Kangwon Land runs the High1 Resort in Jeongseon, Gangwon Province, a complex resort combining a casino, a hotel and condominium, a ski resort, a golf course, and a water park. More than about 85% of its revenue comes from gaming income at the country's only casino that Korean nationals may legally enter, with the resort operations complementing this. In Q1 2026, casino revenue was ₩330.4 billion, up 4.3% year on year, with mass-market floor revenue in particular rising sharply by around 27%; on March 31 the company reaffirmed, in its corporate value-up plan, a total shareholder-return target of 60%, a minimum payout ratio of at least 50%, and an aim for a P/B of 1.2x. On a fiscal 2025 basis the payout ratio is about 59% and the dividend is ₩950 per share, giving a dividend yield of 6.6%. The key point now is that the high margins and stable cash flow from a monopoly position closed to new entrants, a solid balance sheet, a P/B of 0.77x, a forward P/E of around 10x for this year, and a 6.6% dividend yield all point close to an undervaluation signal on assets, dividends, and earnings alike, while net profit swings quarter to quarter on non-operating and one-off items, and resort renewals and statutory levies constrain short-term results and top-line expansion.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 8.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.5% higher than a year earlier.
- ROE is 8.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 21.7%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Korea Mine Rehabilitation and Mineral Resources Corporation 36.27% (corporate)
Controlling bloc incl. related parties 36.27%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis
- Kangwon Land operates a complex resort at the High1 Resort in Jeongseon, Gangwon Province, combining a casino with a hotel and condominium, a ski resort, a golf course, and a water park.
- At its core is 'the country's only casino that Korean nationals may legally enter,' from which more than about 85% of company revenue comes as casino gaming income (slot machines and table games), with the hotel and resort segment playing a supporting role.
- In Q1 2026 casino revenue again rose to ₩330.4 billion, up 4.3% year on year, and mass-market floor (member gaming) revenue in particular rose sharply by around 27%, reflecting higher betting limits and system improvements.
- Because the company was established with a public-interest purpose - to revive the economy of former mining regions - Gangwon Province and the Korea Mine Rehabilitation and Mineral Resources Corporation and other public entities are its major shareholders, and statutory levies such as the tourism promotion development fund and the abandoned-mine fund are attached to casino revenue.
- Ultimately, the essence of this company's results is the stable cash flow from its monopoly position as a domestic-national casino closed to new entrants, with the resort structured to complement it.
- The recent closing price is ₩14,710 and the market cap is ₩3.1 trillion.
- The price sits below the 20-day line (₩14,902) and below the 60-day line (₩15,690).
- Trading below both the short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (a supplementary gauge that measures upward versus downward force over the last 14 days on a 0-100 scale) is 45.4, a neutral level.
- The one-month change is -2.1%, the three-month change is -10.8%, and the position versus the 52-week high is -28.4%.
- Relative strength versus the KOSPI is 13 (on a 1-99 scale that weights recent returns against the index over the past year more heavily toward the recent period; higher means stronger than the market).
- That places it in roughly the top 88% of all stocks by strength.
- Over the past three months it lagged the index by 29.2%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- On confirmed fiscal 2025 results, the P/E ratio (how many times a year's earnings the price represents) is 9.89x, the P/B (how many times net assets the price represents) is 0.79x, and the ROE (how much is earned in a year on equity) is 8.0%.
- An operating margin of 21.7% and a net margin of 29.4% directly reflect the high margins characteristic of the casino business.
- The balance sheet is very solid: the debt ratio (debt relative to equity) shows as 122% on paper, but most of this is not interest-bearing borrowings but rather provisions and advances that arise in the course of operations, and with an interest coverage ratio of 85x and a current ratio of 403%, the risk from debt is effectively small.
- That said, 2025 net profit (₩318.2 billion) fell 30% from 2024 (₩456.9 billion), which reflects not a deterioration in the core business but a base effect - the large non-operating gain recorded in 2024 was not repeated.
- Rather than judging expensive or cheap on last year's confirmed net-profit multiple alone, it is better to view the operating-profit trend of the core business together with the asset and dividend perspective of a 0.77x P/B and a 6.6% dividend.
- Even on this year's expected earnings, the P/E is around 10x, formed below foreign-only casino peers (Paradise and GKL at 13-14x).
