Kyungbang is a company whose name points to an old textile business but which actually earns its money from urban real estate and retail. Revenue splits roughly half and half between textiles and rental/retail, but profit effectively comes from rental and retail. Its core asset is the Times Square complex mall in Yeongdeungpo, and it also operates locations in Hongdae, Sillim, and Dongtan. A dividend of ₩160 per share was confirmed at the March shareholder meeting, and the May first-quarter report confirmed a surge in profit. The company is winding down its loss-making textile operations through production halts and factory sales, shifting its weight toward real estate and rental. What stands out lately is that, as an asset-heavy company whose urban real estate (including Times Square) may be worth more than its market cap, it trades at a P/B of 0.26x, profit has swung from loss to gain, and this year's forward P/E of about 3.8x is lower than peers (Ilshin Spinning 6.6x, BYC 10.5x), all clear strengths, while the real-estate value sits buried in the books and may take time for the market to recognize, and the profit stream could wobble during the wind-down of the textile business.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 70.5%).
- Revenue rose 3.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.6% higher than a year earlier.
- ROE is 5.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.2%.
- The P/E sits below the sector median.
Ownership & governance As of 2020-12-31
Largest shareholder Kim Dam 20.98% (individual)
Controlling bloc incl. related parties 59.06%
With the controlling bloc holding 59%, control is very secure but the free float is thin.
🔎 In-depth analysis
- By its business name Kyungbang looks like an old textile (spinning) company, but the place it actually makes money is real estate and retail.
- Revenue splits roughly half and half between a textile division that makes and sells cotton yarn and the like and a mall/rental division, but the textile side posts losses year after year, and profit effectively comes from rental and retail.
- The core asset is the Times Square complex mall in Yeongdeungpo, which opened in 2009, and it also operates locations such as 'EX:T' in Hongdae, 'Time Stream' in Sillim, and 'Time Terrace' in Dongtan.
- In short, it owns large tracts of land and buildings in the heart of the city and collects rent and retail income from them, so it is closer in reality to a rental-and-retail operator sitting on real estate than to a manufacturer.
- The latest close is ₩8,010 and the market cap is ₩219.6 billion.
- The price sits below its 20-day line (₩8,154) and below its 60-day line (₩9,020).
- Trading below both its short- and medium-term moving averages, the trend is on the depressed side.
- The RSI (an auxiliary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 43.6, a neutral level.
- The one-month change is -1.7%, the three-month change is -10.0%, and the price sits -33.6% from its 52-week high.
- Relative strength versus the KOSPI is 31 (on a 1-99 scale, computed from the past year's return against the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 70% of all stocks by strength.
- Over the past three months it has trailed the index by 30.0%.
- It is best to read the chart alongside trading volume and disclosure dates.
- The valuation metrics are distinctly low.
- The P/E (share price divided by one year's net profit) is 4.63x and the P/B (share price divided by net assets per share) is 0.27x, meaning it trades at less than a third of its equity (net assets of about ₩29,613 per share).
- Especially for a company like this, which has held urban real estate for a long time, the book value of assets often fails to capture the true market value, so a low P/B is naturally read as a sign that the share price is cheap relative to assets.
- On profitability, the ROE (annual return on equity) of 5.8% is above its peer average, the operating margin is 11.2%, and the dividend yield is about 1.9% (₩160 per share).
- On the balance sheet the debt ratio (debt to equity) of 54.7% is not excessive.
- The current ratio of 70.5% means assets that can be turned into cash immediately are somewhat less than debts due within a year, which is common at a rental-and-real-estate company where a large share of assets is tied up in real estate that cannot be sold quickly, and is best read together.
- That said, the P/E of 4.4x is on a trailing basis (last year's confirmed results), so for this company, whose profit improved quickly, it is more accurate to look again on a forward (this-year) basis.
- This is a company whose profit hit bottom and has climbed clearly.
- Net profit rose from about -₩13.5 billion (a loss) in 2023 to +₩23.6 billion in 2024 and +₩47.4 billion in 2025, up sharply for two straight years, and operating profit grew about 2.9-fold from ₩16.0 billion in 2023 to ₩46.0 billion in 2025.
- Revenue in 2025 was ₩412.5 billion, up a modest +3.8% year on year, but by trimming the loss-making textile business and shifting weight to profitable rental and retail, profitability improved markedly.
- The trend continued this year: first-quarter 2026 revenue was ₩111.0 billion (+8.6%), operating profit ₩17.8 billion (+64.6%), and net profit ₩20.5 billion (about +275% versus the same period a year earlier), a very large increase in profit.
- Set the earnings expected for this full year against the current share price and the forward P/E comes to about 3.8x, lower than last year's 4.4x.
- That is also the lowest spot even against asset-heavy peers such as Ilshin Spinning (6.6x) and BYC (10.5x), read as a sign of undervaluation in that the improved profit is not yet fully reflected in the share price.
- It is not a fast-growing company by revenue alone, but the profit structure reshaped around rental and retail and the upward trend through the first quarter support this year's earnings.
- Recent disclosures center on management, capital policy, and governance.
- Along with the March regular shareholder meeting, a cash and in-kind dividend (₩160 per share) was confirmed, and in May a corporate-governance report was disclosed.
- In March and April, filings on changes in the largest shareholder's holdings and large-holding reports came in succession, so shifts in the ownership structure are observable.
- The May quarterly report confirmed the surge in first-quarter 2026 profit, and meanwhile the company is winding down its loss-making textile business through production halts and factory sales, shifting the weight of the business toward real estate and rental.
