CR Holdings is the holding company left after Chosun Refractories spun off its refractories business as a separate entity in July 2023. Rather than running factories itself, it earns money from subsidiary dividends, group trademark royalties, and management-advisory fees, with its core subsidiary, the newly established Chosun Refractories, making refractories for steel mills and cement kilns. In February 2026 a profit-structure-change disclosure flagged a widening 2025 net loss; at the March general meeting a dividend of ₩210 per share (about 4.4%) was approved even in a loss year; and the May Q1 report confirmed operating profit up 52% and a swing to net profit. What stands out lately is a net-asset discount at a P/B of 0.39x plus a 4.4% dividend, with the 2025 loss stemming not from the core business but from non-operating losses and the forward P/E recovering to about 9x — strengths weighed against a debt ratio of 278.9% and interest coverage below 1x, and against holding-company earnings that swing quarter to quarter with subsidiary results and one-off items.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 278.9%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 2.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.2% higher than a year earlier.
- ROE is -4.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2019-12-31
Largest shareholder Lee In-ok 20.64% (individual)
Controlling bloc incl. related parties 41.33%
With the controlling bloc holding 41%, the ownership structure is stable.
🔎 In-depth analysis
- CR Holdings (formerly SR Holdings) is the holding company left after Chosun Refractories carved out its refractories-manufacturing division into a separate company (a spin-off) in July 2023.
- In other words, it is not a company that runs its own factories and sells goods, but a parent that holds stakes in several subsidiaries.
- It makes money three ways: dividends received from subsidiaries, group trademark (brand) royalties, and management-advisory fees.
- The most important of the subsidiaries under it is the newly established Chosun Refractories, which makes refractories (bricks and materials that withstand high heat) placed inside steel mills and cement kilns.
- Around this are some 29 consolidated companies spanning machine-parts manufacturing, a golf course, and real estate, so results move not on a single business but on the sum of these subsidiaries.
- The latest close is ₩4,895 and market cap is ₩229.5 billion.
- The price sits above the 20-day line (₩4,830) and the 60-day line (₩4,872).
- Being above both its short- and mid-term moving averages, the trend is on the healthy side.
- The RSI (a gauge of upward versus downward momentum over the past 14 days on a 0–100 scale) is 54.7, a neutral level.
- It is up 6.3% over one month and up 1.6% over three months, and sits 13.2% below its 52-week high.
- Relative strength versus the KOSPI is 30 (on a 1–99 scale that weights the past year's return versus the index toward the most recent period; higher means stronger than the market), placing it in roughly the top 71% of all stocks by strength.
- Over the past three months it lagged the index by 19.8%.
- It is best to read the chart alongside trading volume and disclosure dates.
- The P/B (how many times book net asset value the price is) is 0.41x, so the shares trade for less than half of book net assets (₩11,971 per share).
- The P/S (how many times sales per share) is also low at 0.28x.
- Because 2025 annual net profit was a loss, the P/E cannot be computed on confirmed results, but one point deserves attention here: operating profit was a positive ₩27.8 billion, while net profit was a -₩27.4 billion loss.
- That is, the core business did not break down; rather, non-operating items such as subsidiary-related impairments and equity-method losses dragged the year's net profit down.
- So instead of judging the shares expensive on last year's loss alone, it makes more sense to also look at the forward P/E (on this year's expected earnings, about 9x) that reflects a normalization of profit.
- Around 9x is not a burdensome level against peer holding companies.
- The finances are on the heavy side: the debt ratio is high at 278.9% and operating profit does not fully cover interest (interest coverage of 0.54x), so this point clearly warrants caution.
- Even weighing that burden, the large discount to net assets and the 4.4% dividend (₩210 per share) provide support at a depressed price.
- The top line is gentle.
- Revenue was ₩827.8 billion in 2025, up 2.1% year on year, and the five-year average growth rate of about 2.6% is steady with little change.
- Earnings, by contrast, are volatile.
- Operating profit swung from ₩39.4 billion (2023) to ₩17.4 billion (2024) to ₩27.8 billion (2025), while net profit went from +₩0.4 billion (2023) to -₩11.3 billion (2024) to -₩27.4 billion (2025), the loss deepening on non-operating losses.
- The signal of a change in that trend came in Q1 2026: cumulative revenue of ₩205.7 billion (+1.2%), operating profit of ₩10.2 billion (+52.1%), and net profit of +₩8.0 billion, a swing to profit — with operating profit up more than half in a year, core profitability clearly revived.
- That is precisely the basis for a forward P/E of about 9x.
- If revenue holds firm while the non-operating losses that weighed on last year's net profit clear and core margins recover, the company's earnings return to a normal profit zone rather than last year's loss zone.
- The refractories business of the core subsidiary, the newly established Chosun Refractories, is an essential material fed into steel and cement kilns, so its demand base is stable, and holding-company income such as dividends and royalties adds to the earnings foundation.
- One thing to keep in mind, though, is that holding-company results carry the inherent trait that subsidiary dividends and equity-method income vary from quarter to quarter.
- A disclosure flow typical of a holding company continues.
- On February 23, 2026 a 'change in revenue or profit structure of 30% or more' pre-flagged the prior fiscal year's profit swing (a widening net loss); on March 19 came the 2025 business report and audit report; on March 26 the annual general meeting results; and on May 14 the Q1 2026 quarterly report, in sequence.
- At the March general meeting, a cash dividend of ₩210 per share (about 4.4% at the current price) was approved even for the loss year, continuing the shareholder-return stance.
