Yusu Holdings is a holding company that, rather than making products itself, oversees several subsidiaries and earns money from their dividends, trademark and management-advisory fees, and the operations of its consolidated units, so its subsidiaries' results drive overall earnings. Last year's annual results were revenue of ₩418.5 billion, operating profit of ₩21.2 billion, and net profit of ₩4.6 billion, and in the first quarter of 2026 earnings recovered sharply while the company voluntarily disclosed a corporate value-up plan. What stands out recently is that if subsidiary earnings keep up the first quarter's recovery, the combination of a low P/B of 0.40x, a dividend yield in the 6% range, and a 20% debt ratio, undervalued, high-yield, and financially stable, stays intact; but if subsidiary results wobble again, the extent of the recovery could shrink.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 4.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 1.2% lower than a year earlier.
- ROE is 1.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.1%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Eun-young 18.11% (individual)
Controlling bloc incl. related parties 49.92%
With the controlling bloc holding 50%, the ownership structure is stable.
🔎 In-depth analysis
- Yusu Holdings is a holding company that oversees several subsidiaries and manages their stakes, rather than a company that makes products itself.
- It earns money in two main ways.
- First, dividends from the profits its subsidiaries generate, along with intra-group fees such as trademark and management-advisory charges.
- Second, revenue from operations that the holding company runs directly or through its consolidated units.
- So rather than the operations of the parent alone, the results of the subsidiaries it oversees drive overall earnings.
- Because its market cap is on the small side, a change in subsidiary results or a single filing has a relatively large effect on the company's overall figures.
- The latest close is ₩5,680 and the market cap is ₩147.9 billion.
- The price sits above the 20-day line (₩5,621) but below the 60-day line (₩5,799).
- With the short- and mid-term trends diverging, direction should be read separately.
- The RSI (a supplementary gauge that measures upward versus downward momentum over the past 14 days on a 0-100 scale) is 51.9, a neutral level.
- The price is up 1.6% over one month and down 4.9% over three months, and sits 20.9% below its 52-week high.
- Its relative strength versus the KOSPI is 28 (on a 1-99 scale that converts the past year's return against the index, weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 73% of all stocks by strength.
- Over the past three months it lagged the index by 24.5%.
- It is best to read the chart alongside trading volume and disclosure dates.
- For the most recent year (2025), revenue was ₩418.5 billion, operating profit ₩21.2 billion, and net profit ₩4.6 billion.
- With an operating margin of 5.1%, ROE (how much is earned per year on equity) of 1.4%, a debt ratio (debt to equity) of 20.2%, and a current ratio (assets convertible to cash against debt due within a year) of 476%, the balance sheet is stable.
- One point to note: the trailing P/E of 29.4x looks high, but this is the result of last year's net profit temporarily shrinking the denominator, not of the share price being expensive.
- The P/B (share price to book value) is 0.44x, with the stock trading at less than half the company's net assets.
- In an inflection phase where earnings are turning back up, this year's forward P/E is closer to the real picture than the trailing P/E, and that figure is clearly lower than peers.
- On an annual basis, revenue moved through swings, from ₩341.8 billion in 2023 to ₩435.9 billion in 2024 to ₩418.5 billion in 2025, and net profit shrank sharply last year (₩4.6 billion in 2025).
- The important change appears in the most recent quarter.
- First-quarter 2026 revenue held at ₩106.3 billion, similar to the prior year, but operating profit rose 53.1% to ₩10.0 billion and net profit rose about 3.4-fold (+241%) year on year to ₩13.4 billion.
- In other words, revenue held while earnings turned up sharply.
- This year's outlook is for revenue of about ₩447.8 billion, operating profit of about ₩47.0 billion, and net profit of about ₩47.8 billion, a picture of earnings recovering to a normal track after last year's slump.
- This recovery points in the same direction as the earnings improvement actually confirmed in the first quarter, and it comes from a structure supported by subsidiary results and group dividends.
- Meanwhile, there is no confirmed basis for next year and beyond falling below this year, so there is no reason to conclude the present is a cycle peak.
- The filing flow also aligns with the earnings-recovery direction.
- On March 31, 2026, the company presented a corporate value-up plan (voluntary disclosure) directly, a document in which it stated its own direction for shareholder returns and value improvement.
- On February 4 and March 11, 2026, earnings-structure change filings organized the confirmed results of annual revenue of ₩418.5 billion, operating profit of ₩21.2 billion, and net profit of ₩4.6 billion.
- Reading last year's confirmed results, this year's first-quarter earnings rebound, and the company's stated value-up direction together helps gauge where the numbers are turning.
- The strengths are clear.
- At a P/B of 0.40x it is deeply cheap versus net assets, this year's forward P/E is low versus peers, first-quarter earnings actually recovered sharply, and the dividend yield (one year of dividends against the share price) is high in the 6% range.
