Seoyon is an investment holding company that oversees a group of automotive-parts affiliates. Its listed subsidiary Seoyon E-Hwa (48.7% stake) supplies interior and exterior components such as door trims, consoles and bumpers to Hyundai Motor, Kia and overseas automakers, and this is where most of the group's consolidated revenue of ₩491.6 billion comes from. The quarterly report filed in May confirmed that first-quarter net profit more than doubled from a year earlier, the ownership structure was tidied up through a subsidiary reorganization, and the company continues to pay a dividend of ₩250 per share (a dividend yield of about 2.9%). The notable point is that a P/E of 3.31x, a P/B of 0.21x, recovered net profit, a steady dividend, and the value of the Seoyon E-Hwa stake, which accounts for roughly 80% of the market cap, are all strengths. On the other hand, much of the net asset value is already reflected in the market cap, so it is hard to conclude there is further undervaluation from the low multiples alone, and net profit hinges on the business conditions of the subsidiaries.
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 9.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 10.1% higher than a year earlier.
- ROE is 6.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.1%.
- 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 Yoo Yang-seok 44.44% (individual)
Controlling bloc incl. related parties 46.63%
With the controlling bloc holding 47%, the ownership structure is stable.
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
| Seoyon E-Hwa | 48.7% |
🔎 In-depth analysis
- Seoyon is not a company that makes and sells products directly; it is an investment holding company that oversees a group of automotive-parts affiliates (it converted into a holding company through a spin-off in 2014).
- A holding company is one whose business model is to own and manage the shares of subsidiaries rather than run its own operations, earning money from their dividends and equity-method income.
- Its core subsidiary is the listed Seoyon E-Hwa (48.7% stake), which makes automotive interior and exterior components such as door trims, consoles and bumpers and supplies them to Hyundai Motor and Kia, as well as to overseas automakers such as Volkswagen and Ford.
- Most of the consolidated revenue of ₩491.6 billion comes from this auto-parts business, while the holding company itself mainly manages subsidiary stakes and collects dividends.
- The latest close is ₩7,470 and the market cap is ₩175.4 billion.
- The price sits below its 20-day line (₩8,206) and below its 60-day line (₩8,781).
- Trading beneath both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that compares upward and downward momentum over the past 14 days on a 0-100 scale) is 37.8, a neutral level.
- The one-month change is -9.2%, the three-month change is -16.7%, and the price sits -39.6% below its 52-week high.
- Relative strength versus the KOSPI is 10 (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 in roughly the top 91% of all stocks by strength.
- Over the past three months it lagged the index by 34.8%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- The P/E (how many times a year's earnings the share price is worth) is 3.14x and the P/B (how many times book net assets the share price is worth) is 0.20x, both very low on their face.
- This P/E is on a trailing basis, using last year's confirmed earnings, but 2025 net profit was ₩55.9 billion, a year in which it fell 58% from the prior year.
- In other words, even the low P/E shown now is calculated on last year's weak earnings.
- The forward P/E (based on the next year's earnings), which reflects this year's profit, is low even compared with peer auto-parts makers (Seoyon E-Hwa at 4.83x and Hwaseung Corporation at 1.47x).
- For a stock whose earnings are turning toward recovery, this forward figure is closer to the real picture than last year's trailing P/E.
- ROE (how much is earned in a year on equity) is 6.4%, slightly above the peer average.
- The debt ratio (debt relative to equity) of 238% looks high, but auto-parts manufacturing carries heavy working-capital and capital-expenditure burdens, so it is hard to judge by the same yardstick.
- In short, the trailing metrics are a mirror of a weak last year, while the forward metrics, which reflect the recovery, are priced low relative to peers.
- Revenue grew steadily from ₩2,479.3 billion in 2021 to ₩4,916.1 billion in 2025, a compound annual growth rate of about 19% over five years (up 9.3% year on year in 2025).
- Operating profit passed ₩256.9 billion in 2023, then came in at ₩241.9 billion in 2024 and ₩199.6 billion in 2025, held down for a stretch under cost pressure.
- That trajectory reversed in 2026.
- First-quarter revenue rose 10.1% from a year earlier and net profit surged 110% to ₩53.2 billion, so in a single quarter it earned a figure close to the full-year net profit of last year (₩55.9 billion).
- As global automaker production settled, parts shipments at the core subsidiary Seoyon E-Hwa increased, and the resulting equity-method income and dividends lifted the holding company's earnings.
- The basis for this year's projected profit is that this subsidiary earnings recovery and revenue growth were confirmed in actual first-quarter figures.
- Since first-quarter operating profit was roughly on par with a year earlier, it should be noted that much of the recovery comes from the subsidiary's equity-method income and dividends, but this is also how a holding company earns money by nature.
- As long as auto-parts demand and automaker production hold up, this year's profit is in a phase of moving past last year's weakness.
- Recent disclosures center on the earnings recovery and a tidying-up of the ownership structure.
- The May 2026 quarterly report confirmed that first-quarter net profit more than doubled from a year earlier, and on the same day a disclosure on the holding company's subsidiary reorganization tidied up the ownership structure.
- In June it filed a corporate governance report.
- From March to May there was a series of reports on changes in shares held by the largest shareholder and others and on major shareholdings, and in March there was a change of CEO and the appointment of an outside director.
