Amorepacific Holdings (002790) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Amorepacific Holdings does not sell cosmetics brands itself; it is a group holding company that owns stakes in affiliates, including Amorepacific (which operates brands such as Sulwhasoo, Laneige and COSRX), and earns money through equity-method income, trademark royalties and dividends, so its own value rises as its subsidiaries do well. In February 2026 it cancelled 3 million treasury shares (worth about ₩70 billion), carrying out its value-up plan, and it maintains a dividend policy returning 50-75% of separate-entity net profit (a recent payout ratio of 75%); in April it made a fair disclosure of the group's first-quarter results. The appeal lies in a solid balance sheet with a net cash position, an EV/EBIT in the 4x range and a 28% FCF yield, shareholder returns that are actually being delivered, and a recovery in the core subsidiary's derma and North American exports; the cautions are that the holding company's net profit swings sharply each year with equity-method income and that it structurally trades at a discount to net asset value, so that discount may be slow to close.
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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 “Chemicals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Chemicals is a cyclical business where profits swing with feedstock prices and product spreads, ballooning in upturns and often slipping into losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the value of the company's heavy asset base — is the first lens.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 8.5% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 5.0% higher than a year earlier.
- ROE is 3.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.1%.
- 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 2024-12-31
Largest shareholder Suh Kyung-bae 52.96% (individual)
Controlling bloc incl. related parties 82.32%
With the controlling bloc holding 82%, control is very secure but the free float is thin.
Net asset value (NAV) assessment 52% 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
| AmorePacific | 38.04% |
| AmorePacific | 14.31% |
🔎 In-depth analysis Reading
This company does not sell cosmetics brands directly. Although it is officially classified under cosmetics and beauty, it is in substance the holding company of the Amorepacific group. It owns stakes in affiliates, including its core subsidiary Amorepacific (which operates brands such as Sulwhasoo, Laneige, Estra and COSRX), and earns money by receiving its proportional share of the profits they generate, along with trademark royalties and dividends. Its earnings are therefore heavily driven by 'equity-method income,' which reflects subsidiary results by ownership ratio. When the subsidiaries do well, the holding company's value rises with them.
The latest close is ₩26,700 and the market capitalization is ₩2.0 trillion. The price sits above its 20-day moving average (₩24,672) and above its 60-day moving average (₩23,832). 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 64.8, a neutral level. The one-month change is +6.4%, the three-month change is -2.5%, and the position relative to the 52-week high is -23.8%. Relative strength versus the KOSPI is 36 (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 36% of all stocks. Over the past three months it outpaced the index by 17.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/B (share price divided by net asset value per share) is 0.58x, about half of book net assets. For a holding company, however, this number cannot be taken at face value, because the stakes it holds in subsidiaries are carried on the books at low historical cost. On an actual market-value basis, net assets are far larger than book. The balance sheet is strong. The debt ratio (borrowings against equity) is a low 44%, and it is in a net cash position, with cash exceeding debt (net debt of about -₩340.4 billion). EV/EBIT (enterprise value including debt divided by operating profit — a debt-adjusted counterpart to the P/E) is a low 4.1x. The FCF yield (actual cash earned relative to market cap) is about 28%, so cash generation is good. ROE (how much is earned in a year on equity) is 3.6%, low in absolute terms, which is a common trait for a holding company that carries a large equity base in the form of subsidiary stakes.
Consolidated revenue was ₩4.6232 trillion in 2025, up 8.5% year on year, marking a third straight year of growth. Operating profit also rose 47.6% to ₩368.0 billion, a clear recovery in the core business. Net profit, by contrast, fell 50.8% to ₩124.0 billion, because of a base effect from large one-off items in 2024 net profit. A holding company's net profit swings from year to year with the non-cash, one-off variations in subsidiaries' equity-method income. In fact, first-quarter 2026 net profit (₩132.5 billion) already exceeded full-year 2025 net profit. A holding company is therefore hard to judge from a single line of net profit for a given year; it is better viewed through the trend in subsidiary results and net asset value.
The core of recent activity is shareholder returns. In February 2026 the company cancelled 3 million treasury shares (worth about ₩70 billion), delivering on the value-up plan it had previously pledged. It maintains a medium- to long-term dividend policy that returns 50-75% of separate-entity net profit, and it set the payout ratio for the latest fiscal year at 75%. In April it announced the group's first-quarter results via fair disclosure. Group-level capital management, such as treasury-share disposals at subsidiaries, also continued. In May it disclosed its corporate governance report.
This is a holding company that should not be judged on P/E and P/B numbers alone. There are three strengths. First, with a net cash position, an EV/EBIT in the 4x range and a 28% FCF yield, its balance sheet and cash generation are solid. Second, it is actually delivering shareholder returns through treasury-share cancellations and a high dividend. Third, its core subsidiary Amorepacific is recovering through its derma brands and exports to North America and Japan, giving room for the holding company's value to improve alongside. There are cautions too. The holding company's net profit swings sharply each year with equity-method income, and simply annualizing a given quarter's result invites misreading. A holding company also tends to trade at a discount to net asset value, so that discount can be slow to close. Ultimately, the pace of the subsidiaries' earnings recovery and the durability of shareholder returns are the keys to watch.
