KCTC (009070) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
KCTC is an integrated logistics company that receives cargo and stores, transports, and connects it through customs clearance, earning mainly from port stevedoring, freight forwarding, and warehousing, and it holds subsidiaries handling sea-freight forwarding and port stevedoring at close to 100% ownership, managing everything from quay to warehouse as one package. It saw the termination of a treasury-stock trust contract in August 2025, a cash and in-kind dividend with a 10.6% payout ratio in February 2026, and Q1 results disclosed in May (revenue ₩265.7 billion, operating profit ₩11.7 billion, net profit ₩8.2 billion). What stands out recently is that even though Q1 operating profit rose +75% and net profit +126%, turning profit up, a P/E of 5.47x, P/B of 0.37x, and forward P/E of 3.92x make it cheap on both earnings and assets; but cargo volume and freight rates are choppy quarter to quarter, and a current ratio of 80.6% leaves short-term funding tight.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Land Transport & Logistics” (Transportation), a type typically read first through P/E.
Land transport and logistics move with volumes and freight rates, yet earnings accumulate fairly steadily alongside the broader economy. Because results don't swing wildly, profits can be set directly against the price, so trailing P/E — based on realized earnings — is the first lens.
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 87.6%).
- Revenue rose 11.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 19.7% higher than a year earlier.
- ROE is 8.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.2%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Park Ju-seok 7.17% (individual)
Controlling bloc incl. related parties 23.31%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
KCTC is an integrated logistics company that receives cargo and stores it, moves it, and connects it through customs clearance. Its main earnings come from stevedoring (loading and unloading at ports), freight forwarding (shipping cargo on a customer's behalf), and warehousing and storage. Among its subsidiaries it holds Korea Express International (sea-freight forwarding), Korea Harbor and Korea Silo (port stevedoring), and Korea Gikong (container repair) at close to 100% ownership, managing the many stages of logistics from quay to warehouse as one package. There was a change disclosure on May 30 in which the largest shareholder's reporting representative changed to Park Jeong-seok. Because the market cap is not on the large side, it is best to watch not only the business flow but also how a single disclosure such as a dividend or treasury stock affects the share price and share count.
The latest close is ₩3,935 and the market capitalization is ₩118.0 billion. The price sits above its 20-day moving average (₩3,852) and below its 60-day moving average (₩4,340). 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 49.2, a neutral level. The one-month change is -3.3%, the three-month change is -32.7%, and the position relative to the 52-week high is -50.7%. Relative strength versus the KOSPI is 9 (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 18.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most recent annual revenue was ₩986.7 billion, operating profit ₩38.8 billion, and net profit ₩21.2 billion. The operating margin is 3.9% and ROE (how much is earned in a year on equity) is 6.7%, above the peer average. The debt ratio (debt versus equity) is 144.5% and the current ratio (how much of debt due within a year is covered by assets that can be turned to cash right away) is 80.6%, so short-term funding is on the tight side and it is good to look at cash flow alongside. On valuation, the P/E (how many times a year's profit the price represents) is 5.58x and the P/B (how many times book value the price represents) is 0.37x, both low versus peers. More importantly, profit rose sharply in Q1, turning up. In such an inflection phase, the forward P/E of 3.92x calculated on this year's increased profit is closer to the company's true value than a P/E calculated on last year's confirmed results. This forward P/E is on the low side even among the peer group, which reads as a signal of undervaluation.
Revenue rose steadily from ₩694.7 billion in 2021 to ₩986.7 billion in 2025, and the most recent annual revenue growth rate of +11.8% was faster than the prior +7.2%. Annual net profit stumbled briefly at -17.7% in one year, but the mood changed sharply in Q1 2026. Q1 revenue of ₩265.7 billion was up 19.7% from the same period a year earlier, operating profit of ₩11.7 billion up 75.3%, and net profit of ₩8.2 billion up 126.3%. Profit jumping far more than revenue's high-single-digit growth means that as volume grew, fixed costs such as ports and warehouses were used more efficiently. This year's estimates of about ₩1.1 trillion in revenue, ₩45.5 billion in operating profit, and ₩30.3 billion in net profit carry this upward-turning Q1 profit strength straight through, and form the basis of the forward P/E of 3.92x. Meanwhile, there is no clear basis to see profit from 2027 onward falling below this year's, so there is no reason to treat the current figures as a cycle peak.
On August 25, 2025, there was a disclosure terminating a treasury-stock trust contract. On February 26, 2026, it decided on a cash and in-kind dividend, with a payout ratio of 10.6%, a flow of returning part of profit to shareholders. Most recently, the May 15, 2026, Q1 report confirmed revenue of ₩265.7 billion, operating profit of ₩11.7 billion, and net profit of ₩8.2 billion, and these figures are the basis for the profit inflection noted earlier. The picture becomes clearer when you check whether the shareholder-return and results disclosures point the same way and whether there are any one-off factors.
