Sajo Industries (007160) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Sajo Industries is an integrated food company that began in deep-sea fishing in 1971. On a simple sum of segments in Q1 2026, food (canned and processed seafood, sauces, and the like) is the largest at about 70%, joined by deep-sea fishing for tuna and cod (about 17%), livestock (about 7%) and a golf course (about 2%); it operates tuna purse seiners and longliners and exports premium tuna mainly to Japan. On April 21 its value-up plan set out profit-focused management and a commitment to sustainable dividends (without specific figures), the May Q1 report disclosed results, and routine filings followed through May and June. What stands out recently is that asset undervaluation at a P/B of 0.38x and P/S of 0.31x, a profit on a standalone basis, a 2025 turn to operating profit in the core business, and falling key raw-material prices supporting margins are strengths; on the other hand, the equity-method gains and losses that drive consolidated net profit swing sharply from -7.0 billion to +8.9 billion won each quarter, and with a debt-to-equity ratio of 134.5% and a current ratio of 60.1%, financial headroom is tight.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Fisheries & Seafood Processing” (Retail, Consumer Goods & Food · Food & Beverage), a type typically read first through P/E.
Seafood and seafood processing shift somewhat with catch levels and input costs, but they earn fairly steadily on the essential demand for food. That earnings stability makes price-to-earnings (P/E) — the price against actual net profit — a good fit.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 63.1%).
- The most recent full-year net result was a loss.
- Revenue rose 11.2% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 7.6% lower than a year earlier.
- ROE is -5.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Sajo Systems 29.94% (corporate)
Controlling bloc incl. related parties 67.58%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
Net asset value (NAV) assessment
💡 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
| Sajo Daerim | 14.76% |
🔎 In-depth analysis Reading
Sajo Industries began in deep-sea fishing in 1971 and is now an integrated food company spanning seafood, food, livestock and leisure. Looking at Q1 2026 consolidated revenue (on a simple sum of segments), the food segment (canned seafood, processed seafood, sauces, seaweed, meat processing) is the largest at about 70%, followed by deep-sea fishing for tuna and cod at about 17%, livestock handling live hogs at about 7%, golf-course operation at about 2%, and other items such as services and leasing at about 4%. In other words, the main trunk of revenue is 'making and selling tuna caught at sea as canned and processed food,' with hog farming and slaughter, a Seoul-area golf course (Castlex Seoul), and cold-storage and building leasing added on. It operates 8 tuna purse seiners and 29 tuna longliners, and exports premium sashimi-grade tuna mainly to Japan.
The latest close is ₩53,100 and the market capitalization is ₩265.5 billion. The price sits above its 20-day moving average (₩47,695) and above its 60-day moving average (₩46,200). 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 66.9, a neutral level. The one-month change is +9.5%, the three-month change is +0.2%, and the position relative to the 52-week high is -26.5%. Relative strength versus the KOSPI is 46 (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 45% of all stocks. Over the past three months it outpaced the index by 21.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/B (how many times the company's net assets the share price is) is 0.50x. That means it trades at less than half the company's net assets, a clear undervaluation signal on asset value alone. The P/S (how many times a year's revenue the share price is), at 0.31x, is also low. The P/E (how many times a year's earnings the share price is) cannot be calculated at all on last year's confirmed earnings (trailing), because consolidated net profit was in the red. The important point here is that for a company like Sajo Industries, at an inflection where earnings bottom out and turn, the single scene of 'last year's loss' is not the company's true picture. The forward P/E, viewed against earnings normalizing this year, moves out of the loss-making state where trailing is meaningless and to a level where earnings-based comparison is possible. ROE (how much is earned in a year on shareholders' equity) is -5.4% on a consolidated basis, the debt-to-equity ratio (debt relative to equity) is 234.5%, and the current ratio (assets quickly convertible to cash against debt due within a year) is 60.1%. But the key is the difference between 'consolidated' and 'standalone.' On a consolidated basis, which combines all subsidiaries, 2025 net profit attributable to controlling shareholders was a loss of -29.1 billion won, but the parent alone (standalone) was a profit of +4.55 billion won. In other words, the cause of the loss lies not in the core business but on the subsidiary and associate side, and that should be viewed together.
