Asia is a holding company that earns dividends and consolidated results chiefly through its listed affiliates Asia Cement (cement) and Asia Paper (paper); its consolidated revenue of ₩1.9 trillion and most of its profit come from the cement and paper subsidiaries, so the parent's value is best viewed as the sum of those stakes. It continued shareholder returns with a share cancellation on March 17 and a report on the result of a treasury-share acquisition trust contract in April, and after a 2025 profit decline was confirmed, the Q1 report on May 15 revealed a recovery in revenue and net profit, leaving it at a P/B of 0.28x, a steep discount to the value of its affiliate stakes. What stands out recently is that, if affiliate profits keep recovering through the full year as they did in Q1, there is ample room for the low forward multiple and the holding-company discount to narrow; the offset is that it is tied to cyclical cement and paper industries so the pace of recovery depends on the cycle, and there are non-financial factors such as a serious industrial accident at a subsidiary.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 279.5%).
- Revenue fell 6.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 6.1% higher than a year earlier.
- ROE is 2.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 5.9%.
- 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.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Hun-beom 14.53% (individual)
Controlling bloc incl. related parties 45.41%
With the controlling bloc holding 45%, the ownership structure is stable.
Net asset value (NAV) assessment Fairly valued
💡 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
| Asia Cement | 56.91% |
| Asia Paper Manufacturing | 52.19% |
🔎 In-depth analysis
- Asia is less a company that sells products directly than a holding company that holds stakes in group affiliates and earns dividends and consolidated results.
- The entities that make the money are the subsidiaries, along two main axes.
- The first is cement, where listed affiliate Asia Cement (183190) and its subsidiary Halla Cement supply cement through a nationwide distribution network.
- The second is paper, an integrated paper business centered on Asia Paper that makes base paper and paperboard.
- To these are added non-core affiliates such as Wooshin Venture Investment (a venture-capital firm) and Gyeongju World (a theme park).
- Accordingly, the ₩1.9 trillion of consolidated revenue and the profit come mostly from the cement and paper subsidiaries, and it fits the reality to view the holding company itself as the sum of those affiliate stakes.
- The latest closing price is ₩197,900 and the market cap is ₩407.4 billion.
- The price sits above its 20-day line (₩182,310) and below its 60-day line (₩216,148).
- With the short- and medium-term trends diverging, the direction should be read in parts.
- RSI (an auxiliary gauge that weighs up-days against down-days over the past 14 days on a 0-100 scale) is 57.9, a neutral reading.
- The one-month change is +11.8%, the three-month change is -25.0%, and the price is -50.1% from its 52-week high.
- Its relative strength versus KOSPI is 4 (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), placing it in roughly the top 97% of all stocks by strength.
- Over the past three months it lagged the index by 42.6%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On last year's confirmed annual figures (2025), the P/E ratio (how many times one year's net profit the price represents) is 13.16x and the P/B (how many times net assets the price represents) is 0.34x.
- A P/B well below 1 means the market prices the company at about a quarter of its book net assets, showing the price is heavily pressed down relative to the value of the stakes it holds.
- In reading this stock, though, the key is the forward multiple (reflecting this year's earnings), not the trailing (last year's confirmed) multiple.
- Profit fell sharply in 2025 and is turning back toward recovery in 2026, so the forward P/E on this year's earnings comes down.
- This means that at the same price, the profit to be earned this year is close to double last year's, showing a profit-inflection stretch where it is hard to judge the stock expensive on last year's numbers alone.
- ROE (how much is earned in a year on equity) is 2.6% and the operating margin is 5.9%; the absolute levels are not high, but these are 2025 figures with profit at the bottom.
- The debt ratio is 279.5%, high on the surface, but it should be read bearing in mind the structure of consolidating capital-intensive industries such as cement and paper that carry large facilities and working capital, and with an interest coverage ratio of 3.2x, operating profit covers the interest.
- On top of this, a dividend yield of 3.4% provides support.
