# Hyosung Advanced Materials (298050.KO)

Canonical: https://gigainvestors.com/s/298050.KO

Analysis as of: 2026-10-16T07:46:56.450Z. Financial observations: FY2018–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

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

Share price: KRW 150,300.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 0.49×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: 0.01×

- FY2021: 0.12×

- FY2022: 0.08×

- FY2023: 0.05×

- FY2024: 0.07×

- FY2025: 0.05×

- LTM to Jun 2026: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 11.5%

- Recent gross margin (lower of latest and 3-year median): 10.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.3%

- ROIC including acquisitions, ten-year median: -1.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 2.7%

- FY2019: 5.1%

- FY2020: 1.8%

- FY2021: 16.7%

- FY2022: 10.3%

- FY2023: 4.8%

- FY2024: 4.8%

- FY2025: 3.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.39×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 177B

- Net income, five-year total: KRW 449B

- Return on incremental invested capital: 9.3%

- Working capital / revenue, annual change: -0.9 pp

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

- FY2021: 1.12×

- FY2022: 0.99×

- FY2023: -3.21×

- FY2024: -1.09×

- FY2025: 1.33×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.7% vs 4.8%

- Per-share earnings: -5922.54 to 10057.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: KRW 351B

- Cumulative retained earnings: KRW 300B

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW 16K

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

- Per-share value, ending three-year median: KRW 10K

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 2.7%

- ROIC, last three-year median: 4.8%

Chart: Earnings per share; fiscal year observations.

- FY2018: KRW -6K

- FY2019: KRW -16K

- FY2020: KRW 17.60

- FY2021: KRW 56K

- FY2022: KRW 28K

- FY2023: KRW 10K

- FY2024: KRW 11K

- FY2025: KRW -5K

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -7.2%

- FY2019: -7.8%

- FY2020: -13.1%

- FY2021: 0.6%

- FY2022: -7.7%

- FY2023: -10.1%

- FY2024: -7.3%

- FY2025: -5.9%

## Holders

## Price story

Down 79% since Oct 2021 · sales +2.6%

Story as of 2026-10-16T10:00:13.608Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: KRW 1.77T 

- FY2019: KRW 3.05T 

- FY2020: KRW 2.39T 

- FY2021: KRW 3.60T 

- FY2022: KRW 3.84T 

- FY2023: KRW 3.20T 

- FY2024: KRW 3.31T 

- FY2025: KRW 3.28T 

- FY2026: KRW 3.37T 

### Gross margin · FY2025

gross margin 10.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 10.3% 

- FY2019: 11.7% 

- FY2020: 8.7% 

- FY2021: 17.7% 

- FY2022: 13.6% 

- FY2023: 11.3% 

- FY2024: 12.3% 

- FY2025: 10.8% 

## Owner memo

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

### How it makes money

Operates in textile manufacturing; annual sales are KRW 3.3 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); FY2025: revenue 3283044948850; grossProfit 353206642300; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 298050.KO: HS Hyosung Advanced Materials Corporation, together with its subsidiaries, engages in the business of industrial materials in Korea, Asia, Europe, and internationally. It offers textile cords, including PET, nylon, and aramid and hybrid tire cords, as well as steel cords and bead wires for tire reinforcement. The company also provides automotive yarns comprising polyester yarn for seatbelts and airbag yarns; and industrial yarns, such as sewing threads, recycled PET sewing threads, and fine denier yarns. In addition, it offers automotive carpets that include floor and optional mats; commercial carpets, which consist of swan roll carpets, swan tile carpets, and swan mats; and yarns for carpets, including nylon BCF, PET BCF, and polypropylene BCF yarns. Further, the company provides carbon materials comprising standard modulus, intermediate modulus, and tensile carbon fiber products under the TANSOME brand name; aramid yarn under the ALKEX brand name; and airbag fabrics and cushions. It serves various industries, such as the automobile, civil engineering, architecture, construction, and transportation industries. The company was formerly known as Hyosung Advanced Materials Corporation and changed its name to HS Hyosung Advanced Materials Corporation in September 2024. HS Hyosung Advanced Materials Corporation is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 10.8% to 12.3% during 2023–25; it earns 4.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); FY2023: grossProfit / revenue = 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); FY2024: grossProfit / revenue = 12.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); FY2025: grossProfit / revenue = 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); 8-year return on capital observations [[2018,0.0267195418900013],[2019,0.05053668693791],[2020,0.01834706091839132],[2021,0.1665483715820285],[2022,0.10271081915737006],[2023,0.048301490742836746],[2024,0.04762876237097769],[2025,0.03127730872816354]]; median 0.04796512655690722. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); FY2020: growth capex 0; upkeep 160998620160; owner earnings 13183760370. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); FY2021: growth capex 0; upkeep 148160520440; owner earnings 281232317340. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); FY2022: growth capex 42406130520; upkeep 185531000000; owner earnings 123660421860.14417. Growth capex / owner earnings = 0.3429240324601183.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); Dividend observations: [[2018,17574931350],[2019,17574931350],[2020,18159498660],[2021,17275364360],[2022,135356610760],[2023,97686772990],[2024,29231851280],[2025,73279184480]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 53.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 298050.KO SharesStats.PercentInsiders = 53.391 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:46:56.450Z); Closing price 150300 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 734765.8905999372; price multiple 0.20455494998179607. FY2025 cash earnings/share -6464.025868866115. Closing-price date 2026-10-15.

