Soulbrain Holdings (036830) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Soulbrain Holdings is a holding company whose value is driven mainly by its roughly 31% stake in the listed subsidiary Soulbrain, a maker of semiconductor, display, and battery materials. It was created in 2020 through a spin-off of the former Soulbrain and consolidates around 20 unlisted subsidiaries spanning electrolytes, optical films, and bio-healthcare. In April 2026 it declared a cash dividend of ₩500 per share (₩10.2 billion in total), tidied up its group structure through March filings on subsidiary additions and removals, and a May filing confirmed that the largest shareholder and related parties hold about 77% of the holding company, underscoring firm control. What stands out recently is that the market value of the Soulbrain stake alone, at roughly ₩730 billion, is nearly identical to the ₩735.1 billion market cap, so once the unlisted subsidiaries and net-cash assets are considered there is room for the stock to look undervalued, and the recent share-price decline has widened that discount. On the cautionary side, narrowing the holding-company discount would require a catalyst such as a larger dividend or a governance event, and because the value is concentrated in Soulbrain alone the stock moves in step with the semiconductor-materials cycle.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue rose 28.3% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 39.6% higher than a year earlier.
- ROE is 28.4% (total-net basis). It is above the sector average.
- Operating margin is 0.1%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Jung Ji-wan 55.89% (individual)
Controlling bloc incl. related parties 75.55%
With the controlling bloc holding 76%, control is very secure but the free float is thin.
Net asset value (NAV) assessment 16% discount to NAV
💡 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
| Wooyang HC | 38.71% |
| Genic | 34.55% |
| Soulbrain | 31% |
🔎 In-depth analysis Reading
Soulbrain Holdings does not sell products directly; it is a holding company that owns and manages stakes in its subsidiaries. The current holding structure was formed in 2020 when the former Soulbrain was split into an investment arm (now Soulbrain Holdings) and an operating arm (now Soulbrain). What drives this company's value is its roughly 31% stake in the listed subsidiary Soulbrain, a materials company that makes etchants, phosphoric acid, and precursors used in semiconductor processes, among others. It also consolidates around 20 unlisted subsidiaries active in battery electrolytes, display optical films, and bio-healthcare. The holding company's own income comes largely from dividends, trademark royalties, and rents received from its subsidiaries, and is modest in scale.
The latest close is ₩34,750 and the market capitalization is ₩712.5 billion. The price sits above its 20-day moving average (₩31,652) and below its 60-day moving average (₩40,982). 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 52.2, a neutral level. The one-month change is -0.3%, the three-month change is -51.2%, and the position relative to the 52-week high is -56.3%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 24.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The headline figures are easy to misread because of the holding-company structure. The P/E ratio (how many times one year's net profit the price represents) is an extremely low 1.48x, but this reflects a 2025 net profit that was heavily inflated by one-off items, so it cannot be taken at face value as 'cheap.' A holding company's net profit swings year to year because it depends on equity-method earnings that reflect subsidiary results in proportion to the stake held. The P/B (how many times book equity the price represents) is 0.40x, well below 1x. That said, a holding company's book equity often carries subsidiary stakes at low historical acquisition cost, which creates an illusion that makes the P/B look more expensive than reality. The dividend yield is 1.39% (₩500 per share). The finances are not overly leveraged, with net debt (total borrowings minus cash) of only about ₩9.4 billion. However, the operating profit of the holding company itself is a thin ₩8.9 billion, so operating-profit-based metrics carry little meaning for a holding company.
Revenue rose 28.3% year over year to ₩556.6 billion in 2025, and climbed a further 39.6% year over year in the first quarter of 2026, helped by a recovery in the consolidated subsidiary revenue. The operating profit of the holding company itself, however, fell sharply from ₩69.6 billion in 2023 to ₩8.9 billion in 2025. Net profit ranged between ₩30 billion and ₩83 billion from 2021 to 2024, then jumped to ₩495.6 billion in 2025, but this was driven by large one-off equity-method and valuation gains and is not a recurring level. Future earnings ultimately track the results of the core subsidiary Soulbrain in proportion to the stake held; when demand for Soulbrain's semiconductor materials picks up, the equity-method earnings improve alongside it.
Recent filings have been mostly about governance, dividends, and subsidiary management. In April 2026 the company declared a cash dividend of ₩500 per share, ₩10.2 billion in total (record date March 31). In March, filings on the holding company's subsidiary additions and removals showed continued tidying of the group structure. In May, a report on the founding family's holdings showed that the largest shareholder and related parties hold about 77% of the holding company, indicating very firm control. Rather than large orders or new investment disclosures, the picture is one of a holding company steadily maintaining its dividends and subsidiary management.