- Rather than one-off good-news disclosures such as large new orders or supply contracts, the axis of the story is dividends, governance, and asset restructuring.
- This is a stock with clear strengths.
- As an asset-heavy company whose urban real estate, including Times Square in Yeongdeungpo, may be worth more than its market cap, it trades at a P/B of 0.26x, about a quarter of net assets, and profit has swung quickly from loss to gain.
- This year's forward P/E of about 3.8x is lower even than asset-heavy peers (Ilshin Spinning 6.6x, BYC 10.5x), so it looks cheap on both earnings and assets.
- The company's character comes through strongly when profit flows steadily from rental and retail and the value of its urban real estate is recognized in the share price; conversely, its appeal is reflected slowly when that real-estate value stays buried in the books and the market takes time to recognize it, or when the profit stream wobbles during the wind-down of the textile business.
- In sum, this is a stock with a low multiple backed by both asset value and an earnings recovery, and the point to watch is how quickly those assets translate into the share price.
🔎 Valuation vs peers Undervalued
A group of low-P/B, asset-heavy stocks with cotton-spinning roots that carry a thick layer of real-estate and rental assets. Ilshin Spinning is an asset-heavy name in the same cotton-spinning line, and BYC is a representative asset stock that holds large real estate on top of its apparel core, so the peer set fits Kyungbang's character of 'holdings worth more than the core business.'
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ilshin Spinning | 6.99x | 0.25x | 3.59% |
| BYC | 10.97x | 0.38x | 3.48% |
Set against asset-heavy peers Ilshin Spinning (P/E 7.4x, P/B 0.27x) and BYC (P/E 11.3x, P/B 0.39x), Kyungbang sits at a lower spot on earnings, at a P/E of 4.9x, and a similarly low spot on net assets, at a P/B of 0.29x. For a company like this, which has long held urban real estate, book assets often fail to capture true value, so it is appropriate to add the value of held real estate and rentals separately rather than relying on the consolidated earnings multiple. The trailing P/E on last year's confirmed earnings does not fully reflect the earnings inflection right after the swing to profit, and on this year's estimated earnings the multiple falls further. That said, much of the low multiple can also be seen as a discount for 'the time it takes for real-estate value to translate into the share price' and for 'textile-segment losses and one-off earnings swings,' so rather than declaring it flatly cheap, one should also watch whether there is a trigger for a re-valuation of the asset value.
Price history Close · MA20 · MA60
The latest close is ₩8,010 and the market capitalization is ₩219.6 billion. The price sits below its 20-day moving average (₩8,154) and below its 60-day moving average (₩9,020). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 43.6, a neutral level. The one-month change is -1.7%, the three-month change is -10.0%, and the position relative to the 52-week high is -33.6%. Relative strength versus the KOSPI is 31 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 31% of all stocks. Over the past three months it lagged the index by 30.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -30.04% / 6M -42.60% / 12M -55.60%
Key metrics vs sector median
Valuation
The P/E of 4.63x is below the sector median (16.77x). The P/B of 0.27x is below the sector median (0.56x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 5.8%, above the sector average (3.0%). The operating margin is 11.2%. The debt ratio is 54.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $260.8M | $263.3M | $273.4M | +3.83% ↑ faster |
| Operating profit | $10.6M | $22.2M | $30.5M | +37.50% ↓ slower |
| Net profit | -$8.9M | $15.6M | $31.4M | +100.83% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $254.1M | $258.0M | $260.8M | $263.3M | $273.4M |
| Operating profit | $35.7M | $21.1M | $10.6M | $22.2M | $30.5M |
| Net profit | $14.8M | $2.9M | -$8.9M | $15.6M | $31.4M |
| Revenue CAGR | 4-yr avg 1.85% | ||||
Revenue rose 3.8% year over year (2023 ₩393.5 billion → 2024 ₩397.3 billion → 2025 ₩412.5 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 37.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.8%. The two-year revenue CAGR is 2.4%. In the most recent quarter (Q1 2026), revenue was 8.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-15EarningsFirst-quarter 2026 report — revenue ₩111.0 billion (+8.6%), operating profit ₩17.8 billion (+64.6%), net profit ₩20.5 billion (about +275% versus the same period a year earlier), a large increase in profitNear-term profit momentum is strong, but it is worth checking whether one-off and restructuring effects are included. Source
- 2026-03-11DividendCash and in-kind dividend decided — ₩160 per share (a dividend yield of about 1.9%, a payout ratio of about 8.8%)Confirms shareholder-return intent over the medium term, though the payout ratio is on the low side. Source
- 2026-03-18Filing2025 annual report — net profit ₩47.4 billion (expanding for a second straight year since the swing to profit), revenue ₩412.5 billion, made up of a textile division and a rental/retail (mall) divisionConfirms the profit-recovery trend and shows the business's center of gravity moving toward rental and retail. Source
- 2026-05-29FilingCorporate-governance report disclosed — company policy on governance and shareholder returns made publicReference material over the medium term on governance transparency and policy change. Source
- 2026-04-28UpdateFilings on changes in the largest shareholder's holdings and large-holding reports — a change in the ownership structure to watchA variable on the governance and supply-demand side; the direction of the change is worth tracking. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-28OwnershipLargest-shareholder ownership change report
- 2026-04-28OwnershipOwnership-change filing
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11DividendCash/stock dividend decision
- 2026-03-11Shareholders' meeting notice
- 2026-03-09Audit report
- 2026-03-05OwnershipOwnership-change filing
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.