Dongwon Industries is both the holding company of the Dongwon Group and an operating holding company that runs its own fishing and trading businesses. It oversees StarKist, the top canned-tuna brand in the United States, and Dongwon F&B (both wholly owned), listed subsidiary Dongwon Systems (about 71%), and logistics and construction subsidiaries, giving it a vertically integrated structure that catches tuna, cans it, and ships it. Food is the big pillar of its consolidated revenue (about ₩9.6 trillion in 2025), this year's earnings are on an improving path over last year, and the company is in a phase where large acquisitions and asset restructuring are being discussed in the market following June disclosures on large-scale business-group status and changes in the largest shareholder's holdings, plus a May clarification disclosure on media reports. What stands out recently is that vertical integration built on tuna, an essential consumer staple, along with 100% ownership of solid unlisted subsidiaries, a 10.4% ROE, and a 3.4% dividend are strengths, while aluminum cost and high-currency margin pressure at Dongwon Systems and the asset placement and financial burden from large M&A are the key variables.
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 7.1% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 9.1% higher than a year earlier.
- ROE is 10.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.4%.
- 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 Nam-jung 53.74% (individual)
Controlling bloc incl. related parties 78.96%
With the controlling bloc holding 79%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued
💡 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
| Dongwon Systems | 71.04% |
| Dongwon Systems | 30.91% |
🔎 In-depth analysis
- Dongwon Industries is both the holding company of the Dongwon Group and an operating holding company that also runs its own fishing and trading businesses.
- Food is the big pillar of its consolidated revenue (about ₩9.6 trillion in 2025).
- StarKist, the top canned-tuna brand in the United States (100% stake), and Dongwon F&B (100% stake, a delisted wholly owned subsidiary) that oversees domestic canned tuna, sauces, pet food, and Dongwon Home Food handle the group's food business.
- Added to this are listed subsidiary Dongwon Systems (about 71% stake), which makes aluminum cans and packaging, logistics subsidiary Dongwon Loex, and construction subsidiary Dongwon Construction & Industries.
- In other words, the company's structure is vertical integration that 'catches tuna, puts it in cans, makes those cans itself, and ships the finished products.' Money comes mainly from food (tuna, sauces, home meal replacements), supported by materials, logistics, and construction.
- The latest close is ₩33,700 and the market cap is ₩1.5 trillion.
- The price sits above its 20-day line (₩32,970) and below its 60-day line (₩35,623).
- Short-term and medium-term trends are mixed, so the direction should be read separately for each.
- The RSI (an indicator that gauges the strength of gains versus declines over the past 14 days on a 0-100 scale) is 50.0, a neutral level.
- The one-month change is +4.0%, the three-month change is -9.5%, and the price is -36.0% from its 52-week high.
- Relative strength versus the KOSPI is 8 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market).
- That places it roughly in the top 92% of all stocks by strength.
- Over the past three months it lagged the index by 29.0%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The valuation metrics alone are unusually low.
- The P/E ratio (how many times one year's earnings the price represents) is 4.05x and P/B (how many times book net assets the price represents) is 0.42x.
- The dividend yield is a high 3.4% (₩1,150 per share).
- Profitability is sound.
- ROE (how much is earned in a year on equity) is 10.4%, with an operating margin of 5.4% and net margin of 3.8%.
- Factoring in debt makes the picture clearer.
- Net debt (total borrowings minus cash) is about ₩2.3 trillion, and EV/EBIT (enterprise value including debt divided by operating profit, a debt-inclusive version of the P/E) is 7.3x, with EV/EBITDA of 4.6x.
- The FCF yield (the ratio of cash actually generated to market cap) is 6.1%, so cash-generating power provides support.
- That said, a low P/B does not immediately mean it is cheap.
- Book equity carries core subsidiaries such as StarKist and Dongwon F&B at close to acquisition cost, so book value itself is conservative relative to real value.
- Revenue rose 7.1% year on year to ₩9.58 trillion in 2025, with the pace of growth reviving.
- Operating profit rose 3.0% to ₩516.1 billion, a moderate improvement.
- Net profit jumped sharply to ₩367.0 billion from ₩75.3 billion the prior year.
- However, this surge involves some optical distortion.
- 2024 net profit was depressed by the recognition of a one-off StarKist-related litigation settlement, and 2025 largely reflects a normalization from that base.
- So the true signal of growth should be read from recent quarters.
- Cumulative first-quarter 2026 revenue rose 9.1% year on year, operating profit 17.1%, and net profit 51.0%.
- An about 10% price increase on StarKist pouch products, strong tuna sales, and logistics efficiency gains are confirmed as genuine operating improvement.
- Extending this trajectory leaves room for this year's net profit to step up another notch over last year.
- As a result, while the P/E looks like the 4x range on last year's basis, it falls to the low 3x range on this year's earnings.
- Recent disclosures are dominated by trends related to governance and M&A.
- In June 2026 came a large-scale business-group status disclosure, a change in the largest shareholder's holdings, and a disclosure of collateral provided to related parties.
- In May the company filed a clarification disclosure on media reports (undetermined).
- These are signals that the market is in a phase discussing the possibility of a large company-level acquisition and asset restructuring.
- On the dividend side, it maintains ₩1,150 per share (a 3.4% yield), continuing its shareholder-return stance.
- Each disclosure reads within the larger picture of asset reallocation and a re-valuation of subsidiary worth as a holding company.
- The strengths are clear.
- On the foundation of tuna, an essential consumer staple, food, materials, and logistics are vertically integrated, and it owns solid unlisted subsidiaries StarKist and Dongwon F&B at 100%.
