Orion Holdings (001800) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Orion Holdings does not manufacture products itself; it is a holding company that sits atop the Orion Group. Its most important asset is a roughly 37% stake in Orion, the listed confectioner behind Choco Pie and Poca Chip, and it also owns subsidiaries such as film distributor Showbox, bottled-water business Orion Jeju Yongamsu, and Orion Biologics. It earns money from subsidiary dividends and trademark royalties, plus Orion's confectionery results that flow through on a consolidated basis. In March 2026 it disclosed a corporate value-up plan for the first time, its 2025 total dividend rose 37.5% year on year to ₩66.2 billion, and in June it resolved to retire its entire treasury stock (about 2.49 million shares, roughly 4% of shares outstanding), turning shareholder returns into concrete action. The recent picture cuts both ways: the recovery at core subsidiary Orion, the full retirement of treasury stock, and a dividend yield in the 4% range are strengths, but the current market cap already trades at only about a 23% discount to the value of its listed holdings, so with that discount already narrow, further upside on a NAV basis may be limited until the subsidiaries' share prices rise meaningfully.
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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 6.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 24.1% higher than a year earlier.
- ROE is 6.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 15.2%.
- 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 Hwa-kyung 32.63% (individual)
Controlling bloc incl. related parties 63.9%
With the controlling bloc holding 64%, control is very secure but the free float is thin.
Net asset value (NAV) assessment 22% 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
| Showbox | 57.47% |
| Orion | 37.37% |
🔎 In-depth analysis Reading
Orion Holdings is not a company that makes and sells products itself; it is a holding company that oversees the various affiliates of the Orion Group. The current structure was created in 2017 when the former Orion split into a holding company (Orion Holdings) and an operating company (Orion). Its most important subsidiary is Orion, the listed confectioner that makes Choco Pie, Poca Chip and similar products, in which Orion Holdings owns roughly a 37% stake. It also holds subsidiaries including film distributor Showbox, bottled-water business Orion Jeju Yongamsu, and bio business Orion Biologics. Most of the company's income comes from dividends and trademark royalties received from these subsidiaries, together with Orion's confectionery results that are captured on a consolidated basis.
The latest close is ₩26,900 and the market capitalization is ₩1.6 trillion. The price sits above its 20-day moving average (₩25,715) and above its 60-day moving average (₩25,433). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.1, a neutral level. The one-month change is +2.1%, the three-month change is +11.2%, and the position relative to the 52-week high is -5.0%. Relative strength versus the KOSPI is 57 (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 57% of all stocks. Over the past three months it outpaced the index by 29.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a 2025 consolidated basis, revenue was ₩3.39 trillion, operating profit was ₩487.7 billion, and net profit was ₩121.0 billion. The P/E ratio (how many times one year's earnings the price represents) is 13.93x and P/B (how many times book net assets the price represents) is 0.65x. That said, a holding company is hard to judge on these two metrics alone. Book equity often carries subsidiary stakes at their historical acquisition cost, which is low, so P/B tends to look higher than it really is. A holding company is more accurately viewed through the market value of its holdings (NAV). ROE (how much is earned in a year on equity) is 4.9%, which is not high, reflecting the holding-company structure in which only part of the subsidiaries' earnings accrues to the parent because it does not own 100% of Orion. The dividend yield is 4.3% and the payout ratio (the share of net profit paid out as dividends) is a high 54.7%.
Revenue has grown steadily over the past five years, from ₩2.42 trillion in 2021 to ₩3.39 trillion in 2025 (a compound annual growth rate of about 8.9%). The 2025 net profit of ₩121.0 billion fell 24.7% year on year, but this largely reflects a base effect, as 2024 was unusually strong due to one-off factors. This year the trend has clearly improved. First-quarter 2026 consolidated revenue jumped +24.1%, operating profit +48.5%, and net profit +35.0% year on year. Core subsidiary Orion itself was also on a recovery track in the same quarter, with revenue up +16% and operating profit up +26%. Because the holding company's earnings hinge on Orion's results, a continued recovery at Orion leaves ample room for this year's earnings to surpass last year's weak level. Factoring in that recovery, the P/E on expected earnings this year falls clearly below last year's low-teens figure.
The most notable trend this year is stronger shareholder returns. In March 2026 the company disclosed a corporate value-up plan for the first time, stating it would boost shareholder returns through larger cash dividends and treasury-stock retirement. In practice, the 2025 total dividend rose 37.5% year on year to ₩66.2 billion. Then in June it resolved to retire its entire holding of treasury stock (about 2.49 million shares, worth around ₩66.4 billion). That equals roughly 4% of shares outstanding, which has the effect of increasing the value of each remaining shareholder's stake. The fact that the plan did not stay words but actually led to retirement adds credibility.
There are two strengths. First, core subsidiary Orion's results are clearly recovering this year, and this is feeding through to the holding company's earnings. Second, the first corporate value-up disclosure and the full retirement of treasury stock demonstrate the will to return capital to shareholders through action. A dividend yield in the 4% range also supports the downside. There are points to watch as well. A holding company's true value is seen through the market value of its holdings (NAV), and the current market cap trades at about a 23% discount to the value of its listed holdings. Compared with the typical 30-50% holding-company discount, that discount is already narrow, suggesting the value of the listed assets is largely reflected in the share price. In other words, if Orion's earnings recovery and shareholder returns are today's strengths, the caution is that further upside on a NAV basis may be limited until subsidiary Orion's share price rises meaningfully or the discount narrows further.