- Five-year revenue went from ₩788.4 billion in 2021 (an operating loss owing to the COVID-era suspension of operations) to a sharp rebound of ₩1.27 trillion in 2022, then through ₩972.3 billion to ₩1.00 trillion in 2023-2024, settling at ₩1.08 trillion in 2025 (+8.4%); operating profit also fully normalized, from -₩52.7 billion in 2021 to ₩235.3 billion in 2025.
- Revenue has grown steadily for the past three years, and Q1 2026 was also +2.4%, so the core casino business is firm.
- By contrast, 2025 operating profit fell -17.7% and net profit -30.4%; the operating-profit drop reflects higher labor and resort costs, and the net-profit drop is largely the aforementioned 2024 non-operating-income base effect.
- Q1 2026 likewise showed operating profit of ₩68.9 billion (-7.2%) and net profit of ₩39.7 billion (-46.8%), but the sharp net-profit drop stemmed mostly from non-operating gains and losses tied to external financial-market moves and a one-off cost in the nature of voluntary early retirement.
- Stripping out these one-off and non-operating factors, this year's earnings have room to normalize higher than simply four times Q1.
- With casino revenue rising steadily and cost pressure easing once the second-half room renewal is completed, it is reasonable to view this year's normalized net profit as not greatly different from last year's.
- More than explosive top-line growth, the core of this stock's growth story is that its monopoly revenue continues firmly and that its earnings are valued cheaply versus peers.
- Recent disclosures center on two axes: results and shareholder returns.
- Q1 2026 results were released via a fair disclosure of preliminary results on April 30 and the quarterly report on May 15, and an investor briefing (IR) was announced on the same May 15.
- The most important thread is shareholder returns: in the corporate value-up plan (voluntary disclosure) on March 31, the company reaffirmed a total shareholder-return target of 60%, a minimum payout ratio of at least 50%, share buybacks, and an aim for a P/B of 1.2x.
- On a fiscal 2025 basis the payout ratio is in fact about 59% and the dividend per share is ₩950, giving a dividend yield of 6.6%.
- In June, the corporate governance report disclosure was added, showing that - unlike ordinary companies - the policy direction of 'improving results, dividends, and governance' rather than large orders or M&A is the current center of this stock's disclosures.
- The strengths are clear: high margins and stable cash flow from a monopoly position, as the country's only casino for Korean nationals closed to new entrants; a solid balance sheet with an effectively low debt burden; and an official plan targeting a 6.6% dividend yield and a total shareholder-return ratio of 60%.
- A P/B of 0.77x is a level below net assets, and this year's expected-earnings P/E is also around 10x, below foreign-only casino peers, so on assets, dividends, and earnings alike it points close to an undervaluation signal.
- Points to note are that net profit swings substantially quarter to quarter on non-operating gains and losses and one-off costs; that room availability is constrained during resort renewals, which can weigh on short-term results; and that government regulation and statutory levies cap the upside and downside of revenue and earnings, making rapid top-line jumps difficult.
- In sum, this can look flat from the standpoint of seeking rapid growth, but it is a strong stock from the standpoint of acquiring monopoly cash flow and a thick dividend cheaply relative to assets and earnings.
🔎 Valuation vs peers Undervalued
Compared against domestically listed casino operators whose core is casino gaming income; Paradise and GKL are foreign-only casinos, so their customer base differs but the business group is the same.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Paradise | 11.99x | 0.66x | 5.47% |
| GKL | 13.53x | 1.44x | 10.66% |
(a) Position within the peer group: versus foreign-only casino operators Paradise (P/E 14.2x, P/B 0.78x, ROE 5.5%, dividend 1.0%) and GKL (P/E 13.5x, P/B 1.44x, ROE 10.7%, dividend 4.0%), Kangwon Land has the lowest earnings-based multiple at a P/E of 9.6x, and looking at capital efficiency and dividends together - an ROE of 8.0% and a dividend yield of 6.6% - its appeal is large. (b) Premium/discount: the P/B is similar to Paradise's, but given profitability and dividends it is in a relative discount, and versus GKL both the P/B and P/E are lower. The quasi-public-enterprise character, regulation, and levies are discount factors, but the monopoly and high dividend offset them. (c) Limits of last year's trailing P/E: 2025 net profit fell versus 2024, creating an illusion that last year's P/E looks somewhat high, but this is the 2024 non-operating-income base effect, and the core casino business still grew +4.3% in Q1 2026. On a normalized basis, this year's expected-earnings P/E is also around 10x, below peers. Viewing the 0.77x P/B, the 6.6% dividend, and the 60% total shareholder-return target together, the undervalued character from an asset and dividend perspective is pronounced.
