E1 is one of Korea's two major LPG (liquefied petroleum gas) importers: it brings in propane and butane by ship from overseas, stores and transports them, and sells them for household, transport and industrial use. About 99% of its revenue comes from LPG, on top of which it is adding LNG combined-cycle power generation and district-energy businesses. First-quarter 2026 revenue rose 29.6% year on year to ₩3.5853 trillion, but falling LPG prices and a sharp drop in re-export volumes pushed operating results into the red; instead, gains on currency and LPG forward trades plus equity-method profit from subsidiaries such as LS Securities kept net profit positive at ₩81.7 billion. What stands out most recently is that the shares trade at just 0.28x net assets with a high 5.5% dividend yield, giving clear undervaluation appeal on asset value and dividends, while net profit is heavily swayed by volatile non-operating items such as derivative trades and equity-method earnings, and debt at 6.6x equity is heavy, so the quality of earnings and the financial burden must be examined together.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 658.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 99.4%).
- Revenue fell 7.1% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 29.6% higher than a year earlier.
- ROE is 5.2% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Koo Cha-yol 12.78% (individual)
Controlling bloc incl. related parties 45.37%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis
- E1 imports propane and butane (LPG) from Saudi Arabia, the United States and elsewhere aboard large gas carriers, stores them at terminals in Yeosu, Incheon and other sites, and sells them domestically.
- Its customers fall into household and commercial (cooking and heating), transport (LPG taxis and vehicle charging stations), and petrochemical and industrial uses.
- As of the first quarter of 2026, about 99.3% of revenue came from this LPG business, with the remainder from real-estate rental and ship charter (leasing) income.
- In recent years it has broadened its scope, bringing Pyeongtaek Energy & Power (LNG combined-cycle generation and district energy) and LS Securities into the group, and building an 80,000-ton LPG refrigerated terminal in Vietnam, shifting its weight toward energy and infrastructure.
- The share price is ₩83,100, near the 20-day line (₩82,885).
- However, it looks down on the 60-day line (₩90,925) and the 120-day line (₩93,382), so the medium-term trend has not escaped a gentle downtrend.
- It rose 1.3% over the past month, appearing to build a base, but was down 13.3% over three months.
- It sits about 26% below its 52-week high.
- The RSI (an indicator that gauges whether a stock is overheated or depressed on a 0-100 scale) is 47, neither overheated nor depressed.
- The valuation metrics come out low.
- The P/E ratio (how many times a year's profit the share price represents) is 5.4x, and the P/B ratio (the share price relative to net assets) is 0.28x, meaning the stock trades at less than a third of book net assets.
- The dividend yield is a high 5.5% (₩4,550 per share, a 25% payout ratio).
- That said, profitability itself is ordinary.
- ROE (how much it earns in a year on its equity) is 5.2% and the operating margin is 3.1%, plainly reflecting the thin margins of a commodity-distribution business.
- What deserves attention is the debt.
- The debt ratio (borrowings relative to equity) is 658%, heavy with borrowings tied to LNG power and terminal investments and to LPG-trading working capital.
- So while the P/E looks cheap, the picture changes once debt is factored in.
- EV/EBIT (enterprise value divided by operating profit, a debt-adjusted counterpart to the P/E) is 23.7x, and EV/EBITDA is 18.1x, by no means low.
- This is because net debt (total borrowings less cash) reaches ₩7.1 trillion.
- Conversely, the FCF yield (cash actually generated relative to market cap) comes out very high at 48.7%, but this figure swings heavily with changes in commodity inventory and working capital, so it can be over- or understated in any given year and is best treated only as a reference.
- The top line swings with international LPG prices.
- 2025 revenue was ₩10.4 trillion, down 7.1% year on year, but this was because LPG unit prices fell rather than because sales were poor.
- In contrast, operating profit rose 45% to ₩324.1 billion and net profit rose 49.7% to ₩104.8 billion, so profit actually recovered.
