CJ Logistics is an integrated logistics company that takes charge of the entire flow from when goods are made until they reach the consumer; its 2025 revenue of ₩12.3 trillion is spread fairly evenly across four lines: global forwarding, parcel delivery, contract logistics (CL), and construction. The global segment is the largest by revenue, but domestic networks such as parcel and CL carry a bigger share of operating profit; Q1 revenue and operating profit rose again to support the recovery, while a Libya logistics counterclaim (a demand of about ₩3.9 trillion) and a designation as an unfaithful-disclosure company for a late disclosure (an ₩8 million penalty) are both underway. The point to watch is that a clear undervaluation in the core business, trading at a P/B of 0.41x well below net assets, is a strength, while the outcome of the non-operating dispute that exceeds the market cap and the restoration of disclosure trust are conditions to watch together.
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 88.5%).
- Revenue rose 1.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.4% higher than a year earlier.
- ROE is 5.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.1%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder CJ CheilJedang 40.16% (corporate)
Controlling bloc incl. related parties 40.19%
With the controlling bloc holding 40%, the ownership structure is stable.
🔎 In-depth analysis
- CJ Logistics is not a simple freight carrier but an integrated logistics company that takes charge of the entire flow from when goods are made until they reach the consumer.
- Its 2025 revenue of ₩12.3 trillion is spread fairly evenly across four lines: global (air/sea forwarding and overseas hub logistics) at about ₩4.4 trillion, parcel delivery at about ₩3.8 trillion, CL (contract logistics, handling companies' warehousing and delivery) at about ₩3.4 trillion, and construction at about ₩0.8 trillion.
- The global segment is the largest by revenue, but domestic networks such as parcel and CL carry a bigger share of operating profit.
- The nationwide parcel network, large logistics centers, and fulfillment (a service that handles everything from storage to packing and delivery in one flow) infrastructure are the company's most solid assets, and the fact that volume itself keeps flowing steadily even when unit prices swing is the foundation of the business.
- The latest close is ₩71,900 and the market cap is ₩1.6 trillion.
- The price sits below its 20-day line (₩77,545) and below its 60-day line (₩88,680).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge that weighs upward against downward force over the last 14 days on a 0-100 scale) is 34.6, a neutral level.
- The one-month change is -10.5%, the three-month change is -29.5%, and the position versus the 52-week high is -50.6%.
- Relative strength versus the KOSPI is 12 (1-99, 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 89% of all stocks by strength.
- Over the last three months it has lagged the index by 44.5%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On last year's confirmed results, the P/E ratio (how many years of net profit the price represents) is 6.78x and P/B (the price relative to net assets) is 0.40x.
- That means it trades well below net assets, a low multiple for a company with steady core cash flow.
- ROE (how much was earned in a year on equity) is 5.8%, not dazzling but natural for an asset-heavy logistics business.
- The debt ratio (debt against equity) of 142.3% and the current ratio of 88.5% put short-term funding in a range that needs careful management, but the business structure is supported by stable revenue and cash recovery.
- Because net profit fell slightly last year, the trailing P/E (on last year's confirmed earnings) may look somewhat high, but even on this year's expected earnings, which reflect a renewed rise in Q1 operating profit, the P/E stays in the mid-7x range, so the multiple burden is not large.
- In other words, this shows a stock that trades at an inherently low valuation rather than one that is expensive.
- Over five years revenue grew gently (about 2% a year) from ₩11.3 trillion in 2021 to ₩12.3 trillion in 2025, while net profit rose sharply from ₩54.7 billion (2021) to ₩242.1 billion (2025), improving profitability.
- It is not an explosive-growth company, but it clearly shows the traits of a stable business whose volume keeps flowing regardless of the cycle.
- In Q1 2026, revenue of ₩3.2 trillion (+7.4%) and operating profit of ₩92.1 billion (+7.9%) both rose from a year earlier, signaling recovery, while only net profit fell -7.4%, closer to burdens below the operating line (interest and financing costs) and hard to read as a sign of weakening operating strength.
