BYC, founded in 1946 as Korea's first specialist underwear maker, sells innerwear, socks, and children's clothing under brands such as BYC, Bodyguard, and Baekyang through wholesale and retail, while also running a real-estate leasing business and its own construction and development — so a large share of its assets is prime real estate in the greater Seoul area, and in March 2026 it disclosed a plan to invest 70% of its equity (₩394.0 billion) in land in Daerim-dong, Seoul. Around the same time came the termination of a treasury-stock trust and a dividend decision, and in May the Q1 report confirmed a recovery with net profit up 33.8% year on year, while from April to June repeated disclosures on ownership changes among the founding family were filed. What stands out most recently is that a stable core business with an operating margin in the 16% range is joined by a deep base of greater-Seoul real estate, with Q1 profit jumping in the 30% range — leaving both earnings and assets inexpensive at a forward P/E of 8.6x and a P/B of 0.36x — while apparel top-line growth has stalled for a third year, a thick equity base keeps ROE low, and frequent changes in major-shareholder ownership are the variable that governs how quickly asset value translates into shareholder value.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 1.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 2.7% higher than a year earlier.
- ROE is 3.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 16.3%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2020-12-31
Largest shareholder Shinhan Edifice 18.43% (individual)
Controlling bloc incl. related parties 18.43%
With the controlling bloc holding 18%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- BYC, founded in 1946 as Korea's first specialist underwear maker, makes or outsources and sells through wholesale and retail innerwear (undergarments), socks, and children's clothing under brands such as BYC, Bodyguard, Baekyang, and Scorpio.
- So far this looks like an ordinary apparel company, but BYC's real profile has one more dimension.
- Per the company's own materials, BYC also runs a leasing business that rents out its real estate and an in-house construction and development business, with a large share of its assets in prime locations such as transit hubs in the greater Seoul area.
- In fact, in March 2026 it disclosed a plan to invest ₩394.0 billion — equal to 70% of its equity — in land in Daerim-dong, Yeongdeungpo-gu, Seoul.
- In other words, the key to understanding BYC is that it is 'a company that used the money it made from underwear to accumulate good land,' and even if apparel revenue looks stalled, its corporate value is only captured properly when brand-sales strength and real-estate value are viewed together.
- The latest close is ₩34,400 and the market cap is ₩214.9 billion.
- The price sits below its 20-day line (₩34,775) and below its 60-day line (₩41,620).
- Trading beneath both the short- and mid-term moving averages, the trend is on the softer side.
- The RSI (a gauge comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 42.0, a neutral level.
- The one-month change is -5.4%, the three-month change is -25.9%, and the price is -42.6% from its 52-week high.
- Relative strength versus the KOSPI is 17 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 84% for strength among all stocks.
- Over the past three months it has trailed the index by 41.5%.
- Chart signals are best read alongside trading volume and disclosure dates.
- The balance sheet is solid.
- The debt ratio (debt to equity) is 137.9%, which is not heavy given that much of the company's assets are real estate; the current ratio (assets convertible to cash within a year versus debt due within a year) of 199% leaves room, and an interest-coverage ratio of 7.16x comfortably covers interest.
- On profitability, an operating margin of 16.3% is healthy for an apparel company.
- The ROE (annual return on equity) of 3.5% looks low, but that largely reflects the asset-play structure in which the company has built up such a thick equity base — including real estate — that a large denominator holds the ratio down.
- Valuation is the crux of this stock.
- The P/E (how many times one year of earnings the price represents) based on last year's reported results is 10.97x, but that is computed from a year when earnings were at a trough.
- The forward P/E (based on this year's expected earnings) reflecting this year's recovering profit is around 8.6x, already an unremarkable level against the peer industry.
- On top of that, the P/B (how many times book net assets the price represents) is 0.38x, meaning the stock trades at about 36% of book value — a very deep discount relative to asset value.