- Over five years, revenue rose from ₩1.8 trillion in 2021 to ₩2.1 trillion in 2023, then eased to ₩2.0 trillion in 2024 and ₩1.9 trillion in 2025, while profit fell more sharply - operating profit from ₩240.4 billion in 2023 to ₩111.0 billion in 2025, and net profit from ₩93.3 billion to ₩31.0 billion.
- This was the combined result of a slowdown in cement shipments and weakness in the paper cycle.
- The important change is that profit is reviving again in 2026.
- In the most recent quarter, Q1 2026, revenue was ₩459.4 billion (+6.1%) and net profit was ₩16.7 billion (+11.6%), both up year on year, and this recovery in this year's profit pulls down the forward P/E for the year - to about half of last year's confirmed P/E of 10.93x.
- The grounds for this recovery are clear.
- The core axis, cement, is firming at the bottom on shipments while prices provide support, and the Q1 revenue rise backs this up.
- Paper too is growing in scale as base-paper demand returns.
- In other words, this year's forward profit is a number that emerges in a cycle phase where price and shipments pass the trough and recover.
- Meanwhile, there is no confirmed basis to see profit falling below this year's level next year or beyond, so it is early to call the current recovery a cycle top.
- Recent disclosures center on shareholder returns and confirmation of periodic results.
- A share-cancellation decision on March 17, 2026 canceled part of its treasury shares, reducing the number of shares outstanding, and on April 15 it terminated a treasury-share acquisition trust contract at maturity and reported the result.
- Treasury-share buybacks and cancellations are a representative means of shareholder return that supports a share price discounted to the value of the stakes held.
- The business report on March 18 and a disclosure of a change of 30%+ in the profit-and-loss structure officially confirmed the 2025 profit decline, and the Q1 report on May 15 then revealed a recovery in revenue and net profit.
- Meanwhile, a March 25 disclosure of a serious industrial accident at a subsidiary is a matter to examine separately on the safety and regulatory side.
- On June 1 a corporate governance report was released, allowing governance-related information to be checked as well.
- This stock's strengths are clear.
- Its share price sits at a P/B of 0.28x, a steep discount to the value of the cement and paper affiliate stakes it holds, and as revenue and net profit turned back toward recovery in 2026, the forward P/E on this year's earnings has come down to a spot clearly below peers.
- On top of this, it continues to show a commitment to shareholder returns through treasury-share cancellation and acquisition, and a dividend yield of 3.4% provides support.
- The points to examine alongside this are that it is tied to cyclical industries - cement shipments and the paper cycle - so the pace of recovery depends on the cycle, and that there are non-financial factors such as a serious industrial accident at a subsidiary.
- In sum, if affiliate profits keep recovering through the full year as they did in Q1, there is ample room for the low forward multiple and the holding-company discount to narrow; conversely, if the cement and paper cycles turn down again, the pace of recovery can slow.
- The key to reading this stock is that, from a spot where the price has fallen more than halfway from its peak, profit is passing the bottom.
