Harim Holdings is a pure holding company that owns and manages the group's affiliates rather than making products itself; its own income comes from affiliate dividends, trademark royalties, and rent, and it vertically integrates a food value chain running from grain procurement through shipping, feed, livestock, food, and distribution. The key driver of results is the bulk shipping company Pan Ocean (a 54.72% stake), and in May 2026 large facility investments and supply contracts by listed affiliates surfaced through Harim Holdings' consolidated disclosures. The notable point is that the market value of the Pan Ocean stake alone, at about ₩1.48 trillion, exceeds Harim Holdings' entire market cap of ₩1.12 trillion - a large discount to net asset value - and profit is also recovering past its 2024 trough; on the other hand, there is no guarantee the holding-company discount will narrow quickly, and shipping freight rates, a major part of group profit, are sensitive to the economy, so profit volatility is high.
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 7.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.9% higher than a year earlier.
- ROE is 7.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.7%.
- 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 Kim Hong-kuk 21.1% (individual)
Controlling bloc incl. related parties 49.65%
With the controlling bloc holding 50%, the ownership structure is stable.
Net asset value (NAV) assessment Fairly valued35% 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
| Harim | 57.37% |
| Pan Ocean | 54.7% |
| Sunjin | 50% |
🔎 In-depth analysis
- Harim Holdings does not make and sell products directly; it is a pure holding company that owns and manages the group's affiliates.
- The roughly ₩13 trillion booked as revenue is mostly the combined results of consolidated affiliates, while what Harim Holdings itself earns centers on dividends received from affiliates, royalties for the use of trademarks such as Harim, and rent from buildings it owns.
- The group vertically integrates a food value chain running grain procurement - shipping (Pan Ocean) - feed (Farmsco, Sunjin) - poultry and livestock - slaughter and processing - food manufacturing (Harim) - home-shopping distribution (Shopping&).
- The key affiliate that drives results is the bulk shipping company Pan Ocean (a 54.72% stake), where freight for carrying grain and resources is a major part of group profit.
- On top of this it holds five listed affiliates alone, including the integrated food company Harim, the feed-and-hog players Sunjin and Farmsco, and the home-shopping firm Shopping&.
- The latest close is ₩9,680 and the market cap is ₩1.1 trillion.
- The price sits below its 20-day line (₩10,077) and below its 60-day line (₩11,607).
- Trading below both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 40.3, a neutral level.
- The one-month change is -4.4%, the three-month change is -25.8%, and the price is -50.6% below its 52-week high.
- Its relative strength versus the KOSDAQ is 77 (on a 1-99 scale, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 22% of all stocks by strength.
- Over the past three months it lagged the index by 3.7%.
- Chart readings are best viewed alongside trading volume and the dates of disclosures.
- On a consolidated basis, the P/E ratio (how many times one year's profit the share price is) is 4.72x and the P/B ratio (how many times book net assets the share price is) is 0.34x, very low on the surface figures alone.
- ROE (how much is earned in a year on equity) is 7.1% and the operating margin is 6.7%.
- The debt ratio (debt relative to equity) looks high at 526%, but that is because the holding company consolidates affiliate debt such as Pan Ocean's ship financing, which is different in character from the holding company's standalone finances.
- More important, these consolidated P/E and P/B metrics do not fit a holding company well.
- Book equity records affiliate stakes at low historical cost, so the P/B looks higher than it really is, and net profit, being the sum of affiliate results, swings widely with shipping freight rates and the like.
- 2025 revenue rose +7.7% to ₩13.2 trillion, operating profit rose +15.9% to ₩887.4 billion, and net profit recovered sharply to ₩229.7 billion from ₩26.4 billion a year earlier.
- Net profit jumping nearly eightfold owes much to a base effect, as 2024 was a trough during a correction in shipping freight rates.
- The recovery continued into 2026, with cumulative Q1 revenue of ₩3.55 trillion (+10.9%), operating profit of ₩258.3 billion (+17.5%), and net profit of ₩141.1 billion (+29.9%), all three metrics up double digits.
- Harim Holdings has a seasonality in which profit is heavily concentrated in Q1 (in 2025 too, Q1 made up nearly half of annual net profit), so simply multiplying Q1 by four would overstate profit.
- Extending the +30% Q1 growth conservatively into a seasonally milder second half, 2026 annual net profit is on a trajectory to step up a level from last year.
- In other words, the P/E on last year's confirmed profit looks low, but on this year's expected profit it is even lower.
- Recent disclosures center on affiliate events and stake-related filings.
- In May 2026, large facility investments and single sales/supply contracts by listed affiliates surfaced through Harim Holdings' consolidated disclosures, followed by stake-related filings such as reports on executives' holdings of specific securities.
- Given the nature of a holding company, such affiliate-level events feed directly into group profit and the value of Harim Holdings' stakes.
- The observation points are clear.
