Sun Kwang, founded in 1948, is an integrated logistics company whose revenue backbone is silo cargo handling that stores and dispatches grain, container and general cargo handling at hubs in Incheon, Gunsan, and Pyeongtaek, plus rental income from its own facilities and land; a distinguishing feature is that it directly owns and operates port infrastructure. In February 2026 annual revenue of ₩190.4 billion, operating profit of ₩41.4 billion, and net profit of ₩39.6 billion were confirmed, followed by a corrected facility-investment disclosure (investment-period end adjusted to 2027) and a cash and in-kind dividend decision. What stands out recently is that despite high profitability with an operating margin in the low 20% range, the price sits at only about 3x earnings and 0.3x book value, subdued versus peers; however, revenue growth is gradual and Q1 revenue slipped slightly, so top-line momentum is not strong.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 2.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 3.5% lower than a year earlier.
- ROE is 9.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 21.7%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2020-12-31
Largest shareholder Shim Chung-sik 13.38% (individual)
Controlling bloc incl. related parties 46.39%
With the controlling bloc holding 46%, the ownership structure is stable.
🔎 In-depth analysis
- Sun Kwang, founded in 1948, is an integrated logistics company that, through its head office and three subsidiaries, provides cargo handling, storage, and transport services for import-export freight at hubs including Incheon, Gunsan, and Pyeongtaek.
- Its business splits broadly into two pillars: cargo handling and rental.
- Handling is divided by cargo type into silo handling, container handling, general handling, and more; silo handling uses the concrete grain-storage facilities (silos) it has built at Incheon and Gunsan ports to store and dispatch grain, and its defining feature is that it directly owns and operates the port infrastructure.
- In other words, the handling fees from unloading, stacking, and moving cargo at the port, plus rental income from leasing out its own facilities and land, form the backbone of revenue.
- With a market capitalization of ₩116.5 billion it is on the smaller side, so it is worth watching a single disclosure that affects capital or share count alongside the business flow.
- The latest close is ₩18,780 and market capitalization is ₩123.9 billion.
- The price sits above the 20-day line (₩18,758) and below the 60-day line (₩21,128).
- With short- and mid-term trends diverging, the direction should be read separately.
- The RSI (a supplementary gauge that weighs the strength of gains against losses over the past 14 days on a 0-100 scale) is 44.6, a neutral level.
- The one-month change is +3.5%, the three-month change is -9.5%, and the position versus the 52-week high is -34.4%.
- Relative strength against the KOSDAQ is 76 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 23% of all stocks by strength.
- Over the past three months it outpaced the index by 24.5%.
- It is best to read the chart alongside trading volume and disclosure dates.
- Recent annual revenue is ₩190.4 billion, operating profit ₩41.4 billion, and net profit ₩39.6 billion.
- The operating margin is 21.7% and the net margin 20.8%, a highly profitable structure in which roughly a fifth of revenue is left as profit.
- ROE (how much is earned on equity in a year) is 9.1%, above the sector average.
- The debt ratio (debt against equity) is 159.8%, but with a current ratio (current assets against short-term debt) of 226% and interest coverage (how many times operating profit covers interest) of 6.1x, the capacity to service debt is itself stable.
- On valuation, the P/E (how many times a year's earnings the price reflects) is 2.94x and the P/B (how many times book value the price reflects) is 0.27x.
- At under 3x earnings and about a quarter of book value, these low multiples are less a burden than a signal that the price is set cheaply relative to earnings and assets.
- The forward P/E on this year's outlook is also 2.76x, below the median of peers.
- Annual revenue rose for three straight years — ₩185.3 billion in 2023, ₩186.8 billion in 2024, and ₩190.4 billion in 2025 — a gradual upward trend.
- Operating profit rose 13.8% from ₩36.4 billion in 2024 to ₩41.4 billion in 2025, and net profit jumped 38.9% from ₩28.5 billion to ₩39.6 billion, a step up in earnings.
- Revenue growth is not fast, but the high margins mean that even a small rise in revenue brings a large gain in profit.
- Q1 2026 results were revenue of ₩44.3 billion, operating profit of ₩10.6 billion, and net profit of ₩9.4 billion; revenue fell 3.5% from a year earlier, but operating profit rose 6.9% and net profit 6.0%, continuing the pattern of profitability running ahead of the top line.
- This year's outlook is roughly ₩185.2 billion in revenue, ₩43.0 billion in operating profit, and ₩42.0 billion in net profit, for a forward P/E of 2.94x.
- With steady demand for port handling and grain storage, stable rental income from its owned facilities, and the high margin shown in Q1 providing support, this year's earnings are positioned to continue last year's earnings-recovery trend.
- On February 5, 2026, a disclosure that revenue and profit structure had changed beyond a set threshold reported annual revenue of ₩190.4 billion, operating profit of ₩41.4 billion, and net profit of ₩39.6 billion.
- It is worth checking whether this runs in the same direction as the annual trend and whether one-off factors are mixed in.
- On August 14, 2025, there was a corrected disclosure on new facility investment, adjusting the investment-period end date to 2027 and otherwise changing the schedule of the investment plan.
- As material the company presented itself, it can be viewed as directional information for gauging how the facility investment will feed into future handling and storage capacity.
- On February 25, 2026, there was a cash and in-kind dividend decision.
