Agabang & Company runs its flagship brand 'Agabang' alongside licensed brands such as ELLE and Dear Baby, planning and producing newborn and infant clothing and goods in-house; it is a domestically focused consumer company in which about 89% of 2025 revenue of roughly ₩189.1 billion comes from Korea's infant market. In April 2026 the company disclosed preliminary Q1 results through a fair-disclosure filing, confirming a sharp jump in profit, and formally finalized them with the May quarterly report; in May it also wrapped up an existing treasury-share trust agreement and decided to enter a new one, continuing its shareholder returns. What stands out lately is that, on a financial safety cushion of a P/B of 0.62x (0.58x on this year's estimate), a 32% debt ratio, and a 286% current ratio, Q1 profit recovered strongly and this year's estimated P/E fell to 8.9x; against that, about 89% of revenue is tied to Korea's infant market and therefore exposed to birth-rate trends, and it remains to be confirmed whether the earnings recovery hardens into a trend.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 3.5% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 9.2% higher than a year earlier.
- ROE is 6.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 7.4%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Rangsi Korea 26.5% (corporate)
Controlling bloc incl. related parties 26.5%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Agabang & Company is a brand-consumer business that plans and produces newborn and infant clothing and goods in-house and sells them.
- Its 2025 revenue of roughly ₩189.1 billion comes almost entirely from the infant business; per the annual report, domestic infant clothing accounts for about ₩129.8 billion and domestic infant goods for about ₩50.7 billion, the two forming the core, while overseas sales are about ₩5.0 billion.
- Around 89% of revenue is domestic and 11% is export.
- Centered on the flagship brand 'Agabang (AGABANG),' it runs licensed brands such as ELLE, Dear Baby, and Etoiles, and beyond baby clothing it also has the infant skincare brand 'Puat' and a maternity-wear line.
- In short, it is a domestically focused consumer company selling its own branded products to babies born in Korea.
- The latest close is ₩3,400 and the market capitalization is ₩111.8 billion.
- The price sits below both the 20-day line (₩3,607) and the 60-day line (₩4,458).
- Trading beneath both the short- and medium-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 37.6, a neutral level.
- The one-month change is -23.4%, the three-month change is -27.1%, and the price is -42.6% from its 52-week high.
- Relative strength versus the KOSDAQ is 55 (on a 1-99 scale that converts the past year's return against the index with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 45% of all stocks by strength.
- Over the past three months it lagged the index by 1.3%.
- It helps to read the chart alongside trading volume and the dates of filings.
- Valuation metrics are broadly low.
- The P/E (how many times one year's earnings the price represents) is 9.68x and the P/B (how many times net assets the price represents) is 0.63x, so the shares trade below the company's net assets.
- The finances are solid.
- The debt ratio (debt relative to equity) is a low 32%, the current ratio is 286% (far more liquid assets than debt due within a year), and interest coverage is 8.9x, so the debt burden is small.
- Profitability is moderate, with ROE (how much the company earns in a year on its equity) at 6.5% and an operating margin of 7.4%.
- One important point: the reported P/E and P/B are based on the immediately prior fiscal year (2025) confirmed results.
- With profit rising quickly into 2026, the forward P/E based on this year's expected earnings falls further to 8.9x, and the P/B eases to around 0.58x.
- When earnings are turning toward recovery, metrics based on past results tend to look more expensive than reality; here the stock is already in undervalued territory even on that past basis, and reflecting future earnings makes it cheaper still.
- The top line is steady.
- Over five years, revenue grew from ₩151.0 billion (2021) to ₩189.1 billion (2025), an average of about 5.8% a year.
- Profit, taking 2023 operating profit of ₩16.6 billion as a reference, slipped to ₩15.2 billion in 2024 and ₩14.0 billion in 2025, declining for two years and stalling for a while.
- The trend shifted in Q1 2026: revenue of ₩48.5 billion (+9.2%), operating profit of ₩2.1 billion (+57.7%), and net profit of ₩2.5 billion (+187.8%), a large jump in profit.
- With revenue growing only single digits while operating profit rose more than 57%, this signals that beyond simply selling more, cost and sales efficiency improved and the quality of earnings got better.
- That is also why the forward P/E, reflecting this year's expected earnings, is set at 8.9x.
- Underlying it is a picture of annual profit rising above the prior year as margins recover on top of revenue growth.
- That said, because the infant clothing and goods market is affected by the number of births, whether this margin improvement extends beyond a single quarter is the next thing to confirm.
- Recent filings center on the earnings recovery and shareholder returns.
- In April 2026 the company disclosed preliminary Q1 results through a fair-disclosure filing, confirming the jump in profit, and in May it formally finalized these figures by filing the quarterly report.
- Also in May, it wrapped up an existing treasury-share acquisition trust agreement and immediately decided to enter a new one, continuing shareholder returns and share-price support through treasury shares.
- In March the regular shareholders' meeting and the annual and audit reports were filed as usual.
- The thread can be summarized as 'confirmed earnings recovery plus treasury-share buying.'
- This is a stock with relatively clear strengths.
