CJ Corporation (001040) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
CJ does not make products itself; it is a holding company that earns money from dividends, trademark royalties and rental income by holding stakes in listed affiliates such as CJ CheilJedang, CJ Logistics and CJ ENM, plus the unlisted CJ Olive Young. In substance, it is better viewed by 'which affiliates it holds and how much' than by 'what it makes.' In 2026 its disclosures concentrated on shareholder returns and capital structure: early acquisitions of its own convertible bonds in April-June reduced the potential dilution overhang, a cash and in-kind dividend (₩3,300 per share) was decided on May 11, and the Q1 quarterly report plus governance and large-business-group disclosures followed. Two things stand out lately: summing the value of its stakes in listed and unlisted affiliates leaves room to approach or exceed its market cap (about ₩4.7 trillion), so at a P/B of 0.9x and a discount to NAV it can be read as undervalued; but the holding-company discount typical of such stocks does not clear in the short term, and if affiliate results are weak the NAV itself falls, so whether structural reform is executed is the key to a re-valuation.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
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 3.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.0% higher than a year earlier.
- ROE is 3.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.4%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Jay-hyun 42.07% (individual)
Controlling bloc incl. related parties 100%
With the controlling bloc holding 100%, control is very secure but the free float is thin.
Net asset value (NAV) assessment
💡 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
| CJ Freshway | 47.11% |
| CJ ENM | 40.07% |
🔎 In-depth analysis Reading
CJ is not a company that makes products directly; it is a holding company that holds stakes in CJ Group affiliates and earns money from dividends, trademark (brand) royalties and rental income. Its reported revenue of ₩45 trillion is the consolidated total of the affiliates it holds, and the core assets are CJ CheilJedang in food and bio, CJ Logistics in parcel delivery and global logistics, CJ ENM in media and commerce (including Studio Dragon and TVING), and the unlisted health-and-beauty retailer CJ Olive Young. Olive Young in particular is a pre-IPO affiliate whose results flow into the consolidation but which has no stock-market price tag, so it is often cited as hidden value when looking at CJ's share price. Accordingly, CJ is better viewed in business substance by 'which affiliates it holds and how much' than by 'what it makes.'
The latest close is ₩145,900 and the market capitalization is ₩4.3 trillion. The price sits above its 20-day moving average (₩133,365) and below its 60-day moving average (₩159,505). 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 55.0, a neutral level. The one-month change is -5.0%, the three-month change is -32.3%, and the position relative to the 52-week high is -37.1%. Relative strength versus the KOSPI is 13 (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 13% of all stocks. Over the past three months it lagged the index by 20.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
A holding company's metrics must be read differently from an ordinary manufacturer. On a confirmed full-year (2025) basis the P/E ratio (how many times one year's net profit the price is) looks high at 27.91x, but this is an optical distortion: 2025 controlling-interest net profit (₩143.3 billion) was a low bottom value that only partly recovered from the prior year's trough, so the denominator is temporarily small and the multiple looks large. Indeed, Q1 2026 net profit (₩174.3 billion) alone already surpassed all of 2025 - holding-company net profit swings widely by quarter and by year with affiliates' equity-method earnings and valuation gains or losses. The P/B (how many times per-share net assets the price is) is 0.80x, below book value; but this book equity carries most affiliate stakes at long-ago acquisition cost, reflecting them below true market value - so even a P/B of 0.9x is an optical distortion that actually looks high relative to true value. The debt ratio of 575% is a consolidated figure that includes logistics and financial affiliates, so it differs from the standalone finances of the holding company CJ. ROE (how much is earned in a year per unit of equity) of 2.8% also looks low because net profit was in an accounting-trough year. The dividend yield is a steady 2.1% (₩3,300 per share).
Over five years, revenue rose steadily at an average annual rate of about 6.9%, from ₩34.5 trillion in 2021 to ₩45.0 trillion in 2025, and operating profit grew from ₩1.9 trillion to ₩2.5 trillion. Net profit, by contrast, slid from ₩275.0 billion in 2021 to ₩94.3 billion in 2024 before recovering to ₩143.3 billion (+52%) in 2025 - a direct illustration of how holding-company net profit swings widely with affiliates' results and valuation gains or losses. Most recently, Q1 2026 improved again with revenue of ₩11.5 trillion (+8.0%) and net profit of ₩174.3 billion (+31.5%), though operating profit diverged at -13.2%. Because a holding company's net profit varies so widely with non-cash and one-off factors, it is hard to gauge the full year by simply multiplying a single quarter by four. So this year's earnings outlook is confirmed only when an official company figure exists; absent one, it is more accurate to track it through changes in net asset value (NAV) of the stakes held rather than forcing a number. For reference, there is no confirmed basis to see earnings falling below this year's level next year or after, so there is no need to declare this year a cycle peak.
In 2026 CJ's disclosures have concentrated on shareholder returns and capital structure. In April and June it decided to acquire its own convertible bonds (previously issued CBs) before maturity - a measure that reduces the potential new-share conversion burden and protects existing-holder value. On May 11 it decided a cash and in-kind dividend (₩3,300 per share), sustaining its dividend stance, and on May 15 it disclosed confirmed results via the Q1 2026 quarterly report. June 1 was the annual reporting point when a corporate-governance report and a large-business-group status disclosure were filed together. The early acquisition of own convertible bonds and related treasury-share moves are events the market reads in connection with expectations for treasury-share cancellation and structural reform at holding companies.