This is a textbook holding company that should not be judged on P/E or P/B figures alone. The key is the market value of the stakes it holds, that is, its net asset value (NAV). The strengths are clear. The market value of the roughly 31% stake in the listed subsidiary Soulbrain alone is about ₩730 billion, nearly identical to the holding company's entire market cap of ₩735.1 billion. Add the unlisted subsidiaries in batteries, displays, and bio, plus net-cash assets, and there is room to see the company as undervalued against the assets it holds. The recent sharp fall in the share price has widened that discount further. There are cautions too. Holding companies typically trade at a discount to asset value, and narrowing that discount requires a catalyst such as a larger dividend or a governance event. Also, most of the company's value is concentrated in Soulbrain alone, so it moves in step with the semiconductor-materials cycle and Soulbrain's share price. In short, it is strong when the semiconductor-materials cycle turns up, and weak when the subsidiary's shares are sluggish and the discount is left unaddressed.
🔎 Valuation vs peers Undervalued
The core asset, the listed subsidiary Soulbrain (semiconductor materials), viewed through the stake-value relationship and the holding company's net asset value (NAV) perspective.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Soulbrain | 29.27x | 2.13x | 7.72% |
This is a holding company that is inappropriate to judge by P/E or P/B. The headline P/E of 1.48x is an illusion created by a 2025 net profit inflated by one-off equity-method and valuation gains. The true benchmark is the market value of the stakes held (NAV). The value of the stake in the listed subsidiary Soulbrain alone (about ₩730 billion) approaches the holding company's entire market cap, and to that are added the unlisted subsidiaries and cash-like assets. As the share price has fallen sharply, the discount to asset value has widened further, so from a NAV perspective it looks undervalued. That said, holding companies typically trade at a discount to asset value, narrowing that discount requires a dividend or governance catalyst, and the value is concentrated in Soulbrain alone, all of which must be weighed together.
Price history Close · MA20 · MA60
The latest close is ₩34,750 and the market capitalization is ₩712.5 billion. The price sits above its 20-day moving average (₩31,652) and below its 60-day moving average (₩40,982). 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 52.2, a neutral level. The one-month change is -0.3%, the three-month change is -51.2%, and the position relative to the 52-week high is -56.3%. Relative strength versus the KOSDAQ is 47 (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 47% of all stocks. Over the past three months it lagged the index by 24.8%. 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 -24.77% / 6M -5.72% / 12M -22.50%
Key metrics Computed vs sector median
Valuation
The P/E of 1.44x is below the sector median (9.24x). The P/B of 0.40x is below the sector median (0.61x). 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 28.4%, above the sector average (5.0%). The operating margin is 0.1%. The debt ratio is 40.2%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $410.8M | $304.7M | $391.0M | +28.33% ↑ faster |
| Operating profit | $48.9M | $22.3M | $6.2M | -72.15% ↓ slower |
| Net profit | $58.6M | $38.8M | $348.1M | +796.21% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $293.1M | $397.0M | $410.8M | $304.7M | $391.0M |
| Operating profit | $38.2M | $51.6M | $48.9M | $22.3M | $6.2M |
| Net profit | $22.1M | $45.1M | $58.6M | $38.8M | $348.1M |
| Revenue CAGR | 4-yr avg 7.48% | ||||
Revenue rose 28.3% year over year (2023 ₩584.8 billion → 2024 ₩433.7 billion → 2025 ₩556.6 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 72.2% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.5%. The two-year revenue CAGR is -2.4%. In the most recent quarter (Q1 2026), revenue was 39.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 28.4% points to solid profitability.
- Revenue grew 28.3% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-09DividendFY2025 cash dividend declared - ₩500 per common share, ₩10.2 billion in total, record date March 31Maintains a steady dividend policy befitting a holding company. At a dividend yield of about 1.4%, it is a mild catalyst for narrowing the NAV discount. Source
- 2026-05-28FilingLarge-holding report by the largest shareholder and related parties - about 77% of the holding company confirmedReconfirms that the founding family's control is very firm. Governance stability is high, but the free float is limited. Source
- 2026-03-18FilingFY2025 business report and filing on holding-company subsidiary additions and removals - consolidated subsidiary structure tidied upContinued management of the holding structure's subsidiary portfolio. This affects the composition of consolidated results over the medium term. Source
- 2026-05-15EarningsQ1 2026 results - revenue ₩176.3 billion (+39.6% year over year), net profit ₩23.6 billion (+86.6%)The consolidated subsidiary revenue recovered. However, the holding company's own operating profit was a thin ₩1.5 billion, so the quality of earnings depends on the equity method. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-05-06OwnershipOwnership-change filing
- 2026-04-29Disclosure
- 2026-04-09DividendCash/stock dividend decision (amended)
- 2026-04-01Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18Amended filing
- 2026-03-18Amended filing
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-16Audit 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.