Sajo Daerim is a comprehensive food company that combines processed-seafood products such as fish cakes and imitation crab with cooking oil, ham and frozen foods, along with deep-sea fishing. Its fish cakes and imitation crab hold top-tier domestic market share, and the merger with Sajo Haepyo broadened its lineup to cooking oil and sauces, so it earns by directly making and distributing the food you see on supermarket processed-food shelves. Provisional results in February and an amendment in March confirmed a 2025 swing to a loss, yet the company kept its ₩250-per-share dividend in the same March, and the May quarterly report confirmed a clear recovery with Q1 operating profit +55.9% and net profit +80.6%. What stands out lately is that it trades in undervalued territory at 0.36x P/B and 0.07x revenue, and because much of last year's loss was one-off, Q1 earnings rebounded strongly and the forward P/E is far below peers — while a debt ratio of 334.9% and a current ratio of 88.5% make its debt heavy, and, being just after the merger, its operating margin (2.7%) is still low, so it is stronger the more earnings normalization takes hold and weaker the more the recovery wavers.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 334.9%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.5%).
- The most recent full-year net result was a loss.
- Revenue rose 32.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 3.8% higher than a year earlier.
- ROE is -12.0% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.7%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Sajo Seafood 17.12% (individual)
Controlling bloc incl. related parties 99.27%
With the controlling bloc holding 99%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Sajo Daerim is a comprehensive food company that combines processed-seafood products such as fish cakes and imitation crab with cooking oil (soybean oil), ham, fried tofu and frozen foods, along with deep-sea fishing.
- Revenue is largest in the food segment (fish cakes, imitation crab, cooking oil, frozen foods and so on), followed by livestock and then deep-sea fishing.
- Fish cakes and imitation crab are flagship products that hold top-tier share in the domestic market, and its lineup in cooking oil and sauces broadened considerably through the merger with Sajo Haepyo.
- In other words, it earns steadily by directly making and distributing the food commonly seen on supermarket processed-food shelves.
- The latest close is ₩29,500 and the market cap is ₩270.4 billion.
- The price sits above the 20-day line (₩27,592) and above the 60-day line (₩29,373).
- Being above both the short- and mid-term moving averages, the trend is on the healthy side.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 59.9, a neutral level.
- The one-month change is +16.1%, the three-month change is -6.2%, and the position versus the 52-week high is -35.4%.
- Relative strength against the KOSPI is 10 (1-99, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 91% of all stocks by strength.
- Over the past three months it lagged the index by 25.8%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The P/B, which shows how many times net assets the price represents, is 0.41x, so it trades below even half of net assets per share (about ₩71,000).
- The P/S, measured against revenue, is also very low at 0.07x.
- Because last year's close was a net loss, the P/E (how many times one year's earnings the price represents) on the past year's earnings cannot be calculated — not because the company is expensive but because earnings were temporarily negative.
- The important point here is that last year's loss did not come from the core business collapsing but from a group-level one-off cost that was reflected once in consolidated results.
- So the forward P/E on this year's earnings, with profit back to normal, is closer to the company's real picture than last year's stalled P/E.
- Compared with peer processed-food companies that usually trade at double-digit P/Es, this company is clearly in cheap territory on an earnings basis too.
- It is true that the financial structure is heavy, with a debt ratio (debt relative to equity) of 334.9% and a current ratio (assets readily convertible to cash relative to debt due within a year) of 88.5%, so whether earnings steadily support it is a point to check alongside.
- Top-line growth is clear.
- Revenue rose from ₩1.81 trillion in 2021 to ₩3.50 trillion in 2025, a five-year average of 17.9% a year, and last year it grew 32.4% year on year on the Sajo Haepyo merger effect.
- Last year's earnings had a different texture.
- Operating profit fell year on year to ₩94.7 billion (as raw-material burden from soybeans and the like temporarily grew just after the merger), and net profit swung to a ₩78.6 billion loss with the group one-off cost added on top.
- But once those costs dropped out, Q1 2026 immediately recovered fast, with cumulative operating profit of ₩23.8 billion (+55.9%) and net profit of ₩15.6 billion (+80.6%).
- With the revenue base already grown to ₩3.5 trillion, one-off burdens gone and the merger-broadened cooking-oil and sauce lines added, the picture of earnings returning to a normal track this year is not confined to a single-quarter rebound but is a trend supported by both top-line growth and cost stabilization.
- The low forward P/E on this year's earnings is precisely a result of these normalized earnings.
- Recent disclosures center on regular reports, results and dividends, and ownership matters.
- Provisional results in February and an amendment disclosure in March confirmed the 2025 swing to a loss, yet a cash and stock dividend decision in the same March maintained a ₩250-per-share dividend despite the loss-making close.
- The May quarterly report confirmed that Q1 earnings recovered clearly, with operating profit +55.9% and net profit +80.6%.
- In June, filings on changes in the largest shareholder's holdings and large holdings, along with a corporate governance report, followed.
- With no separate large supply-contract or business-plan fair-disclosure, the most important checkpoint going forward is whether quarterly results carry this recovery trend on.
- The strengths are clear.
- It trades in undervalued territory relative to both assets and revenue, below half of net assets (P/B 0.36) and at 0.07x revenue; because much of last year's loss was a one-off cost, Q1 2026 earnings rebounded strongly (net profit +80.6%), and the forward P/E on this year's normalized earnings is far below that of peer processed-food companies.
