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.
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 28.6% (total-net basis). It is above the sector average.
- Operating margin is 1.6%.
- 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 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 Overvalued16% 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
- 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 ₩33,750 and the market cap is ₩692 billion.
- The price sits below the 20-day line (₩39,355) and the 60-day line (₩51,488).
- Trading below both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (a gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 34.0, a neutral level.
- The one-month change is -21.3% and the three-month change is -34.5%, and the price is -57.6% from its 52-week high.
- Relative strength versus the KOSDAQ is 61 (on a 1-99 scale, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market), placing it in roughly the top 38% of all stocks by strength.
- Over the past three months it lagged the index by 10.7%.
- Chart readings are best viewed together with trading volume and the dates of disclosures.
- 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 | 29.03x | 2.17x | 7.49% |
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 ₩33,750 and the market capitalization is ₩692.0 billion. The price sits below its 20-day moving average (₩39,355) and below its 60-day moving average (₩51,488). 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 34.0, a neutral level. The one-month change is -21.3%, the three-month change is -34.5%, and the position relative to the 52-week high is -57.6%. Relative strength versus the KOSDAQ is 61 (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 62% of all stocks. Over the past three months it lagged the index by 10.7%. 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 -10.74% / 6M +2.87% / 12M -21.40%
Key metrics vs sector median
Valuation
The P/E of 1.40x is below the sector median (11.02x). The P/B of 0.40x is below the sector median (0.59x). 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 28.6%, above the sector average (7.0%). The operating margin is 1.6%. The debt ratio is 41.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $387.6M | $287.5M | $368.9M | +28.33% ↑ faster |
| Operating profit | $46.1M | $21.1M | $5.9M | -72.15% ↓ slower |
| Net profit | $55.3M | $36.6M | $328.4M | +796.21% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $276.5M | $374.5M | $387.6M | $287.5M | $368.9M |
| Operating profit | $36.1M | $48.7M | $46.1M | $21.1M | $5.9M |
| Net profit | $20.8M | $42.5M | $55.3M | $36.6M | $328.4M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 28.6% 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
- 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.