- Whether viewed through earnings or through assets, this is a stock priced low.
- The top line has stalled, with revenue slipping slightly for three straight years from ₩168.4 billion in 2023 to ₩163.2 billion in 2025.
- Earnings, however, have clearly turned.
- Net profit bottomed at ₩18.4 billion in 2024 before rebounding to ₩19.6 billion in 2025 (+6.4%), and operating profit likewise rose 11.5% that year.
- Then in Q1 2026 the recovery accelerated, with operating profit up 33.0% and net profit up 33.8%.
- At an inflection point like this, where earnings are climbing off a trough, the forward P/E reflecting this year's recovery shows the company's real value more accurately than a trailing P/E (10.46x) computed from prior earnings.
- BYC's forward P/E this year is around 8.6x.
- The reason it comes out at this level is clear: the core apparel margin holds healthily in the 16% range while Q1 profit jumped in the 30% range, lifting the annual earnings base up a notch.
- At the same time, the leasing and development income from the real-estate holdings becomes another pillar supporting earnings.
- Apparel top-line growth is weak, but the profit that margins and assets generate this year is thicker than the price implies — that is the picture the forward view points to.
- Recent disclosures read along two tracks.
- First, on the asset-and-investment side, in March 2026 the company decided on a new facilities investment of ₩394.0 billion (70% of equity) in land in Daerim-dong, Yeongdeungpo-gu, Seoul, reconfirming a business structure weighted heavily toward real estate.
- Around the same time, disclosures on the termination of a treasury-stock acquisition trust and a cash-and-in-kind dividend decision also came out, so shareholder-return and capital-policy moves proceeded together.
- Second, in May 2026 the Q1 quarterly report was disclosed, confirming in the numbers a recovery with net profit up 33.8% year on year.
- Meanwhile, from April to June, 'reports on changes in the largest shareholder's holdings' and 'reports on holdings of executives and major shareholders' were filed repeatedly.
- Because governance and ownership relations among the founding family have long been discussed at BYC, frequent ownership-change disclosures can go beyond simple information and, tied to the control structure, become a backdrop for share-price volatility.
- BYC is a stock priced low, supported by both stable core earnings and a thick asset base.
- Strengths: the balance sheet is firm on debt and liquidity, and on top of a core apparel business with an operating margin in the 16% range sits greater-Seoul real estate accounting for a large share of assets.
- With Q1 2026 profit jumping in the 30% range, this year's forward P/E has fallen to around 8.6x, an unremarkable level against the peer industry.
- Moreover, a P/B of 0.36x — a price a little over one-third of book net assets — is a very deep discount on the asset-value side.
- In other words, it is not expensive whether viewed through earnings or through assets.
- Points to watch: apparel top-line growth has been stalled for three years, so this is not a stock that grows revenue quickly; the thick equity base holds ROE low; and the governance dynamics visible in the frequent major-shareholder ownership changes are the variable that governs how quickly the underlying asset value translates into shareholder value.
- In sum, it is strong from the standpoint of viewing recovering earnings and deeply discounted assets together, and it can move slowly from the standpoint of those expecting near-term top-line growth or fast price momentum.
🔎 Valuation vs peers Inconclusive
Compared with asset-heavy names within the apparel and textile industry that combine clothing and innerwear brand operations with a large real-estate (asset) weighting.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LF | 6.64x | 0.40x | 6.06% |
| Hansae | 6.29x | 0.49x | 7.79% |
| Ilshin Spinning | 6.99x | 0.25x | 3.59% |
The P/E of 11.3x based on last year's reported results is higher than peers such as LF, Hansae, and Ilshin Spinning (P/Es in the 6-7x range), so on the surface it looks expensive. But that reflects a year when earnings were at a trough, so a large inflection-point effect makes the trailing P/E appear higher than reality. Reflecting the recovery in Q1 net profit of 33.8%, the forward multiple falls to a level similar to or below the peers. More important is the P/B. Because a large share of BYC's assets is real estate, the P/B (0.39x) or an asset-value view is closer to the essence than the P/E, and among the comparables it resembles the asset-heavy Ilshin Spinning (P/B 0.27). Judged on earnings metrics alone it may look overvalued, but once asset value is weighed together it is hard to be definitive, so rather than concluding cheap or expensive either way, inconclusive is appropriate.