- That said, the trajectory of net profit swings widely year to year (₩210.3 billion in 2023 → ₩70.0 billion in 2024 → ₩104.8 billion in 2025), because non-operating items such as derivative gains and losses, exchange rates and equity-method earnings drive the profit.
- The first quarter of 2026 illustrates this well.
- Revenue rose 29.6%, but LPG-price weakness and U.S.-Iran tensions cut re-export volumes by as much as 57.5%, so operating results were in the red; instead, about ₩123.0 billion of trading gains on currency and LPG forwards plus equity-method profit from LS Securities produced net profit of ₩81.7 billion (up 25.3% year on year).
- This year, the full consolidation of Pyeongtaek Energy and LS Securities should be reflected in full, and the Vietnam terminal plus expanded export volumes should provide support, so annual profit is expected to rise modestly over the prior year.
- Applying this trajectory, the price-to-forward-earnings multiple works out to around 4.7x, even lower than the already low trailing basis.
- Still, it is worth remembering that because a large part of profit comes from derivatives and equity-method earnings, this multiple is influenced by non-operating variables as much as by operating performance.
- The disclosure flow runs along three lines.
- First, from May to June, filings on changes in the largest shareholder's holdings and on large-holding status appeared repeatedly, with the owner and major shareholders' stakes shifting.
- Second, in April and June, disclosures 'clarifying rumors or reports' appeared, a process in which the company directly set out the facts on talk circulating in the market.
- Third, the May quarterly report confirmed first-quarter results along with the progress of projects such as the Vietnam refrigerated terminal (50,000 tons of propane, 30,000 tons of butane, project finance of USD 160 million, targeting commercial operation in 2027) and district-energy supply to 58,000 households via Pyeongtaek Energy.
- The dividend, at ₩4,550 per share on 2025 results, keeps a high-dividend stance in place, which is one axis of the investment case.
- E1 is a stock where 'cheap assets and a high dividend' coexist with 'heavy debt and volatile earnings.' Start with the strong points.
- The shares trade at 0.28x net assets with a 5.5% dividend yield, a clear undervaluation signal on asset value and dividends.
- This is backed by an asset portfolio that layers LNG power, an overseas terminal and the LS Securities stake on top of a stable core LPG-import business.
- As long as domestic LPG demand holds and the power and export assets do their part, the cash to sustain the dividend should keep coming.
- The cautions are just as clear.
- Net profit is heavily swayed by non-operating items such as derivative trades, exchange rates and equity-method earnings, so the swing in profit is large from quarter to quarter.
- A heavy financial structure, with a 658% debt ratio and ₩7.1 trillion of net debt, magnifies interest and investment burdens, so while the P/E looks cheap, the debt-adjusted EV multiples are not low.
- In sum, this is a stock with strong undervaluation appeal on assets and dividends, but one whose earnings quality and financial leverage must be weighed together.
- For that reason, E1 is best read not through a single consolidated P/E but through the value of its assets and the durability of its dividend.
🔎 Valuation vs peers Undervalued
Compared against listed peers in the domestic LPG import and distribution business; E1 and SK Gas are Korea's two major LPG importers and are the closest in business substance.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK Gas | 8.32x | 0.67x | 8.03% |
Against fellow LPG importer SK Gas, E1 is lower on both P/E (5.4x vs 8.3x) and P/B (0.28x vs 0.67x), so the share price is clearly cheaper relative to both earnings and assets. In particular, a 0.28x P/B means the stock trades at less than a third of book net assets, a clear undervaluation from an asset-value perspective. The 5.5% dividend yield supports this view as well. There is a caveat that the low-looking trailing P/E can be inflated by derivative and equity-method earnings, but even on a forward basis reflecting this year's profit the multiple works out lower, around 4.7x. That said, EV/EBIT reflecting ₩7.1 trillion of net debt is a high 23.7x, so rather than concluding the stock is simply cheap on the P/E alone, it is best approached through asset value and the durability of the dividend.
