Ananti builds and operates high-end resorts and hotels, earning money in two ways: steady operating revenue from rooms, food and beverage, and amenities at sites such as Gijang in Busan, Namhae and Gapyeong, and membership-sales revenue that is booked in a lump at completion when a new resort is built. The swing from revenue of ₩897.3 billion in 2023 down to the ₩250-285 billion range in 2024-2025 stems from exactly this sales cycle. Recent disclosures center on financing and capital-structure matters: acquisition and disposal of convertible bonds and conversion requests, treasury-stock disposal, debt guarantees, and a change in the FY2025 profit-and-loss structure. The notable point is that market capitalization (₩398.9 billion) sits below controlling-shareholder equity (₩710.1 billion), pushing the P/B down to 0.56x, and the company holds real resort assets in Busan and Namhae as a strength. On the other hand, the interest coverage ratio is below 1x and the current ratio is 83.6%, so covering interest and short-term debt from operating profit alone is tight, making the timing at which the next membership-sales cycle materializes as revenue and cash flow the key issue.
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 83.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 9.5% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 18.4% lower than a year earlier.
- ROE is -5.6% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.2%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Joongang D&L 11.03% (individual)
Controlling bloc incl. related parties 28.8%
With the controlling bloc holding 29%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Ananti builds and operates high-end resorts and hotels.
- It earns money along two main paths.
- The first is steady operating revenue from rooms, food and beverage, and amenities at Gijang in Busan (Ananti Cove and Hilton Busan), Namhae, Gapyeong and other sites.
- The second is membership-sales revenue booked in a lump when a new resort is built.
- Because this membership-sales revenue is recognized all at once at the specific point when a project is completed and handed over, revenue jumps sharply in years with sales and returns to the operating-revenue level in years when sales are finished.
- Revenue surging to ₩897.3 billion in 2023 and then dropping to the ₩250-285 billion range in 2024-2025 is due to exactly this structure.
- It is therefore right to view this company not as a hotel with similar revenue year after year, but as a business where an operating base overlaps with a membership-sales cycle.
- The latest close is ₩3,735 and market capitalization is ₩363.4 billion.
- The price sits below the 20-day line (₩4,356) and below the 60-day line (₩5,605).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0-100 scale) is 27.8, close to oversold territory.
- The one-month change is -14.3%, the three-month change is -45.8%, and the price stands -65.3% from its 52-week high.
- Relative strength versus the KOSDAQ is 23 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 77% by strength across all stocks.
- Over the past three months it lagged the index by 28.7%.
- When reading the chart, it helps to look at trading volume and disclosure dates together.
- On a confirmed prior-year (FY2025) basis, net profit was a loss (-₩39.5 billion), so a trailing P/E (how many times the past year's profit the price represents) cannot be calculated.
- But this loss should be seen not as a collapse in normal earning power, but as the result of a cyclical gap in which there was no large membership-sales recognition like that of 2023.
- In fact, the forward P/E based on this year, when membership sales and operations lock back together, is at a manageable level assuming profit returns to a normal track.
- The asset side is clearer.
- The P/B (how many times net assets per share the price represents) is 0.51x, meaning market capitalization (₩398.9 billion) is smaller than controlling-shareholder equity (₩710.1 billion) — a signal that a company holding real resorts in Busan and Namhae is trading below its book net assets.
- ROE (how much is earned in a year on equity) was -5.6% given last year's loss, and the operating margin was 3.2%.
- The debt ratio (debt against equity) is 124.5%, not excessive in itself.
- But there is a separate point to note: with few assets readily convertible to cash against debt due within a year, the current ratio is 83.6%, below 100%, and the year's interest expense exceeds operating profit, so the interest coverage ratio is below 1x.
- In short, covering interest from operating profit alone is a tight structure, so cash inflow in years with membership-sales revenue matters for the balance sheet.
- Over five years revenue ran from ₩219.8 billion in 2021 to ₩325.3 billion in 2022, ₩897.3 billion in 2023, ₩285.2 billion in 2024 and ₩258.1 billion in 2025 — a saw-tooth shape where 2023 booked large membership sales and then fell back to the operating level.
- Operating profit traces the same path, from ₩267.0 billion in 2023 to ₩8.3 billion in 2025.
- On the surface, 2025 revenue fell 9.5% from the prior year, but this owes largely to the absence of large membership-sales recognition like that of 2023, not to any collapse in operations.
