Yusung TNS is a comprehensive logistics company specializing in hauling steel products. It began in 1986 with POSCO overland transport, centers on truck-based road transport, and covers the whole logistics span through cargo handling, rail transport, and forwarding. A March 2026 filing confirmed annual revenue of ₩67.0 billion, operating profit of ₩1.2 billion, and net profit of ₩54.8 billion—with non-operating gains added into net profit—and in Q1, on revenue of ₩13.2 billion, operating profit rose sharply to ₩0.9 billion, showing a core-business recovery in the numbers. What stands out lately is that in a phase where core-business profit recovery continues and short-term financial strain is managed, the undervaluation signals of a 10.3% ROE, a 2.64x P/E, and a 0.27x P/B come alive, but the appeal can weaken if the multi-year decline in revenue does not stop, if earnings again lean heavily on non-operating factors, and if the short-term strain of a 21.6% current ratio piles on.
At-a-glance assessment financial health · growth · profitability · valuation
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 21.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 56.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 42.0% lower than a year earlier.
- ROE is 10.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 1.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Bong-kwan 9.97% (individual)
Controlling bloc incl. related parties 61.97%
With the controlling bloc holding 62%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Yusung TNS is a comprehensive logistics company specializing in hauling steel products.
- It began in 1986 with POSCO overland transport and has handled logistics for Hyundai Steel and various other domestic steelmakers.
- Its main earnings streams center on road transport (carrying steel products by truck), to which it adds cargo handling, rail transport, forwarding (handling the entire transport process on the customer's behalf), and consulting and services—covering logistics broadly.
- Over 30 years of steel-transport experience, about 400 directly operated and managed vehicles, and a network of many directly contracted vehicles are the foundation of the business.
- As a stock with a modest market capitalization, it is worth watching, alongside the flow of the business itself, the effect a single filing can have on results and share count.
- The latest close is ₩4,180 and market capitalization is ₩154.9 billion.
- The price sits below the 20-day line (₩4,288) and below the 60-day line (₩4,435).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs the strength of gains against losses over the past 14 days on a 0–100 scale) is 45.4, a neutral level.
- The one-month change is -3.8%, the three-month change is +11.0%, and the position versus the 52-week high is -30.1%.
- Relative strength against the KOSDAQ is 91 (1–99, converted from return versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 8% of all stocks by strength.
- Over the past three months it led the index by 44.5%.
- Chart reading is best done alongside trading volume and the dates on which filings occurred.
- Recent annual revenue was ₩67.0 billion, operating profit ₩1.2 billion, and net profit ₩54.8 billion.
- The operating margin of 1.8% is not high, as is typical of the transport business, but the ROE (how much is earned in a year on shareholders' equity) of 10.3% runs above the peer average.
- The debt ratio (debt against equity) is 122.5%.
- Worth noting is a structure where net profit exceeds revenue, which is naturally read as the result of non-operating gains tied to assets and stakes being added on top of core operating profit.
- A P/E of 2.64x and a P/B of 0.27x are both very low, and the diagnosis, too, sees the valuation as undervalued.
- There is no reason to view these low P/E and P/B figures immediately as a burden; they are closer to a signal that the price is cheap relative to earnings and book value, and since this is a stock whose core-business profit is turning at an inflection point, the forward P/E of 6.08x that reflects this year's outlook is a more realistic picture.
- That figure is around or below the peer set (KCTC at 5.47x, Sebang at 3.44x), so the undervaluation signal carries through on a forward basis as well.
- Annual revenue fell from ₩237.3 billion in 2023 to ₩67.0 billion in 2025.
- That contraction in scale, however, came from changes in logistics contracts and transport structure, while core-business profitability is actually turning around.
- Q1 2026 revenue was ₩13.2 billion, down 42.0% from the same period last year, but operating profit in the same quarter rose 223.5% year on year to ₩0.9 billion.
- The substance (profit) improved more than the top line.
- This year's core operating-profit outlook is around ₩7.0 billion, several times last year's annual operating profit of ₩1.2 billion.
- It is a picture drawn on the assumption that the profit recovery already confirmed in Q1 and a phase of recovering steel-logistics rates and volumes continue—not simply a single quarter scaled up, but a figure reflecting an improving trend in core-business economics.
- The forward P/E applying this outlook is 5.68x, showing where the price stands once earnings return to a normal track.
- Since multi-year revenue is on a declining trend, the key is watching whether any further recovery in scale and improvement in the core operating margin move together.
- In the 2026-03-11 filing on a change of 30% or more in revenue or profit/loss (15% for large corporations), annual revenue of ₩67.0 billion, operating profit of ₩1.2 billion, and net profit of ₩54.8 billion were confirmed.
- The top line shrank, but because net profit is structured with non-operating gains tied to assets and stakes added on, it is worth separating core-business profit from one-off factors.
- On 2025-12-16 there was a filing on the record-date closing of the shareholder register for a cash and in-kind dividend, which serves as a clue to whether earnings and cash flow support the return.
- In the quarterly report of 2026-05-15, Q1 revenue of ₩13.2 billion, operating profit of ₩0.9 billion, and net profit of ₩7.4 billion were disclosed—a quarter in which the top line fell yet operating profit rose sharply, showing the core-business recovery in the numbers.
- The strengths are clear.
