Zinus (013890) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Zinus is a manufacturer that makes and sells bed mattresses along with bedding and furniture. It established itself in the U.S. online market with compressed, boxed 'roll-pack' mattresses, most of its revenue comes from the United States, and its plant in Indonesia is the key production base. Preliminary Q1 results in May confirmed a sharp revenue drop and widening losses tied to price hikes made in response to U.S. tariffs, and moves to ease the financial burden appeared, such as disposing of subsidiary fixed assets. The notable point is that a P/B of 0.30x and P/S of 0.23x, the cheapest asset and top-line multiples in the peer group, together with a dividend maintained even through a loss-making stretch, are strengths; on the other hand, U.S. tariff uncertainty and an interest-coverage ratio below 1x need to be watched alongside whether quarterly losses narrow.
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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 “Furniture & Interior” (Retail, Consumer Goods & Food · Apparel & Household Goods), a type typically read first through P/E.
Furniture and interiors makers produce and sell consumer goods tied to housing and remodeling demand, and revenue flows fairly directly into current-year profit. With earnings moving alongside sales, price-to-earnings (P/E) is the natural 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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 0.8% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 44.2% lower than a year earlier.
- ROE is -2.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.8%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Hyundai Department Store 38% (corporate)
Controlling bloc incl. related parties 44.84%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis Reading
Zinus is a manufacturer that makes and sells bed mattresses along with bedding and furniture. Leading with 'boxed mattresses (roll-pack),' which are compressed, packed into a box, and shipped, it established itself in the U.S. online market, and most of its revenue comes from the United States. The business splits broadly into a mattress segment and a non-mattress segment (bed frames, sofas, furniture), and as of Q1 2026 mattresses are the mainstay, making up more than half of total revenue. Production centers on the plant in Indonesia, with production and logistics bases in the U.S. as well. In short, 'mattresses sold to U.S. consumers' is the revenue axis, so results respond sensitively to U.S. consumer conditions and the trade (tariff) environment.
The latest close is ₩8,090 and the market capitalization is ₩177.4 billion. The price sits below its 20-day moving average (₩8,680) and below its 60-day moving average (₩9,381). 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 36.1, a neutral level. The one-month change is -11.4%, the three-month change is -36.3%, and the position relative to the 52-week high is -62.7%. Relative strength versus the KOSPI is 4 (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 3% of all stocks. Over the past three months it lagged the index by 21.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most striking feature is the price relative to assets. The P/B (how many times book value per share the price represents) is 0.27x, meaning the price is about a third of book value per share (BPS) of ₩29,617, and the P/S (how many times a year's revenue the price represents) is also very low at 0.23x. Even against peers, it is below Ace Bed and Fursys (each P/B 0.46x) and Hanssem (1.91x), the cheapest position in the peer group on an asset basis. The dividend has not stopped either, paying ₩90 per share (a dividend yield of about 1.0%). Profitability, by contrast, is weak. The 2025 operating margin was 2.8%, so the operating line was in the black, but net profit was a loss, which puts ROE (how much it earns in a year on capital) at -2.9% and leaves the P/E (how many times a year's profit the price represents) uncomputable because of the loss. On the financial side, a debt ratio of 65% and an interest-coverage ratio of 0.48x, which makes it tight to cover interest fully from operating profit, are a clear weakness, but a current ratio of 194% leaves short-term payment capacity ample. In sum, the crux is 'clearly cheap relative to assets and revenue, but not currently earning a profit.' A low P/B in itself need not be seen as a burden; it is a discount with large room for re-valuation if profit normalizes.
Revenue over five years eased gently from ₩1,123.8 billion in 2021 to ₩913.2 billion in 2025, an annual trend of about -5%, while profit shifted from black in 2021-2022 to sharply reduced and then loss-making from 2023. In 2025 operating profit returned to black at ₩25.4 billion, but net profit stayed in the red at -₩18.5 billion. The decisive inflection was Q1 2026, when revenue fell 44% year on year, the operating loss was -₩30.1 billion, and the net loss was -₩22.8 billion, so a single quarter's loss exceeded the whole prior year's loss. The cause is clear. Price hikes made in response to U.S. tariffs immediately led to weaker mattress orders, and as utilization at the key Indonesia plant fell, the fixed-cost burden grew. For this reason, no basis has yet been confirmed for putting this year's (forward) net profit in positive territory, so no forward P/E is presented. In short, the key from a growth standpoint is 'whether mattress orders and plant utilization recover as U.S. demand and the tariff environment stabilize,' and until then an earnings recovery is hard to call.
Recent disclosures concentrate on the earnings shock and financial-structure management. On May 6 preliminary Q1 results (fair disclosure) officially confirmed the sharp revenue drop and widening loss, and on May 22 a decision to dispose of a subsidiary's (overseas entity's) fixed assets was disclosed, signaling a move to ease the financial burden through asset sales. These were followed by an April 22 pre-announcement of earnings-settlement disclosure and an investor relations (IR) event, a May 15 quarterly report, and a June 4 report on a change in a large-holding stake. That several 'decisions on debt guarantees for third parties' disclosures came out from April onward signals active funding and guarantee activity, a point to view alongside the debt ratio.