- Parcel has a seasonal off-peak in Q1 (about 17% of annual profit), with profit loaded into the Q4 peak, so simply multiplying the first-half trend by four would badly understate the full year.
- Reflecting the rising operating-profit trajectory together with seasonality, this year's earnings have room to hold around last year's level, supported by a recovery in global forwarding volume and firm domestic share in parcel and CL.
- In that case the current price still corresponds to a low mid-7x P/E even on this year's expected earnings.
- The events that shaped this year all involved disclosures around overseas disputes.
- On an ICC arbitration in which a former shareholder of a logistics business the company had acquired demanded about US$3.35 billion including compensation, the company filed a counterclaim in October 2025 for about US$2.7 billion (about ₩3.9 trillion at the applicable exchange rate), arguing that it was in fact the party that suffered losses.
- Because this counterclaim only became known belatedly on January 20, it was classified as a late disclosure, and on February 6 the Korea Exchange designated the company as an unfaithful-disclosure company and imposed an ₩8 million penalty (0 penalty points; no bearing on trading suspension or exchange watch-list status).
- In March, on a roughly US$500 million damages suit tied to a U.S. plant, the company issued a provisional disclosure with its own assessment of 'no expected loss.' A series of disputes are underway in the non-operating area, and the company states in disclosures that it is actively responding to each.
- The strengths are clear: the stable cash flow of a domestic logistics network centered on parcel and CL, a recovery in global forwarding volume, and a P/B of 0.41x well below net assets alongside a low P/E versus peers.
- Q1 revenue and operating profit both rising again also support the recovery.
- On asset and earnings multiples, this is clearly a stock in undervalued territory versus peers.
- Two things bear watching.
- First, the Libya logistics counterclaim (a demand of about ₩3.9 trillion) is itself larger than the market cap, so the range of outcomes is wide depending on how it is ultimately resolved.
- Second, the unfaithful-disclosure designation from the late disclosure carries only a small penalty but is worth a one-time check on disclosure trust.
- In short, this is a company with a clear undervaluation in its core business, and the key point is that this is a phase where the gap between price and substance can narrow when global freight rates recover, domestic network share holds, and the non-operating dispute is resolved favorably.
🔎 Valuation vs peers Undervalued
Rather than a simple land-transport code, the peer set was chosen from listed companies whose integrated-logistics and forwarding business substance overlaps: Hyundai Glovis (auto/integrated logistics), Pan Ocean (sea transport), Hanjin (parcel/logistics), and Sebang (port/logistics).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Glovis | 7.97x | 1.34x | 16.75% |
| Pan Ocean | 8.87x | 0.47x | 5.27% |
| Hanjin | — | 0.17x | -0.11% |
| Sebang | 3.61x | 0.20x | 5.44% |
(a) Position versus peers: both P/E and P/B sit below Hyundai Glovis and Pan Ocean, so on assets and earnings it is on the discounted side. ROE of 5.8% falls short of Hyundai Glovis (16.8%) among the peers but is similar to or slightly above Pan Ocean and Sebang, while its scale and market position (about 45% parcel share) are overwhelming within the peer set. (b) Premium/discount: given the stable cash flow and market position of the core business, a P/B of 0.42x (below half of net assets) is an excessive discount range, interpreted as reflecting the roughly ₩3.9 trillion international-arbitration counterclaim and the damage to disclosure trust as discount factors. (c) Limits of trailing and the forward case: because net profit fell slightly last year, a trailing P/E of 7.2x may look somewhat high, but Q1 operating profit rebounded +7.9%, and reflecting parcel's seasonality (concentrated in the Q4 peak), the P/E stays in the mid-7x range even on this year's expected earnings, so the multiple burden is not large. Overall, on asset and earnings multiples and market position it is clearly in 'undervalued' territory versus peers, but thin margins and a heavy asset structure are part of the basis for the discount, and that discount can only fully narrow once the non-operating risk clears, so it is seen as a conditional undervaluation.
