EASY HOLDINGS does not so much make products itself as control and manage feed, livestock and food affiliates as a holding company; most of its consolidated revenue of ₩3,388.9 billion is generated by subsidiaries — including the listed subsidiary EASY BIO, in which it holds a 50.16% stake — through compound feed, animal feed additives and livestock processing. In February 2026 it decided on a cash and stock dividend and in April voluntarily disclosed a corporate value-up plan, and the May Q1 report confirmed an earnings recovery, with operating profit up 96.3% and net profit up 32.5% year on year. What stands out lately is that the price is down nearly half from its 52-week high and, at 0.39x P/B, sits at a deep discount to net assets, while the core subsidiary EASY BIO (ROE 25.9%) is growing far more healthily — a clear strength — whereas a debt ratio of 414.9% and a net margin of 0.79% make earnings sensitive to interest rates and feed costs, and because the listed stake explains only 39% of the market cap, the value of unlisted subsidiaries must be added in when viewing it.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 414.9%).
- Revenue rose 3.2% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.8% higher than a year earlier.
- ROE is 3.8% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.5%.
- 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 Ji Hyun-wook 28.57% (individual)
Controlling bloc incl. related parties 52.23%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued
💡 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
| EASY BIO | 50.16% |
🔎 In-depth analysis
- EASY HOLDINGS is not a company that makes and sells products directly; it is a holding company that controls and manages feed, livestock and food affiliates.
- Per its business report, the parent itself handles 'management of and investment in subsidiary stakes,' and most of its consolidated revenue of ₩3,388.9 billion is generated by the subsidiaries.
- At the center is the listed subsidiary EASY BIO (353810), in which it holds a 50.16% stake, earning through compound feed, animal feed additives and livestock processing; beyond this, food and bio subsidiaries such as Optipharm, Woori F&G and Ttobongee F&S, and overseas and investment affiliates such as EASYUSA HOLDINGS, add to consolidated results.
- The value of this company therefore must be assessed not by 'what the parent sells' but by 'how much its subsidiaries earn and how much those stakes are worth.'
- The latest close is ₩4,190 and the market cap is ₩270.3 billion.
- The price sits below the 20-day line (₩4,335) and below the 60-day line (₩4,919).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 40.4, a neutral level.
- The one-month change is -2.6%, the three-month change is -24.8%, and the position versus the 52-week high is -50.9%.
- Relative strength against the KOSDAQ is 74 (1-99, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 26% of all stocks by strength.
- Over the past three months it led the index by 0.7%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On valuation, the P/E ratio (how many times one year's net profit the price represents) is 10.07x on a trailing basis, similar to the industry median (9.32x), and the P/B (how many times net assets the price represents) is 0.39x, below even half of net assets.
- This low P/B is not distress but the discount typical of a holding company, where subsidiary value is not fully reflected in the parent's share price.
- One important point is that trailing P/E and P/B are on a 'last year's confirmed results' basis, so in a period like this year when earnings are recovering and rising they look more expensive than reality.
- Because the forward P/E reflecting this year's expected earnings falls below the trailing figure, this is not a place to read as expensive on current figures alone.
- Profitability — ROE (how much is earned in a year on shareholders' equity) of 3.8%, operating margin of 4.5% and net margin of 0.79% — is still thin but heading toward recovery.
- A feature of the financial structure is a debt ratio (debt relative to equity) of 414.9% and interest coverage (how many times operating profit can cover interest) of 1.67x.
- Feed and livestock are by nature industries that lay down a lot of assets to build scale, so large debt is not abnormal; the point to remember alongside is that this makes earnings sensitive to interest rates and raw-material prices.
- On dividends, it is confirmed to be active in returns, classified as a 'high-dividend company' under the Restriction of Special Taxation Act (its most recent total dividend was about ₩16.1 billion).
- The dividend-yield figure in the base data looks overstated; dividing the total dividend by share count puts the actual figure closer to the 5% range at the current price.
- The exact dividend yield is separately verified against the original dividend-decision disclosure.
- Over five years revenue grew from ₩1.98 trillion in 2021 to ₩3.39 trillion in 2025, a 14.3% annual average, though over the past two years the pace has cooled somewhat to 4.2%, and 2025 revenue growth was +3.2%.
- The top line has cooled, but the texture of earnings is clearly different.
- Operating profit rose +22.7% and its pace of increase is even quickening, while net profit dipped once to ₩17.0 billion in 2024 before recovering to ₩26.8 billion in 2025 (+57.3%).
- In the most recent quarter (Q1 2026) this trend grew clearer still: revenue was flat at +1.8% but operating profit rose +96.3% and net profit +32.5%.
- That is, even as top-line growth slows, earnings are thickening quickly as subsidiary operating margins improve.
- If feed costs and livestock prices stabilize and subsidiary operating improvement continues, this year's earnings point higher than last year's, and the current forward figures reflect that recovery.
- However, since feed and livestock ride the raw-material cycle, this year's earnings recovery does not mean an immediate structural peak, and quarterly swings may continue depending on the future cost environment.
- The narrative of recent disclosures gathers around 'shareholder value' and 'governance.' In February 2026 it decided on a cash and stock dividend, and on April 1 it voluntarily disclosed a corporate value-up plan, directly setting out a direction of maintaining stable earnings through an improved business environment and enhancing value through expanded IR; this material also noted the fact of its status as a high-dividend company under the Restriction of Special Taxation Act.
- At the same time, an April 17 decision on a debt guarantee for others shows the structure of a holding company underpinning subsidiary financing.
- On May 15 the Q1 report appeared, confirming in the numbers an earnings recovery of operating profit +96.3% and net profit +32.5%, and the repeated filings of large-holding changes by executives and major shareholders across March to May are a point to review together, fitting a company with a high controlling stake.
