Youngone Holdings (009970) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Youngone Holdings is not a maker of goods itself but an operating holding company that earns its money from the dividends and equity value of its listed subsidiary, Youngone Corporation. Youngone Corporation manufactures outdoor apparel for global brands such as The North Face and Lululemon on an OEM/ODM basis and, through the Scott brand, makes bicycles and winter-sports equipment. As subsidiary earnings have recovered again (2025 operating profit up 42%, Q1 2026 net profit up 79%), consolidated revenue runs at roughly ₩4.9 trillion; the company approved a treasury-share cancellation in May, and a subsidiary dividend decision was disclosed in March. What stands out lately is that with ROE in the 12% range, a 3.9% dividend, a forward P/E of about 5.4x and a P/B of 0.66x, the stock offers undervaluation appeal by trading cheaper than the subsidiary that is the source of its value, though that appeal can weaken if global-brand orders slow or the holding-company discount deepens.
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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 “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- 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 13.7% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 7.2% higher than a year earlier.
- ROE is 14.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 15.3%.
- 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 YMSA 29.39% (corporate)
Controlling bloc incl. related parties 46.76%
With the controlling bloc holding 47%, the ownership structure is stable.
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
| Youngone Corporation | 50.52% |
🔎 In-depth analysis Reading
Youngone Holdings is not a company that makes and sells goods directly; it is an operating holding company that earns money from the dividends and equity value of the subsidiaries it owns. Its core subsidiary is the listed Youngone Corporation (111770), which handles almost all of the actual business. Youngone Corporation is split into a manufacturing arm that produces and exports outdoor and sports apparel for global brands such as The North Face, Lululemon and Patagonia on a design-to-order OEM/ODM basis, and a brand arm that makes and sells bicycles and winter-sports equipment through the Swiss sports brand Scott Sports. As a result, Youngone Holdings' consolidated revenue of about ₩4.9 trillion comes mostly from Youngone Corporation's apparel contract manufacturing and Scott brand sales, while the holding company's own standalone business is negligible.
The latest close is ₩203,000 and the market capitalization is ₩2.6 trillion. The price sits above its 20-day moving average (₩194,000) and above its 60-day moving average (₩188,035). 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 59.1, a neutral level. The one-month change is +6.8%, the three-month change is +0.0%, and the position relative to the 52-week high is -18.8%. Relative strength versus the KOSPI is 53 (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 53% of all stocks. Over the past three months it outpaced the index by 14.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed annual (2025) results, the P/E ratio (how many times one year's net profit the share price represents) is 7.15x and the P/B (how many times net asset value per share) is 0.84x. ROE (how much is earned in a year on shareholders' equity) is 12.2%, well above the holding-company sector average (5.0%), and the operating margin is 15.0%. The debt ratio (debt against equity) of 232% looks high on the surface, but apparel contract manufacturing inherently carries large working capital and trade payables, and with a current ratio of 439% and an interest coverage ratio of 30.6x, short-term repayment capacity is ample. More important here is that the 5.99x P/E is based on last year's confirmed (trailing) results. With this year's earnings climbing steeply, the forward P/E based on this year's expected earnings falls to around 5.4x, which is almost the same as the forward P/E (5.2x) of Youngone Corporation, the source of the value, and then carries a holding-company discount on top, reading as an undervaluation signal. In the same vein, the forward P/B of 0.66x means it trades below net asset value.
Over five years, revenue grew from ₩3.2 trillion in 2021 to ₩4.9 trillion in 2025 (about 10.9% a year on average), while operating profit fell to ₩517.0 billion in 2024 before climbing back to ₩735.5 billion in 2025, up 42.2%. Net profit also rose 10.1% that same year, extending the recovery. The rebound has become clearer this year: Q1 2026 revenue was ₩1.08 trillion (+7.2%), operating profit ₩157.8 billion (+19.1%) and net profit ₩194.2 billion (+78.7%). Net profit jumping nearly 80% in a single year reflects global-brand orders returning solidly, apparel contract-manufacturing utilization and profitability recovering together, and added income from the equity and financial assets the subsidiary holds. If this trend carries through the full year, annual net profit would rise markedly from last year, and the forward P/E reflecting that expected earnings is about 5.4x. Last year's confirmed P/E looks high only because it captured a period when earnings were at a trough; on this year's actual earnings it is a cheaper stock. As the multi-year trend shows, operating profit itself does carry some volatility, so checking each quarter whether the order flow holds up is enough.
Recent disclosures center on shareholder returns and subsidiary earnings flow. On May 12, 2026 a treasury-share cancellation was approved, lifting shareholder value by retiring repurchased shares to reduce the share count. On the same day a fair-disclosure correction (matters related to timely-disclosure obligations) followed, along with a May 21 disclosure of a major management matter relevant to investment judgment, and on March 19 a subsidiary cash and stock dividend decision was disclosed, confirming the dividend flow moving up to the holding company. The May 15 quarterly report and the March 19 annual report are the primary sources for the results figures above. Given the nature of a holding company, subsidiary earnings and dividends and capital policies such as buybacks and cancellations, rather than its own orders or new products, are the key drivers of the share price.