- The balance sheet is solid too, with a 20% debt ratio and a 476% current ratio.
- It reads as a stock where undervaluation, high yield, and financial stability come together.
- A point to weigh is the structural nature of a holding company, whose earnings are tied to subsidiary results.
- So the key variable for earnings is whether the subsidiaries it oversees carry this year's flow forward.
- In short, when subsidiary earnings keep up the first quarter's recovery, the undervaluation appeal stays intact, and if subsidiary results wobble again, the extent of the recovery could shrink.
- Either way, the fact that the starting point is a price cheap versus net assets does not change.
🔎 Valuation vs peers Undervalued
A peer group within professional services with adjacent market capitalizations.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Woongjin | 1.29x | 0.88x | 67.88% |
| Eco-i | 110.30x | 1.57x | 1.42% |
| Asia Holdings | 13.16x | 0.34x | 2.61% |
Within professional services, we first looked at a public-data peer group with nearby market capitalizations. The current P/E (share price to one year of earnings) is 32.36x and the P/B (share price to book value) is 0.44x. That said, because smaller-cap names are heavily affected by earnings swings and financing filings, we did not draw firm conclusions from metrics based on last year's confirmed results alone. 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 | ₩447.8 billion | ₩47.0 billion | ₩47.8 billion |
| Next quarter | Q2 2026 | ₩108.7 billion | ₩12.9 billion | ₩17.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,680 and the market capitalization is ₩147.9 billion. The price sits above its 20-day moving average (₩5,621) and below its 60-day moving average (₩5,799). 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 51.9, a neutral level. The one-month change is +1.6%, the three-month change is -4.9%, and the position relative to the 52-week high is -20.9%. Relative strength versus the KOSPI is 28 (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 27% of all stocks. Over the past three months it lagged the index by 24.5%. 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 -24.52% / 6M -38.26% / 12M -61.29%
Key metrics vs sector median
Valuation
The P/E of 32.36x is above the sector median (11.02x). The P/B of 0.44x is below the sector median (0.59x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 1.4%, below the sector average (7.0%). The operating margin is 5.1%. The debt ratio is 20.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $226.5M | $288.9M | $277.4M | -3.99% ↓ slower |
| Operating profit | $14.6M | $12.1M | $14.1M | +15.86% ↑ faster |
| Net profit | $6.8M | $10.9M | $3.0M | -72.24% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $333.8M | $369.6M | $226.5M | $288.9M | $277.4M |
| Operating profit | $13.5M | $19.6M | $14.6M | $12.1M | $14.1M |
| Net profit | $15.9M | $19.3M | $6.8M | $10.9M | $3.0M |
| Revenue CAGR | 4-yr avg -4.53% | ||||
Revenue fell 4.0% year over year (2023 ₩341.8 billion → 2024 ₩435.9 billion → 2025 ₩418.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 15.9% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -4.5%. The two-year revenue CAGR is 10.7%. In the most recent quarter (Q1 2026), revenue was 1.2% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 6.2%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 4.0% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-31UpdateCorporate value-up plan (voluntary disclosure): see the original company plan.This is a planning document the company presented itself. If it contains figures, treat it as a primary basis for the outlook box; if not, read it only as an indication of direction. Source
- 2026-03-11Earnings[Correction] Change in revenue or profit structure of 30% or more (15% for large corporations): annual revenue ₩418.5 billion, operating profit ₩21.2 billion, net profit ₩4.6 billion.This is recent confirmed or provisional earnings data. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-02-04EarningsChange in revenue or profit structure of 30% or more (15% for large corporations): annual revenue ₩418.5 billion, operating profit ₩21.2 billion, net profit ₩4.6 billion.This is recent confirmed or provisional earnings data. Check whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,680 | ₩5,680 | Confirmed | link |
| Latest quarterly results | revenue ₩106.3 billion, operating profit ₩10.0 billion | revenue ₩106.3 billion, operating profit ₩10.0 billion | Confirmed | link |
| Annual results | revenue ₩418.5 billion, operating profit ₩21.2 billion | revenue ₩418.5 billion, operating profit ₩21.2 billion | Confirmed | link |
| Original outlook/plan filing | : | : | Confirmed | link |
| Original earnings filing | []revenue30%: revenue ₩418.5 billion · operating profit ₩21.2 billion · net profit ₩4.6 billion | []revenue30%: revenue ₩418.5 billion · operating profit ₩21.2 billion · net profit ₩4.6 billion | Confirmed | link |
| Original earnings filing | revenue30%: revenue ₩418.5 billion · operating profit ₩21.2 billion · net profit ₩4.6 billion | revenue30%: revenue ₩418.5 billion · operating profit ₩21.2 billion · net profit ₩4.6 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-11EarningsAmended filing
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 2026-03-11Shareholders' meeting notice
- 2026-02-13DividendCash/stock dividend decision
📖 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.