🔎 Valuation vs peers Fairly valued
The holding company's real value is assessed through the market value of its holdings (NAV) and compared against core subsidiary Orion, which drives its results, and large domestic food companies.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Orion | 14.00x | 1.37x | 10.35% |
| Nongshim | 13.94x | 0.81x | 6.11% |
| CJ CheilJedang | 0.00x | 0.41x | -6.81% |
As a holding company, it is hard to judge on P/E or P/B alone. Viewed through the market value of its holdings (NAV), the roughly 37% stake in listed subsidiary Orion (market cap of about ₩5.5 trillion) alone is worth around ₩2.1 trillion. The current market cap of ₩1.61 trillion trades at about a 23% discount to that. Compared with the typical 30-50% holding-company discount, that discount is narrow, so it is hard to call it markedly cheap on a NAV basis. That said, last year's P/E of 13.3x is based on weak 2025 earnings; on expected earnings this year, which reflect the first-quarter recovery, the P/E drops from the low teens to the high single digits. Adding the 4% dividend and shareholder returns that culminated in actual retirement, the current price looks fairly valued, with strengths and cautions in balance.
Price history Close · MA20 · MA60
The latest close is ₩26,900 and the market capitalization is ₩1.6 trillion. The price sits above its 20-day moving average (₩25,715) and above its 60-day moving average (₩25,433). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.1, a neutral level. The one-month change is +2.1%, the three-month change is +11.2%, and the position relative to the 52-week high is -5.0%. Relative strength versus the KOSPI is 57 (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 57% of all stocks. Over the past three months it outpaced the index by 29.3%. 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 +29.29% / 6M +2.16% / 12M -36.80%
Key metrics Computed vs sector median
Valuation
The P/E of 13.93x is in line with the sector median (12.88x). The P/B is 0.65x.
Profitability & financials
Return on equity (ROE) is 6.2%, in line with the sector average (6.0%). The operating margin is 15.2%. The debt ratio is 49.1%, 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 | $2.1B | $2.2B | $2.4B | +6.19% ↓ slower |
| Operating profit | $284.8M | $355.6M | $342.6M | -3.66% ↓ slower |
| Net profit | $60.2M | $112.8M | $85.0M | -24.68% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $2.1B | $2.1B | $2.2B | $2.4B |
| Operating profit | $221.8M | $280.9M | $284.8M | $355.6M | $342.6M |
| Net profit | $60.4M | $72.3M | $60.2M | $112.8M | $85.0M |
| Revenue CAGR | 4-yr avg 8.87% | ||||
Revenue rose 6.2% year over year (2023 ₩3.0 trillion → 2024 ₩3.2 trillion → 2025 ₩3.4 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 3.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.9%. The two-year revenue CAGR is 7.2%. In the most recent quarter (Q1 2026), revenue was 24.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 4.1%, is on the high side.
Points to watch
- Revenue rose 6.2% 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
- 2026-03-26FilingFirst corporate value-up plan disclosed. It set out the goal of strengthening shareholder returns through larger cash dividends and treasury-stock retirement. The 2025 total dividend rose 37.5% year on year to ₩66.2 billion, with a 54.7% payout ratio.Formalizes a medium-term direction of expanding shareholder returns. High-dividend and retirement policies support the downside and can act as a re-valuation factor for the share price. Source
- 2026-06-16FilingResolved to retire its entire holding of treasury stock, 2.49 million shares (about ₩66.4 billion), through profit-based retirement. Scheduled retirement date is 2026-06-23. Equals roughly 4% of shares outstanding.A reduction in share count improves per-share value. Credibility rises because the corporate value-up plan was carried out in actual action. Source
- 2026-05-15EarningsFirst-quarter 2026 report. Consolidated revenue of ₩1.01 trillion (+24.1%), operating profit of ₩172.9 billion (+48.5%), and net profit of ₩130.6 billion (+35.0%), a sharp gain year on year.Confirms core subsidiary Orion's earnings recovery in the holding company's consolidated results. Supports expectations of an earnings recovery this year. Source
- 2026-06-26FilingDecision by a subsidiary to acquire shares and equity securities of another company and bond-linked securities. Investment activity at the subsidiary level.Deploys funds for the group's new-business investment. Shows the direction of business expansion but has a limited near-term impact on the holding company's results. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 total dividend | DPS ₩1,100 · 54.7% | ₩66.2 billion(2025), ₩48.1 billion +37.5% | Confirmed | link |
| Scale of treasury-stock retirement | 62,645,422(base) | 249 (approx. ₩66.4 billion), 2026-06-23, approx. 4% | Confirmed | link |
| First-quarter 2026 results | revenue 1.01 · 1,729 · 1,306(base quarter) | (2026.03) | Confirmed | link |
| P/E on expected earnings | 1.61 ÷ net profit | — | Unverified | link |
Recent filings Source
- 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
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-02OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-24Amended filing
- 2026-03-18Amended filing
📖 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.