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KREDKRED
103140KOSPI

Poongsan

65,600
-2,400 (-3.53%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Poongsan was established in 2008 through a corporate split from Poongsan Holdings. The company is listed on the KOSPI market and is headquartered in Seoul.

The company operates in the copper alloy and defense business segments. It produces copper and copper alloy sheets, strips, lead frame materials, and coins, as well as military and sports ammunition and precision forgings. It distributes these products globally through domestic and overseas subsidiaries.

Business overview as filed

당사 사업부문을 요약하면, 신동사업 부문에서는 동 및 동합금 소재로 판ㆍ대, 리드프레임 소재, 봉ㆍ선, 주화용 소전을 생산하고 있으며, 방산사업 부문에서는 소구경탄에서부터 대구경까지 이르는 각종 군용 탄약과 스포츠용 탄약, 추친화약 및 탄약 부분품, 정밀 단조품 등을 생산하고 있습니다.주요 종속회사로는 PMX Industries, Inc., Siam Poongsan Metal Co., Ltd., PMC Ammunition, Inc., ㈜ 풍산FNS 등이 있으며, 국내외 현지법인을 통해 미국, 중국, 동남아 등 주요 지역에 생산ㆍ판매 라인을 구축하여 글로벌 시장 점유율 확대를 추진하고 있습니다.

당사 및 주요 종속회사는 전기동, 아연, 니켈지금 및 동 Scrap 등을 주요 원재료로 사용하고 있으며, 비철금속이 거래되는 금속거래소의 가격변동에 따라 손익에 영향을 받을수 있으나, 원재료의 안정적 수급을 위한 1년 단위의 장기계약을 진행하고, Metal가격 변동 위험에 대비를 위해 판매 계약 및 보유 재고자산에 대한 선물거래를 통해 리스크를 관리하고 있습니다. 또한, Scrap 투입 비율 확대를 통해 원료의 재활용을 통한 자원의 순환경제와 원가경쟁력을 높이기 위해 노력하고 있습니다.당기 전체 매출은 3조 8,491억원으로 신동 및 방산 부문의 매출 비중은 각각 69%, 31%를 차지하였습니다. 사업부문별로 매출현황을 보면 신동부문은 183,240M/T판매, 2조 6,623억원의 매출액을 기록하여, 전년 동기대비 각각 2.6% 증가, 14.6% 증가하였습니다. 방산부문은 매출액 1조 1,868억원을 기록하여 전년 동기대비 0.7% 증가하였습니다.

Company overview

가. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 『주식회사 풍산』이고, 영문으로는 『POONGSAN CORPORATION』이라 표기합니다.

다. 설립일자 및 존속기간

당사는 1968년 10월 설립된 (주)풍산홀딩스『 구, (주)풍산』으로 부터 2008년 7월 1일 인적분할하여 설립되었으며, 2008년 7월 30일 한국거래소 유가증권시장에 주식을 재상장하였습니다.

라. 본사의 주소 등

(1) 주 소 : 서울특별시 서대문구 충정로 23 풍산빌딩* 업무상 본사소재지이며, 법인등기부등본의 본점소재지는 경기도 평택시 포승읍 평택항로156번길 134입니다.(2) 전화번호 : 02)3406-5114(3) 홈페이지 : https://www.poongsan.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사 및 연결회사는 신동사업 부문과 방산사업 부문으로 크게 나눌 수 있습니다. 신동사업 부문에서는 동 및 동합금 판ㆍ대, 리드프레임 소재, 봉ㆍ선, 주화용 소전 등을 생산하고 있으며, 방산사업 부문에서는 소구경에서부터 대구경까지 이르는 각종 군용 탄약과 스포츠용 탄약, 추진화약 및 탄약 부분품, 정밀 단조품 등을 생산하고 있습니다. 또한 신규 Alloy, 탄약 기능 개발과 새로운 분야인 전투드론 개발을 위해 지속적인 연구개발을 추진하고 있습니다.주요 종속회사로는 PMX Industries, Inc., Siam Poongsan Metal Co., Ltd., PMC Ammunition, Inc., ㈜풍산FNS 등이 있으며, 국내외 현지법인을 통해 미국, 중국, 동남아 등 주요 지역에 생산ㆍ판매 라인을 구축하여 글로벌 시장 점유율 확대를 추진하고 있습니다.

사. 신용평가에 관한 사항

(1) 최근 3년간 신용평가 등급 내역당사는 기발행된 회사채 및 기업어음에 대한 정기평정 및 회사채 등의 신규 발행등의목적을 위한 본평정을 신용평가 전문 기관으로부터 평가받고 있으며, 회사는 보고서 제출일 기준 현재 한국신용평가, NICE신용평가로부터 받은 등급은 회사채 A+, 기업어음 A2+ 등급입니다. 평가 회차별 상세내용은 다음과 같습니다.