Price history Close · MA20 · MA60
The latest close is ₩71,900 and the market capitalization is ₩1.6 trillion. The price sits below its 20-day moving average (₩77,545) and below its 60-day moving average (₩88,680). 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 34.6, a neutral level. The one-month change is -10.5%, the three-month change is -29.5%, and the position relative to the 52-week high is -50.6%. Relative strength versus the KOSPI is 12 (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 11% of all stocks. Over the past three months it lagged the index by 44.5%. 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 -44.54% / 6M -52.68% / 12M -66.38%
Key metrics vs whole-market median
Valuation
The P/E of 6.78x is below the whole-market median (13.81x). The P/B of 0.40x is below the whole-market median (1.15x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 10.4%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.956x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.8%, above the whole-market average (5.0%). The operating margin is 4.1%. The debt ratio is 142.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $7.8B | $8.0B | $8.1B | +1.39% ↓ slower |
| Operating profit | $318.3M | $351.7M | $336.7M | -4.26% ↓ slower |
| Net profit | $149.0M | $164.7M | $160.4M | -2.58% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.5B | $8.0B | $7.8B | $8.0B | $8.1B |
| Operating profit | $227.9M | $272.9M | $318.3M | $351.7M | $336.7M |
| Net profit | $36.3M | $120.3M | $149.0M | $164.7M | $160.4M |
| Revenue CAGR | 4-yr avg 2.01% | ||||
Revenue rose 1.4% year over year (2023 ₩11.8 trillion → 2024 ₩12.1 trillion → 2025 ₩12.3 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 4.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.0%. The two-year revenue CAGR is 2.2%. In the most recent quarter (Q1 2026), revenue was 7.4% 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
- Revenue rose 1.4% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-01-20UpdateDisclosure that, in the ICC international arbitration related to the Libya Great Man-Made River project, the counterparty filed a counterclaim of about US$2.7 billion (about ₩3.9 trillion at the confirmation-date rate) (fact confirmed January 7)In the short term the claim amount exceeds the market cap, acting as uncertainty. In the medium term the effect varies with procedural outcomes, such as a counterclaim being deemed withdrawn if the advance deposit goes unpaid. Source
- 2026-02-05UpdateDesignation as an unfaithful-disclosure company for the late disclosure of the above counterclaim (₩8 million penalty, 0 penalty points; not grounds for watch-list or trading-suspension status)Negative for disclosure trust in the short term. With 0 penalty points, however, there is no direct effect on continued listing. Source
- 2026-02-09DividendDisclosure of a decision on cash/in-kind dividends and the dividend record date (register closing)The confirmed dividend of ₩800 per share, a yield of about 1.0% and a payout ratio of 6.6%, makes the dividend appeal limited but confirms policy continuity. Source
- 2026-03-17FilingClarifying disclosure denying, as 'no such proposal made to the company,' reports of an about US$500 million investment in a U.S. logistics platformIn the short term the company directly tempers report-based expectations. It maintains, however, its position that it is reviewing domestic and overseas partnership, joint-venture, and investment opportunities. Source
- 2026-05-13EarningsQ1 2026 consolidated preliminary results disclosure (revenue ₩3.2 trillion, operating profit ₩92.1 billion)Revenue and operating profit recovered year on year (+7.4% and +7.9% respectively), but net profit diverged at -7.4%. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 total net revenue by segment | ₩12.28 trillion | 12,284,652,471 | Confirmed | link |
| 2025 operating profit (consolidated) | ₩508.1 billion | 508,080,821 | Confirmed | link |
| Libya Great Man-Made River counterclaim amount | base | approx. 26.98 | Confirmed | link |
| Q1 2026 operating profit | ₩92.1 billion | — | Unverified | link |
| 2026 expected net profit (in-house estimate) | (₩242.1 billion) | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-06-01OwnershipOwnership-change filing
- 2026-05-20Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-05-14OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-13EarningsFair-disclosure notice
- 2026-05-07OwnershipOwnership-change filing
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-30EarningsEarnings disclosure
📖 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.