LX International (001120) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
LX International earns money along three lines: logistics through its subsidiary LX Pantos (about half of revenue), trading of steel, petrochemicals and other goods (roughly 45%), and resources such as Indonesian coal mines, palm oil and nickel (around 7% of revenue but, thanks to high margins, a large contributor to operating profit). Stable logistics forms the floor while resources and trading grow or shrink earnings with the commodity cycle. In late April the company filed preliminary Q1 results, and there followed decisions on debt guarantees for subsidiaries and disclosures of an investor briefing and a corporate-governance report. The key point to watch is that it pairs undervaluation, a P/B of 0.52x and a 5.4% dividend yield with this year's P/E falling to about 7.4x once a recovery is factored in, against a caution: earnings hinge on coal, nickel and palm prices and on freight rates, and a debt ratio of 209% weighs on the company when conditions are poor.
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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 “Trading Houses & Commodity Trading” (Retail, Consumer Goods & Food · Distribution & Wholesale/Retail), a type typically read first through P/E.
Trading houses earn margins by brokering and moving a wide range of goods, an asset-light model whose earnings recur period after period. That is why trailing P/E, based on actually earned profit, is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt is somewhat higher than equity (debt ratio 215.0%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 0.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.0% higher than a year earlier.
- ROE is 3.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 1.7%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2017-12-31
Largest shareholder LG 24.69% (corporate)
Controlling bloc incl. related parties 26.24%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
LX International earns money along three lines. The first is logistics. Through its subsidiary LX Pantos it runs domestic and overseas freight and ocean-freight operations, the largest pillar at about half of total revenue (roughly 48% in 2024). The second is trading and new growth. As a general trading house it buys and sells commodities such as steel, petrochemicals and industrial materials worldwide, making up around 45% of revenue. The third is resources. It directly owns and operates Indonesian coal mines, palm-oil plantations and nickel mines; these account for around 7% of revenue but, with high margins, contribute far more to operating profit. In short, stable logistics forms the floor while resources and trading grow or shrink earnings with the cycle.
The latest close is ₩37,400 and the market capitalization is ₩1.4 trillion. The price sits above its 20-day moving average (₩36,972) and below its 60-day moving average (₩39,006). 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 50.5, a neutral level. The one-month change is -1.3%, the three-month change is -25.0%, and the position relative to the 52-week high is -34.0%. Relative strength versus the KOSPI is 35 (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 34% of all stocks. Over the past three months it lagged the index by 8.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Start with the valuation metrics. The P/E (how many times one year's earnings the price represents) is 10.22x and the P/B (how many times the company's net assets) is 0.51x. Trading at half the value of its net assets means it is valued low relative to its assets. The dividend yield is a fairly high 5.4%. It pays ₩2,000 per share, returning about half of its earnings to shareholders (a payout ratio of 50.7%). Profitability follows the cycle: ROE (annual return on equity) is 5.1% and the operating margin is 1.75%. As is typical of a trading house, revenue is large and margins are thin. The debt ratio (debt against equity) of 209% is not low, reflecting the asset investment and working capital that logistics and resources require. Factoring in debt changes the picture somewhat: EV/EBIT (enterprise value including debt divided by operating profit, a debt-adjusted version of the P/E) is 10.6x, net debt (total borrowings minus cash) is ₩1.6 trillion, and the free-cash-flow yield (actual cash generated against market cap) is 5.4%, meaning it is generating enough cash to sustain the dividend.
Over five years earnings have swung widely. Net profit peaked at ₩515.2 billion in 2022, then fell to ₩117.1 billion in 2023, before moving to ₩175.7 billion in 2024 and ₩141.8 billion in 2025. It is a classic cyclical business where earnings surge when commodity and freight prices are strong and fall quickly when they cool. 2025 was a year when that cycle was depressed. Revenue was flat at ₩16.7 trillion, but operating profit fell 40% to ₩292.2 billion as coal and freight prices declined. In Q1 2026 revenue was ₩4.21 trillion (+4.0%), operating profit ₩108.9 billion and net profit ₩73.5 billion. Net profit was down 33% from Q1 last year, but that is because the comparison is against an unusually strong Q1. What matters is how weak the second half of 2025 was: against that low base, 2026 annual earnings are on a path to rise above 2025 as container freight rebounds and coal, nickel and palm prices recover. On this year's expected net profit reflecting that recovery, the price works out to about 7.4x earnings, below the 10.2x P/E on last year's results. In other words, looking forward, the stock is priced more cheaply as the depressed earnings revive.
Recent disclosures cluster around results, shareholder returns and financing. In late April the company made a fair disclosure of preliminary Q1 results, with confirmed figures available in the May quarterly report. Also in April there were several decisions on debt guarantees for subsidiaries and others, a routine form of support that arises in funding logistics and resources operations. In June and April the company flagged investor briefings, occasions where it explains its direction directly to investors. In May it also filed a corporate-governance report.
