Positioning no disclosures inside 60 days, left as found
Options put/call open interest 8.25, read 2026-11-05
Ethical passes the values gate
Price51.60 USD
Fair value58.38Our model only; only one analyst covers it, too few to cross-check it.
Ethical score70.0/100
Value readUndervaluedas of 4 Nov 2026
Our investment reviews on this name
2026-10-11Read Distribution56.75-9.1% to today ✓Markdown gives way to Distribution
2026-10-02Read Markdown58.07-11.1% to today ✓Accumulation gives way to Markdown after a 5% slide in 3 weeks
2026-09-09Read Accumulation61.43-16.0% to today Distribution gives way to Accumulation
2026-07-02Read Distribution63.32-18.5% to today ✓First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
POSCO Holdings Inc ADR holds its Distribution at $51.60. Consolidating, no directional conviction, held for 45 days.
As held on the ledger · 2026-11-04
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 45 days
Price at the screen
$51.60
Valuation
16.12 trailing · 8.78 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.68
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
28.33%
Below 33%
Interest-bearing debt is just 28.3% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
2.34%
Below 33%
Cash held in interest-bearing accounts and securities is 2.3% of assets, under the one-third limit.
Pass
Receivables
16.32%
Below 49%
Money owed to the company is 16.3% of assets, under the 49% limit.
Pass
Revenue purity
0.77%
Below 5%
Only 0.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
POSCO clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 28%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Get an email when PKX's ethical verdict changes
Today PKX passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our model only; only one analyst covers it, too few to cross-check it.
Our analysis reads Undervalued vs our fair value, as of 4 Nov 2026: it trades at roughly a 12% discount to our $58.38 fair value, narrow competitive moat, 9.70% revenue growth.
Fair value range in USD, drawn from the 2026-11-04 screen. The gold marker is the market price at the same screen. A 11.6% discount to the base estimate.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Where our models see it going: fair-value estimate $58.38, with a range of $58.38 to $67.14, dated to the 2026-11-04 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Steel Slumps Expose the Limits of Cheap Multiples
Picture a blast furnace that only runs hot when Asian construction booms. POSCO sits in exactly that spot. Revenue inches forward at 2 percent, margins sit at 1 percent and return on equity barely clears 1 percent, yet the shares trade at 9.5 times forward earnings. The low multiple looks tempting until you remember this is a cyclical steel business whose peak earnings rarely last.
We pass. A narrow moat offers little protection when global steel prices turn, and the modest growth and thin returns suggest the current valuation already prices in average cycles rather than a bargain. One analyst target sits higher, yet the numbers do not point to durable outperformance once volumes normalise.
The real risk is the classic value trap: earnings peak, the multiple compresses further and capital stays tied up for years. Ethical checks clear, but opportunity does not. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day; its business and earnings are exposed to South Korea and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
PKX trades on the NYSE (the company is based in South Korea). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Distribution$49.67-10.0%Entry 10
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (1 analysts) rates it none, with a mean price target of $85.
2026-10-25Distribution$55.21+0.0%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading bearish. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (1 analysts) rates it none, with a mean price target of $85.
2026-10-18Distribution$55.21-2.7%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (1 analysts) rates it none, with a mean price target of $85.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (1 analysts) rates it none, with a mean price target of $85.
2026-10-02Markdown · changed$58.07-5.5%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (1 analysts) rates it none, with a mean price target of $85.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 20.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (1 analysts) rates it none, with a mean price target of $85.
2026-08-08Distribution$51.20-19.1%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 19.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (1 analysts) rates it none, with a mean price target of $85.
2026-07-18Distribution$63.32+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 12% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 22%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (1 analysts) rates it none, with a mean price target of $85.
2026-07-03Distribution$63.32+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Distribution$63.32Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
