HiteJinro is a company that brews and sells alcoholic drinks; its Chamisul and Jinro soju hold the number-one share in Korea, followed by beers such as Terra and Kelly, and although it is classified in the 'beverage' sector, soju is really the center of its profit. Operating and net profit both returned to the black in Q1 this year after a loss in the prior fourth quarter, and even in a year of depressed profit it kept its ₩700-per-share dividend, maintaining its shareholder-return stance. The notable point is that it holds the number-one position in domestic soju and beer, a net-cash balance sheet, a 4.8% dividend, and the world's best-selling soju export brand, and because last year's weak net profit was due to a one-off Q4 loss, a 5.1x EV/EBIT and a 0.91x P/B stand out once profit normalizes; on the other hand, revenue is still declining amid weaker domestic alcohol consumption, and a current ratio of 62.8% and a payout ratio above 100% require the profit recovery to hold.
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 62.8%).
- Revenue fell 3.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 3.6% lower than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 6.9%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2021-12-31
Largest shareholder HiteJinro Holdings 50.86% (corporate)
Controlling bloc incl. related parties 67.71%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
🔎 In-depth analysis
- HiteJinro is a company that brews and sells alcoholic drinks.
- The main stream of revenue is soju (Chamisul, Jinro), followed by beer (Terra, Kelly, and the low-malt Filite).
- The soju brands Chamisul and Jinro hold the number-one share in Korea.
- The integrated export brand JINRO is counted among the world's best-selling distilled spirits, so overseas sales are also a large share.
- In other words, although it is classified in the 'beverage' sector, it is really alcohol - especially soju - that is the center of profit.
- Once alcohol prices are raised they tend to hold for a while, giving stable demand, but there are quarters when beer new-product advertising and promotion are concentrated, which creates quarterly swings in profit.
- The latest close is ₩15,400 and the market cap is ₩1.1 trillion.
- The price sits above its 20-day line (₩15,188) and below its 60-day line (₩16,239).
- With the short- and mid-term trends diverging, the direction should be read separately.
- The RSI (a gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 49.9, a neutral level.
- The one-month change is -3.1%, the three-month change is -8.2%, and the price is -30.0% below its 52-week high.
- Its relative strength versus the KOSPI is 14 (on a 1-99 scale, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 87% of all stocks by strength.
- Over the past three months it lagged the index by 26.4%.
- Chart readings are best viewed alongside trading volume and the dates of disclosures.
- On last year's (2025) confirmed results, the P/E ratio (how many times one year's net profit the share price is) is 26.03x, which looks high.
- But this is an illusion: it is based on a year when the denominator - net profit - slumped to ₩41.5 billion because of a one-off Q4 loss.
- When profit returns to normal, the multiple falls sharply even at the same share price.
- The P/B ratio (how many times net assets the share price is) is 0.96x, cheaper than net assets.
- The core of the balance sheet is net cash.
- Net debt (total borrowings minus cash) is -₩148.9 billion, meaning it holds more cash than debt, a net-cash position.
- That makes debt-inclusive metrics more attractive: EV/EBIT (enterprise value divided by operating profit - a debt-inclusive counterpart of the P/E) is 5.1x and EV/EBITDA is 2.7x, both low.
- Free-cash-flow yield (the ratio of actual cash earned to market cap) is 3.6%.
- The dividend yield is a relatively high 4.8% (₩700 per share).
- That said, last year it effectively paid out more than net profit (a payout ratio of 117.9%), so this dividend depends on profit staying on a normal track.
- On the surface it is a contraction.
- Last year's revenue fell 3.9% from a year earlier to ₩2.50 trillion, and net profit plunged 56.7% to ₩41.5 billion.
- But the character of the decline matters.
- The drop in net profit (-56.7%) was far larger than the drop in operating profit (-17.2%).
- This means it was a one-off loss concentrated in last year's Q4, rather than the operation itself, that heavily depressed net profit.
- Indeed, Q4 2025 posted an operating loss of ₩9.2 billion and a net loss of ₩63.6 billion.
- This year's Q1 reversed that.
- Q1 net profit was ₩35.8 billion, earning most of last year's full-year net profit (₩41.5 billion) in a single quarter.
- And with beer and soju peaking in summer (Q2-Q3), Q1 is not even the strongest quarter.
- Revenue and operating profit are still down slightly amid weaker domestic alcohol consumption (Q1 revenue -3.6%, operating profit -10.8%), but as long as Q4-style one-off losses do not recur, this year's net profit is on track to recover sharply to a normal level.
- Soju exports are a growth axis supporting this recovery.
- Recent disclosures center on results and regular reports.
- The most meaningful development is this year's Q1 results, in which operating and net profit both returned to the black after a loss in the prior fourth quarter.
- The 2025 dividend was ₩700 per share; even in a year of depressed profit the company kept the dividend, maintaining its shareholder-return stance.
- In May-June, filings on changes in shares held by the largest shareholder and executives, a large-holding report, a corporate governance report, and a large-business-group status disclosure were submitted, but these were routine filings rather than major governance changes.
- There were no numeric-guidance disclosures such as a single supply contract or a future-business plan, so the picture of this year's profit was read from the flow of confirmed quarterly results.
- The strengths are clear: the number-one position in domestic soju and beer, a net-cash balance sheet, a 4.8% dividend, and the world's best-selling soju export brand.
- Last year's depressed net profit was due more to a one-off Q4 loss than to weak operations.
