Noroo Holdings is an operating holding company that, rather than making products directly, holds and manages stakes in the Noroo group's subsidiaries while also running some of its own businesses; the dividends and equity earnings from the group's core paint-related subsidiaries combine with its own operating profit to produce consolidated revenue of roughly ₩1.24 trillion. It posted net profit of ₩32.4 billion in 2025 and declared a ₩600-per-share dividend, and in Q1 2026 a recovery in the core business was confirmed with operating profit up 32.5%. What stands out recently is that a P/B of 0.42x asset discount, a dividend in the 3% range, and a positive ROE (+6.5%) are strengths, while a substantial part of its value comes from hard-to-value unlisted subsidiaries and its own businesses, and the paint business is affected by auto and construction cycles and raw-material prices.
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.
- Revenue fell 0.7% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 3.4% higher than a year earlier.
- ROE is 6.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.2%.
- 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 Han Young-jae 27.94% (individual)
Controlling bloc incl. related parties 29.6%
With the controlling bloc holding 30%, control is maintained but the free float is relatively large.
Net asset value (NAV) assessment Fairly valued
💡 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
| Noroo Paint | 50.5% |
🔎 In-depth analysis
- Noroo Holdings is an operating holding company that, rather than making products directly, holds and manages stakes in the Noroo group's subsidiaries while also running some of its own businesses alongside.
- The group's core is paint, and its listed subsidiary Noroo Paint (paints for construction, appliances, and steel sheet), along with Noroo AutoCoating (automotive paints), Noroo Chemical (industrial and construction paints), and Noroo Coil Coating (steel-sheet paints), effectively belong to the same business segment.
- Added to this are resins and industrial materials (Noroo R&C) and an agriculture division (The Green).
- Accordingly, most of the roughly ₩1.24 trillion in consolidated revenue comes from paint and chemicals, and auto and construction cycles and raw-material (petrochemical-based) prices are big variables for earnings.
- It makes money in two streams: the dividends and equity earnings that flow up from subsidiaries combine with the profit generated by its own operations.
- The latest close is ₩15,900 and the market cap is ₩211.3 billion.
- The price sits below both its 20-day line (₩16,674) and its 60-day line (₩19,055).
- Trading below both its short- and mid-term moving averages, the trend is on the soft side.
- Its RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 36.7, a neutral level.
- It is down 6.7% over one month and 21.3% over three months, and stands 56.1% below its 52-week high.
- Its relative strength versus the KOSPI is 6 (1-99, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 94% of all stocks by strength.
- Over the past three months it lagged the index by 40.6%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- Its P/B (how many times net assets the share price is) is 0.42x, meaning it trades at less than half the net assets the company holds.
- Its P/E ratio (how many times one year's profit the share price is) is 6.52x.
- However, this P/E is a trailing metric based on confirmed 2025 profit, and 2025 profit is a figure that stepped down once as the one-off boom of 2024 dropped out.
- So it is hard to call the stock expensive or burdensome on this figure alone, and in a phase where profit rises again, the P/E on a this-year basis (about 5.4x) comes in lower.
- Its ROE (how much it earns in a year on its equity) of 6.5% is not dazzling, but compared with other holding companies mired in deep losses, it is on the sound side in that it steadily generates profit.
- A debt ratio of 254% looks high, but holding-company and financial-holding structures tend to record large accounting liabilities, so it is hard to judge by the same yardstick as an ordinary manufacturer.
- In short, this is a phase where the price is set low both against net assets and against earnings.
- Over the past three years revenue held with little change at ₩1.21 trillion, ₩1.25 trillion, and ₩1.24 trillion, while net profit swung from ₩25.5 billion in 2023 to ₩50.7 billion in 2024 and ₩32.4 billion in 2025.
- The ₩50.7 billion in 2024 was a year with a one-off gain added, and it is more accurate to view the ₩32.4 billion in 2025 as a figure that returned to a normal level after that froth cleared.
- The key is what came next.
- Into Q1 2026, with revenue stable at +3.4%, operating profit jumped +32.5% and net profit +28.9% (year on year), clearly improving the profitability of the core paint business.
- Profit rising sharply while revenue stays almost flat means an improvement occurred on the cost and margin side, the healthiest form in which earnings rise while prices hold steady.
- This year's profit recovery rests on the premise that this Q1 margin improvement continues, and as a result the P/E on a this-year basis comes down to about 5.4x.
- Whether paint demand and costs hold their current trend is the variable that will shape the full-year picture.
- Disclosures in 2026 center on regular filings and governance.
- In March there was the 2025 business report (consolidated revenue of roughly ₩1.24 trillion, net profit of ₩32.4 billion) and the annual general meeting (a ₩600-per-share dividend), and in May the Q1 report confirmed a profitability recovery with operating profit up 32.5%.
- Also in May came reports of changes in holdings and large-holding status by the largest shareholder and executives, and in June the corporate-governance report was disclosed.
- Rather than business events such as orders or large investments, the holding company's characteristic regular events such as dividends and governance form the flow, and among them the Q1 results are the most meaningful signal of change.
- The strengths are clear: a P/B of 0.42x that is less than half of net assets, a dividend in the roughly 3% range, and the core-business recovery confirmed by Q1 2026 operating profit up 32.5%.
- That its ROE is positive (+6.5%), unlike other holding companies in the red, and that its core listed subsidiary Noroo Paint itself also trades cheaply against net assets, together read as a phase where the price is set low.
- That said, the limits that come from the holding-company structure deserve an honest look.