Revenue rose 11.2% year on year to 706.2 billion won in 2025, an increasing trend for the third straight year with the pace gradually quickening. The more notable change is core-business profitability. Operating profit turned to a profit of +33.2 billion won in 2025 from -23.9 billion won in 2023 and -9.4 billion won in 2024. Ending two straight years of losses, the core business turned to a money-making structure, underpinned by improved food-segment margins as key raw-material prices such as processing-grade raw tuna and raw hogs came down year on year. This normalization of operating-stage profit is the basis for this year's forward P/E (15.78x) landing at a meaningful level. On the other hand, consolidated net profit was a loss of -29.1 billion won (controlling shareholders) in 2025, and the large gap between operating profit (+33.2 billion won) and net profit (-29.1 billion won) stems not from the core business but from associate-investment gains and losses (equity-method valuation) and subsidiary losses. Indeed, in Q1 2026 operating profit was +4.7 billion won, but a -7.0 billion won loss arose on associate-investment valuation, turning quarterly net profit to -4.0 billion won (-3.5 billion controlling). This valuation gain/loss is an accounting swing with no cash changing hands, so its direction shifts sharply each quarter. Meanwhile, the parent alone (standalone) posted a +4.98 billion won profit in Q1 alone, already surpassing last year's full-year standalone profit in the first quarter. The core business's underlying strength is on a clear recovery track.
The recent disclosures center on governance, shareholder returns and routine reporting rather than the core business itself. In the April 21, 2026 'value-up plan (voluntary disclosure),' the company set out profit-focused management and a sustainable dividend policy through stable cash flow, and stated that it qualifies as a high-dividend company under the Restriction of Special Taxation Act. It is, however, a qualitative plan that presented no specific figures such as revenue or profit targets. The May quarterly report (Q1 2026) disclosed Q1 results, and routine filings such as the large-business-group status disclosure and the corporate governance report followed in May and June. In June there was also a large-holding report (change in stake). As of the report-filing date, there were no treasury-share acquisitions or cancellations.
The strengths are clear. First, at a P/B of 0.38x and P/S of 0.31x, the share price is well below net assets and revenue, so undervaluation on the asset side is evident. Second, the parent alone (standalone) is profitable, and Q1 standalone net profit already surpassed last year's full-year figure. Third, after the core operating profit turned positive in 2025, falling key raw-material prices are supporting margins, so the case for this year's earnings normalization is backed by data. The cautions are also fact-based. The associate-investment gains and losses (equity method) that drive consolidated net profit swing sharply, from -7.0 billion to +8.9 billion won each quarter, so consolidated-results visibility is low; with a debt-to-equity ratio of 134.5% and a current ratio of 60.1%, financial headroom is tight; and with the price below every moving average, the trend is still weak. In sum, this stock has a clear strength of 'cheap assets and a recovering core business,' while its nature is to gain momentum when subsidiary and associate valuations stabilize and to have consolidated numbers shaken when those swings widen. Checking whether the standalone profit and operating-profit recovery continue, and whether the equity-method gains and losses settle, narrows the range of judgment.
🔎 Valuation vs peers Inconclusive
A peer group whose business substance overlaps in tuna deep-sea fishing plus seafood processing plus integrated food; Dongwon Industries (large-scale tuna, seafood and food), Silla Co. (deep-sea tuna fishing), and Sajo Daerim (Sajo Group food affiliate) are taken as comparables.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dongwon Industries | 4.45x | 0.44x | 11.02% |
| Silla Co. | 31.34x | 0.24x | 2.50% |
| Sajo Daerim | 0.00x | 0.42x | -10.57% |
(a) Position versus peers: a P/B of 0.4x is similar to Dongwon Industries (0.41) and Sajo Daerim (0.38) and higher than Silla Co. (0.24), placing it in the low-P/B band within the sector. Against net assets it looks cheap. (b) Premium/discount: the core (standalone) profit and turn to operating profit fall short of Dongwon Industries' double-digit ROE (10.4%), making a profitability premium hard to grant; if anything there is a discount factor to the extent of the consolidated loss. (c) Limits of trailing and the basis for forward: because last year's consolidated earnings were a loss, the trailing P/E on last year's confirmed earnings cannot be calculated. A forward view assuming normalization this year is therefore needed, but with no official quantitative target from the company, the range of that assumption is wide. The assets are cheap, but with the extent of the earnings recovery and the consolidated volatility yet to be confirmed, it is hard to conclude 'undervalued,' so the verdict is 'Inconclusive.'