This is a stock with clear strengths. It trades at half the value of its net assets (a P/B of 0.52x), carries a high 5.4% dividend yield, and covers that dividend with the cash it generates. Even on 2025's depressed earnings the P/E is around 10x, and on this year's basis reflecting a recovery it falls to about 7.4x. The caution, on the other hand, is dependence on the cycle. Because a large part of earnings hinges on coal, nickel and palm prices and on container freight rates, earnings can fall quickly if those prices turn down again. The 209% debt ratio also weighs on the company when conditions are poor. In sum, when freight and commodity conditions extend a recovery, the undervaluation stands out; when conditions worsen again, earnings volatility increases.
🔎 Valuation vs peers Undervalued
Compared against general-trading-house companies that combine logistics, resources and trading.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| POSCO International | 15.87x | 1.45x | 10.20% |
| Hyundai Corporation | 4.06x | 0.49x | 10.30% |
Compared with POSCO International, its closest peer in scale and business mix, LX International has both a lower P/E and P/B and a higher dividend yield. Hyundai Corporation, a smaller trading house, is even lower at a 3.5x P/E, but LX is differentiated by also having a stable earnings base in logistics (Pantos). The 10.2x P/E on last year's (2025) results may look somewhat high because it reflects a year when the cycle was depressed and earnings fell 40%; on this year's earnings, reflecting a recovery in freight and commodities, it drops to about 7.4x. Factoring in the 0.52x P/B and the 5.4% dividend, the stock sits in a range valued low against its assets and cash flow. That said, because earnings hinge heavily on the cycle, this undervaluation case weakens if conditions turn down again.
Price history Close · MA20 · MA60
The latest close is ₩37,400 and the market capitalization is ₩1.4 trillion. The price sits above its 20-day moving average (₩36,972) and below its 60-day moving average (₩39,006). 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 50.5, a neutral level. The one-month change is -1.3%, the three-month change is -25.0%, and the position relative to the 52-week high is -34.0%. Relative strength versus the KOSPI is 35 (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 34% of all stocks. Over the past three months it lagged the index by 8.4%. 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 -8.36% / 6M -22.22% / 12M -40.15%
Key metrics Computed vs sector median
Valuation
The P/E of 10.22x is in line with the sector median (10.99x). The P/B of 0.51x is below the sector median (0.62x).
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 3.7%, above the sector average (2.0%). The operating margin is 1.7%. The debt ratio is 215.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $10.2B | $11.7B | $11.7B | +0.41% ↓ slower |
| Operating profit | $304.3M | $343.7M | $205.3M | -40.27% ↓ slower |
| Net profit | $82.3M | $123.4M | $99.6M | -19.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $11.7B | $13.2B | $10.2B | $11.7B | $11.7B |
| Operating profit | $461.0M | $678.3M | $304.3M | $343.7M | $205.3M |
| Net profit | $245.9M | $361.9M | $82.3M | $123.4M | $99.6M |
| Revenue CAGR | 4-yr avg 0.03% | ||||
Revenue rose 0.4% year over year (2023 ₩14.5 trillion → 2024 ₩16.6 trillion → 2025 ₩16.7 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 40.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.0%. The two-year revenue CAGR is 7.3%. In the most recent quarter (Q1 2026), revenue was 4.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 5.3%, is on the high side.
Points to watch
- Revenue rose 0.4% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-04-29EarningsFair disclosure of preliminary Q1 2026 consolidated results. Revenue ₩4.21 trillion, operating profit ₩108.9 billion, net profit ₩73.5 billion.Revenue rose modestly year over year, but net profit fell against a strong Q1 last year. Still, measured against the trough of the second half of 2025, it marks the starting point of a recovery. Source
- 2026-05-15FilingQ1 2026 quarterly report filed. Segment results and confirmed figures for financial position now available.Material for confirming the detailed results of the logistics, trading and resources segments, backing up the preliminary results. Source
- 2026-04-29FilingMultiple decisions disclosed on debt guarantees to third parties for subsidiaries and others.Routine support that underpins funding for the logistics and resources operations. An item to watch from a contingent-liability standpoint. Source
- 2026-06-08IRDisclosure announcing an investor briefing, an occasion for the company to explain its business status and outlook directly to investors.An opportunity to confirm the company's view on logistics freight rates and resource-market conditions. Source
- 2026-05-29FilingCorporate-governance report disclosed, covering board operations, shareholder returns and other governance matters.Material for confirming whether the company continues its shareholder-return policy of a payout ratio around 50%. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue / operating profit / net profit | revenue ₩4.21 trillion, operating profit ₩108.9 billion, net profit ₩73.5 billion | revenue ₩4.21 trillion, operating profit ₩108.9 billion, net profit ₩73.5 billion | Confirmed | link |
| 2025 full-year results | revenue ₩16.7 trillion, operating profit ₩292.2 billion, net profit ₩141.8 billion | — | Confirmed | link |
| 2026 net profit estimate | approx. ₩195.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-08Disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-29Disclosure
- 2026-04-29Disclosure
- 2026-04-29Disclosure
- 2026-04-29Disclosure
- 2026-04-29Disclosure
- 2026-04-29Disclosure
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-22Disclosure
📖 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.