Starting with the strengths, the price is about a third of book value (P/B 0.30x) and a quarter of revenue (P/S 0.23x), the cheapest position in the peer group on an asset and top-line basis; it maintains a dividend even in a loss-making stretch; and at roughly half its 52-week high it has priced in much of the bad news. Moves to lighten the balance sheet, such as disposing of subsidiary assets, are also under way. The cautions are just as clear. Price hikes in response to U.S. tariffs led to weaker mattress demand, so the Q1 loss exceeded the whole prior year's loss, and with an interest-coverage ratio below 1x it is tight to cover interest from operating profit. In sum, when U.S. demand and the tariff environment stabilize and mattress orders and plant utilization recover, the low asset multiple has large room to be re-valued; conversely, if tariff uncertainty drags on and losses accumulate, the discount could become more justified. The key variables separating strength from weakness are 'normalization of U.S. demand and tariffs' and 'a turn to narrowing quarterly losses.'
🔎 Valuation vs peers Inconclusive
Domestic bed and furniture manufacturers; direct mattress competitor Ace Bed, interior-and-furniture player Hanssem, and furniture maker Fursys are taken as the peer group.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Ace Bed | 6.45x | 0.49x | 8.31% |
| Hanssem | 20.47x | 2.35x | 9.76% |
| Fursys | 8.58x | 0.51x | 6.28% |
On an asset and revenue basis it sits at the cheapest position in the peer group (P/B 0.33x), but much of this discount stems from the fact that it is 'not earning a profit.' With 2025 net profit a loss there is no trailing P/E, and at a loss-making inflection a multiple based on past results is hard to make meaningful. Peers Ace Bed and Fursys sit around a P/B of 0.5x but with positive ROE (7.5% and 5.9% respectively), so their low P/B differs in character from Zinus's, where 'there is a reason for being cheap.' If U.S. tariffs and demand normalize and the loss turns to profit, there is room for the low asset multiple to be re-valued, but if the sharp widening of the Q1 loss continues, the discount could be justified, so it cannot be decisively called either way.
Price history Close · MA20 · MA60
The latest close is ₩8,090 and the market capitalization is ₩177.4 billion. The price sits below its 20-day moving average (₩8,680) and below its 60-day moving average (₩9,381). 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 36.1, a neutral level. The one-month change is -11.4%, the three-month change is -36.3%, and the position relative to the 52-week high is -62.7%. Relative strength versus the KOSPI is 4 (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 3% of all stocks. Over the past three months it lagged the index by 21.4%. 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 -21.37% / 6M -47.05% / 12M -79.99%
Key metrics Computed vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.27x is below the whole-market median (0.84x).
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 -2.9%, below the whole-market average (3.0%). The operating margin is 2.8%. The debt ratio is 64.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $669.0M | $646.6M | $641.5M | -0.78% ↑ faster |
| Operating profit | $12.9M | -$3.8M | $17.9M | — |
| Net profit | $3.7M | -$4.8M | -$13.0M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $789.5M | $814.6M | $669.0M | $646.6M | $641.5M |
| Operating profit | $52.2M | $46.1M | $12.9M | -$3.8M | $17.9M |
| Net profit | $36.3M | $20.6M | $3.7M | -$4.8M | -$13.0M |
| Revenue CAGR | 4-yr avg -5.06% | ||||
Revenue fell 0.8% year over year (2023 ₩952.3 billion → 2024 ₩920.4 billion → 2025 ₩913.2 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is -5.1%. The two-year revenue CAGR is -2.1%. In the most recent quarter (Q1 2026), revenue was 44.2% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Operating profit barely covers the interest bill (interest coverage below 1x).
- 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.
- Revenue fell 0.8% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-06EarningsPreliminary Q1 2026 consolidated results (fair disclosure) - confirming a sharp revenue drop and widening lossA short-term shock. Weaker U.S. mattress demand fed into both the top line and profitability at once, and was the direct backdrop to share weakness. Source
- 2026-05-22FilingDecision to dispose of a subsidiary's fixed assets - pursuing relief of the financial burden by selling overseas-entity assetsPossibly positive over the medium term. Sale proceeds could lighten the debt and interest burden, but the gain or loss on disposal and the use of the funds are the key. Source
- 2026-04-22IRHeld an investor relations (IR) event and gave notice of an earnings-settlement disclosure pre-announcementNeutral. A venue to communicate results and strategy directly with the market, and a window to confirm the direction of price hikes and production-base operations. Source
- 2026-05-15FilingFiled the Q1 2026 quarterly report - disclosing quarterly financial statements and business statusNeutral. A basis for the formal confirmation of the preliminary-result figures and for checking detailed trends by segment and region. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated revenue / net loss | revenue 1,395.6(YoY -44.2%), -300.9, -228.2 | DART 2026-05-06 | Confirmed | link |
| 2025 full-year results (revenue / operating profit / net profit) | revenue 9,132, operating profit 254.8, -185.1 | DART 2026-05-15 | Confirmed | link |
| Fact of subsidiary fixed-asset disposal | — | DART 2026-05-22 | Confirmed | link |
Recent filings Source
- 2026-06-04OwnershipOwnership-change filing
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-22Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-05-06EarningsFair-disclosure notice
- 2026-05-04OwnershipOwnership-change filing
- 2026-04-24Disclosure
- 2026-04-24Disclosure
- 2026-04-22Disclosure
- 2026-04-22EarningsEarnings disclosure
📖 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.