- On a financial safety cushion of a below-net-asset valuation (P/B of 0.62x, 0.58x on this year's estimate), debt of just 32%, and a 286% current ratio, Q1 2026 profit recovered strongly, margins improved, and this year's estimated P/E fell to 8.9x.
- Even against comparable clothing and household-goods brands, its P/B is among the lowest apart from BYC, and its P/E is well below Hanssem's.
- In other words, it is cheaply valued on both an asset and an earnings basis.
- What to watch alongside is the business structure.
- About 89% of revenue is tied to Korea's infant market and therefore exposed to birth-rate trends, and profit has only just rebounded after two years of decline, so whether the recovery hardens into a trend remains to be confirmed.
- In short, this stock is strongest when the Q1 margin improvement continues and brand power and the export share provide support, and it loses momentum if the recovery proves to be a temporary rebound.
- Even in that weaker scenario, though, the below-net-asset valuation and treasury-share buying tend to support the downside.
🔎 Valuation vs peers Undervalued
Compared against Korea-listed consumer brands (clothing and household goods); within the same KSIC wholesale/retail classification, BYC (underwear and clothing), Misto Holdings (apparel brand), and Hanssem (living and furniture brand) serve as the effective comparison set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| BYC | 10.97x | 0.38x | 3.48% |
| Misto Holdings | 12.40x | 1.44x | 11.61% |
| Hanssem | 17.90x | 2.07x | 11.58% |
(a) Position versus the comparison set: at 10.9x, the P/E is similar to apparel brands (BYC 11.3, Misto Holdings 9.4) and below Hanssem (17.2). At 0.71x, the P/B is clearly below Misto Holdings (1.1) and Hanssem (2.0), placing it in discount territory relative to assets. (b) That said, the discount has reasons — at 6.5% ROE, capital efficiency is lower than Misto Holdings and Hanssem (about 11-12%), and the structural headwind of falling births weighs on growth expectations. In other words, it is a classic value setup of 'cheap assets but average earnings efficiency.' (c) The P/E on last year's confirmed profit still bears the marks of two straight years of declining profit, so if the Q1 2026 recovery continues the real burden could be lower than the reported figure. On balance, it is in undervalued territory on an asset-value basis, but closing that gap requires confirmation that the earnings recovery persists.
Price history Close · MA20 · MA60
The latest close is ₩3,400 and the market capitalization is ₩111.8 billion. The price sits below its 20-day moving average (₩3,607) and below its 60-day moving average (₩4,458). 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 37.6, a neutral level. The one-month change is -23.4%, the three-month change is -27.1%, and the position relative to the 52-week high is -42.6%. Relative strength versus the KOSDAQ is 55 (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 55% of all stocks. Over the past three months it lagged the index by 1.3%. 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 -1.33% / 6M -7.70% / 12M -40.30%
Key metrics vs sector median
Valuation
The P/E is 9.68x. The P/B of 0.63x is below the sector median (0.80x). 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 6.5%, in line with the sector average (7.0%). The operating margin is 7.4%. The debt ratio is 31.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $123.5M | $121.1M | $125.3M | +3.47% ↑ faster |
| Operating profit | $11.0M | $10.1M | $9.3M | -8.02% ↑ faster |
| Net profit | $8.9M | $7.4M | $7.7M | +3.54% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $100.1M | $115.5M | $123.5M | $121.1M | $125.3M |
| Operating profit | $3.9M | $9.6M | $11.0M | $10.1M | $9.3M |
| Net profit | $8.7M | $6.9M | $8.9M | $7.4M | $7.7M |
| Revenue CAGR | 4-yr avg 5.79% | ||||
Revenue rose 3.5% year over year (2023 ₩186.4 billion → 2024 ₩182.7 billion → 2025 ₩189.1 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 8.0% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.8%. The two-year revenue CAGR is 0.7%. In the most recent quarter (Q1 2026), revenue was 9.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The balance sheet is stable in terms of debt and liquidity.
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
- 2026-04-29EarningsFair disclosure of preliminary consolidated Q1 2026 results: revenue ₩48.5 billion, operating profit ₩2.1 billion, net profit ₩2.5 billion, with profit up sharply year on yearShort term: confirms that operating profit, which had fallen for two straight years, has turned back to a rebound. However, with a low year-earlier base, the durability of the recovery needs further confirmation. Source
- 2026-05-08FilingDecision to enter a treasury-share acquisition trust agreement (new agreement immediately after terminating the prior one)Medium term: intent to return value to shareholders and support the share price through treasury-share buying. Favorable for supply-demand in terms of the free-float share count. Source
- 2026-05-08FilingDecision to terminate the existing treasury-share acquisition trust agreement and report on the termination resultShort term: the procedure of wrapping up the prior treasury-share acquisition program and shifting to a new agreement. Source
- 2026-05-15FilingFiling of the Q1 2026 quarterly report (finalizing the preliminary figures and disclosing detailed financials)Medium term: the Q1 earnings recovery is confirmed in a formal report. Material for reviewing the business structure, including revenue mix and export share. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-08TreasuryMaterial-fact report
- 2026-05-08Disclosure
- 2026-05-08TreasuryMaterial-fact report
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-27Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-13Shareholders' meeting notice
- 2026-03-13Shareholders' meeting notice
📖 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.