Price history Close · MA20 · MA60
The latest close is ₩53,100 and the market capitalization is ₩265.5 billion. The price sits above its 20-day moving average (₩47,695) and above its 60-day moving average (₩46,200). 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 66.9, a neutral level. The one-month change is +9.5%, the three-month change is +0.2%, and the position relative to the 52-week high is -26.5%. Relative strength versus the KOSPI is 46 (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 45% of all stocks. Over the past three months it outpaced the index by 21.5%. 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 +21.47% / 6M -29.25% / 12M -41.60%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.50x is in line with the sector median (0.56x).
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 -5.4%, below the sector average (4.0%). The operating margin is 3.9%. The debt ratio is 123.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $444.2M | $446.2M | $496.1M | +11.18% ↑ faster |
| Operating profit | -$16.8M | -$6.6M | $23.3M | — |
| Net profit | $13.5M | $3.3M | -$20.4M | -728.82% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $414.8M | $464.3M | $444.2M | $446.2M | $496.1M |
| Operating profit | $34.6M | $38.8M | -$16.8M | -$6.6M | $23.3M |
| Net profit | $31.5M | $48.4M | $13.5M | $3.3M | -$20.4M |
| Revenue CAGR | 4-yr avg 4.58% | ||||
Revenue rose 11.2% year over year (2023 ₩632.2 billion → 2024 ₩635.2 billion → 2025 ₩706.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.6%. The two-year revenue CAGR is 5.7%. In the most recent quarter (Q1 2026), revenue was 7.6% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- Revenue grew 11.2% year over year, a sign of growth.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 63.1%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-04-21FilingValue-up plan (voluntary disclosure): presents profit-focused management and a commitment to a sustainable dividend policy. Qualifies as a high-dividend company under the Restriction of Special Taxation Act. No specific revenue or profit target figures presented (a qualitative plan).Confirms mid-term intent on shareholder returns and dividend continuity. However, with no quantitative figures presented, it is not an immediate earnings variable. Source
- 2026-05-15EarningsQ1 2026 report: consolidated revenue 143.3 billion won (-7.6% YoY), operating profit 4.7 billion won (positive, -57% YoY), consolidated net profit -4.0 billion won (reflecting a -7.0 billion won associate-investment valuation loss). Parent standalone net profit was +4.98 billion won.In the short term the consolidated loss is largely driven by non-cash items such as the equity-method valuation loss. The core and standalone profits are positive, but consolidated volatility warrants caution. Source
- 2026-06-01FilingCorporate governance report and large-business-group status disclosure (routine). Updates group affiliate and governance status.Mid-term information related to governance transparency. Direct earnings impact is limited. Source
- 2026-06-08FilingLarge-holding report (general): filing of a change in a major shareholder's stake.Short-term reference information related to supply-demand and governance. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Shares outstanding | 5,000,000 | 5,000,000 | Confirmed | link |
| 2025 net profit attributable to controlling shareholders | -29,099 | -29,099 | Confirmed | link |
| Consolidated total equity (controlling shareholders) | 534,528 | 534,528 | Confirmed | link |
| 2026 estimated net profit (consolidated, controlling) | approx. 130(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-21Disclosure
- 2026-04-15OwnershipOwnership-change filing
- 2026-03-31Amended filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-24Disclosure
📖 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.