Dong-A Socio Holdings is a pharmaceutical holding company that oversees Dong-A Pharmaceutical, Dong-A ST, and ST Pharm. It owns 100% of Dong-A Pharmaceutical, known for the Bacchus energy drink, and holds roughly 23% of listed subsidiary Dong-A ST (prescription drugs) and about 33% of ST Pharm (the world's third-largest oligonucleotide CDMO), so the earnings and market value of these subsidiaries form the core of the company's worth. Consolidated 2025 revenue reached ₩1,429.8 billion and net profit was ₩90.9 billion, up 56.7% from the prior year, and net profit rose a further 14.1% in Q1 2026. Worth noting recently: the combined market value of its listed subsidiary stakes alone far exceeds the company's own market capitalization, a hallmark of the holding-company discount, yet much of that value is concentrated in ST Pharm, whose shares have already risen sharply, so a swing in ST Pharm's price would move the net asset value with it.
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 rose 7.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.9% higher than a year earlier.
- ROE is 8.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.8%.
- 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 2024-12-31
Largest shareholder Kang Jung-seok 29.25% (individual)
Controlling bloc incl. related parties 29.27%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
Net asset value (NAV) assessment Overvalued26% 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
| ST Pharm | 29.45% |
🔎 In-depth analysis
- Dong-A Socio Holdings does not sell products directly; it is a holding company that owns and manages the affiliates of the Dong-A group.
- The actual earnings come from its subsidiaries.
- The largest is the wholly owned Dong-A Pharmaceutical, which sells the Bacchus energy drink along with over-the-counter and consumer-health products.
- It also holds about 23% of Dong-A ST, which makes prescription drugs, and about 33% of ST Pharm, which provides contract manufacturing (CDMO) of oligonucleotide ingredients.
- It also owns Dong-A Otsuka (beverages), logistics affiliates, and others, so company earnings are the combined result of its subsidiaries' consolidated and equity-method results.
- The share price is ₩83,000, above the 20-day line (₩81,485) but below the 60-day line (₩89,207) and 120-day line (₩97,154).
- With the medium-term moving averages stacked overhead, the trend is still in the early stage of recovery.
- The six-month return is -22.9% and the three-month return is -9.3%, reflecting a pullback.
- RSI stands at 48.6, a neutral zone that is neither overbought nor oversold.
- The price sits about 33% below its 52-week high.
- The P/E ratio (how many times one year's earnings the price represents) is 6.1x and the P/B (how many times net assets the price represents) is 0.49x — both low.
- That said, a holding company is hard to judge on these two figures alone.
- Because book equity carries the subsidiary stakes at their old, low acquisition cost, the P/B looks higher than it really is.
- Profitability is solid, with an ROE (how much is earned in a year per unit of equity) of 8.0% and an operating margin of 6.8%.
- The finances are sturdy: net debt (total borrowings minus cash) is negative, meaning the company holds ₩18.1 billion more cash than debt — a net cash position.
- The FCF yield (cash actually generated relative to market cap) is a very high 30.5%, so cash generation is strong.
- EV/EBIT (an earnings multiple that also reflects debt) is 5.5x and EV/EBITDA is 2.8x, placing it in undervalued territory even after accounting for debt.
- The dividend yield is 2.05%.
- The top line has grown steadily.
- Revenue expanded from ₩881.9 billion in 2021 to ₩1,429.8 billion in 2025, a 12.8% annual average over five years.
- Net profit in 2025 was ₩90.9 billion, a 56.7% jump from the prior year, the result of overlapping equity-method gains from subsidiaries and business improvement.
- In Q1 2026 net profit rose again to ₩20.5 billion, up 14.1%, extending the upturn.
- However, Q1 operating profit fell 6.0% to ₩19.1 billion, showing that quarterly results swing with the timing differences between subsidiary results and equity-method gains.
- Because a holding company's earnings hinge on its subsidiaries, they can fluctuate from quarter to quarter.
- In particular, the more ST Pharm's oligonucleotide CDMO volume falls into the second half, the larger the equity-method gains grow later in the year.
- Reflecting this trajectory, this year's net profit looks likely to be similar to or slightly above last year's, and the forward P/E on that basis is about 6.1x — still low.
- The key recent developments center on subsidiary disclosures.
- In April, subsidiary ST Pharm signed an oligonucleotide ingredient supply contract with a U.S. biotech, and the 2026 cumulative supply for this single drug grew to about ₩67.4 billion.
- This signals the substance behind ST Pharm's CDMO growth.
- In late April, consolidated preliminary results confirmed improving net profit.
- A subsidiary's cash and in-kind dividend decision was also disclosed, and subsidiary dividends are a source of cash inflow for the holding company.
- The direction of the holding company's results follows these subsidiary events.
- The strengths are clear.
- The combined market value of its listed subsidiary stakes alone far exceeds the company's own market capitalization.
- On top of that, the value of the wholly owned Dong-A Pharmaceutical (Bacchus and others) is not yet reflected.