- So although a 24.6x P/E on last year's profit looks expensive, the picture changes greatly on this year's normalizing profit.
- Debt-inclusive metrics - a 5.1x EV/EBIT and a 2.7x EV/EBITDA - are already on the low side.
- The P/B, too, is 0.91x, cheaper than net assets.
- There are points to watch.
- Revenue and operating profit are still declining amid weaker domestic alcohol consumption.
- The current ratio (assets that can be turned into cash right away relative to debt due within a year) is a low 62.8%.
- The payout ratio exceeds 100%, so the dividend depends on a profit recovery.
- In sum, if profit continues at a normal level as in Q1 and soju exports provide support, this is a phase in which a 4%-plus dividend and a cheap valuation stand out; conversely, if the domestic consumption slump drags on or one-off losses cluster again, the pace of recovery slows.
🔎 Valuation vs peers Undervalued
The peer set was narrowed to domestic alcohol makers whose actual business is alcohol (soju and beer). Lotte Chilsung, which combines soju (Chum Churum), beer (Kloud), and beverages as an integrated alcohol-and-beverage company, is the closest, with large food staples (Nongshim, Ottogi) as a supplementary peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lotte Chilsung Beverage | 19.51x | 0.61x | 3.10% |
| Nongshim | 12.50x | 0.75x | 6.01% |
| Ottogi | 19.19x | 0.64x | 3.34% |
Looking only at the 24.6x P/E on last year's net profit, it appears higher than the peer set (Lotte Chilsung 19.9x, Nongshim 12.9x, Ottogi 18.5x). However, this is the result of net profit slumping to ₩41.5 billion on a one-off Q4 loss last year, so the trailing P/E is inflated by dividing by an understated profit, creating an illusion. That Q1 net profit of ₩35.8 billion already approaches last year's full year (₩41.5 billion) illustrates this. On profit recovering to a normal level, the multiple falls to a range similar to or below the peer set. Adding the net-cash structure with more cash than debt (5.1x EV/EBIT, 2.7x EV/EBITDA) and the high 4.8% dividend, we judge it to be in undervalued territory relative to its business position (number one in domestic soju and beer, the world's best-selling soju export brand). That said, the risk that a prolonged domestic consumption slump could slow the pace of recovery should be viewed alongside.
Price history Close · MA20 · MA60
The latest close is ₩15,400 and the market capitalization is ₩1.1 trillion. The price sits above its 20-day moving average (₩15,188) and below its 60-day moving average (₩16,239). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.9, a neutral level. The one-month change is -3.1%, the three-month change is -8.2%, and the position relative to the 52-week high is -30.0%. Relative strength versus the KOSPI is 14 (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 13% of all stocks. Over the past three months it lagged the index by 26.4%. 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 -26.40% / 6M -47.23% / 12M -68.81%
Key metrics vs whole-market median
Valuation
The P/E of 26.03x is above the whole-market median (13.81x). The P/B of 0.96x is below the whole-market median (1.15x).
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 2.12x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.7%, below the whole-market average (5.0%). The operating margin is 6.9%. The debt ratio is 190.0%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.7B | $1.7B | $1.7B | -3.87% ↓ slower |
| Operating profit | $82.1M | $138.0M | $114.2M | -17.20% ↓ slower |
| Net profit | $23.6M | $63.5M | $27.5M | -56.72% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.7B | $1.7B | $1.7B | $1.7B |
| Operating profit | $115.4M | $126.3M | $82.1M | $138.0M | $114.2M |
| Net profit | $47.5M | $57.7M | $23.6M | $63.5M | $27.5M |
| Revenue CAGR | 4-yr avg 3.20% | ||||
Revenue fell 3.9% year over year (2023 ₩2.5 trillion → 2024 ₩2.6 trillion → 2025 ₩2.5 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 17.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.2%. The two-year revenue CAGR is -0.4%. In the most recent quarter (Q1 2026), revenue was 3.6% lower 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.
- The dividend yield, at 4.5%, is on the high side.
Points to watch
- Revenue fell 3.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-29EarningsQ1 net profit of ₩35.8 billion - a return to the black from a loss in the prior fourth quarter (net loss of ₩63.6 billion), earning most of last year's full-year net profit (₩41.5 billion) in a single quarter. Revenue ₩590.8 billion (-3.6% YoY), operating profit ₩55.9 billion (-10.8%).Net profit, depressed by a one-off Q4 loss last year, returned to a normal level. As Q1 results ahead of the summer peak (Q2-Q3), they support hopes for a full-year recovery. Source
- 2026-06-08FilingFilings on changes in shares held by the largest shareholder and others, and a large-holding report - routine ownership-status filings rather than a substantive governance change.Confirms governance stability. Limited near-term impact on the share price. Source
- 2026-05-28FilingDisclosure of a corporate governance report - a regular disclosure covering governance, board operations, and shareholder-return status.Regular information that supports the maintained dividend and shareholder-return stance. Source
- 2026-03-18Dividend2025 fiscal-year dividend of ₩700 per share (a yield of about 4.8%) - the dividend was kept even in a year of lower net profit (payout ratio 117.9%).Shareholder returns continued even through a temporary profit dip. Room for improved dividend capacity once profit normalizes. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipLargest-shareholder ownership change report
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report (amended)
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Large-business-group status disclosure
- 2026-05-28Corporate governance report
- 2026-05-22OwnershipOwnership-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.