Hite Jinro Holdings is a holding company that sits atop liquor-making subsidiaries, chief among them Hite Jinro (50.86% stake), which holds roughly 69% of the soju market and makes Chamisul, Jinro, and Terra. Most of the company's value comes from its affiliates' results and the value of the stakes it holds, and consolidated revenue runs ₩2.5 trillion. Disclosures in February and March on changes and corrections to its earnings structure confirmed annual revenue of ₩2.5 trillion, operating profit of ₩183.3 billion, and net profit of -₩2.6 billion. The points worth watching now: against a listed-affiliate stake value of about ₩0.74 trillion, the parent's market cap of ₩0.20 trillion implies an NAV discount of about 73%, deeper than the usual 30-50%, while Hite Jinro's soju leadership and recovering profit, plus a 4.6% dividend yield, are strengths; the cautions to weigh alongside them are that the parent's standalone net profit swings between slight losses and profits and that stake values can fluctuate with affiliate results and financing.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- Revenue fell 3.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 3.5% lower than a year earlier.
- ROE is -0.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 7.4%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2023-12-31
Largest shareholder Park Moon-duk 29.5% (individual)
Controlling bloc incl. related parties 30.3%
With the controlling bloc holding 30%, the ownership structure is stable.
Net asset value (NAV) assessment Undervalued73% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| HiteJinro | 50.86% |
| HiteJinro | 13.48% |
🔎 In-depth analysis
- Hite Jinro Holdings is not a company that makes and sells liquor itself but a holding company that sits atop liquor-making subsidiaries.
- The most central affiliate is Hite Jinro (50.86% stake), which holds roughly 69% of the soju market and makes familiar liquor brands such as Chamisul, Jinro, and Terra.
- Most of this company's value therefore comes not from the parent's own revenue but from the results of the affiliates it oversees and the value of the stakes it holds.
- Consolidated revenue of ₩2.5 trillion is likewise the result of affiliate results being rolled together.
- The latest close is ₩8,070 and the market cap is ₩187.3 billion.
- The price sits below its 20-day line (₩8,092) and below its 60-day line (₩8,550).
- Being under both the short- and mid-term moving averages, the trend is on the depressed side.
- The RSI (a gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 46.8, a neutral reading.
- The price is up 0.4% over one month and down 10.1% over three months, and stands 31.6% below its 52-week high.
- Relative strength versus the KOSPI is 12 (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 89% of all stocks by strength.
- Over the past three months it trailed the index by 28.7%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Latest annual revenue was ₩2.5 trillion and operating profit was ₩183.3 billion, for an operating margin of 7.4%, while net profit was -₩2.6 billion, a slight loss.
- That said, because it is structured as a holding company classified under the financial industry, debt and interest expense read large by the nature of the business, so figures like a debt ratio (debt against equity) of 499.7% or an ROE of -0.5% are hard to view by the same yardstick as an ordinary manufacturer.
- The metric to focus on is the P/B (how many times book value the price represents): 0.32x means the stock trades at one-third the value of the company's net assets on the books, clearly a cheap spot against its asset base.
- No P/E can be computed because annual net profit was a slight loss, but the company is turning a profit again on a quarterly basis, so it is hard to view it as a company whose earnings have stalled.
- Revenue held a similar scale without large swings, at ₩2.5 trillion in 2023, ₩2.59 trillion in 2024, and ₩2.48 trillion in 2025, while operating profit jumped from ₩138.1 billion in 2023 to ₩221.8 billion in 2024 before moderating to ₩183.3 billion in 2025.
- In the most recent quarter, Q1 2026, it turned a profit again with revenue of ₩588.3 billion, operating profit of ₩55.7 billion, and net profit of ₩29.1 billion.
- This year's operating profit is viewed at roughly ₩198.7 billion, a picture of recovery from the prior year (₩183.3 billion).
- Underpinning that are the steady sales of the core affiliate that holds the No.
- 1 spot with roughly 69% of the soju market, and export expansion centered on Jinro soju.
- Liquor is a category relatively insensitive to the economy, so revenue scale itself does not swing much, and with exports added on, profit is recovering.
- Recent disclosures center on earnings corrections and confirmations.
- Across February 4 and March 11, 2026, disclosures were filed on a 'change of 30% or more in revenue or earnings structure' and its correction, along with a major-management-matter disclosure by an affiliate, confirming annual results of revenue ₩2.5 trillion, operating profit ₩183.3 billion, and net profit -₩2.6 billion.
- The corrections and refilings followed from the large swing in earnings, and it is worth checking whether this runs in the same direction as the annual trend and whether one-off factors are mixed in.