(2) 신용평가 등급 체계□회사채(장기)

□ 기업어음(단기)

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

4.77%
[3.18%, 7.13%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 56.4% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.46
Beta [0.29, 0.63] · KOSPI200 · As of 2026-10-08
Intercept
-0.360%[-0.778%, +0.057%]
R squared
0.19
Observations
252
Trading-time corrected beta
0.35[-0.01, 0.71]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M28,19728,31829,45027,74524,51325,93635,09543,73041,25345,54450,48653,399
Revenue growth%—0.434.00-5.79-11.655.8135.3124.60-5.6610.4010.85—
Operating incomeKRW 100M1,1112,1782,4111,0754111,2123,1412,3162,2863,2382,9743,495
Operating income growth%—96.1210.68-55.41-61.73194.61159.16-26.27-1.2941.61-8.14—
Net incomeKRW 100M517—1,5076211767192,4341,7531,5642,3601,4722,019
Net income growth%———-58.79-71.62307.97238.47-27.99-10.7450.89-37.65—
Attributable to ownersKRW 100M————————1,5642,3601,4722,019
Attributable to minoritiesKRW 100M————————0000
Operating margin%3.947.698.193.871.684.678.955.305.547.115.896.55
Net margin%1.83—5.122.240.722.776.944.013.795.182.913.78
ROE%————————7.9610.736.408.26
ROA%1.98—5.522.330.692.827.735.164.275.763.404.03
Debt ratio%138.57119.86108.5093.4485.1876.4486.7784.3086.2086.2788.38104.75
Current ratio%131.99143.30144.20162.14163.12174.23167.69180.08165.61188.57190.52173.41
Quick ratio%55.5666.4059.1958.3959.6868.4760.9672.3674.8581.1978.5962.80
Reserve ratio%——840.26882.96875.74931.301,090.581,205.821,291.381,416.761,489.241,575.71
Free cash flowKRW 100M————————5,601-1,560-3,532—
FCF margin%————————13.58-3.43-7.00—
OCF conversion%————————445.0216.90-114.49—
Capex to revenue%————————3.304.303.66—
Inventory daysdays—109.9113.6124.4133.9124.2119.7111.4120.4124.5125.7—
Payable daysdays————16.013.213.410.6————
EPSKRW1,8414,912——————5,7278,6425,3887,204
PERx—8.25——————6.845.7819.778.94
BPSKRW—43,99046,64049,14449,30651,53960,07465,65970,15278,47882,00587,231
PBRx—0.921.020.560.480.540.520.510.560.641.300.74
Dividend per shareKRW5007008006004006001,0001,0001,200—2,600—
Payout ratio%27.1614.25——————20.95—48.26—

Consolidated basis

Profit flowKRW 100M

Revenue
50,486
Cost of sales
44,738
Gross profit
5,748
Operating income
2,974
Other
2,773
Profit before tax
2,355
Non-operating expenses
619
Net income
1,472
Income tax expense
884

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
26,07627,14927,29526,68125,62525,52031,48333,95336,60640,96643,292
15,14614,80114,20412,88811,78711,05614,62615,53116,94718,97320,311
10,93012,34813,09113,79313,83814,46416,85618,42219,66021,99322,981

Income statement

20152016201720182019202020212022202320242025
28,19728,31829,45027,74524,51325,93635,09543,73041,25345,54450,486
1,1112,1782,4111,0754111,2123,1412,3162,2863,2382,974
Not applicableNot applicable2,0488742639903,0682,1982,0113,1832,355
517Not applicable1,5076211767192,4341,7531,5642,3601,472
Basic earnings per shareKRW1,8414,912Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable5,7278,6425,388
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
6151,5599409632147182,5602,0851,5322,6611,698

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement517—1,5076211767192,4341,7531,5642,3601,472
Total adjustments to operating cash flowcomputed————————5,397-1,961-3,156
Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable6,962399-1,685
Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable-1,368-2,168-1,774
Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable-3,0648992,785
Cash at beginning of periodKRW 100MNot applicableNot applicable7335685577057941,2621,5484,0793,452
Not applicableNot applicable5685577057941,2621,5484,0793,4522,391
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable-164-12148894692862,531-627-1,061

In the latest fiscal year operations and investing consumed cash raised through financing activities.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 18한영회계법인2025-12-31
2024적정의견Term 17한영회계법인2025-12-31
2023적정의견Term 16한영회계법인2025-12-31
2022적정Term 15삼정회계법인2022-12-31
2021적정Term 14삼정회계법인2022-12-31
2020적정Term 13삼정회계법인2022-12-31
2019적정Term 12한영회계법인2019-12-31
2018적정Term 11한영회계법인2019-12-31
2017적정Term 10한영회계법인2019-12-31
2016적정Term 9한영회계법인2016-12-31
2015적정Term 8한영회계법인2016-12-31
2014적정Term 7한영회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.56
%
%
Cost of equity7.18%
Weighted average cost of capital—
Initial growth3.3%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW65,600

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model51,165-22.0%
Dividend discount model DDM52,752-19.6%
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM69,099+5.3%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.56 × 5.00% = 7.18%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(6.40% × (1 − 48.26%), 0) = 3.31%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 2,600 × (1 + 2.00%) / (7.18% − 2.00%) = 2,652 / 0.0518 = 51,165 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 2,600, g_1 = 3.31%, g_T = 2.00%, r = 7.18%

YearGrowthDividend KRWDiscount factorPresent value KRW
13.31%2,6860.93302,506
22.99%2,7660.87052,408
32.66%2,8400.81212,306
42.33%2,9060.75772,202
52.00%2,9640.70692,095
Terminal value2.00%58,3300.706941,234
Total52,752

P_0 = 52,752 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 82,005 KRW, ROE = 6.40%, payout ratio = 48.26%, r = 7.18%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
182,0055,2515,891-6390.9330-596
284,7225,4256,086-6600.8705-575
387,5305,6056,287-6820.8121-554
490,4305,7916,496-7050.7577-534
593,4265,9836,711-7280.7069-515
Terminal value-14,3320.7069-10,132

P_0 = 82,005 + -2,774 + -10,132 = 69,099 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list