- The market value of Harim Holdings' Pan Ocean stake (54.72%) alone, at about ₩1.48 trillion, already exceeds Harim Holdings' entire market cap of ₩1.12 trillion.
- Add the stakes in other listed affiliates such as Harim, Sunjin, Farmsco, and Shopping&, plus dozens of unlisted affiliates, and the market cap is at a large discount to net asset value (NAV).
- On the profit side too, the recovery from the 2024 trough continued into 2025-2026, so undervaluation factors are clear on both results and asset value.
- The cautions are that there is no guarantee the holding-company discount narrows quickly, and that shipping freight rates, a major part of group profit, are sensitive to the economy, making profit volatile.
- It is strong when grain and resource cargo volumes hold firm, and its structure is one in which profit wavers along with a sharp drop in freight rates.
🔎 Valuation vs peers Undervalued
A comparison of the holding company and its key affiliates: CJ (pure holding), Pan Ocean (Harim Holdings' largest affiliate, bulk shipping), and Harim and Sunjin (the group's listed food and feed affiliates).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CJ Corporation | 27.91x | 0.77x | 2.75% |
| Pan Ocean | 8.87x | 0.47x | 5.27% |
| Harim | 7.50x | 0.89x | 11.84% |
| Sunjin | 1.87x | 0.39x | 21.12% |
A holding company is hard to judge as over- or undervalued by consolidated P/E and P/B; it should be viewed by net asset value (NAV), summing the market value of the stakes it holds. For Harim Holdings, the market value of the Pan Ocean stake (54.72%) alone, at about ₩1.48 trillion, already exceeds the company's entire market cap of ₩1.12 trillion, and to this are added stakes in other listed affiliates such as Harim, Sunjin, Farmsco, and Shopping&, plus many unlisted affiliates. In other words, the Pan Ocean stake alone covers the market cap, and the rest of the stakes are effectively priced in for free. The 4.87x P/E on last year's confirmed profit is also low, but on this year's expected profit reflecting the +30% Q1 recovery it is even lower, so undervaluation factors are clear on both asset value and profit. That said, the timing of any discount unwind cannot be pinpointed, and profit volatility from shipping freight rates must be taken into account.
Price history Close · MA20 · MA60
The latest close is ₩9,680 and the market capitalization is ₩1.1 trillion. The price sits below its 20-day moving average (₩10,077) and below its 60-day moving average (₩11,607). 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 40.3, a neutral level. The one-month change is -4.4%, the three-month change is -25.8%, and the position relative to the 52-week high is -50.6%. Relative strength versus the KOSDAQ is 77 (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 78% of all stocks. Over the past three months it lagged the index by 3.7%. 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 -3.72% / 6M +8.82% / 12M -0.70%
Key metrics vs sector median
Valuation
The P/E of 4.72x is below the sector median (6.67x). The P/B of 0.34x is below the sector median (0.49x). 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 7.1%, above the sector average (5.0%). The operating margin is 6.7%. The debt ratio is 525.9%, 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 | $8.0B | $8.1B | $8.8B | +7.67% ↑ faster |
| Operating profit | $376.2M | $507.3M | $588.2M | +15.93% ↓ slower |
| Net profit | $24.6M | $17.5M | $152.3M | +771.13% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.0B | $9.1B | $8.0B | $8.1B | $8.8B |
| Operating profit | $491.6M | $623.9M | $376.2M | $507.3M | $588.2M |
| Net profit | $203.0M | $161.7M | $24.6M | $17.5M | $152.3M |
| Revenue CAGR | 4-yr avg 5.62% | ||||
Revenue rose 7.7% year over year (2023 ₩12.1 trillion → 2024 ₩12.3 trillion → 2025 ₩13.2 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 15.9% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.6%. The two-year revenue CAGR is 4.7%. In the most recent quarter (Q1 2026), revenue was 10.9% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
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
- 2026-05-14FilingA listed affiliate's decision on new facility investment (board resolution) surfaced through Harim Holdings' consolidated disclosure.The affiliate's capacity expansion feeds into medium-term group profit and the value of the holding company's stakes. Source
- 2026-05-04UpdateA listed affiliate's single sales/supply contract surfaced through Harim Holdings' consolidated disclosure.Expanded affiliate revenue visibility is positive for the group's consolidated results in the near and medium term. Source
- 2026-05-14EarningsFiled the Q1 2026 report (revenue ₩3.55 trillion, operating profit ₩258.3 billion, net profit ₩141.1 billion, all three metrics up double digits).Confirms that the profit recovery has continued since the 2024 trough. Source
- 2026-05-28UpdateReports on holdings of specific securities by executives and major shareholders (disclosures related to stake changes).Insider stake changes are a reference point from a shareholder-value and governance perspective. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-14Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-04Single supply/sales contract
- 2026-04-17OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-03OwnershipOwnership-change filing
- 2026-03-31Shareholders' 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.