Price history Close · MA20 · MA60
The latest close is ₩14,710 and the market capitalization is ₩3.1 trillion. The price sits below its 20-day moving average (₩14,902) and below its 60-day moving average (₩15,690). 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 -2.1%, the three-month change is -10.8%, and the position relative to the 52-week high is -28.4%. Relative strength versus the KOSPI is 13 (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 12% of all stocks. Over the past three months it lagged the index by 29.2%. 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 -29.23% / 6M -50.30% / 12M -66.97%
Key metrics vs whole-market median
Valuation
The P/E of 9.89x is below the whole-market median (13.81x). The P/B of 0.79x 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.
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.943x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.0%, above the whole-market average (5.0%). The operating margin is 21.7%. The debt ratio is 122.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $644.4M | $663.0M | $718.5M | +8.38% ↑ faster |
| Operating profit | $187.1M | $189.4M | $156.0M | -17.66% ↓ slower |
| Net profit | $225.9M | $302.8M | $210.9M | -30.36% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $522.6M | $842.2M | $644.4M | $663.0M | $718.5M |
| Operating profit | -$34.9M | $144.2M | $187.1M | $189.4M | $156.0M |
| Net profit | -$7.0M | $76.6M | $225.9M | $302.8M | $210.9M |
| Revenue CAGR | 4-yr avg 8.29% | ||||
Revenue rose 8.4% year over year (2023 ₩972.3 billion → 2024 ₩1.0 trillion → 2025 ₩1.1 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 17.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.3%. The two-year revenue CAGR is 5.6%. In the most recent quarter (Q1 2026), revenue was 4.5% 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 6.5%, is on the high side.
- 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
- 2026-03-31FilingRe-disclosure of the implementation status of the corporate value-up plan (voluntary disclosure) - reaffirming a total shareholder-return target of 60%, a minimum payout ratio of at least 50%, share buybacks, and an aim for a P/B of 1.2xOver the medium term it provides an institutional basis for expanding shareholder returns such as dividends and buybacks, and is a policy catalyst to lift the low P/B. Source
- 2026-04-30EarningsFair disclosure of preliminary consolidated Q1 2026 results - revenue ₩378.9 billion (+2.4%), operating profit ₩68.9 billion (-7.2%), net profit ₩39.7 billion (-46.8%). Casino revenue was ₩330.4 billion, +4.3%The core casino business is firm, but net profit fell sharply on non-operating gains and losses and one-off costs, a factor lowering short-term expectations. Source
- 2026-05-15IRDisclosure announcing an investor briefing (IR) and submission of the Q1 2026 quarterly reportA venue to explain results detail, resort renewals, and the return plan directly to the market; neutral to positive. Source
- 2026-06-01FilingCorporate governance report disclosure - checking implementation of the goal of improving compliance rates for key governance indicatorsGovernance improvement, tied to the corporate value-up plan, is favorable for medium- to long-term trust and valuation. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 net-profit change | ₩39.7 billion(-46.8% YoY, base quarter) | ₩39.7 billion | Confirmed | link |
| Q1 2026 operating profit | ₩68.9 billion(-7.2% YoY) | ₩68.9 billion | Confirmed | link |
| Dividend (DPS and payout ratio) | DPS ₩950,x 6.6%, approx. 59% | 2025 · 50% | Confirmed | link |
| FY2025 annual revenue | 1 ₩84.1 billion | 1 ₩84.1 billion | Unverified | link |
Recent filings
- 2026-06-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01Corporate governance report
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-27Disclosure
- 2026-04-16EarningsEarnings disclosure
- 2026-04-15Disclosure
- 2026-04-14Shareholders' meeting notice
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-31Dividend disclosure
- 2026-03-31Shareholders' 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.