- By quarter, the first quarter is always a seasonal operating loss (-₩10.2 billion in Q1 2024, -₩3.2 billion in Q1 2025, -₩9.5 billion in Q1 2026).
- Given the nature of the resort business, actual profit concentrates in the third-quarter peak season, so this is a highly seasonal business where a single Q1 figure cannot pin down the year.
- Even so, a forward P/E based on this year's profit can be gauged.
- With operating revenue coming in steadily from rooms and food and beverage at the Busan and Namhae resorts, if new membership-sales volume is recognized in step with peak-season profit, annual profit can climb back onto a positive track.
- This forward figure shows the company's normal earning power better than a single year of losses, and it is on the low side even against comparable asset stocks.
- That said, whether membership sales and operations improve further beyond this year depends on the sales schedule, so there is no basis to declare this the top of the cycle right now.
- Recent disclosures center on financing and capital-structure matters.
- In March 2026 the company decided to buy back convertible bonds (CBs, bonds that can be converted into stock under certain conditions) before maturity (acquisition of its own bonds) and then to dispose of some again, and conversion-right exercises occurred around the same time.
- CBs must be viewed alongside the possibility of a rise in share count (dilution) since they can convert into stock.
- In January 2026 it decided and executed a treasury-stock disposal, a two-sided event that puts supply into the market while bringing cash into the company.
- In December 2025 it decided on a debt guarantee for a third party (mainly affiliates and related companies), so the contingent-liability side must also be viewed.
- In February and March 2026, disclosures of a 30% (or 15%) or greater change in revenue and profit structure appeared, with the company officially confirming the large change in FY2025 results.
- As periodic reports, the May 2026 quarterly report (as of March 2026) and the March annual report (as of December 2025) are the basis for confirmed results.
- The strengths are clear on assets and valuation.
- Market capitalization (₩398.9 billion) sits below controlling-shareholder equity (₩710.1 billion), pushing the P/B down to 0.56x, and the company holds real resorts in Busan and Namhae along with its brand as assets.
- Last year's loss means no trailing P/E, but the forward P/E based on this year, when membership sales and operations lock back together, is not heavy, so this is not a place to call expensive from a single year of loss.
- The price too is in a zone of large short-term declines, at -63.8% from the 52-week high with an RSI of 28.
- At the same time there are points to watch.
- The interest coverage ratio is below 1x and the current ratio is 83.6%, so covering interest and short-term debt from operating profit alone is tight.
- Events that affect share count and finances — CBs, treasury stock, conversion requests — keep coming, so the timing of cash inflow from membership sales matters.
- In short, this stock is strong under conditions where the next membership-sales cycle materializes as revenue and cash flow and peak-season (Q3) profit carries into annual profitability, and weak in a phase where sales are delayed and it must endure on operating revenue alone to cover interest and short-term debt.
- The asset value reads as undervalued, but the key is to view the timing at which that value is confirmed through profit and cash flow separately from the seasonality of quarterly earnings.
🔎 Valuation vs peers Inconclusive
The peer set is domestic lodging and mixed-development names that combine resort and hotel operations with real-estate and membership sales; among on-site-comparable stocks in the same KSIC (lodging) code, Seobu T&D is the closest in business and asset structure.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sungwon T&D | 8.45x | 0.63x | 7.46% |
(a) Position versus peers: against the closest peer, Seobu T&D, the P/B (0.63x vs 0.72x) is lower, a discount on an asset basis. But Seobu T&D shows ROE of +7.5% and rising revenue, whereas Ananti shows ROE of -5.6% and falling revenue, so it is hard to declare it cheap on P/B alone. (b) Premium/discount: market capitalization (₩444.2 billion) sits below controlling-shareholder equity (₩710.1 billion), a discount, but this can also be seen as the market pricing in profitability weaknesses of consecutive losses and interest burden. (c) The limits of trailing and the forward basis: last year's confirmed (trailing) results are a loss compounded by the 2023 membership-sales cycle gap, which can understate the company's normal earning power. There is no official company forecast for the forward view, so it can only be gauged from a DART seasonality approximation (2026 revenue of roughly ₩295.1 billion), and a profit approximation cannot be derived given many loss quarters. Since the timing of membership-sales recognition governs results, rather than declaring undervalued or overvalued from a single-point multiple, the verdict is inconclusive.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩101.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩3,735 and the market capitalization is ₩363.4 billion. The price sits below its 20-day moving average (₩4,356) and below its 60-day moving average (₩5,605). 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 27.8, near oversold territory. The one-month change is -14.3%, the three-month change is -45.8%, and the position relative to the 52-week high is -65.3%. Relative strength versus the KOSDAQ is 23 (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 23% of all stocks. Over the past three months it lagged the index by 28.7%. 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 -28.70% / 6M -42.20% / 12M -61.57%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.51x is below the whole-market median (1.15x).
