.2 trillion (US $0.8 billion), respectively. Our total sales of KRW
3.8 trillion (US $2.7 billion) yielded an overall profit of KRW 247 billion (US $172 million).
Looking ahead to 2026, the business environment remains highly uncertain. Global financial conditions continue to fluctuate amid alternating cycles of monetary easing and tightening, while industrial 

[Noncontiguous filing excerpt]

pper alloy division has been steadily growing amid structural changes in the electronics and automotive
industries by expanding our customer base in Vietnam and India. We have also been supplying our customers in
these areas with high value-added materials as they respond to their own domestic changes and developments.
These achievements emphasize Poongsan’s position as a trusted strategic partner with a reputation of focusing on
innovation and long-term development.
In 2025, while our sales increased by 10%, our profit declined by 37%, with a significant amount of the decline
due to the U.S tariffs and their global impact. Our copper alloy division and our defense division recorded sales
of KRW 2.7 trillion (US $1.9 billion) and KRW 1.2 trillion (US $0.8 billion), respectively. Our total sales of KRW
3.8 trillion (US $2.7 billion) yielded an overall profit of KRW 247 billion (US $172 million).
Looking ahead to 2026, the business environment remains highly uncertain. Global financial conditions continue to fluctuate amid alternating cycles of monetary easing and tightening, while industrial and security policies across major economies are increasingly shaped by national priorities. The full-scale impacts of tariffs and
exchange rate volatility is contributing to a slowdown in global trade. In this environment, the core capability
required of companies is not the ability to pred

[Noncontiguous filing excerpt]

ility to predict the future, but the ability to adapt swiftly and effectively.
Thus, Poongsan has been focusing on developing and investing in technology that is nimble and adaptable. Our
Dear Valued Customers, Partners, and Shareholders,

copper division is improving its productivity and quality through AI-driven process

### What the price says

The price assumes cash profits shrink 5.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:07.742Z); Ten-year compound average after fade. Initial solved rate -0.09414159628270008. Price 62200; 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 34,800.00 per share