🔎 Valuation vs peers Inconclusive
Instead of the 'professional services' base industry, the comparison was made against holding-company and cement peers that hold the actual businesses - cement and paper affiliates - and for which data is confirmable.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Asia Cement | 19.93x | 0.31x | 1.55% |
| CR Holdings | 0.00x | 0.41x | -4.88% |
(a) Core affiliate Asia Cement (P/B 0.32x) and comparable cement-holding peer CR Holdings (P/B 0.4x) both trade at a steep discount to net assets, and the Asia parent is on the same trend at a P/B of 0.34x. (b) Given holding-company characteristics, it is hard to settle premium or discount on the consolidated P/E alone, and the parent is structurally further discounted relative to the value of its affiliate stakes. (c) Last year's trailing P/E of 12.86x is on a lowered profit basis after 2025 profit nearly halved, so it has limits in a profit-inflection stretch. With no official company outlook, the forward basis is used only as a supplementary reference via a DART seasonality approximation (this year's operating profit of about ₩105.0 billion), which is not a verified future figure. Rather than saying definitively cheap or expensive, it is better viewed as a structure where room for the discount to narrow opens up when an affiliate earnings recovery and continued returns are confirmed.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩523.1 billion | approx. ₩40.7 billion | approx. ₩28.0 billion |
Price history Close · MA20 · MA60
The latest close is ₩197,900 and the market capitalization is ₩407.4 billion. The price sits above its 20-day moving average (₩182,310) and below its 60-day moving average (₩216,148). 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 57.9, a neutral level. The one-month change is +11.8%, the three-month change is -25.0%, and the position relative to the 52-week high is -50.1%. Relative strength versus the KOSPI is 4 (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 3% of all stocks. Over the past three months it lagged the index by 42.6%. 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 -42.57% / 6M -60.32% / 12M -74.06%
Key metrics vs sector median
Valuation
The P/E of 13.16x is above the sector median (11.02x). The P/B of 0.34x is below the sector median (0.59x).
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 2.6%, below the sector average (7.0%). The operating margin is 5.9%. The debt ratio is 279.5%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.4B | $1.3B | $1.2B | -6.13% ↓ slower |
| Operating profit | $159.3M | $114.3M | $73.6M | -35.61% ↓ slower |
| Net profit | $61.9M | $41.2M | $20.5M | -50.20% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.4B | $1.4B | $1.3B | $1.2B |
| Operating profit | $151.7M | $154.1M | $159.3M | $114.3M | $73.6M |
| Net profit | $69.6M | $55.7M | $61.9M | $41.2M | $20.5M |
| Revenue CAGR | 4-yr avg 0.51% | ||||
Revenue fell 6.1% year over year (2023 ₩2.1 trillion → 2024 ₩2.0 trillion → 2025 ₩1.9 trillion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 35.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.5%. The two-year revenue CAGR is -5.6%. In the most recent quarter (Q1 2026), revenue was 6.1% 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 6.1% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-03-17FilingDecision to cancel part of the treasury shares heldIn the near term, enhancement of shareholder value through a reduction in shares outstanding. In the medium term, a return signal that can contribute to narrowing the holding-company discount. Source
- 2026-04-15FilingReport on the result of terminating a treasury-share acquisition trust contract (at maturity)In the near term, the end of an ongoing treasury-share trust. A matter to check alongside whether additional returns resume and the cash-flow picture. Source
- 2026-03-18Earnings2025 change of 30%+ in the profit-and-loss structure (sharp drop in operating and net profit) and business report filedIn the near term, the 2025 profit slowdown is officially confirmed and the valuation basis shifts to lowered profit. In the medium term, confirming the durability of the recovery is key. Source
- 2026-05-15EarningsQ1 2026 report (revenue +6.1%, net profit +11.6%)In the near term, a rebound in revenue and net profit is confirmed. In the medium term, whether it carries through to a full-year recovery is the key question. Source
- 2026-03-25UpdateSerious industrial accident at a subsidiary (major management matter)In the near term, the possibility of safety and regulatory costs and disruption to operations. In the medium term, a point of caution on the governance and ESG side. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Latest closing price | ₩197,900 | — | Unverified | link |
| Q1 2026 revenue (cumulative) | ₩459.4 billion | ₩459.4 billion | Confirmed | link |
| 2025 consolidated operating profit | ₩111.0 billion | ₩111.0 billion | Confirmed | link |
| Holding-company status and core affiliates | — | — | Confirmed | link |
| This year's operating profit (seasonality approximation) | approx. ₩105.0 billion | — | Unverified | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-15Disclosure
- 2026-04-15TreasuryMaterial-fact report
- 2026-03-26Amended filing
- 2026-03-26Shareholders' meeting notice
- 2026-03-26PeriodicAnnual business report (amended)
- 2026-03-25Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-18EarningsAmended filing
- 2026-03-17Disclosure
📖 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.