Iljin Holdings (015860) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Iljin Holdings does not make products itself; it holds stakes in Iljin Group operating companies and earns money through dividends, trademark royalties, and rental income as an operating holding company. Most of its ₩2.28 trillion in consolidated revenue comes from the power-equipment business of listed subsidiary Iljin Electric, with industrial-diamond and composite-materials affiliates adding to the mix. In Q1 2026, revenue of ₩572.9 billion and operating profit of ₩52.1 billion (+61.1%) showed subsidiary profit growing quickly, and in April a corporate value-up plan laid out a direction for shareholder returns and capital-efficiency improvement, while some potential dilution from mezzanine exercises remains. What stands out lately is that a forward P/E of 5.46x and a P/B of 0.58x are lower than peer holding companies, and its market cap (about ₩302.0 billion) is deeply discounted against the value of its listed holdings (about ₩2.0 trillion); on the other hand, results are concentrated at Iljin Electric alone, so the power-equipment cycle effectively drives the stock's direction.
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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 26.8% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 13.3% higher than a year earlier.
- ROE is 8.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.0%.
- 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 Huh Jung-suk 29.1% (individual)
Controlling bloc incl. related parties 54.9%
With the controlling bloc holding 55%, control is very secure but the free float is thin.
Net asset value (NAV) assessment 79% discount to NAV
💡 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
| Iljin Diamond | 50.07% |
| Iljin Electric | 49.25% |
🔎 In-depth analysis Reading
Iljin Holdings is not a company that makes and sells products directly; it is an operating holding company (one whose enterprise value centers on subsidiary stakes) that holds stakes in Iljin Group's various operating companies and earns money through dividends, trademark royalties, and rental income. On the accounts, however, most of its ₩2.28 trillion in consolidated revenue comes from listed subsidiary Iljin Electric. In other words, the substance behind the revenue and operating-profit growth shown on screen is effectively the power-equipment business, to which industrial-diamond and conductive-materials as well as composite-materials affiliates (including hydrogen-storage vessels) are added. So in looking at this company, one must consider both "how much the subsidiaries the holding company owns earn" and "how much of that stake value is reflected in the share price."
The latest close is ₩6,250 and the market capitalization is ₩308.4 billion. The price sits above its 20-day moving average (₩5,653) and below its 60-day moving average (₩7,390). 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 54.4, a neutral level. The one-month change is +4.3%, the three-month change is -54.1%, and the position relative to the 52-week high is -56.5%. Relative strength versus the KOSPI is 20 (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 20% of all stocks. Over the past three months it lagged the index by 42.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed full-year 2025 figures, the P/E (how many times one year's profit the share price trades at) is 8.77x and the P/B (how many times net assets the price trades at) is 0.56x, trading below net assets. The ROE (how much is earned in a year on equity) of 6.7% is above the peer holding-company average, and the operating margin is 6.4%. The debt ratio (debt relative to equity) of 445.7% looks high, but this figure lumps in the borrowings and working capital of consolidated subsidiaries and differs from the holding company's standalone burden. With an interest-coverage ratio of 4.2x and a current ratio of 1.6x, short-term coverage is reasonable. One important point is that this P/E and P/B are on last year's confirmed figures. Because this is a profit-inflection phase where this year's earnings are rising quickly, looking only at last year's multiples makes it appear more expensive than it is. The forward P/E on this year's profit falls to 5.46x and the forward P/B to 0.52x, which is the real picture: a signal of undervaluation that is in fact lower than peer holding companies.
Five-year revenue grew from ₩1.2 trillion in 2021 to ₩2.3 trillion in 2025, about 17.7% a year on average (24.5% over the last two years), and over the same span operating profit rose roughly 3.8x from ₩38.7 billion to ₩145.6 billion. Looking at 2025 alone, revenue rose +26.8% and operating profit +100.8%, with profit growth far outpacing revenue and the pace itself accelerating. In Q1 2026 the profit leverage carried straight through, with revenue of ₩572.9 billion (+13.3%), operating profit of ₩52.1 billion (+61.1%), and net profit of ₩39.1 billion (+55.5%). The reason is clear: core subsidiary Iljin Electric is posting record-level results as utilization and prices rise together amid strong demand for transformers and power equipment, backed by a multi-year order backlog. The forward P/E on this year's profit reflecting this is 5.46x, well below last year's confirmed P/E of 8.58x. In other words, this is not a picture of growth stalling but of this year's profit stepping up another level, and at the current price the stock sits cheaper against that expanded profit.
Among this year's disclosures, the one carrying weight is the April 22, 2026, corporate value-up plan (voluntary disclosure). It is a document in which the company itself laid out a direction for shareholder returns and capital-efficiency improvement, a starting point for gauging whether an undervalued holding company trading below net assets is moving to close the discount. In April-May, disclosures of the disposal of shares in other corporations related to subsidiary stakes followed (April 17, 2026; amended May 15, 2026), showing the holding company's portfolio adjustment is under way. The May 15 quarterly report officially confirmed Q1 revenue of ₩572.9 billion and operating profit of ₩52.1 billion (+61.1%). Meanwhile, the April 29, 2026, disclosure on the exercise of conversion, warrant, and exchange rights is a variable to watch together, since mezzanine (such as convertible bonds) exercises increase the share count and can somewhat dilute existing holders' stakes.