- With a net cash position and a high FCF yield, financial stability is solid.
- These metrics all point to a holding-company undervaluation.
- There are cautions, too.
- A large part of the net asset value is concentrated in ST Pharm, which has already risen sharply (its share-price multiple is elevated).
- If ST Pharm's stock corrects, the company's net asset value shrinks with it.
- Holding-company discounts also tend to persist for a long time without a catalyst such as expanded dividends or governance improvement.
- In short, the stock is strong when subsidiary results are good and the undervaluation stands out, and weak during an ST Pharm correction or an entrenched holding-company discount.
🔎 Valuation vs peers Undervalued
Compared against pharmaceutical holdings and its core subsidiaries — listed subsidiaries ST Pharm (oligonucleotide CDMO) and Dong-A ST (prescription drugs), with drugmaker Yuhan viewed for reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| ST Pharm | 45.22x | 4.19x | 9.27% |
| Dong-A ST | 0.00x | 0.53x | -4.45% |
| Yuhan Corporation | 27.66x | 2.27x | 8.22% |
A holding company should be judged by the market value of its stakes (NAV) rather than by consolidated P/E or P/B. The market value of its listed subsidiary stakes alone (about 33% of ST Pharm and about 23% of Dong-A ST) comes to roughly ₩890 billion, far exceeding the company's own market cap of ₩558.8 billion. Because the value of the wholly owned Dong-A Pharmaceutical is not even added in, the discount to net asset value is clear. The P/B of 0.49x is an optical effect — book equity carries the subsidiary stakes at low acquisition cost, so it looks higher than true asset value — and the forward P/E of about 6.1x is also on the low side. That said, a large part of the net asset value is concentrated in ST Pharm, which already trades at a high multiple, so if ST Pharm's price corrects, the discount narrows accordingly.
Price history Close · MA20 · MA60
The latest close is ₩83,000 and the market capitalization is ₩558.8 billion. The price sits above its 20-day moving average (₩81,485) and below its 60-day moving average (₩89,207). 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 48.6, a neutral level. The one-month change is +0.5%, the three-month change is -9.3%, and the position relative to the 52-week high is -33.1%. Relative strength versus the KOSPI is 8 (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 7% of all stocks. Over the past three months it lagged the index by 29.7%. 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 -29.71% / 6M -51.95% / 12M -70.66%
Key metrics vs sector median
Valuation
The P/E of 6.14x is in line with the sector median (6.67x). The P/B is 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 8.0%, above the sector average (5.0%). The operating margin is 6.8%. The debt ratio is 81.6%, 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 | $750.3M | $883.6M | $947.6M | +7.24% ↓ slower |
| Operating profit | $51.0M | $54.4M | $64.8M | +19.10% ↑ faster |
| Net profit | $38.4M | $38.5M | $60.3M | +56.74% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $584.5M | $672.6M | $750.3M | $883.6M | $947.6M |
| Operating profit | $40.8M | $25.1M | $51.0M | $54.4M | $64.8M |
| Net profit | $39.9M | $7.4M | $38.4M | $38.5M | $60.3M |
| Revenue CAGR | 4-yr avg 12.84% | ||||
Revenue rose 7.2% year over year (2023 ₩1.1 trillion → 2024 ₩1.3 trillion → 2025 ₩1.4 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 19.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.8%. The two-year revenue CAGR is 12.4%. In the most recent quarter (Q1 2026), revenue was 6.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue rose 7.2% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-20UpdateSubsidiary ST Pharm signed a supply contract with a U.S. biotech for a blood-cancer oligonucleotide drug ingredient. Cumulative 2026 supply for the drug grew to about ₩67.4 billion.Medium-term positive. As the substance behind ST Pharm's CDMO revenue and equity-method gains, it underpins the holding company's net asset value. Source
- 2026-04-27EarningsQ1 2026 consolidated preliminary results disclosed: revenue ₩351.0 billion (+6.9%), net profit ₩20.5 billion (+14.1%), confirming an improvement in net profit.Short-term positive. Net profit continues to rise on subsidiary equity-method gains and business improvement. Source
- 2026-04-21DividendA subsidiary's cash and in-kind dividend decision was disclosed. Subsidiary dividends are a source of cash flowing into the holding company.Medium-term positive. Contributes to the holding company's dividend funding and cash-flow stability. Source
- 2026-05-29FilingCorporate governance report disclosed, updating shareholder-related information such as the holding company's governance structure and dividend policy.Neutral. A basis for checking the governance and shareholder-return direction that is key to resolving the holding-company discount. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-27Disclosure
- 2026-04-27EarningsFair-disclosure notice
- 2026-04-23Disclosure
- 2026-04-23Disclosure
- 2026-04-23EarningsEarnings disclosure
- 2026-04-21DividendCash/stock dividend decision (amended)
- 2026-04-20Single supply/sales contract
- 2026-04-16Disclosure
- 2026-04-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-31OwnershipOfficers'/major-shareholders' holdings report
📖 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.
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