The strengths are clear. A company that manages logistics stages from port stevedoring to freight forwarding and warehousing as one package saw Q1 operating profit turn up +75% and net profit +126%, yet the share price is down nearly half from its 52-week high. So last year's P/E of 5.47x and P/B of 0.37x are low, and the forward P/E of 3.92x on this year's increased profit is even lower, reading as cheap on both earnings and assets. On the other hand, the parts to examine are that cargo volume and freight rates, which can be choppy quarter to quarter, drive profit, and that a current ratio of 80.6% leaves short-term funding tight. In short, if cargo volume keeps rising as it does now and the profit inflection continues, there is ample room for the low valuation to be filled in, while if volume and rates cool, the increased profit could shrink again.
🔎 Valuation vs peers Undervalued
A peer group in land transportation that sits close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Yusung TNS | 2.87x | 0.28x | 9.52% |
| Sebang | 3.78x | 0.20x | 4.65% |
| Hanjin | — | 0.17x | -0.11% |
Within land transportation, we first looked at public-data peers close in market cap. The current P/E (how many times a year's profit the price represents) is 5.58x and the P/B (how many times book value the price represents) is 0.37x. However, because lower-market-cap names are heavily affected by profit swings and fundraising disclosures, we did not draw firm conclusions from last year's confirmed-results figures alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩1.1 trillion | ₩45.5 billion | ₩30.3 billion |
| Next quarter | Q2 2026 | ₩290.6 billion | ₩14.5 billion | ₩8.5 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,935 and the market capitalization is ₩118.0 billion. The price sits above its 20-day moving average (₩3,852) and below its 60-day moving average (₩4,340). 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 49.2, a neutral level. The one-month change is -3.3%, the three-month change is -32.7%, and the position relative to the 52-week high is -50.7%. Relative strength versus the KOSPI is 9 (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 18.9%. 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 -18.87% / 6M -51.44% / 12M -63.55%
Key metrics Computed vs sector median
Valuation
The P/E of 5.58x is in line with the sector median (5.78x). The P/B of 0.37x is in line with the sector median (0.35x). 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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.423x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.0%, above the sector average (3.0%). The operating margin is 4.2%. The debt ratio is 144.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $578.2M | $619.7M | $693.2M | +11.85% ↑ faster |
| Operating profit | $25.9M | $27.4M | $27.3M | -0.44% ↓ slower |
| Net profit | $18.8M | $18.1M | $14.9M | -17.71% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $488.1M | $646.6M | $578.2M | $619.7M | $693.2M |
| Operating profit | $20.8M | $26.4M | $25.9M | $27.4M | $27.3M |
| Net profit | $15.0M | $19.7M | $18.8M | $18.1M | $14.9M |
| Revenue CAGR | 4-yr avg 9.17% | ||||
Revenue rose 11.8% year over year (2023 ₩823.1 billion → 2024 ₩882.1 billion → 2025 ₩986.7 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 0.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.2%. The two-year revenue CAGR is 9.5%. In the most recent quarter (Q1 2026), revenue was 19.7% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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 11.8% year over year, a sign of growth.
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
- 2025-08-25UpdateKey matters report (decision to terminate treasury-stock trust contract): check return conditionsA disclosure related to cash returns or changes in share count. We check whether it is backed by earnings strength and cash flow. Source
- 2026-02-26UpdateCash and in-kind dividend decision: check return conditionsA disclosure related to cash returns or changes in share count. We check whether it is backed by earnings strength and cash flow. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩265.7 billion · operating profit ₩11.7 billion · net profit ₩8.2 billionRecent confirmed or preliminary results data. We check whether it points the same way as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,935 | ₩3,935 | Confirmed | link |
| Latest quarterly results | revenue ₩265.7 billion, operating profit ₩11.7 billion | revenue ₩265.7 billion, operating profit ₩11.7 billion | Confirmed | link |
| Annual results | revenue ₩986.7 billion, operating profit ₩38.8 billion | revenue ₩986.7 billion, operating profit ₩38.8 billion | Confirmed | link |
| Shareholder-return disclosure source text | check the payout terms | check the payout terms | Confirmed | link |
| Shareholder-return disclosure source text | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Results disclosure source text | (2026.03): 2026 1 revenue ₩265.7 billion · operating profit ₩11.7 billion · net profit ₩8.2 billion | (2026.03): 2026 1 revenue ₩265.7 billion · operating profit ₩11.7 billion · net profit ₩8.2 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-05Amended filing
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Shareholders' meeting notice
- 2026-03-05Disclosure
- 2026-02-26Shareholders' meeting notice
- 2026-02-26DividendCash/stock dividend decision
📖 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.