Poongsan (103140)
Poongsan (103140) is a KOSPI-listed Korean manufacturer with two businesses: a non-ferrous division that fabricates copper and copper-alloy products, and a defense division that makes ammunition, including the 155mm shells for the K9 howitzer. In ETFpedia it represents the Korea defense concept as the country’s primary ammunition supplier.
| Ticker | 103140 |
|---|---|
| Exchange | KOSPI |
| Sector | Defense · Ammunition & Non-Ferrous Copper |
| Country | South Korea |
| Wikidata | Q12622086 |
| Last updated | 2026-06-04 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Korean issuers do not pre-announce earnings dates. Last report: Q1 2026 분기보고서 filed 2026-05-15. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-15)
Poongsan grew Q1 2026 revenue 10% year over year to ₩1.27T, with operating profit up 29% to ₩902억 and net income up 88% to ₩780억, helped by firm defense demand and higher copper prices.
| Revenue | ₩1.27T+10%YoY |
|---|---|
| Operating profit | ₩902억+29%YoY |
| Net income | ₩780억+88%YoY |
Revenue by segment
| Non-ferrous / copper (신동) | about 70% of revenue |
|---|---|
| Defense (ammunition) | about 30% of revenue |
Recent & upcoming events
- · FY2025 results filed.Full-year 2025 revenue rose 11% to ₩5.05T, but operating profit fell 8% to ₩2,974억 and net income fell 38% to ₩1,472억, as the copper division's input-cost swings offset growth in defense. (source)
- · ₩3,585억 155mm shell supply contract.Signed an additional roughly ₩3,585억 contract to supply 155mm artillery shells tied to Hanwha Aerospace's K9 howitzer exports, on top of an earlier ₩1,647억 deal. (source)
Figures are from Poongsan's DART filings (consolidated). The 70/30 copper/defense revenue split and 25/75 operating-profit split are from Korean reporting on the FY2024 mix; treat as approximate, not the latest quarter.
Figures are as of 2026-05-15 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Poongsan do?
Poongsan is really two companies under one ticker. Its non-ferrous division, known in Korean as 신동, fabricates copper and copper-alloy products: sheet and strip, rod and wire, lead frames for semiconductors, and the coin blanks that turn up in currencies around the world. Its defense division makes ammunition, from 155mm artillery shells and 120mm tank rounds down to commercial sporting cartridges. The split matters for reading the financials: copper is the larger revenue line, but it is a thin-margin, commodity-priced business, while defense is the smaller line that carries most of the profit. Korean reporting on the recent business mix put copper at roughly 70% of revenue but only about a quarter of operating profit, with defense the reverse (Business Post).
Why is Poongsan a Korea defense company?
The K-defense export story is usually about big platforms, but every howitzer needs shells and every tank needs rounds, and in Korea that means Poongsan. It supplies the 155mm artillery shells fired by Hanwha Aerospace’s K9 howitzer and the 120mm rounds for Hyundai Rotem’s K2 tank, so its defense order book scales with the same export wave that lifts the platform makers. That linkage is why Poongsan sits in the Korea defense concept, and it has been showing up in contracts.
“Poongsan signed a roughly ₩358.5 billion contract in February 2025 to supply 155mm shells tied to Hanwha Aerospace’s K9 self-propelled howitzer exports, adding to an earlier ₩164.7 billion deal.”
What did Poongsan report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Poongsan grew revenue 10% year over year to ₩1.27T, with operating profit up 29% to ₩902억 and net income up 88% to ₩780억, helped by firm defense demand and higher copper prices (DART 분기보고서). The quarter is a cleaner picture than the full year: for 2025, revenue rose 11% to ₩5.05T, but operating profit fell 8% to ₩2,974억 and net income fell 38% to ₩1,472억 (DART 사업보고서), as copper-price swings and the timing of metal gains and losses weighed on the non-ferrous side even while defense grew. The takeaway is that Poongsan’s reported profit can move with the copper market as much as with its order book.
What are the risks for Poongsan?
- Copper-price exposure. The larger non-ferrous division is a commodity business, so reported profit swings with copper prices and inventory valuation, as the FY2025 operating-profit decline shows.
- Lumpy defense orders. Ammunition contracts tied to platform exports come in large, irregular blocks, so revenue and backlog can be uneven quarter to quarter.
- Export and policy dependence. Much of the defense upside depends on Korean platform exports and government budgets continuing at their recent pace.
- Ownership and structural change. Korean media have reported on potential consolidation of Korea’s ammunition supply chain, which could reshape Poongsan’s defense business; the company’s own filings remain the authoritative source.
Related securities, concepts & terms
- Korea Defense Industryparent
- SNT Dynamics (003570)sibling
Related indices & ETFs
- Akros Korea Defense Index · AkrosPoongsan is a representative member of the Korea defense concept.
Frequently asked questions about Poongsan
What does Poongsan do?
Poongsan runs two businesses. Its non-ferrous (신동) division fabricates copper and copper-alloy products such as sheet, strip, rod, wire, lead frames, and coin blanks. Its defense division makes ammunition, including 155mm artillery shells for K9 howitzers and 120mm rounds for K2 tanks, plus commercial sporting ammunition. Copper is the larger revenue line, but defense carries most of the profit.
Why is Poongsan part of the Korea defense theme?
Poongsan is Korea's primary ammunition maker, so it rides the same export wave as the platform makers. It supplies the 155mm shells fired by Hanwha Aerospace's K9 howitzer and the 120mm rounds for Hyundai Rotem's K2 tank, which makes it a representative member of the Korea defense concept even though its single largest segment is industrial copper.
What was Poongsan's latest revenue?
In Q1 2026 (ended March 31, 2026) Poongsan reported revenue of ₩1.27T, up 10% year over year, with operating profit up 29% to ₩902억 and net income up 88% to ₩780억 (DART 분기보고서). For full-year 2025, revenue rose 11% to ₩5.05T while operating profit fell 8% to ₩2,974억.
When does Poongsan next report earnings?
Poongsan is expected to file its H1 2026 semi-annual report (반기보고서) around August 14, 2026. That date is estimated from Korea's 45-day semi-annual filing deadline and is not company-confirmed; Korean issuers do not pre-announce earnings dates. It last reported Q1 2026 results on May 15, 2026.
Sources & references
- Poongsan Q1 2026 quarterly report (분기보고서 2026.03) · DART / Financial Supervisory Service, 2026-05-15
- Poongsan FY2025 business report (사업보고서 2025.12) · DART / Financial Supervisory Service, 2026-03-12
- Poongsan rides the K-defense export boom in ammunition and shells · Business Post (비즈니스포스트), 2026-01-21
- Shell orders rise and copper prices climb: a double tailwind for Poongsan · Maeil Business / Daum News (매일경제), 2025-07-04