- It is worth confirming whether earnings capacity and cash flow support the dividend.
- Sun Kwang's strengths are clear.
- Bundling port handling, grain silos, and rental, it steadily generates high profitability with an operating margin in the low 20% range, and its financial capacity to service debt is stable.
- Even so, the price sits at only about 3x earnings and 0.3x book value, subdued even versus peers (for example, Korea Airport Service at 6.0x P/E and 0.6x P/B).
- Measured against earnings and assets, it can be read as a cheap spot.
- On the cautious side: revenue growth itself is gradual, Q1 revenue slipped slightly year over year so top-line momentum is not strong, and because the market cap is small, a single disclosure such as facility investment or dividends can weigh relatively heavily on both finances and the share price.
- In sum, when high margins and stable finances and rental income provide support, the appeal of low multiples stands out; conversely, if the top line wavers further or investment- or capital-related disclosures become variables, that appeal can be obscured.
🔎 Valuation vs peers Undervalued
Peers close in market cap within logistics and warehousing.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Korea Airport Service | 6.20x | 0.62x | 10.01% |
Within logistics and warehousing, we prioritized public-data peers close in market cap. The current P/E (how many times a year's earnings the price reflects) is 3.13x and the P/B (how many times book value the price reflects) is 0.29x. That said, for smaller-cap names, earnings swings and financing disclosures carry a large impact, so we did not draw a firm conclusion from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩185.2 billion | ₩43.0 billion | ₩42.0 billion |
| Next quarter | Q2 2026 | ₩46.6 billion | ₩9.4 billion | ₩10.8 billion |
Price history Close · MA20 · MA60
The latest close is ₩18,780 and the market capitalization is ₩123.9 billion. The price sits above its 20-day moving average (₩18,758) and below its 60-day moving average (₩21,128). 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 44.6, a neutral level. The one-month change is +3.5%, the three-month change is -9.5%, and the position relative to the 52-week high is -34.4%. Relative strength versus the KOSDAQ is 76 (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 77% of all stocks. Over the past three months it outpaced the index by 24.5%. 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 +24.53% / 6M +19.13% / 12M -12.32%
Key metrics vs whole-market median
Valuation
The P/E of 3.13x is below the whole-market median (13.81x). The P/B of 0.29x is below the whole-market median (1.15x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 9.1%, above the whole-market average (5.0%). The operating margin is 21.7%. The debt ratio is 159.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $122.8M | $123.8M | $126.2M | +1.97% ↑ faster |
| Operating profit | $25.9M | $24.1M | $27.4M | +13.79% ↑ faster |
| Net profit | $19.8M | $18.9M | $26.2M | +38.91% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $107.9M | $114.1M | $122.8M | $123.8M | $126.2M |
| Operating profit | $21.3M | $17.7M | $25.9M | $24.1M | $27.4M |
| Net profit | $15.9M | $9.6M | $19.8M | $18.9M | $26.2M |
| Revenue CAGR | 4-yr avg 4.01% | ||||
Revenue rose 2.0% year over year (2023 ₩185.3 billion → 2024 ₩186.8 billion → 2025 ₩190.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 13.8% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.0%. The two-year revenue CAGR is 1.4%. In the most recent quarter (Q1 2026), revenue was 3.5% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
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
- 2026-02-05EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩190.4 billion, operating profit ₩41.4 billion, net profit ₩39.6 billionRecently confirmed or preliminary results. We check whether it runs in the same direction as the annual trend and whether any one-off factors are present. Source
- 2025-08-14Update[Corrected] New facility investment: new facility investment / (2025.08.14) corrected filing, correction date 2025-08-14; 1. document corrected: new facility investment; 2. original filing date 2025-01-10; 3. reason for correction: change due to revised investment period; 4. corrected item: 4. investment period end date 2027-0Material the company presented itself. If figures are included, treat it as primary evidence for the outlook box; if not, treat it only as directional information. Source
- 2026-02-25UpdateCash and in-kind dividend decision: confirm the return termsA disclosure related to cash returns or changes in share count. We confirm whether earnings capacity and cash flow provide support. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩18,780 | ₩18,780 | Confirmed | link |
| Latest quarterly results | revenue ₩44.3 billion, operating profit ₩10.6 billion | revenue ₩44.3 billion, operating profit ₩10.6 billion | Confirmed | link |
| Annual results | revenue ₩190.4 billion, operating profit ₩41.4 billion | revenue ₩190.4 billion, operating profit ₩41.4 billion | Confirmed | link |
| Earnings disclosure text | revenue30%: revenue ₩190.4 billion · operating profit ₩41.4 billion · net profit ₩39.6 billion | revenue30%: revenue ₩190.4 billion · operating profit ₩41.4 billion · net profit ₩39.6 billion | Confirmed | link |
| Outlook/plan disclosure text | []: /(2025.08.14) 2025-08-14 1. 2. 2025-01-10 3. 4. 4. 2027-0 | []: /(2025.08.14) 2025-08-14 1. 2. 2025-01-10 3. 4. 4. 2027-0 | Confirmed | link |
| Shareholder-return disclosure text | ㆍ: | ㆍ: | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-29PeriodicAnnual business report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-05-13OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-03Amended filing
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-11Shareholders' meeting notice
📖 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.