- The company's roots trace to Chosun Refractories' July 2023 spin-off: the refractories business went to the newly established Chosun Refractories, and the surviving holding company became SR Holdings (now CR Holdings), which was relisted on the securities market on July 28, 2023.
- Because of this structure, subsidiary results, dividends, and stake changes remain the key variables driving the parent's earnings going forward.
- This is a stock with clear strengths.
- A price below half of net assets (P/B 0.39x), a 4.4% dividend, and the fact that the 2025 loss stemmed not from the core business (which was in operating profit) but from non-operating losses come together.
- Add to that a 52% rise in Q1 2026 operating profit and a swing to net profit, and the forward P/E on this year's expected earnings comes out to about 9x, an undemanding level versus peer holding companies.
- With assets cheap and earnings recovering into a normal zone, the appeal of an undervaluation zone reads clearly.
- There are also points to weigh: a debt ratio of 278.9% and interest coverage below 1x carry a financial burden, and holding-company earnings move quarter to quarter with subsidiary results and one-off items.
- In sum, when the earnings recovery of the core subsidiary (refractories) continues and non-operating losses do not recur, the cheap price relative to assets and the dividend stand out strongly; conversely, when a subsidiary underperforms or further impairments appear, the high debt works as a weakness.
🔎 Valuation vs peers Inconclusive
Korean low-P/B holding companies (KISCO Holdings, Daesang Holdings) whose value is formed through subsidiary stakes rather than running their own factories — a common profile of a meaningless or negative consolidated P/E, negative ROE, trading at a large discount to net assets, and compensating with dividends.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KISCO Holdings | 0.00x | 0.31x | -1.60% |
| Daesang Holdings | 0.00x | 0.43x | -17.28% |
(a) It sits between the same-natured holding companies KISCO Holdings (P/B 0.3) and Daesang Holdings (P/B 0.48), so 0.4x is around the middle of the holding-company discount range. (b) On a net-asset basis it is a large discount, but a debt ratio of 278.9% and interest coverage below 1x justify a good part of that discount. (c) Because last year's loss makes the trailing P/E meaningless, an earnings-based read is hard, and any recovery is only a guess leaning on the Q1 2026 swing to profit and a seasonality approximation. Assets look cheap, but with the durability of the earnings recovery not yet confirmed, it is hard to conclude either undervalued or overvalued, so it is left Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩4,895 and the market capitalization is ₩229.5 billion. The price sits above its 20-day moving average (₩4,830) and above its 60-day moving average (₩4,872). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.7, a neutral level. The one-month change is +6.3%, the three-month change is +1.6%, and the position relative to the 52-week high is -13.2%. Relative strength versus the KOSPI is 30 (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 29% of all stocks. Over the past three months it lagged the index by 19.8%. 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 -19.80% / 6M -36.45% / 12M -62.10%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.41x is in line with the sector median (0.45x).
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 -4.9%, below the sector average (2.0%). The operating margin is 3.4%. The debt ratio is 278.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $541.4M | $537.4M | $548.6M | +2.09% ↑ faster |
| Operating profit | $26.1M | $11.6M | $18.4M | +59.55% ↑ faster |
| Net profit | $268,265 | -$7.5M | -$18.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $494.6M | $528.9M | $541.4M | $537.4M | $548.6M |
| Operating profit | $22.0M | $15.0M | $26.1M | $11.6M | $18.4M |
| Net profit | $16.6M | $27.1M | $268,265 | -$7.5M | -$18.2M |
| Revenue CAGR | 4-yr avg 2.62% | ||||
Revenue rose 2.1% year over year (2023 ₩816.9 billion → 2024 ₩810.8 billion → 2025 ₩827.8 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 59.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.6%. The two-year revenue CAGR is 0.7%. In the most recent quarter (Q1 2026), revenue was 1.2% 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 4.3%, is on the high side.
Points to watch
- Debt is somewhat higher than equity (debt ratio 278.9%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-05-14EarningsQ1 2026 quarterly report. Cumulative revenue of ₩205.7 billion (+1.2%), operating profit of ₩10.2 billion (+52.1%), and net profit of +₩8.0 billion, a swing to profit versus a year earlier.Short term: the first quarterly signal of breaking from last year's annual net-loss trend. Medium term: if the subsidiary earnings recovery continues, it becomes the starting point for a valuation re-valuation. Source
- 2026-03-19Filing2025 business report and audit report filed. Consolidated revenue of ₩827.8 billion, operating profit of +₩27.8 billion (profit), and net profit of -₩27.4 billion (loss).Short term: confirmation of the net loss is a burden. Medium term: an operating profit despite a net loss suggests the loss originated outside operations (subsidiaries, impairments). Source
- 2026-02-23FilingDisclosure of a change in revenue or profit structure of 30% or more. The prior fiscal year's profit (net income) swing exceeded the threshold, giving advance notice.Short term: pre-flagging the net-profit deterioration is a volatility factor. Medium term: the cause of the profit swing needs to be confirmed via the business report. Source
- 2026-03-26DividendAnnual general meeting results disclosed. A cash dividend of ₩210 per share (about 4.4% at the current price) and other agenda items were passed.Short term: an ex-dividend effect. Medium term: maintaining a cash dividend even in a loss year signals a commitment to shareholder returns. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-19Audit report
- 2026-03-17OwnershipOwnership-change filing
- 2026-02-25Amended filing
- 2026-02-25Disclosure
- 2026-02-25Shareholders' meeting notice
- 2026-02-23EarningsEarnings 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.