- 2016-11: KRW 38,800.00 per share

- 2016-12: KRW 40,500.00 per share

- 2017-01: KRW 43,500.00 per share

- 2017-02: KRW 40,950.00 per share

- 2017-03: KRW 39,100.00 per share

- 2017-04: KRW 39,050.00 per share

- 2017-05: KRW 41,400.00 per share

- 2017-06: KRW 43,000.00 per share

- 2017-07: KRW 49,700.00 per share

- 2017-08: KRW 57,000.00 per share

- 2017-09: KRW 51,300.00 per share

- 2017-10: KRW 49,050.00 per share

- 2017-11: KRW 44,950.00 per share

- 2017-12: KRW 47,500.00 per share

- 2018-01: KRW 50,300.00 per share

- 2018-02: KRW 43,050.00 per share

- 2018-03: KRW 39,250.00 per share

- 2018-04: KRW 38,150.00 per share

- 2018-05: KRW 35,950.00 per share

- 2018-06: KRW 34,050.00 per share

- 2018-07: KRW 32,700.00 per share

- 2018-08: KRW 33,650.00 per share

- 2018-09: KRW 31,750.00 per share

- 2018-10: KRW 24,150.00 per share

- 2018-11: KRW 28,150.00 per share

- 2018-12: KRW 27,350.00 per share

- 2019-01: KRW 30,500.00 per share

- 2019-02: KRW 31,900.00 per share

- 2019-03: KRW 28,900.00 per share

- 2019-04: KRW 27,800.00 per share

- 2019-05: KRW 24,700.00 per share

- 2019-06: KRW 25,900.00 per share

- 2019-07: KRW 23,700.00 per share

- 2019-08: KRW 22,000.00 per share

- 2019-09: KRW 22,300.00 per share

- 2019-10: KRW 20,150.00 per share

- 2019-11: KRW 21,250.00 per share

- 2019-12: KRW 23,800.00 per share

- 2020-01: KRW 20,550.00 per share

- 2020-02: KRW 20,400.00 per share

- 2020-03: KRW 17,650.00 per share

- 2020-04: KRW 21,150.00 per share

- 2020-05: KRW 19,800.00 per share

- 2020-06: KRW 21,850.00 per share

- 2020-07: KRW 24,250.00 per share

- 2020-08: KRW 23,150.00 per share

- 2020-09: KRW 23,800.00 per share

- 2020-10: KRW 24,450.00 per share

- 2020-11: KRW 27,400.00 per share

- 2020-12: KRW 27,950.00 per share

- 2021-01: KRW 28,500.00 per share

- 2021-02: KRW 36,600.00 per share

- 2021-03: KRW 33,500.00 per share

- 2021-04: KRW 37,600.00 per share

- 2021-05: KRW 40,200.00 per share

- 2021-06: KRW 38,150.00 per share

- 2021-07: KRW 38,550.00 per share

- 2021-08: KRW 35,450.00 per share

- 2021-09: KRW 33,300.00 per share

- 2021-10: KRW 33,100.00 per share

- 2021-11: KRW 28,600.00 per share

- 2021-12: KRW 31,150.00 per share

- 2022-01: KRW 29,600.00 per share

- 2022-02: KRW 31,800.00 per share

- 2022-03: KRW 33,200.00 per share

- 2022-04: KRW 32,000.00 per share

- 2022-05: KRW 30,500.00 per share

- 2022-06: KRW 24,800.00 per share

- 2022-07: KRW 27,700.00 per share

- 2022-08: KRW 31,050.00 per share

- 2022-09: KRW 24,300.00 per share

- 2022-10: KRW 26,100.00 per share

- 2022-11: KRW 30,400.00 per share

- 2022-12: KRW 33,650.00 per share

- 2023-01: KRW 36,050.00 per share

- 2023-02: KRW 35,900.00 per share

- 2023-03: KRW 37,800.00 per share

- 2023-04: KRW 42,400.00 per share

- 2023-05: KRW 39,200.00 per share

- 2023-06: KRW 43,400.00 per share

- 2023-07: KRW 37,500.00 per share

- 2023-08: KRW 35,300.00 per share

- 2023-09: KRW 33,800.00 per share

- 2023-10: KRW 35,950.00 per share

- 2023-11: KRW 35,700.00 per share

- 2023-12: KRW 39,200.00 per share

- 2024-01: KRW 39,100.00 per share

- 2024-02: KRW 43,150.00 per share

- 2024-03: KRW 50,500.00 per share

- 2024-04: KRW 65,000.00 per share

- 2024-05: KRW 61,900.00 per share

- 2024-06: KRW 63,300.00 per share

- 2024-07: KRW 58,400.00 per share

- 2024-08: KRW 64,400.00 per share

- 2024-09: KRW 61,300.00 per share

- 2024-10: KRW 69,400.00 per share

- 2024-11: KRW 51,400.00 per share

- 2024-12: KRW 49,950.00 per share

- 2025-01: KRW 53,000.00 per share

- 2025-02: KRW 54,900.00 per share

- 2025-03: KRW 62,000.00 per share

- 2025-04: KRW 59,300.00 per share

- 2025-05: KRW 62,000.00 per share

- 2025-06: KRW 128,700.00 per share

- 2025-07: KRW 160,800.00 per share

- 2025-08: KRW 118,800.00 per share

- 2025-09: KRW 124,700.00 per share

- 2025-10: KRW 110,000.00 per share

- 2025-11: KRW 99,200.00 per share

- 2025-12: KRW 106,500.00 per share

- 2026-01: KRW 131,200.00 per share

- 2026-02: KRW 115,800.00 per share

- 2026-03: KRW 86,700.00 per share

- 2026-04: KRW 99,200.00 per share

- 2026-05: KRW 80,200.00 per share

- 2026-06: KRW 64,400.00 per share

- 2026-07: KRW 71,200.00 per share

- 2026-08: KRW 81,900.00 per share

- 2026-09: KRW 77,600.00 per share

- 2026-10: KRW 63,900.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 17,296.61 per share, central KRW 19,577.59 per share, high KRW 22,614.06 per share

- FY2017: low KRW 27,005.02 per share, central KRW 30,710.59 per share, high KRW 35,643.49 per share

- FY2018: low KRW 27,925.00 per share, central KRW 31,741.94 per share, high KRW 36,823.11 per share

- FY2019: low KRW 25,447.55 per share, central KRW 28,819.87 per share, high KRW 33,309.15 per share

- FY2020: low KRW 30,488.24 per share, central KRW 34,524.19 per share, high KRW 39,896.89 per share

- FY2021: low KRW 41,798.67 per share, central KRW 47,259.79 per share, high KRW 54,529.69 per share

- FY2022: low KRW 88,858.99 per share, central KRW 124,583.25 per share, high KRW 145,731.00 per share

- FY2023: low KRW 92,094.38 per share, central KRW 122,911.44 per share, high KRW 141,991.64 per share

- FY2024: low KRW 115,751.33 per share, central KRW 161,131.58 per share, high KRW 187,556.57 per share

- FY2025: low KRW 104,447.32 per share, central KRW 145,587.16 per share, high KRW 170,001.62 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 2026-10-15T06:48:49.638Z 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