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 -5.6%, below the whole-market average (5.0%). The operating margin is 3.2%. The debt ratio is 124.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $594.7M | $189.0M | $171.0M | -9.50% ↑ faster |
| Operating profit | $177.0M | $530,407 | $5.5M | +939.19% ↑ faster |
| Net profit | $66.3M | -$20.2M | -$26.2M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $145.7M | $215.6M | $594.7M | $189.0M | $171.0M |
| Operating profit | $39.6M | $76.4M | $177.0M | $530,407 | $5.5M |
| Net profit | $11.1M | $22.5M | $66.3M | -$20.2M | -$26.2M |
| Revenue CAGR | 4-yr avg 4.09% | ||||
Revenue fell 9.5% year over year (2023 ₩897.3 billion → 2024 ₩285.2 billion → 2025 ₩258.1 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit rose 939.2% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.1%. The two-year revenue CAGR is -46.4%. In the most recent quarter (Q1 2026), revenue was 18.4% 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.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 83.6%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 9.5% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-15FilingQ1 2026 quarterly report filed — revenue ₩46.7 billion (-18.4%), operating loss of -₩9.5 billion, net loss of -₩18.2 billion, confirming a seasonally off-peak Q1Short term: Q1 is structurally an operating loss, so it is weak as a basis for judging the trend on its own. Medium term: whether it turns to full-year profit depends on the Q3 peak season and the timing of membership-sales recognition. Source
- 2026-03-09Earnings[Amended] Revenue or profit-structure change of 30% (15%) or more — officially confirming the large change in FY2025 revenue and profit (amendment to the initial disclosure of 2026-02-11)Short term: the company officially confirms the sharp swing in revenue and profit from the 2023 membership-sales cycle gap. Medium term: reconfirms that the amplitude of results depending on whether membership sales are recognized is structural. Source
- 2026-03-18FilingDecision to acquire convertible bonds (including overseas CBs) before maturity and dispose of own convertible bonds after issuance (amended 2026-03-19, disposal decision 2026-03-20) — a conversion-right exercise also occurred around the same timeShort term: acquiring and disposing of CBs and conversions affect cash flow and share count at the same time. Medium term: the possibility of dilution from new-share issuance upon conversion and changes to the capital structure need to be checked together. Source
- 2026-01-14FilingTreasury-stock disposal decision and disposal-result report (2026-01-15) — disposal of held treasury stockShort term: a two-sided event that puts supply into the market while bringing cash into the company. Medium term: depending on the purpose of the disposal (fund-raising, exchange, etc.), it affects the financial and ownership structure. Source
- 2025-12-04Update[Amended] Decision on a debt guarantee for a third party — debt guarantee for affiliates and related companiesShort term: no direct cash outflow, but contingent liabilities increase. Medium term: a potential financial burden depending on the credit status of the guaranteed party. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| FY2025 revenue (consolidated) | ₩258.1 billion(₩258,070,776,397) | ₩258.1 billion(₩258,070,776,397) | Confirmed | link |
| FY2025 controlling-shareholder equity / operating profit | ₩710.1 billion / operating profit ₩8.3 billion | ₩710,112,943,587 / operating profit ₩8,316,490,610 | Confirmed | link |
| Q1 2026 revenue (cumulative) | ₩46.7 billion(₩46,708,823,910), YoY -18.4% | ₩46.7 billion | Confirmed | link |
| 2026 full-year revenue (approximation) | ₩295.1 billion | — | Unverified | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-06Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-20Disclosure
- 2026-03-20Material-fact report
- 2026-03-19Convertible-bond issuance (amended)
- 2026-03-18Convertible-bond issuance
- 2026-03-11PeriodicAnnual business report
- 2026-03-11Disclosure
- 2026-03-11Shareholders' meeting notice
- 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.