DEEP RESEARCH · KISWIRE

Kiswire: Where Deep Value Meets Superconducting Energy Optionality

A combined view of wire-rope cash flow and KAT/EnableFusion nuclear-fusion optionality

Date: 2025-12-29 · Value plus deep-tech transition view · Naver Blog source

0. Bottom line first

1. Manufacturing base

Official fact: Kiswire was founded on September 22, 1945, and produces wire rope and specialty wire. As of 2025 3Q it had 24 consolidated subsidiaries and production bases in the United States, Malaysia, China, Vietnam, and other regions.

Interpretation: The company is in mature industries, but it emphasizes quality-sensitive niches such as offshore rope, long-span bridge cables, and high-strength tire reinforcement.

2. Governance and third-generation management

Official fact: President Hong Seok-pyo, born in 1979 and the eldest son of Chairman Hong Young-chul, is presented as the largest shareholder with 20.07% as of end-September 2025. Chairman Hong holds 11.49%, and related parties hold 67.73%.

Interpretation: With succession stabilized, shareholder returns and Korea’s value-up theme become more important.

3. Two industry cycles

Traditional demand faces high rates and China-property weakness, but special infrastructure and offshore projects remain quality-driven. EV transition reduces some engine-related demand while increasing need for stronger tire reinforcement.

Official fact: The source cites fusion-market scenarios of USD 40bn-80bn around 2035 and more than USD 350bn by 2050 if milestones are achieved. It also notes expected double-digit growth for superconducting wire.

4. KAT and fusion track record

Official fact: KAT was founded in 2004 as a wholly owned superconducting-wire subsidiary. The source says KAT supplied about 137 tons, around USD 150mn, of Nb3Sn wire for ITER TF and CS coils during 2009-2016. For DTT, it supplied 55 tons under the first contract and signed a second contract in April 2025 worth EUR 16mn, about KRW 24.0bn, for 18.4 tons of CS-coil wire.

Interpretation: KAT’s value rises if it expands from research-grade special materials into commercial fusion, MRI, and power equipment.

5. Earnings and margin of safety

6. Valuation and risks

The source gives a December 2025 market cap of about KRW 564.3bn, share price near KRW 20,900, PBR of 0.31x, and PER of about 10.7x. It compares DSR Steel at 0.31x PBR and 2.46x PER, and Manho Rope & Wire at 0.77x PBR and loss-making.

• KAT orders, FCC/private-fusion projects, and a possible long-term KAT IPO are re-rating triggers.
• EnableFusion must prove it can connect turnkey fusion projects to Korea’s supply chain.
• Without stronger shareholder returns, the low-PBR discount can persist.
• Steel, auto, offshore cyclicality and fusion commercialization delays are risks.