The strengths are distinct. As core subsidiary Iljin Electric's profit grows quickly, the holding company's consolidated results grow with it, and the forward P/E on this year's profit of 5.46x and forward P/B of 0.52x are lower than peer holding companies. On top of that, the parent's market cap (about ₩302.0 billion) is deeply discounted against the value of its listed holdings (about ₩2.0 trillion), a textbook picture of an undervalued holding company whose parent is priced cheap against subsidiary value. The company also releasing a corporate value-up plan gives an opening for that discount to narrow. What to watch is that most results are concentrated at Iljin Electric alone, so the power-equipment cycle effectively drives the stock's direction, and that dilution from mezzanine exercises remains. In short, this stock is especially strong "when the subsidiary's power-equipment strength continues and the NAV discount narrows" and weak "when the power-equipment cycle turns down or dilution overlaps." Considering this year's expanded profit together with the deep stake-value discount, the current price reads as closer to the undervalued side.
🔎 Valuation vs peers Undervalued
Rather than a simple revenue-wholesale classification, comparison uses the substance of an "operating holding company," placing same-industry holding companies (LG, Doosan) alongside listed subsidiary Iljin Electric, which is the substance behind the consolidated results. Figures are the site's own calculated values (at the current price).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| LG Corp. | 21.86x | 0.53x | 1.69% |
| Doosan | 253.85x | 8.72x | 7.52% |
| Iljin Electric | 27.04x | 4.66x | 19.39% |
Versus peer holding company LG, the P/B is similar, the ROE (6.7%) is higher, and profit growth is much faster. Above all, given the nature of an operating holding company, the key is the discount of the parent's market cap against subsidiary stake value. The market cap of listed subsidiary Iljin Electric alone is about ₩3.9 trillion, while the parent holding company sits at about ₩345.9 billion, so a large discount against stake value is observed. Also, last year's trailing P/E of 9.8x is limited because this is a profit-inflection phase, and applying forward profit approximated from DART seasonality in place of official guidance (operating profit of about ₩198.5 billion, net profit of about ₩111.3 billion) lowers the multiple further. That said, this approximation is unverified and subsidiary-industry and dilution risks remain, so rather than concluding outright that it is cheap, one should watch whether the conditions for the discount to close come together.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩650.3 billion | approx. ₩54.8 billion | approx. ₩36.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩6,250 and the market capitalization is ₩308.4 billion. The price sits above its 20-day moving average (₩5,653) and below its 60-day moving average (₩7,390). 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 54.4, a neutral level. The one-month change is +4.3%, the three-month change is -54.1%, and the position relative to the 52-week high is -56.5%. Relative strength versus the KOSPI is 20 (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 20% of all stocks. Over the past three months it lagged the index by 42.3%. 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 -42.32% / 6M -31.28% / 12M -44.78%
Key metrics Computed vs sector median
Valuation
The P/E of 8.77x is in line with the sector median (8.18x). The P/B of 0.56x is in line with 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 8.9%, above the sector average (4.0%). The operating margin is 7.0%. The debt ratio is 230.3%, 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 | $1.0B | $1.3B | $1.6B | +26.82% ↑ faster |
| Operating profit | $40.4M | $50.9M | $102.3M | +100.76% ↑ faster |
| Net profit | $19.3M | $15.8M | $24.7M | +55.95% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $836.0M | $1.0B | $1.0B | $1.3B | $1.6B |
| Operating profit | $27.2M | $31.6M | $40.4M | $50.9M | $102.3M |
| Net profit | $14.1M | $12.9M | $19.3M | $15.8M | $24.7M |
| Revenue CAGR | 4-yr avg 17.68% | ||||
Revenue rose 26.8% year over year (2023 ₩1.5 trillion → 2024 ₩1.8 trillion → 2025 ₩2.3 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 100.8% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 17.7%. The two-year revenue CAGR is 24.5%. In the most recent quarter (Q1 2026), revenue was 13.3% 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.
- Revenue grew 26.8% 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
- 2026-04-22FilingCorporate value-up plan (voluntary disclosure) filed - the company itself announced a direction for shareholder returns and capital-efficiency improvementA medium-term factor for gauging whether an undervalued holding company at a P/B of 0.66x is moving to close its discount and strengthen returns. The actual scale and pace of execution must be confirmed through follow-up disclosures. Source
- 2026-05-15Filing[Correction] Decision to dispose of shares and equity securities in other corporations - adjustment of the holding company's stakesDirectly affects the operating holding company's portfolio and cash flow. The point to watch is whether the disposed assets and the use of proceeds go toward returns or reinvestment. Source
- 2026-05-15EarningsQuarterly report (2026.03) filed - Q1 revenue ₩572.9 billion and operating profit ₩52.1 billion (+61.1%) confirmedOfficial confirmation that subsidiary profit leverage continued. However, being on a cumulative basis, it is hard to conclude a standalone quarterly trend. Source
- 2026-04-29UpdateExercise of conversion, warrant, and exchange rights - new shares issued through mezzanine exercisesThe share count rises and existing holders' stakes may be diluted. The scale of exercises and remaining unexercised amounts should be checked together. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated operating profit | ₩145.6 billion(+100.8% YoY) | ₩145.6 billion | Confirmed | link |
| Q1 2026 operating profit | ₩52.1 billion(+61.1% YoY) | ₩52.1 billion | Confirmed | link |
| This year's full-year operating profit (seasonality approximation) | approx. ₩198.5 billion | — | Unverified | link |
| Fact of the corporate value-up plan disclosure | 2026-04-22 | 2026-04-22 | Confirmed | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-18Disclosure
- 2026-05-15Amended filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-12OwnershipOwnership-change filing
- 2026-04-29Amended filing
- 2026-04-29Disclosure
- 2026-04-22Disclosure
- 2026-04-17Disclosure
- 2026-03-19Disclosure
- 2026-03-19Shareholders' meeting notice
- 2026-03-11PeriodicAnnual business 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.