Price history Close · MA20 · MA60
The latest close is ₩34,400 and the market capitalization is ₩214.9 billion. The price sits below its 20-day moving average (₩34,775) and below its 60-day moving average (₩41,620). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 42.0, a neutral level. The one-month change is -5.4%, the three-month change is -25.9%, and the position relative to the 52-week high is -42.6%. Relative strength versus the KOSPI is 17 (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 16% of all stocks. Over the past three months it lagged the index by 41.5%. 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 -41.55% / 6M -48.62% / 12M -63.20%
Key metrics vs sector median
Valuation
The P/E of 10.97x is above the sector median (7.55x). The P/B of 0.38x is in line with the sector median (0.39x).
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%, below the sector average (5.0%). The operating margin is 16.3%. The debt ratio is 137.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $111.6M | $109.5M | $108.1M | -1.24% ↑ faster |
| Operating profit | $18.2M | $15.8M | $17.6M | +11.50% ↑ faster |
| Net profit | $15.7M | $12.2M | $13.0M | +6.38% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $109.0M | $112.5M | $111.6M | $109.5M | $108.1M |
| Operating profit | $17.7M | $16.8M | $18.2M | $15.8M | $17.6M |
| Net profit | $19.8M | $23.4M | $15.7M | $12.2M | $13.0M |
| Revenue CAGR | 4-yr avg -0.20% | ||||
Revenue fell 1.2% year over year (2023 ₩168.4 billion → 2024 ₩165.2 billion → 2025 ₩163.2 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit rose 11.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.2%. The two-year revenue CAGR is -1.6%. In the most recent quarter (Q1 2026), revenue was 2.7% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 1.2% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-27FilingNew facilities-investment decision: ₩394.0 billion (70% of equity) invested in land in Daerim-dong, Yeongdeungpo-gu, Seoul.Over the medium term this reconfirms a business structure weighted toward real estate and an asset-value-centered character. Given the scale, how the funds are managed and how future leasing and development value is realized are the points to watch. Source
- 2026-05-15EarningsQ1 2026 quarterly report disclosed (cumulative revenue of ₩36.3 billion, operating profit of ₩5.6 billion, net profit of ₩4.3 billion, net profit +33.8% YoY).Confirms earnings turning up off a trough. A positive factor easing the forward valuation burden, though continuation of the trend needs confirmation next quarter. Source
- 2026-03-10DividendCash-and-in-kind dividend decision disclosed (execution of shareholder returns).A near-term element showing intent on shareholder returns, though at a dividend yield of 1.1% the scale of returns itself is not large. Source
- 2026-06-08UpdateRepeated filing of reports on changes in the largest shareholder's holdings and reports on holdings of executives and major shareholders (major-shareholder ownership changes).In the near and medium term this raises market attention to the governance and control structure. With frequent stake movements, it can be a source of volatility. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 net profit growth rate | +33.8% | (2026.03) | Confirmed | link |
| Business composition (underwear manufacturing alongside leasing and construction, with a high real-estate weighting in assets) | base =''(KSIC 14120) | — | Confirmed | link |
| This year's estimated net profit (internal estimate) | approx. 238 | — | Unverified | — |
Recent filings
- 2026-06-08OwnershipLargest-shareholder ownership change report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29Corporate governance report
- 2026-05-26OwnershipLargest-shareholder ownership change report
- 2026-05-26OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-18OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipLargest-shareholder ownership change report
- 2026-05-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-27OwnershipLargest-shareholder ownership change 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.