- The crux of this company is 'how cheap the stock is relative to the worth of the affiliate stakes it holds.' The value of its listed-affiliate stakes alone is about ₩0.74 trillion, yet the parent's market cap is ₩0.20 trillion, an NAV discount of about 73%.
- Holding companies typically trade at a 30-50% discount, so this is a far deeper discount than that.
- Moreover, Hite Jinro, which carries most of the value, is the No.
- 1 soju maker with steady results and recovering profit, so there is no clear weakness to justify a discount this deep.
- The dividend yield is also on the high side at 4.6%, so the dividend received while waiting provides support.
- In sum, being an undervalued holding company backed by asset value and dividends is a strength, and this picture grows clearer when affiliate results and exports keep providing support.
- That said, the parent's standalone net profit swings between slight losses and profits, and stake values themselves can fluctuate if affiliate results wobble or a large financing disclosure emerges, so that part is best watched alongside.
🔎 Valuation vs peers Undervalued
Compared against a peer set of similarly sized holding companies by market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HS Hyosung | 8.34x | 0.32x | 3.79% |
| Seoyon | 3.14x | 0.20x | 6.37% |
| COSMAX BTI | 6.14x | 0.65x | 10.60% |
We looked first at a public-data peer set of similar market cap among holding companies. The current P/E (how many years of earnings the price represents) cannot be confirmed, and the P/B (how many times book value the price represents) is 0.34x. That said, smaller-cap names are heavily swayed by earnings volatility and financing disclosures, so we did not draw firm conclusions from figures based solely on last year's confirmed results. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩2.4 trillion | ₩198.7 billion | — |
| Next quarter | Q2 2026 | ₩625.0 billion | ₩41.0 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩8,070 and the market capitalization is ₩187.3 billion. The price sits below its 20-day moving average (₩8,092) and below its 60-day moving average (₩8,550). 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 46.8, a neutral level. The one-month change is +0.4%, the three-month change is -10.1%, and the position relative to the 52-week high is -31.6%. 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 28.7%. 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 -28.74% / 6M -48.79% / 12M -69.18%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.34x is below the sector median (0.49x).
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 8.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -0.5%, below the sector average (5.0%). The operating margin is 7.4%. The debt ratio is 499.7%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.7B | $1.7B | $1.6B | -3.89% ↓ slower |
| Operating profit | $91.5M | $147.0M | $121.5M | -17.38% ↓ slower |
| Net profit | $594,430 | $29.5M | -$1.7M | -105.80% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.6B | $1.7B | $1.7B | $1.6B |
| Operating profit | $124.9M | $134.2M | $91.5M | $147.0M | $121.5M |
| Net profit | $21.6M | $20.0M | $594,430 | $29.5M | -$1.7M |
| Revenue CAGR | 4-yr avg 3.18% | ||||
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 17.4% 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 3.5% 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 4.3%, is on the high side.
Points to watch
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 3.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-11Earnings[Correction] Change of 30% or more (15% for large corporations) in revenue or earnings structure: annual revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billionThis is recently confirmed or preliminary earnings data. Check whether it runs in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-03-11Earnings[Correction] Change of 30% or more (15% for large corporations) in revenue or earnings structure (major management matter of an affiliate): annual revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billionThis is recently confirmed or preliminary earnings data. Check whether it runs in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-02-04EarningsChange of 30% or more (15% for large corporations) in revenue or earnings structure: annual revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billionThis is recently confirmed or preliminary earnings data. Check whether it runs in the same direction as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,070 | ₩8,070 | Confirmed | link |
| Latest quarterly results | revenue ₩588.3 billion, operating profit ₩55.7 billion | revenue ₩588.3 billion, operating profit ₩55.7 billion | Confirmed | link |
| Annual results | revenue ₩2.5 trillion, operating profit ₩183.3 billion | revenue ₩2.5 trillion, operating profit ₩183.3 billion | Confirmed | link |
| Original text of the earnings disclosure | []revenue30%: revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billion | []revenue30%: revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billion | Confirmed | link |
| Original text of the earnings disclosure | []revenue30%: revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billion | []revenue30%: revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billion | Confirmed | link |
| Original text of the earnings disclosure | revenue30%: revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billion | revenue30%: revenue ₩2.5 trillion · operating profit ₩183.3 billion · net profit -₩2.6 billion | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18Audit report
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-13Disclosure
- 2026-03-12TreasuryMaterial-fact report
- 2026-03-11Shareholders' meeting notice
📖 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.