- On a core-business base of more than 30 years in steel logistics, profitability is good with a 10.3% ROE, and on top of a 2.64x P/E and 0.27x P/B, even the forward P/E of 6.08x is below peers—so the undervaluation signal is distinct on both the earnings and asset sides.
- In particular, Q1 operating profit more than tripling year on year, as core-business economics turned, supports this year's earnings outlook.
- Points to watch carefully are the top line and the balance sheet.
- With revenue on a multi-year downtrend, it needs confirming whether the core-business profit recovery also carries through to a recovery in scale, and a current ratio of 21.6% and an interest-coverage ratio below 1x are areas to examine in terms of short-term cash capacity and interest burden.
- Also, with net profit exceeding revenue, it helps to separate core-business profit from non-operating profit.
- In short, this is a stock where undervaluation appeal comes alive in a phase where core-business profit recovery continues and short-term financial strain is managed, and where appeal can weaken in a phase where the decline in scale does not stop or earnings again lean heavily on non-operating factors.
🔎 Valuation vs peers Undervalued
A set of overland-transport companies with market capitalizations near Yusung TNS's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| KCTC | 5.54x | 0.37x | 6.69% |
| Sebang | 3.61x | 0.20x | 5.44% |
| Hanjin | — | 0.17x | -0.11% |
Within overland transport, public-data peers with nearby market capitalizations were looked at first. The current P/E is 2.82x and the P/B is 0.29x. That said, smaller-cap names are heavily affected by earnings swings and funding-related filings, so no conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩44.6 billion | ₩7.0 billion | ₩25.4 billion |
| Next quarter | Q2 2026 | ₩11.4 billion | ₩2.7 billion | ₩6.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩4,180 and the market capitalization is ₩154.9 billion. The price sits below its 20-day moving average (₩4,288) and below its 60-day moving average (₩4,435). 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 45.4, a neutral level. The one-month change is -3.8%, the three-month change is +11.0%, and the position relative to the 52-week high is -30.1%. Relative strength versus the KOSDAQ is 91 (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 92% of all stocks. Over the past three months it outpaced the index by 44.5%. 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 +44.52% / 6M +108.39% / 12M +40.86%
Key metrics vs whole-market median
Valuation
The P/E of 2.82x is below the whole-market median (13.81x). The P/B of 0.29x is below the whole-market median (1.15x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. 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 10.3%, above the whole-market average (5.0%). The operating margin is 1.8%. The debt ratio is 122.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $157.3M | $101.3M | $44.4M | -56.14% ↓ slower |
| Operating profit | $1.4M | $3.3M | $812,166 | -75.12% ↓ slower |
| Net profit | $37.1M | $37.7M | $36.3M | -3.70% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $185.9M | $183.4M | $157.3M | $101.3M | $44.4M |
| Operating profit | $1.2M | $1.8M | $1.4M | $3.3M | $812,166 |
| Net profit | $28.9M | $36.8M | $37.1M | $37.7M | $36.3M |
| Revenue CAGR | 4-yr avg -30.08% | ||||
Revenue fell 56.1% year over year (2023 ₩237.3 billion → 2024 ₩152.9 billion → 2025 ₩67.0 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 75.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -30.1%. The two-year revenue CAGR is -46.9%. In the most recent quarter (Q1 2026), revenue was 42.0% lower 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.
- ROE of 10.3% points to solid profitability.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 21.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 56.1% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-03-11EarningsChange of 30% or more in revenue or profit/loss (15% for large corporations): annual revenue ₩67.0 billion, operating profit ₩1.2 billion, net profit ₩54.8 billionThis is recent confirmed or preliminary earnings data. Read it while checking whether it points the same way as the annual trend and whether one-off factors are present. Source
- 2025-12-16UpdateDecision on record-date closing of the shareholder register for a cash and in-kind dividend: confirm return termsThis filing relates to a cash return or a change in share count. Check whether earnings strength and cash flow support it. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩13.2 billion, operating profit ₩0.9 billion, net profit ₩7.4 billionThis is recent confirmed or preliminary earnings data. Read it while checking whether it points the same way as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,180 | ₩4,180 | Confirmed | link |
| Latest quarterly results | revenue ₩13.2 billion, operating profit ₩0.9 billion | revenue ₩13.2 billion, operating profit ₩0.9 billion | Confirmed | link |
| Annual results | revenue ₩67.0 billion, operating profit ₩1.2 billion | revenue ₩67.0 billion, operating profit ₩1.2 billion | Confirmed | link |
| Earnings filing (original text) | revenue30%: revenue ₩67.0 billion · operating profit ₩1.2 billion · net profit ₩54.8 billion | revenue30%: revenue ₩67.0 billion · operating profit ₩1.2 billion · net profit ₩54.8 billion | Confirmed | link |
| Shareholder-return filing (original text) | ㆍ: | ㆍ: | Confirmed | link |
| Earnings filing (original text) | (2026.03): 2026 1 revenue ₩13.2 billion · operating profit ₩0.9 billion · net profit ₩7.4 billion | (2026.03): 2026 1 revenue ₩13.2 billion · operating profit ₩0.9 billion · net profit ₩7.4 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-12OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Shareholders' meeting notice
- 2026-03-11EarningsEarnings filing
- 2026-03-11Shareholders' 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.