- The dividend is maintained at ₩250 per share (a dividend yield of about 2.9%).
- Seoyon's strengths are clear.
- A P/E of 3.31x and a P/B of 0.21x, which reflect last year's weakness, are already low; the forward P/E reflecting this year's profit is low even versus peer parts makers, first-quarter 2026 net profit recovered 110%, and the dividend is steady.
- The value of the core subsidiary Seoyon E-Hwa stake (48.7%) provides support, accounting for roughly 80% of the market cap.
- What to watch is how a holding company is valued.
- The market value (NAV) of the stakes held is already reflected in much of the market cap, so it is hard to conclude there is further undervaluation from the low P/E and P/B alone (it should also be noted that book equity carries the subsidiary stakes at their low acquisition cost, which makes the P/B look higher than it really is).
- Net profit also depends heavily on subsidiary results and on auto-parts business conditions and costs.
- In sum, the structure is strong when the subsidiary's earnings recovery continues and the holding-company discount narrows, and weak when the subsidiary's profitability is squeezed again or parts business conditions wobble.
🔎 Valuation vs peers Fairly valued
Compared against the auto-parts group holding company, its core subsidiary, and peer parts makers (the listed subsidiary Seoyon E-Hwa and the peer auto-parts maker Hwaseung Corporation).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Seoyon E-Hwa | 4.78x | 0.24x | 5.12% |
| Hwaseung Corporation | 1.68x | 0.46x | 27.54% |
As a holding company, Seoyon is more accurately viewed through the market value (NAV) of the stakes it holds than through consolidated P/E and P/B. The listed subsidiary Seoyon E-Hwa stake alone (48.7%, about ₩163.0 billion) accounts for roughly 80% of Seoyon's market cap (₩204.3 billion), with the rest filled by unlisted subsidiaries and its own business value. The low figures of a 3.7x P/E and a 0.23x P/B are (a) low even versus peer parts makers, but (b) also the result of the discount typical of holding companies already being reflected, and (c) last year's trailing P/E is based on a weak year in which 2025 net profit fell 58% from the prior year, which is a real limitation at an earnings inflection point. On a forward basis reflecting the first-quarter 2026 net profit recovery (up 110%), the room for further discount shrinks, but since the value of the stakes held is already largely reflected in the market cap, we judge it to be in the 'fairly valued' range from an NAV perspective.
Price history Close · MA20 · MA60
The latest close is ₩7,470 and the market capitalization is ₩175.4 billion. The price sits below its 20-day moving average (₩8,206) and below its 60-day moving average (₩8,781). 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 37.8, a neutral level. The one-month change is -9.2%, the three-month change is -16.7%, and the position relative to the 52-week high is -39.6%. 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 34.8%. 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 -34.82% / 6M -50.36% / 12M -70.98%
Key metrics vs sector median
Valuation
The P/E of 3.14x is below the sector median (6.67x). The P/B of 0.20x is below the sector median (0.49x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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 6.4%, above the sector average (5.0%). The operating margin is 4.1%. The debt ratio is 238.0%, 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 | $2.7B | $3.0B | $3.3B | +9.28% ↓ slower |
| Operating profit | $170.2M | $160.4M | $132.3M | -17.50% ↓ slower |
| Net profit | $74.4M | $88.8M | $37.0M | -58.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $2.2B | $2.7B | $3.0B | $3.3B |
| Operating profit | $55.5M | $125.0M | $170.2M | $160.4M | $132.3M |
| Net profit | $15.7M | $43.6M | $74.4M | $88.8M | $37.0M |
| Revenue CAGR | 4-yr avg 18.66% | ||||
Revenue rose 9.3% year over year (2023 ₩4.0 trillion → 2024 ₩4.5 trillion → 2025 ₩4.9 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 17.5% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 18.7%. The two-year revenue CAGR is 10.6%. In the most recent quarter (Q1 2026), revenue was 10.1% 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.
Points to watch
- Revenue rose 9.3% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-15EarningsFirst-quarter 2026 report filed. Consolidated revenue of ₩1,283.9 billion (up 10.1% YoY) and net profit of ₩53.2 billion, up 110% from a year earlier.Short term: a signal of net profit recovery versus a weak 2025. That said, operating profit was roughly on par with a year earlier, so much of the recovery is presumed to come from non-operating and equity-method items, and its durability needs confirmation. Source
- 2026-05-15FilingDisclosure of the holding company's subsidiary reorganization. Restructuring of the subsidiary lineup within the holding-company framework.Medium term: the tidying-up of the holding-company ownership structure changes subsidiary management and the consolidation structure. It needs to be reflected in the NAV assessment. Source
- 2026-06-01FilingCorporate governance report filed. Disclosure of how governance is run as a holding company.Medium term: a regular disclosure on governance transparency. The direct impact on earnings is limited. Source
- 2026-03-26FilingChange of CEO and appointment of an outside director. Changes to the management team and board composition.Medium term: a possible shift in strategic direction following the management change. The near-term earnings impact is limited. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-21OwnershipLargest-shareholder ownership change report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-15Disclosure
- 2026-04-09OwnershipLargest-shareholder ownership change report
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-30OwnershipLargest-shareholder ownership change report
- 2026-03-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-26Disclosure
- 2026-03-26Disclosure
📖 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.