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

- 2018-07: KRW 170,000.00 per share

- 2018-08: KRW 160,000.00 per share

- 2018-09: KRW 141,500.00 per share

- 2018-10: KRW 104,500.00 per share

- 2018-11: KRW 110,000.00 per share

- 2018-12: KRW 103,000.00 per share

- 2019-01: KRW 114,500.00 per share

- 2019-02: KRW 117,500.00 per share

- 2019-03: KRW 125,500.00 per share

- 2019-04: KRW 129,500.00 per share

- 2019-05: KRW 110,000.00 per share

- 2019-06: KRW 119,500.00 per share

- 2019-07: KRW 117,000.00 per share

- 2019-08: KRW 135,500.00 per share

- 2019-09: KRW 123,000.00 per share

- 2019-10: KRW 109,500.00 per share

- 2019-11: KRW 103,500.00 per share

- 2019-12: KRW 111,000.00 per share

- 2020-01: KRW 99,600.00 per share

- 2020-02: KRW 82,400.00 per share

- 2020-03: KRW 61,100.00 per share

- 2020-04: KRW 81,500.00 per share

- 2020-05: KRW 83,200.00 per share

- 2020-06: KRW 114,000.00 per share

- 2020-07: KRW 132,000.00 per share

- 2020-08: KRW 136,000.00 per share

- 2020-09: KRW 139,500.00 per share

- 2020-10: KRW 133,500.00 per share

- 2020-11: KRW 148,000.00 per share

- 2020-12: KRW 149,000.00 per share

- 2021-01: KRW 226,500.00 per share

- 2021-02: KRW 292,500.00 per share

- 2021-03: KRW 380,500.00 per share

- 2021-04: KRW 383,000.00 per share

- 2021-05: KRW 377,000.00 per share

- 2021-06: KRW 440,500.00 per share

- 2021-07: KRW 614,000.00 per share

- 2021-08: KRW 619,000.00 per share

- 2021-09: KRW 733,000.00 per share

- 2021-10: KRW 709,000.00 per share

- 2021-11: KRW 598,000.00 per share

- 2021-12: KRW 596,000.00 per share

- 2022-01: KRW 423,000.00 per share

- 2022-02: KRW 464,000.00 per share

- 2022-03: KRW 521,000.00 per share

- 2022-04: KRW 478,000.00 per share

- 2022-05: KRW 520,000.00 per share

- 2022-06: KRW 380,500.00 per share

- 2022-07: KRW 393,000.00 per share

- 2022-08: KRW 424,000.00 per share

- 2022-09: KRW 307,500.00 per share

- 2022-10: KRW 319,000.00 per share

- 2022-11: KRW 393,500.00 per share

- 2022-12: KRW 333,500.00 per share

- 2023-01: KRW 383,000.00 per share

- 2023-02: KRW 411,000.00 per share

- 2023-03: KRW 432,000.00 per share

- 2023-04: KRW 388,500.00 per share

- 2023-05: KRW 446,500.00 per share

- 2023-06: KRW 460,500.00 per share

- 2023-07: KRW 475,000.00 per share

- 2023-08: KRW 452,000.00 per share

- 2023-09: KRW 392,500.00 per share

- 2023-10: KRW 357,000.00 per share

- 2023-11: KRW 394,500.00 per share

- 2023-12: KRW 399,500.00 per share

- 2024-01: KRW 326,500.00 per share

- 2024-02: KRW 333,500.00 per share

- 2024-03: KRW 342,000.00 per share

- 2024-04: KRW 367,500.00 per share

- 2024-05: KRW 372,000.00 per share

- 2024-06: KRW 378,000.00 per share

- 2024-07: KRW 312,000.00 per share

- 2024-08: KRW 283,000.00 per share

- 2024-09: KRW 289,500.00 per share

- 2024-10: KRW 266,000.00 per share

- 2024-11: KRW 168,800.00 per share

- 2024-12: KRW 174,600.00 per share

- 2025-01: KRW 176,100.00 per share

- 2025-02: KRW 187,100.00 per share

- 2025-03: KRW 174,200.00 per share

- 2025-04: KRW 177,800.00 per share

- 2025-05: KRW 199,100.00 per share

- 2025-06: KRW 208,500.00 per share

- 2025-07: KRW 197,600.00 per share

- 2025-08: KRW 190,100.00 per share

- 2025-09: KRW 180,100.00 per share

- 2025-10: KRW 185,200.00 per share

- 2025-11: KRW 196,900.00 per share

- 2025-12: KRW 181,600.00 per share

- 2026-01: KRW 237,000.00 per share

- 2026-02: KRW 251,000.00 per share

- 2026-03: KRW 220,000.00 per share

- 2026-04: KRW 269,500.00 per share

- 2026-05: KRW 210,500.00 per share

- 2026-06: KRW 160,100.00 per share

- 2026-07: KRW 160,800.00 per share

- 2026-08: KRW 179,800.00 per share

- 2026-09: KRW 162,100.00 per share

- 2026-10: KRW 156,200.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 51,737.81 per share, central KRW 58,871.32 per share, high KRW 68,367.54 per share

- FY2023: low KRW 43,131.20 per share, central KRW 49,078.05 per share, high KRW 56,994.57 per share

- FY2024: low KRW 44,596.68 per share, central KRW 50,745.59 per share, high KRW 58,931.09 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

## 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.