Sebang is a full-service logistics company that has built its business around port stevedoring since the 1960s. It generates revenue from port handling in Busan, Gwangyang, Incheon and elsewhere, along with warehousing, land and sea transport, heavy-cargo installation, and third-party logistics (3PL). In 2024 its net profit (₩65.7 billion) reached 2.4 times its operating profit (₩27.3 billion), because equity-method income from stakes in affiliates such as Sebang Global Battery is added on top. In February 2026 the company declared a dividend of ₩300 per share (a dividend yield of about 2.2% and a payout ratio of about 10%), and in March its business report confirmed revenue of ₩1.2418 trillion (-9.6%) and net profit of ₩65.7 billion (-23.2%), reaffirming how heavily net profit rests on equity-method income; the first-quarter report then showed declines in both revenue and profit. The notable point lately is that its strengths, a solid balance sheet with a P/B of 0.20x, a trailing P/E of 3.6x, a forward P/E of 4.17x and a debt ratio of 23.8%, plus hidden asset value in that Sebang Global Battery's market cap (about ₩851 billion) exceeds Sebang's own (about ₩237 billion), sit alongside thin core margins (a 2.2% operating margin) and a net profit that leans on equity-method income, so that if affiliate results wobble the company's earnings can swing with them; over the long run it has a strong value-stock character.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue fell 9.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 7.9% lower than a year earlier.
- ROE is 5.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.2%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder E&S Global 18.72% (corporate)
Controlling bloc incl. related parties 50.14%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Sebang is a full-service logistics company that has built its business around port stevedoring since the 1960s.
- It earns revenue from port handling, loading and unloading containers and extra-heavy cargo from ships at major ports such as Busan, Gwangyang and Incheon; from warehousing, operating large CY/CFS yards and distribution centers; from land and sea transport and the carriage and installation of heavy cargo; and from third-party logistics (3PL), in which it takes over a shipper's logistics wholesale.
- In short, its core business is 'receiving goods at the port, storing them and moving them along.' There is one further trait that cannot be left out when understanding the company.
- Last year's net profit (₩65.7 billion) reached 2.4 times its operating profit (₩27.3 billion), because on top of what it earned from its own logistics operations, equity-method income from stakes in affiliates including Sebang Global Battery is added.
- So Sebang is a company that holds both a logistics business and valuable affiliate stakes, and the full picture only comes into view when core results and the value of those holdings are considered together.
- The latest close is ₩12,410 and market capitalization is ₩237.2 billion.
- The price sits below the 20-day line (₩12,832) and below the 60-day line (₩14,106).
- Trading beneath both its short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (an auxiliary gauge that measures the strength of gains versus losses over the past 14 days on a 0-100 scale) is 39.6, a neutral level.
- The one-month change is -7.4%, the three-month change is -16.7%, and the position versus the 52-week high is -25.6%.
- Relative strength against the KOSPI is 17 (1-99, computed from returns versus the index over the past year with more recent weight; higher means stronger than the market).
- That places it in roughly the top 84% of all stocks by strength.
- Over the past three months it lagged the index by 35.4%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The P/E ratio (how many times one year's earnings the share price represents) is 3.61x and the P/B (how many times the company's net assets the share price represents) is 0.20x, both low.
- A P/B of 0.20x means the stock trades at one-fifth of the net assets it holds, a signal that the price is cheap relative to assets.
- The balance sheet is solid too: the debt ratio (debt relative to equity) is a low 23.8% and the current ratio is 1.35x, so short-term liquidity is comfortable.
- ROE (how much is earned in a year on equity) is 5.4% and the operating margin is 2.2%; within a logistics industry where thin margins are the norm, this actually runs above the peer average.
- One point to note is that because Sebang's structure adds affiliate equity-method income on top of core profit, it is hard to explain its full value with a trailing P/E computed from just the past year's results alone.
- So the forward P/E, which reflects this year's expected earnings, is looked at alongside it, and that figure is 4.17x, lower than all of the comparators CJ Logistics (about 7x), Sebang Global Battery (about 5x) and HMM (about 9x).
- Priced below peers on both trailing and forward yardsticks, there is no reason to view this outright as a burden; if anything it leans toward being undervalued.
- Over five years, revenue moved up and down repeatedly, ₩1.0578 trillion (2021), ₩1.2904 trillion (2022), ₩1.1420 trillion (2023), ₩1.3734 trillion (2024), ₩1.2418 trillion (2025), for a five-year average growth rate (CAGR) of about 4.1%.
- Last year revenue fell -9.6% and net profit -23.2%, a pause, and in the first quarter of 2026 the softness continued with revenue -7.9%, operating profit -35.5% and net profit -30.8%.
- So this year's earnings already reflect a decline from the prior year, and the forward P/E based on expected earnings is 4.17x.
- The key point is that even after accounting for already-reduced earnings, this number sits below peer logistics and transport companies.
- In other words, even while fully absorbing a phase in which the core business is slowing this year, the stable core of port handling together with equity-method income from stakes in affiliates such as Sebang Global Battery provides support, so earnings tend not to fall far below a certain level.
- Seen over the multi-year trend, revenue moves within a range around the ₩1 trillion mark, a mature business, and this company's character lies in stable cash flow and the value of its holdings rather than explosive growth.
- The 2026 disclosures center on routine events.
- On February 27 a cash dividend of ₩300 per share was set (based on the prior year's results, a dividend yield of about 2.2% and a payout ratio of about 10%), and on the same day the convening of the shareholders' meeting was resolved.
- On March 20 the 2025 business report and audit report were filed, confirming revenue of ₩1.2418 trillion (-9.6%) and net profit of ₩65.7 billion (-23.2%); net profit far exceeding operating profit (₩27.3 billion) again confirmed the weight of affiliate equity-method income.