The strengths of this stock are relatively clear. Earnings at subsidiary Youngone Corporation are rising again (2025 operating profit up 42%, Q1 2026 net profit up 79%), supported by profitability with ROE in the 12% range plus returns in the form of a 3.9% dividend and treasury-share cancellation. Even so, the share price trades at a lower multiple than the subsidiary that is the source of value, at a forward P/E of 3.45x and a forward P/B of 0.66x on this year's expected earnings, giving cheaper exposure to the same business. A point to watch alongside this is the structure whereby the holding company's value ultimately hinges on the subsidiary's apparel contract-manufacturing conditions. If global-brand orders slow or Scott's leisure demand cools, the earnings flow can waver, and holding companies tend to trade at a discount to subsidiary value, a discount that can widen at times. In sum, the undervaluation appeal remains intact as long as brand orders are firm and subsidiary earnings and returns continue, while the stock weakens when orders roll over or the holding-company discount deepens.
🔎 Valuation vs peers Fairly valued
Rather than using a simple sector code, the peer set was drawn from the actual business substance: since nearly all value comes from subsidiary Youngone Corporation, the primary peer is the subsidiary itself, with large holding companies added as a secondary reference to view capital policy and NAV discount together.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Youngone Corporation | 8.55x | 0.98x | 13.29% |
| LG Corp. | 21.86x | 0.53x | 1.69% |
| HD Hyundai | 17.97x | 1.58x | 20.21% |
The value of an operating holding company is easily distorted if viewed by consolidated P/E alone; a perspective that sums the subsidiary equity value (NAV) and the operating value is more appropriate. In terms of position, the holding company (P/E 6.43x, P/B 0.78x) trades lower than Youngone Corporation (P/E 7.02x, P/B 0.84x), the source of its value, meaning exposure to the same business at a discount to buying the subsidiary directly. This discount is common among holding companies in general, and a discount to subsidiary value is also observed at large holding companies such as LG and HD Hyundai. Meanwhile, last year's trailing P/E of 6.4x may look somewhat conservative as it reflects results right after the 2024 trough in operating profit, and on a forward approximation that simply annualizes the Q1 earnings surge by seasonality, the multiple falls further. That approximation is an unverified estimate, however, so weighing the structural appeal of the subsidiary discount against the uncertainty of OEM conditions and earnings volatility, the current price is seen as within a fairly valued range that is hard to call decisively either way.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩1.2 trillion | ₩211.2 billion | ₩241.2 billion |
Price history Close · MA20 · MA60
The latest close is ₩203,000 and the market capitalization is ₩2.6 trillion. The price sits above its 20-day moving average (₩194,000) and above its 60-day moving average (₩188,035). 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 59.1, a neutral level. The one-month change is +6.8%, the three-month change is +0.0%, and the position relative to the 52-week high is -18.8%. Relative strength versus the KOSPI is 53 (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 53% of all stocks. Over the past three months it outpaced the index by 14.2%. 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 +14.18% / 6M -21.00% / 12M -27.08%
Key metrics Computed vs sector median
Valuation
The P/E of 7.15x is in line with the sector median (8.18x). The P/B of 0.84x is above the sector median (0.53x). 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 14.5%, above the sector average (4.0%). The operating margin is 15.3%. The debt ratio is 56.3%, 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 | $3.1B | $3.0B | $3.4B | +13.68% ↑ faster |
| Operating profit | $613.0M | $363.2M | $516.7M | +42.25% ↑ faster |
| Net profit | $261.1M | $234.6M | $258.3M | +10.10% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $3.2B | $3.1B | $3.0B | $3.4B |
| Operating profit | $400.8M | $704.0M | $613.0M | $363.2M | $516.7M |
| Net profit | $155.1M | $309.7M | $261.1M | $234.6M | $258.3M |
| Revenue CAGR | 4-yr avg 10.86% | ||||
Revenue rose 13.7% year over year (2023 ₩4.4 trillion → 2024 ₩4.3 trillion → 2025 ₩4.9 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 42.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.9%. The two-year revenue CAGR is 6.0%. In the most recent quarter (Q1 2026), revenue was 7.2% 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.
- The dividend yield, at 3.2%, is on the high side.
- ROE of 14.5% points to solid profitability.
- Revenue grew 13.7% 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
- 2026-05-12UpdateTreasury-share cancellation approved - a shareholder return that retires held treasury shares to reduce shares outstandingWith the share count falling, per-share value and per-share earnings rise, so it reads as a mid-term shareholder-return signal. Source
- 2026-05-21FilingMajor management matter relevant to investment judgment - an important business matter announced directly by the companyAs an official company notice that can affect the near-term share price, the underlying facts need to be checked against the original text. Source
- 2026-03-19DividendSubsidiary cash and stock dividend decision - confirmed subsidiary dividends flowing up to the holding companyDirectly tied to the holding company's standalone cash flow and dividend resources, it provides a basis for the sustainability of shareholder returns. Source
- 2026-05-15EarningsQuarterly report (2026.03) - confirmed Q1 2026 results disclosedThe primary source for revenue +7.2%, operating profit +19.1% and net profit +78.7%, underpinning the results figures in the text. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Confirmed annual P/E (trailing) | 6.43x | BPS ₩232,765·EPS ₩28,384 | Confirmed | link |
| Q1 2026 operating profit | ₩157.8 billion | ₩157.8 billion | Confirmed | link |
| Holding-company vs subsidiary valuation position | PER 6.43·PBR 0.78 | (111770) PER 7.02·PBR 0.84 | Confirmed | link |
| Seasonality-approximated annual operating profit | approx. ₩726.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-05-21Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-12Fair-disclosure notice (amended)
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-20Audit report
- 2026-03-19PeriodicAnnual business report
- 2026-03-19DividendCash/stock dividend decision
- 2026-03-19Audit report
- 2026-03-18Audit 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.