- About two-thirds of Noroo Holdings' value comes from unlisted subsidiaries and its own businesses, and because this part is hard to value precisely from the outside, it is difficult to state flatly how cheap it is on the listed stakes alone.
- The paint business is also affected by auto and construction cycles and raw-material prices.
- In short, this company is strong when paint demand and margin improvement continue and its subsidiaries' value is properly recognized by the market, and weak when a construction and auto slowdown overlaps with rising costs.
🔎 Valuation vs peers Inconclusive
Compared together with holding companies (Samyang Holdings, Hansol Holdings) and its listed core subsidiary (Noroo Paint) — for a holding company, a sum-of-the-parts (SOTP) view that adds subsidiary stake value and own-operating value is appropriate.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Noroo Paint | 8.93x | 0.35x | 3.96% |
| Samyang Holdings | — | 0.23x | -10.96% |
| Hansol Holdings | — | 0.21x | -0.11% |
Because Noroo Holdings is essentially a holding company, it is better viewed through an SOTP lens that sums subsidiary stake value and own-operating value than through a single consolidated P/E. Looking at the comparison set, holding companies such as Samyang Holdings (P/B 0.23) and Hansol Holdings (P/B 0.26) trade at deep discounts, while Noroo Holdings has a relatively smaller discount at a P/B of 0.47x but differs in having a positive ROE (+6.5%). Its listed core subsidiary Noroo Paint (P/B 0.38) is itself undervalued against net assets. The current P/E of 6.52x is trailing, based on confirmed 2025 profit (a figure reduced against the base of the prior year's one-off boom), so it has limits in interpretation during a phase where profit is inflecting; if the Q1 recovery continues, the burden on a forward basis could ease. Still, because the value of the unlisted subsidiaries is hard to verify from the outside, an inconclusive stance is more appropriate than declaring the stock cheap or expensive.
Price history Close · MA20 · MA60
The latest close is ₩15,900 and the market capitalization is ₩211.3 billion. The price sits below its 20-day moving average (₩16,674) and below its 60-day moving average (₩19,055). 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 36.7, a neutral level. The one-month change is -6.7%, the three-month change is -21.3%, and the position relative to the 52-week high is -56.1%. Relative strength versus the KOSPI is 6 (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 6% of all stocks. Over the past three months it lagged the index by 40.6%. 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 -40.58% / 6M -52.79% / 12M -72.27%
Key metrics vs sector median
Valuation
The P/E of 6.52x is in line with the sector median (6.67x). The P/B of 0.42x is in line with 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.
Profitability & financials
Return on equity (ROE) is 6.5%, above the sector average (5.0%). The operating margin is 5.2%. The debt ratio is 254.5%, 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 | $804.9M | $827.1M | $821.4M | -0.69% ↓ slower |
| Operating profit | $45.0M | $48.1M | $42.8M | -11.09% ↓ slower |
| Net profit | $16.9M | $33.6M | $21.5M | -36.12% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $633.1M | $687.9M | $804.9M | $827.1M | $821.4M |
| Operating profit | $17.7M | $19.9M | $45.0M | $48.1M | $42.8M |
| Net profit | $1.1M | $16.5M | $16.9M | $33.6M | $21.5M |
| Revenue CAGR | 4-yr avg 6.72% | ||||
Revenue fell 0.7% year over year (2023 ₩1.2 trillion → 2024 ₩1.2 trillion → 2025 ₩1.2 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 11.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.7%. The two-year revenue CAGR is 1.0%. In the most recent quarter (Q1 2026), revenue was 3.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.8%, is on the high side.
Points to watch
- Revenue fell 0.7% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue +3.4%, operating profit +32.5%, net profit +28.9% (year on year)Short term: positive earnings momentum as a recovery in core paint profitability is confirmed. Medium term: whether the recovery persists is the key variable for a re-valuation. Source
- 2026-06-01FilingCorporate-governance report disclosed — holding-company governance and shareholder-return policy made publicShort-term impact is limited, but as material for checking holding-company governance and subsidiary-management transparency, it provides a basis for discussing a resolution of the value discount over the medium term. Source
- 2026-05-08FilingReport of changes in holdings by the largest shareholder and executives and of large-holding status — disclosure of a change in the controlling shareholder's ownership structureShort term: a signal to check controlling-shareholder ownership trends. Medium term: a monitoring point for holding-company governance stability and succession. Source
- 2026-03-12Earnings2025 business report filed — consolidated revenue of roughly ₩1.24 trillion, net profit of ₩32.4 billion (normalization versus the prior year's one-off boom)Short term: confirms a year-on-year profit decline. Medium term: the 2024 peak was one-off in nature, and 2025 is the baseline of normal earnings power. Source
- 2026-03-20DividendAnnual general meeting result — approval of agenda items including a ₩600-per-share dividend for fiscal 2025 (dividend yield of roughly 3.3%)Short term: dividend appeal maintained as the high-dividend policy is confirmed to continue. Medium term: the sustainability of returns based on subsidiary dividend income is the key. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Business substance (holding-company structure) | / | — | Confirmed | link |
| Listed core subsidiary Noroo Paint | (090350) PER 9.48 · PBR 0.38 · 5.1% | — | Confirmed | link |
| Q1 2026 net profit change | +28.9% YoY | — | Unverified | link |
| Forward P/E based on this year's estimated net profit | approx. 6.0(self-estimate) | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-08OwnershipOwnership-change filing
- 2026-05-08OwnershipLargest-shareholder ownership change report
- 2026-03-20Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-05Disclosure
- 2026-03-05Shareholders' meeting notice
- 2026-03-05Shareholders' 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.