- The May 15 first-quarter 2026 report showed declines in revenue and profit, and on June 1 the corporate governance report was disclosed.
- Rather than one-off positives such as large orders or new investments, this is a disclosure pattern often seen in value stocks, with steady dividends and periodic reporting.
- Sebang's character is fairly distinct.
- In addition to a P/B of 0.20x and a trailing P/E of 3.6x, its forward P/E based on this year's expected earnings is 4.17x, placing it below peer logistics and transport companies on every measure.
- Its balance sheet is solid with a debt ratio of 23.8%, and it also has steady dividends and hidden assets in the form of affiliate stakes including Sebang Global Battery.
- In particular, the market cap of its core holding Sebang Global Battery (about ₩851 billion) greatly exceeds Sebang's own market cap (about ₩237 billion), so that even counting only the value of its holdings the company is priced cheaply, a clear strength.
- This is a value-stock type supported by asset value and stable dividends, so even if the core business advances slowly its downside is firm.
- That said, with a core operating margin of just 2.2% it is hard for margins to expand much, and because net profit leans on equity-method income, if affiliate results wobble net profit can swing with them, points to weigh alongside.
- In sum, it is strong over the long run for those who value asset worth and dividend stability and add up core and affiliate value, and less attractive where fast earnings growth or short-term momentum is expected.
🔎 Valuation vs peers Inconclusive
Considering both the logistics/transport core and the affiliate-stake structure, the comparison set was drawn from land logistics (CJ Logistics), sea transport (HMM), and the core holding Sebang Global Battery.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CJ Logistics | 6.78x | 0.40x | 5.84% |
| HMM | 9.70x | 0.69x | 7.07% |
| Sebang Global Battery | 4.99x | 0.43x | 8.68% |
A P/E of 3.9x and a P/B of 0.21x are markedly lower than comparators CJ Logistics (P/E 7.7x, P/B 0.45x) or Sebang Global Battery (P/E 6.0x, P/B 0.52x). Yet it is hard to call this outright 'undervalued.' First, a large part of net profit comes not from the core business but from affiliate equity-method income, so last year's trailing P/E distorts core-business value. Second, first-quarter earnings this year fell double digits, so on a forward-earnings basis the valuation appeal is not as large as trailing suggests. On the other hand, a P/B of 0.21x and the value of the holdings make the discount clear from an asset-value standpoint. Because an approach that separately sums core operating value and holding value is needed, an Inconclusive stance is more appropriate than a one-sided conclusion.
Price history Close · MA20 · MA60
The latest close is ₩12,410 and the market capitalization is ₩237.2 billion. The price sits below its 20-day moving average (₩12,832) and below its 60-day moving average (₩14,106). 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 39.6, a neutral level. The one-month change is -7.4%, the three-month change is -16.7%, and the position relative to the 52-week high is -25.6%. Relative strength versus the KOSPI is 17 (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 17% of all stocks. Over the past three months it lagged the index by 35.4%. 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 -35.40% / 6M -45.07% / 12M -65.78%
Key metrics vs whole-market median
Valuation
The P/E of 3.61x is below the whole-market median (13.81x). The P/B of 0.20x 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.781x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.4%, in line with the whole-market average (5.0%). The operating margin is 2.2%. The debt ratio is 23.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $756.9M | $910.2M | $823.0M | -9.58% ↓ slower |
| Operating profit | $19.0M | $16.2M | $18.1M | +11.45% ↑ faster |
| Net profit | $46.2M | $56.6M | $43.5M | -23.16% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $701.0M | $855.2M | $756.9M | $910.2M | $823.0M |
| Operating profit | $19.3M | $29.9M | $19.0M | $16.2M | $18.1M |
| Net profit | $34.8M | $69.9M | $46.2M | $56.6M | $43.5M |
| Revenue CAGR | 4-yr avg 4.09% | ||||
Revenue fell 9.6% year over year (2023 ₩1.1 trillion → 2024 ₩1.4 trillion → 2025 ₩1.2 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 11.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.1%. The two-year revenue CAGR is 4.3%. In the most recent quarter (Q1 2026), revenue was 7.9% 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.
Points to watch
- Revenue fell 9.6% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-02-27DividendCash dividend based on 2025 results set at ₩300 per share (dividend yield about 2.2%, payout ratio about 10%)The near-term price impact is limited, but a stable dividend supports the downside. With a low payout ratio, there is room left to raise it in the future. Source
- 2026-03-20Filing2025 business report filed. Revenue of ₩1.2418 trillion (-9.6% year on year) and net profit of ₩65.7 billion (-23.2%) confirmedOfficially confirms the core-business slowdown and the decline in net profit. Still, net profit far exceeding operating profit (₩27.3 billion) reaffirms the large contribution of equity-method income. Source
- 2026-05-15EarningsFirst-quarter 2026 report. Revenue of ₩299.8 billion (-7.9%), operating profit of ₩6.9 billion (-35.5%), net profit of ₩19.4 billion (-30.8%)Both revenue and profit declined from the start of the year. A key near-term signal suggesting this year's earnings may come in below last year's. Source
- 2026-06-01FilingCorporate governance report disclosed (reporting on governance, shareholder rights, and board operations)No direct impact on results, but useful material for checking the governance transparency of a holding-company-like firm. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-13Amended filing
- 2026-03-13Amended filing
- 2026-02-27Shareholders' meeting notice
- 2026-02-27Shareholders' meeting notice
- 2026-02-27Shareholders' meeting notice
- 2026-02-27DividendCash/stock dividend decision
- 2026-02-26Disclosure
📖 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.