Rahul Jain

Equity Bottom-Up

<ul>
<li>After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.</li>
<li>The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.</li>
<li>Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.</li>
</ul>


After peaking in 2021, POSCO’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.
The group is gradually pivoting toward battery materials and EV supply chains via POSCO Future M, backed by large investments in lithium, cathodes, and green hydrogen.
Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.


ポスコホールディングス（KRX: 005490.KQ | NYSE: PKX）：高い価値を持つ移行期の鉄鋼大手

POSCO Holdings

ポスコホールディングス（KRX: 005490.KQ | NYSE: PKX）：高い価値を持つ移行期の鉄鋼大手