- That means it is cheap whether viewed by assets or by earnings.
- The part to watch together is the financial structure.
- Debt is heavy at a 334.9% debt ratio and an 88.5% current ratio, and, being just after the merger, the operating margin (2.7%) is still low.
- In sum, if one-off costs do not recur and the quarterly earnings recovery continues, the undervaluation appeal on both the asset and earnings sides stands out as is; conversely, if raw-material or financial costs turn heavy again, the low margin and high debt come back as a burden.
- That is, it is stronger the more earnings normalization takes hold and weaker the more the recovery wavers.
🔎 Valuation vs peers Inconclusive
Domestic comprehensive food companies that make and distribute processed foods such as fish cakes and cooking oil were used as the peer set. Lotte Wellfood and Ottogi are profit-normalized processed-food peers, while Sajo Sanup is a food affiliate within the same group that also reflected last year's one-off cost.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lotte Wellfood | 12.97x | 0.43x | 3.30% |
| Ottogi | 19.19x | 0.64x | 3.34% |
| Sajo Industries | — | 0.42x | -5.44% |
(a) Position versus the true peer set: on an asset basis (P/B) it is below the processed-food peers, but on an earnings basis it cannot be lined up by P/E because of last year's loss. (b) Premium/discount: the high debt ratio, low margin and cost structure made heavier after the merger partly justify an asset discount. (c) Limits of trailing and the basis for forward: last year's confirmed P/E cannot be calculated due to the loss and so is meaningless, and extending the Q1 2026 earnings recovery (net profit +80.6%) could revive the undervaluation appeal relative to assets. However, the recovery's durability has been confirmed by only one quarter so far, so rather than firmly calling it undervalued this is a period to watch normalization further before judging.
Price history Close · MA20 · MA60
The latest close is ₩29,500 and the market capitalization is ₩270.4 billion. The price sits above its 20-day moving average (₩27,592) and above its 60-day moving average (₩29,373). 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 59.9, a neutral level. The one-month change is +16.1%, the three-month change is -6.2%, and the position relative to the 52-week high is -35.4%. Relative strength versus the KOSPI is 10 (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 9% of all stocks. Over the past three months it lagged the index by 25.8%. 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 -25.76% / 6M -49.91% / 12M -70.98%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.41x is below the sector median (0.51x).
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 -12.0%, below the sector average (4.0%). The operating margin is 2.7%. The debt ratio is 334.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.4B | $1.8B | $2.3B | +32.42% ↑ faster |
| Operating profit | $85.3M | $88.2M | $62.8M | -28.82% ↓ slower |
| Net profit | $60.5M | $60.8M | -$52.1M | -185.66% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.3B | $1.4B | $1.8B | $2.3B |
| Operating profit | $67.8M | $64.7M | $85.3M | $88.2M | $62.8M |
| Net profit | $41.6M | $47.2M | $60.5M | $60.8M | -$52.1M |
| Revenue CAGR | 4-yr avg 17.86% | ||||
Revenue rose 32.4% year over year (2023 ₩2.1 trillion → 2024 ₩2.6 trillion → 2025 ₩3.5 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 28.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 17.9%. The two-year revenue CAGR is 30.2%. In the most recent quarter (Q1 2026), revenue was 3.8% higher 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.
- Revenue grew 32.4% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 334.9%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 88.5%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report — cumulative operating profit of ₩23.8 billion (+55.9%) and net profit of ₩15.6 billion (+80.6%), returning to profitShort term: a signal of earnings normalization after last year's swing to a loss, raising recovery expectations. Medium term: a benchmark for checking how far core-business profitability recovers once one-off costs are gone. Source
- 2026-03-17EarningsRevenue/earnings-structure change amendment disclosure — FY2025 consolidated revenue of ₩3.50 trillion (+32.4%), operating profit of ₩94.7 billion, and a swing to a ₩78.6 billion net loss confirmedShort term: the swing to a loss blocks P/E calculation and clouds valuation judgment. Medium term: a basis for gauging the impact of post-merger cost burden and the group one-off cost. Source
- 2026-03-05DividendCash and stock dividend decision — ₩250 per share (dividend yield about 0.9%), maintaining the dividend despite a loss-making closeShort term: a signal of continued returns despite the loss, partly evidencing cash-flow stability. Medium term: potential for expanded dividend capacity once earnings recover. Source
- 2026-06-08FilingFiling of largest-shareholder holdings changes and a large-holding status reportShort term: a routine disclosure of governance holdings changes with limited direct impact on results. Medium term: for confirming the stability of the group's governance. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 consolidated revenue | 3 ₩499.8 billion (+32.4% YoY) | revenue ₩3.50 trillion | Confirmed | link |
| Q1 2026 consolidated net profit | ₩15.6 billion (+80.6% YoY) | 1 operating profit 238·net profit 156 | Confirmed | link |
| Dividend per share (DPS) | ₩250 | ₩250 | Confirmed | link |
| Estimated FY2026 net profit (annual) | approx. ₩70.0 billion | — | Unverified | link |
Recent filings
- 2026-06-08OwnershipLargest-shareholder ownership change report
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-15OwnershipLargest-shareholder ownership change report
- 2026-04-15OwnershipOwnership-change filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-24Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
📖 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.