🔎 Valuation vs peers Undervalued
Compared on business substance within the cosmetics and beauty group — the core subsidiary (Amorepacific) and a comparable large cosmetics peer (LG H&H); since a holding company should be viewed through the value of its subsidiary stakes, the comparison with the subsidiary is central.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| AmorePacific | 34.20x | 1.47x | 4.20% |
| LG H&H | 0.00x | 0.87x | -2.06% |
A holding company should not be declared over- or undervalued on consolidated P/E and P/B. (a) On a net asset value (NAV) basis that sums subsidiary stakes at market prices, this holding company trades about 45% below NAV. A discount of this size is at the upper end of the usual holding-company discount range (30-50%) and comes at a point where subsidiary valuations have already adjusted, leaving room for the discount to close if stake values recover. (b) While the core subsidiary Amorepacific is valued in the market at a P/E of around 29x, the holding company sits at just 0.53x P/B, a large discount. (c) A sharp year-on-year drop in 2025 net profit (₩124.0 billion) distorts the trailing P/E (14.9x) relative to actual earnings power. Owing to equity-method income variation, first-quarter 2026 net profit alone already exceeded the 2025 full year. NAV and the subsidiaries' earnings recovery, rather than a single P/E line, are therefore the axes of judgment.
Price history Close · MA20 · MA60
The latest close is ₩26,700 and the market capitalization is ₩2.0 trillion. The price sits above its 20-day moving average (₩24,672) and above its 60-day moving average (₩23,832). 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 64.8, a neutral level. The one-month change is +6.4%, the three-month change is -2.5%, and the position relative to the 52-week high is -23.8%. Relative strength versus the KOSPI is 36 (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 36% of all stocks. Over the past three months it outpaced the index by 17.2%. 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 +17.20% / 6M -26.61% / 12M -55.05%
Key metrics Computed vs whole-market median
Valuation
The P/E of 16.46x is above the whole-market median (12.97x). The P/B of 0.58x is below the whole-market median (0.84x).
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 3.3%, in line with the whole-market average (3.0%). The operating margin is 8.1%. The debt ratio is 45.7%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.8B | $3.0B | $3.2B | +8.53% ↑ faster |
| Operating profit | $106.8M | $175.1M | $258.5M | +47.63% ↓ slower |
| Net profit | $83.8M | $177.1M | $87.1M | -50.78% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.7B | $3.2B | $2.8B | $3.0B | $3.2B |
| Operating profit | $250.2M | $191.0M | $106.8M | $175.1M | $258.5M |
| Net profit | $126.4M | $43.7M | $83.8M | $177.1M | $87.1M |
| Revenue CAGR | 4-yr avg -3.48% | ||||
Revenue rose 8.5% year over year (2023 ₩4.0 trillion → 2024 ₩4.3 trillion → 2025 ₩4.6 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 47.6% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is -3.5%. The two-year revenue CAGR is 7.2%. In the most recent quarter (Q1 2026), revenue was 5.0% 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 balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-02-12UpdateCancellation of 3 million common treasury shares (worth about ₩70 billion), delivering on the previously announced value-up (shareholder-return) planEnhances per-share value by reducing shares outstanding. Strengthens confidence in the fulfillment of the shareholder-return pledge (medium-term positive). Source
- 2026-04-29EarningsFair disclosure of first-quarter 2026 consolidated preliminary results — group revenue ₩1.2227 trillion (+5.0%), operating profit ₩137.8 billion (+6.9%)A joint rise in core revenue and operating profit confirms the recovery. Improving subsidiary results are positive for holding-company value (medium term). Source
- 2026-04-29UpdateDisclosure of group-level capital management including a decision on subsidiary-related treasury-share disposal (material-event report)Continued capital and stake management. An extension of the group-wide shareholder-return and capital-efficiency policy (medium term). Source
- 2026-05-04UpdateReport on the outcome of a treasury-share disposal for employee compensation purposesUses part of held treasury shares for performance compensation. The real change in shares outstanding is limited (short-term neutral). Source
- 2026-05-28FilingDisclosure of the corporate governance report — a regular report on the status of governance and shareholder-rights practicesA regular disclosure related to governance transparency (for long-term observation). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 group revenue / operating profit | revenue 1₩222.7 billion(+5.0%), operating profit ₩137.8 billion(+6.9%) | revenue 1₩222.7 billion(+5.0%), operating profit ₩137.8 billion(+6.9%) | Confirmed | link |
| Dividend policy (payout ratio) | 30.5%, DPS ₩400,x 1.66% | net profit 50~75% , 75% | Confirmed | link |
| Core subsidiary Amorepacific (090430) valuation | PER 14.89·PBR 0.53 | PER approx. 29.6x·PBR approx. 1.28x | Unverified | link |
Recent filings Source
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-05-28Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-05-04TreasuryTreasury-stock disposal decision
- 2026-04-29TreasuryMaterial-fact report
- 2026-04-29TreasuryMaterial-fact report
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-21EarningsEarnings disclosure
- 2026-04-03OwnershipLargest-shareholder ownership change report
- 2026-04-03OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change 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.