Price history Close · MA20 · MA60
The latest close is ₩83,100 and the market capitalization is ₩570.1 billion. The price sits above its 20-day moving average (₩82,885) and below its 60-day moving average (₩90,925). 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 47.0, a neutral level. The one-month change is +1.3%, the three-month change is -13.3%, and the position relative to the 52-week high is -26.1%. Relative strength versus the KOSPI is 30 (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 30% of all stocks. Over the past three months it lagged the index by 30.8%. 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 -30.79% / 6M -38.01% / 12M -59.64%
Key metrics vs sector median
Valuation
The P/E of 5.44x is below the sector median (9.68x). The P/B of 0.28x is below the sector median (0.80x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 5.2%, below the sector average (7.0%). The operating margin is 3.1%. The debt ratio is 658.1%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $5.2B | $7.4B | $6.9B | -7.15% ↓ slower |
| Operating profit | $66.7M | $148.1M | $214.8M | +45.03% ↓ slower |
| Net profit | $139.4M | $46.4M | $69.5M | +49.75% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.4B | $5.3B | $5.2B | $7.4B | $6.9B |
| Operating profit | $3.7M | $184.7M | $66.7M | $148.1M | $214.8M |
| Net profit | $87.3M | $94.0M | $139.4M | $46.4M | $69.5M |
| Revenue CAGR | 4-yr avg 19.17% | ||||
Revenue fell 7.1% year over year (2023 ₩7.8 trillion → 2024 ₩11.2 trillion → 2025 ₩10.4 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 45.0% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 19.2%. The two-year revenue CAGR is 15.2%. In the most recent quarter (Q1 2026), revenue was 29.6% 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 dividend yield, at 5.5%, is on the high side.
Points to watch
- Debt far exceeds equity (debt ratio 658.1%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 99.4%).
- Revenue fell 7.1% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-05-15EarningsDisclosure of the first-quarter 2026 report: revenue ₩3.5853 trillion (up 29.6% year on year), operating results in the red, net profit ₩81.7 billion (up 25.3%). Operations were weak on falling LPG prices and a sharp drop in re-export volumes, but derivative-trading gains and equity-method profit kept net profit positive.Short term: weak operations and positive net profit coexist, confirming how dependent profit is on non-operating items. Medium term: the effect of consolidating Pyeongtaek Energy and LS Securities begins to feed into the earnings base. Source
- 2026-06-02FilingFiling of a change report on the largest shareholder group's holdings and a large-holding status report; related disclosures recurred through May and June.Short term: a supply-and-demand watch point as major shareholders' stakes keep shifting. Medium term: information on governance and the stability of the owner's stake. Source
- 2026-06-01UpdateDisclosure clarifying a rumor or report; the company directly confirmed the facts on content that had spread in the market.Short term: the company's official position on an unconfirmed issue partly cleared the uncertainty. Medium term: repeated clarification disclosures suggest one must judge for oneself whether there is any substance. Source
- 2026-05-29FilingDisclosure of the corporate governance report; regular disclosure of governance status such as board operations and shareholder rights.Medium term: a reference for gauging the consistency of dividend and shareholder-return policy. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Consistency of market capitalization and share count | ₩83,100 × 686 = ₩570.1 billion | ₩83,100, 686 | Confirmed | link |
| First-quarter 2026 structure of positive net profit with operating loss | 1 revenue 3₩585.3 billion, , net profit ₩81.7 billion | 1 , net profit | Confirmed | link |
| Full-year 2026 net profit (internal estimate) | approx. ₩120.0 billion → forward PER approx. 4.7x | — | Unverified | link |
Recent filings
- 2026-06-02OwnershipLargest-shareholder ownership change report
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-01Disclosure
- 2026-06-01Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-21OwnershipLargest-shareholder ownership change report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipOwnership-change filing
- 2026-05-08OwnershipLargest-shareholder ownership change report
- 2026-04-29Disclosure
- 2026-04-01Disclosure
📖 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.