- With a 10.4% ROE and a 3.4% dividend, both profitability and returns provide support.
- This year's earnings are on an improving path over last year.
- That said, a holding company is hard to evaluate on P/E and P/B alone.
- Earnings are swung by subsidiary results and fluctuate, and book value carries the core subsidiaries at a low mark.
- There are cautions too.
- Listed subsidiary Dongwon Systems has had margins pressed by aluminum costs and a high currency, and Dongwon F&B also faces cost pressure.
- With large M&A being discussed, the direction of asset placement and the financial burden are the key variables.
- In sum, it is a stock that is strong when food and tuna demand is firm and subsidiary value is re-rated, and weak when raw-material and currency burdens grow or the balance sheet gets heavier from large investment.
🔎 Valuation vs peers Undervalued
The effective peer set is a holding company (CJ), a large food company (CJ CheilJedang), and its only listed subsidiary (Dongwon Systems).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| CJ Corporation | 27.91x | 0.77x | 2.75% |
| CJ CheilJedang | 0.00x | 0.41x | -8.10% |
| Dongwon Systems | 10.86x | 0.68x | 6.23% |
Compared with holding company CJ at a P/E of 33x and P/B of 0.91x, Dongwon Industries' P/E of 4.0x and P/B of 0.42x are conspicuously low. That said, this company's true value should be seen not through P/E or P/B but through the value of its holdings (NAV). Its only listed subsidiary, Dongwon Systems (market cap of about ₩553.7 billion x about 71%), alone explains only part of the ₩1.48 trillion market cap. More than half of the rest is unlisted, such as StarKist, Dongwon F&B, and Dongwon Loex, carried on the books at low acquisition cost. So the 0.42x P/B is an optical illusion that looks higher than reality, and on a net-asset-value basis the discount is even larger. Even though the P/E looks like 4x on last year's basis, it falls further to the low 3x range on this year's earnings (first-quarter net profit +51%). Reflecting the value of the solid unlisted subsidiaries and the earnings improvement together, the current price reads as an undervalued zone.
Price history Close · MA20 · MA60
The latest close is ₩33,700 and the market capitalization is ₩1.5 trillion. The price sits above its 20-day moving average (₩32,970) and below its 60-day moving average (₩35,623). 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 50.0, a neutral level. The one-month change is +4.0%, the three-month change is -9.5%, and the position relative to the 52-week high is -36.0%. Relative strength versus the KOSPI is 8 (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 8% of all stocks. Over the past three months it lagged the index by 29.0%. 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 -29.05% / 6M -49.48% / 12M -71.93%
Key metrics vs sector median
Valuation
The P/E of 4.05x is below the sector median (6.67x). The P/B of 0.42x is in line with the sector median (0.49x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.4%, above the sector average (5.0%). The operating margin is 5.4%. The debt ratio is 115.5%, 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 | $5.9B | $5.9B | $6.4B | +7.15% ↑ faster |
| Operating profit | $308.0M | $332.3M | $342.1M | +2.96% ↓ slower |
| Net profit | $149.1M | $49.9M | $243.3M | +387.55% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.0B | $6.0B | $5.9B | $5.9B | $6.4B |
| Operating profit | $337.1M | $327.7M | $308.0M | $332.3M | $342.1M |
| Net profit | $208.8M | $196.5M | $149.1M | $49.9M | $243.3M |
| Revenue CAGR | 4-yr avg 5.96% | ||||
Revenue rose 7.1% year over year (2023 ₩8.9 trillion → 2024 ₩8.9 trillion → 2025 ₩9.6 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 3.0% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.0%. The two-year revenue CAGR is 3.5%. In the most recent quarter (Q1 2026), revenue was 9.1% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.4%, is on the high side.
- ROE of 10.4% points to solid profitability.
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
- 2026-06-01FilingSubmitted a large-scale business-group status disclosure (once a year, for the first quarter) and a same-person status filing, disclosing the group's governance structure.As a holding company, this is foundational material for verifying its subsidiary and related-party structure, and forms the backdrop for the asset-restructuring discussion. Source
- 2026-06-02FilingA report on changes in the holdings of the largest shareholder and others, and a disclosure of collateral provided to related parties, were filed.Changes in owner and related-party stakes and collateral relationships are a signal for gauging governance restructuring and fund-raising flows. Source
- 2026-05-18UpdateFiled a clarification disclosure (undetermined) on media coverage.Shows the market is in a phase discussing the possibility of a large acquisition and asset restructuring; once a direction is set, it could have a large impact on the balance sheet and valuation. Source
- 2026-05-29FilingDisclosed a corporate governance report, revealing the operating status of governance such as the board and shareholder returns.Affects medium-term credibility in terms of shareholder-return (dividend) policy and governance transparency. Source
- 2026-05-15EarningsSubmitted its first-quarter 2026 report. Cumulative revenue of ₩2.53 trillion, operating profit of ₩146.2 billion, and net profit of ₩112.9 billion, up 9.1%, 17.1%, and 51.0% year on year respectively.Price increases, strong tuna sales, and logistics efficiency confirm genuine operating improvement, supporting this year's earnings-improvement trajectory. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-02Disclosure
- 2026-06-02OwnershipLargest-shareholder ownership change report
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-18Disclosure
- 2026-05-18OwnershipLargest-shareholder ownership change report
- 2026-05-18OwnershipOwnership-change filing
- 2026-05-18OwnershipAmended filing
- 2026-05-15PeriodicQuarterly 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.