Because CJ is a holding company, both its strengths and its cautions must be viewed through the lens of stake value. The strong case: summing the value of stakes in listed affiliates such as CJ CheilJedang, CJ Logistics and CJ ENM, plus the unlisted CJ Olive Young, leaves room to approach or exceed CJ's own market cap (about ₩4.7 trillion), so at a P/B of 0.9x and a discount to NAV it can be read as undervalued. Olive Young in particular is hidden value that flows into the consolidation but is not directly priced by the market. Shareholder returns - early acquisition of own convertible bonds, a 2.1% dividend and more - also support the downside. The weak case: the 'holding-company stake discount' typical of such stocks does not clear in the short term, and if affiliates' results and share prices (especially CheilJedang and ENM) are weak, the NAV itself falls. Consolidated net profit swings widely each year, so judging by P/E alone distorts the read; the recovery of affiliate results and structural reform such as treasury-share cancellation are the keys to a re-valuation. In short, a view based on the sum of the value of stakes held (NAV) fits the substance better than a single line of consolidated P/E calculated on last year's trough value.
🔎 Valuation vs peers Undervalued
In keeping with its substance as an operating holding company, compared against leading domestic holding companies that own operating businesses in food, logistics, media and the like, though CJ's true value is viewed via the sum of the value of stakes held (SOTP/NAV). The P/E and P/B shown are consolidated confirmed figures on the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LG Corp. | 21.86x | 0.53x | 1.69% |
| Samsung C&T | 22.21x | 0.87x | 4.15% |
| CJ CheilJedang | 0.00x | 0.41x | -6.81% |
For a holding company it is hard to split cheap versus expensive by a single line of consolidated P/E. (a) The real yardstick is not a peer P/E but the net asset value (NAV) of the stakes held. Adding the market value of stakes in core listed affiliates - CJ CheilJedang, CJ Logistics and CJ ENM - plus the unlisted CJ Olive Young leaves room to be similar to or above CJ's own market cap (about ₩4.7 trillion), so even allowing for the usual holding-company discount it appears to sit in a discount to NAV. (b) The P/B of 0.9x carries an optical distortion in which book equity reflects affiliate stakes at acquisition cost - low relative to reality, so the actual price looks higher than it is - meaning the discount to NAV is deeper still. (c) The trailing P/E of 32.6x reflects that 2025 was a net-profit trough year, and given that a holding company's net profit swings widely with equity-method and one-off items, P/E alone cannot pin it as overvalued - indeed Q1 2026 net profit alone surpassed the prior full year. Accordingly, it is judged undervalued from a NAV rather than a P/E perspective.
Price history Close · MA20 · MA60
The latest close is ₩145,900 and the market capitalization is ₩4.3 trillion. The price sits above its 20-day moving average (₩133,365) and below its 60-day moving average (₩159,505). 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 55.0, a neutral level. The one-month change is -5.0%, the three-month change is -32.3%, and the position relative to the 52-week high is -37.1%. Relative strength versus the KOSPI is 13 (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 13% of all stocks. Over the past three months it lagged the index by 20.2%. 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 -20.20% / 6M -45.64% / 12M -50.68%
Key metrics Computed vs sector median
Valuation
The P/E of 29.70x is above the sector median (8.18x). The P/B of 0.80x is above the sector median (0.53x).
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 3.5%, in line with the sector average (4.0%). The operating margin is 5.4%. The debt ratio is 584.8%, 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 | $29.1B | $30.7B | $31.6B | +3.14% ↓ slower |
| Operating profit | $1.4B | $1.8B | $1.8B | -0.18% ↓ slower |
| Net profit | $136.8M | $66.2M | $100.7M | +52.04% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $24.2B | $28.7B | $29.1B | $30.7B | $31.6B |
| Operating profit | $1.3B | $1.5B | $1.4B | $1.8B | $1.8B |
| Net profit | $193.2M | $142.0M | $136.8M | $66.2M | $100.7M |
| Revenue CAGR | 4-yr avg 6.89% | ||||
Revenue rose 3.1% year over year (2023 ₩41.4 trillion → 2024 ₩43.6 trillion → 2025 ₩45.0 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 0.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.9%. The two-year revenue CAGR is 4.3%. In the most recent quarter (Q1 2026), revenue was 8.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue rose 3.1% 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
- 2026-06-04FilingDecision to acquire own convertible bonds before maturity (amended filing) - acquiring previously issued convertible bonds before maturity to reduce the potential new-share conversion burdenShort term: a signal of defending the capital structure and shareholder value. Medium term: material for re-valuation as dilution concerns ease. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed - consolidated revenue ₩11.5 trillion (+8.0%), net profit ₩174.3 billion (+31.5%), operating profit ₩460.7 billion (-13.2%)Short term: confirms improvement in revenue and net profit. Medium term: a starting point to see whether the combined affiliate results carry through to the full year. Source
- 2026-05-11DividendCash and in-kind dividend decided - ₩3,300 per common share (dividend yield of about 2.1%), sustaining the dividend stanceShort term: dividend stability supports the downside. Medium term: sustains the holding company's dividend appeal. Source
- 2026-04-22FilingDecision to acquire own convertible bonds before maturity - tidying up the capital structure through early acquisition of convertible bondsShort term: defends shareholder value. Medium term: connects to expectations for treasury-share cancellation and structural reform. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Business structure (holding company) | (induty 64992) | CJ 4 , CJ·CJ·CJ ENM·CJ·CJ CGV | Confirmed | link |
| Q1 2026 operating profit | ₩460.7 billion | ₩460.7 billion | Confirmed | link |
| Dividend per share (DPS) | ₩3,300 | (2026-05-11) | Confirmed | link |
| This year's forward net profit estimate | — | — | Unverified | link |
Recent filings Source
- 2026-06-04Material-fact report (amended)
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-11DividendCash/stock dividend decision
- 2026-05-11DividendCash/stock dividend decision
- 2026-05-08Amended filing
- 2026-04-22Material-fact report
- 2026-04-02OwnershipOfficers'/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.
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.