- The strengths are clear.
- The price is down nearly half from its 52-week high and, at 0.39x P/B, sits at a deep discount to net assets, yet the core subsidiary EASY BIO (ROE 25.9%, revenue +24.1%) is in fact growing far more healthily than the parent.
- Adding in subsidiary operating value and unlisted stakes, the current price is hard to call expensive.
- Meanwhile the points to watch are also clear.
- A debt ratio of 414.9% and interest coverage of 1.67x make earnings sensitive to interest rates and feed costs, a net margin of 0.79% leaves the profit retained relative to the top line still thin, and with the largest-shareholder side holding about 52% the free float is small, so price volatility is high.
- Also, being a holding company, listed stakes explain only 39% of the market cap while the other 61% is unlisted subsidiaries and its own business value, so one should not firmly call it undervalued on the listed portion alone but should view it in aggregate.
- In sum, when subsidiary results are alive and feed costs stabilize, the resolution of the deep discount and the dividend appeal work together; conversely, if interest rates or feed costs spike or subsidiary-guarantee burdens grow, the thin earnings wobble first.
🔎 Valuation vs peers Fairly valued
The holding-company parent and its core listed subsidiary (feed and food) are compared together to separate the holding-company discount from subsidiary operating value.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| EASY BIO | 7.17x | 1.86x | 25.91% |
EASY HOLDINGS is a holding company with feed and food subsidiaries, so it is hard to evaluate by a single line of consolidated P/E. The core listed subsidiary EASY BIO, with ROE of 25.9% and revenue +24.1%, is far healthier than the parent but is heavily reliant on feed alone. The parent's P/E of 10.92x is on a 'last year's confirmed results' basis, so on a forward basis for this year reflecting the Q1 earnings recovery (operating profit +96%) the burden eases. However, the discount at 0.42x P/B stems not from distress but from the holding structure and high debt, and because the listed stake explains only 39% of the market cap while 61% is unlisted value, it cannot be firmly called cheap on the listed portion alone. Adding in subsidiary operating value and unlisted stakes, the current level is viewed as fairly valued.
Price history Close · MA20 · MA60
The latest close is ₩4,190 and the market capitalization is ₩270.3 billion. The price sits below its 20-day moving average (₩4,335) and below its 60-day moving average (₩4,919). 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 40.4, a neutral level. The one-month change is -2.6%, the three-month change is -24.8%, and the position relative to the 52-week high is -50.9%. Relative strength versus the KOSDAQ is 74 (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 74% of all stocks. Over the past three months it outpaced the index by 0.7%. 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 +0.72% / 6M +10.27% / 12M +2.11%
Key metrics vs sector median
Valuation
The P/E of 10.10x is in line with the sector median (8.80x). The P/B of 0.39x is below the sector median (0.51x). 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 3.8%, in line with the sector average (4.0%). The operating margin is 4.5%. The debt ratio is 414.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.1B | $2.2B | $2.2B | +3.16% ↓ slower |
| Operating profit | $68.8M | $81.8M | $100.3M | +22.65% ↑ faster |
| Net profit | $17.6M | $11.3M | $17.7M | +57.30% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.3B | $2.0B | $2.1B | $2.2B | $2.2B |
| Operating profit | $66.6M | $66.2M | $68.8M | $81.8M | $100.3M |
| Net profit | $14.9M | $7.5M | $17.6M | $11.3M | $17.7M |
| Revenue CAGR | 4-yr avg 14.32% | ||||
Revenue rose 3.2% year over year (2023 ₩3.1 trillion → 2024 ₩3.3 trillion → 2025 ₩3.4 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 22.7% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 14.3%. The two-year revenue CAGR is 4.2%. In the most recent quarter (Q1 2026), revenue was 1.8% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 32.5%, is on the high side.
Points to watch
- Revenue rose 3.2% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-04-01FilingCorporate value-up plan (voluntary disclosure) filed — a direction of maintaining stable earnings and enhancing value through expanded IR, noting its status as a high-dividend company under the Restriction of Special Taxation ActMedium term, a signal revealing intent to improve shareholder returns and capital efficiency, which could be a catalyst for resolving the holding-company discount Source
- 2026-02-20DividendCash and stock dividend decided (including the record-date share-register closing)Confirms continuation of the high-dividend policy. However, the dividend-yield figure in the base data looks overstated, so the actual dividend yield needs verifying against the original disclosure Source
- 2026-04-17UpdateDecision on a debt guarantee for others (subsidiaries, etc.)A structure in which the holding company underpins subsidiary financing, a latent burden that could transfer to the parent's finances if a subsidiary runs into distress Source
- 2026-05-15EarningsQ1 2026 quarterly report filed (revenue +1.8%, operating profit +96.3%, net profit +32.5% YoY)The top line is flat but the earnings recovery is clear, a basis for lowering this year's forward valuation burden Source
- 2026-05-28FilingLarge-holding status report and executive/major-shareholder holdings reportWith the largest-shareholder side at 52%, control is stable, but the small free float means holdings changes have a large impact on the price Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Largest-shareholder-side stake | 52.23% 22.52% ) | (2025.12) | Confirmed | link |
| Stake in listed subsidiary EASY BIO | 50.16% | (353810) PER 7.62·PBR 1.98·ROE 25.9% | Confirmed | link |
| Dividend yield | 30.0% | approx. ₩16.1 billion | Mismatch | link |
| Estimated FY2026 forward net profit | approx. 335 | — | Unverified | link |
Recent filings
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-17Disclosure
- 2026-04-06OwnershipOwnership-change filing
- 2026-04-01Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-20Audit report
- 2026-03-19Audit 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.