CJ Freshway (051500) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
CJ Freshway is a company whose food-ingredient distribution business, buying vegetables, meat, and processed foods in bulk and supplying them to restaurants, franchises, and cafeterias, makes up about three-quarters of revenue, with the rest coming from contract catering that runs school, hospital, and corporate cafeterias plus some food manufacturing, and CJ Corp is its largest shareholder. On May 8 it disclosed 2025 consolidated results (revenue ₩3.4811 trillion, +8.0%; operating profit ₩101.7 billion, +8.1%; net profit ₩50.1 billion, +93.3%), and on May 15 the Q1 quarterly report finalized revenue of ₩833.9 billion (+4.4%), operating profit of ₩11.0 billion (+3.8%), and net profit of ₩3.1 billion (+95.8%). The key point of late is that at a P/E of 4.9x and a P/B of 0.53x, with an even lower forward P/E this year and profit-to-price at less than half that of peers such as Ottogi and Binggrae, it has the strengths of five straight years of revenue growth and an 11% ROE, whereas with a thin operating margin of 2.9%, a slowdown that weakens dining-out and catering demand or a spike in agricultural, livestock, and marine costs would press its margin first.
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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 “Food & Beverage” (Retail, Consumer Goods & Food), a type typically read first through P/E.
Food and beverage sits close to daily necessities, so demand is fairly steady and earnings tend to be stable. The less a business's profits fluctuate, the more directly you can weigh them against the price, which makes trailing P/E — based on earnings already realized — the first metric.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt is somewhat higher than equity (debt ratio 255.6%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 68.0%).
- Revenue rose 8.0% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.4% higher than a year earlier.
- ROE is 11.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.9%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder CJ Corporation 47.11% (corporate)
Controlling bloc incl. related parties 58.81%
With the controlling bloc holding 59%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
CJ Freshway is a company where food-ingredient distribution, buying food ingredients such as vegetables, meat, and processed foods in bulk and supplying them to restaurants, franchises, and cafeterias, makes up about three-quarters of revenue. The rest comes from contract catering (food service) that runs school, hospital, and corporate cafeterias on their behalf, plus some food manufacturing. It is not a place that makes and sells food directly; its essence is an intermediary wholesale and service business that supplies ingredients and operations to the dining-out and catering industry. Its results move with the dining-out economy, catering unit prices, and food-ingredient costs (prices of agricultural, livestock, and marine goods), and it makes competitive pricing and stable supply through its large purchasing and logistics network its weapon. CJ Corp, the holding company of the CJ Group, is the largest shareholder and controls management.
The latest close is ₩23,500 and the market capitalization is ₩279.0 billion. The price sits above its 20-day moving average (₩22,485) and above its 60-day moving average (₩23,203). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 58.1, a neutral level. The one-month change is -1.5%, the three-month change is -12.2%, and the position relative to the 52-week high is -34.8%. Relative strength versus the KOSDAQ is 65 (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 65% of all stocks. Over the past three months it outpaced the index by 30.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation is on the low side. The P/E (how many times one year's profit the price represents) is 5.57x and the P/B (how many times net asset value the price represents) is 0.62x, so the shares sit cheap against the profit earned and the assets held. The forward P/E on this year's expected profit is actually lower than the trailing figure, a structure that looks cheaper over time. Compared with same-food-group names Ottogi (17x) and Binggrae (11x), it stands at less than half on a profit basis, so this reads not as a simple appearance of cheapness but as a clear undervaluation signal versus peers. Profitability backs it up as well. ROE (how much is earned in a year on shareholders' equity) is 11.0%, respectable for an asset-light distribution business and above the average of peer food manufacturers. The operating margin is 2.9%, best viewed with the understanding that high-volume, low-margin distribution is inherently a thin-margin industry. A debt-to-equity ratio of 249% and a current ratio of 75.6% are structural figures arising from the large turnover of purchasing and trade credit typical of distribution, closer to a financial form dictated by the business structure than a heavy load.
Revenue grew for five straight years at an average of about 11% a year, and in 2025 rose 8.0% from the prior year, so the pace of growth quickened again (the growth rate accelerating from 4.9% in 2024 to 8.0% in 2025). Profit improved more distinctly. 2025 net profit rose +93% to ₩50.1 billion, a result of profit climbing back onto the revenue growth as unit-price and cost conditions returned to normal while the revenue top line kept expanding. In Q1 2026 as well, the core business grew steadily with revenue +4.4% and operating profit +3.8%, and net profit jumped sharply at +95.8% (Q1 is a quarter with a small share of the year given fewer catering days). Against this flow, the forward P/E on this year's expected profit prints lower than the trailing P/E. It is a picture in which top-line expansion translates into profit in a phase where dining-out and catering demand hold up and costs are stable, a figure created together by the five-year revenue growth trend and the recovered margin.
Recent disclosures center on results, governance, and affiliate transactions. Following an April 24 pre-announcement of earnings, on May 8 the company disclosed preliminary 2025 consolidated operating results (revenue ₩3.4811 trillion, +8.0%; operating profit ₩101.7 billion, +8.1%; net profit ₩50.1 billion, +93.3%) and held an IR (investor briefing) the same day to communicate with investors. On May 15, the Q1 2026 quarterly report was filed, finalizing Q1 results (revenue ₩833.9 billion, +4.4%; operating profit ₩11.0 billion, +3.8%; net profit ₩3.1 billion, +95.8%). Then in May and June came disclosures related to group internal transactions and governance, including goods and service transactions with same-person (CJ Group) affiliates, fund lending to related parties, large business group status, and largest-shareholder stake changes. Rather than one-off momentum such as large orders or business-plan changes, this is a period of confirming regular results and affiliate operations.
The core point is that it is a food-ingredient distributor cheap versus peers whose results have climbed onto a firm track. On top of a low valuation at a P/E of 4.9x and a P/B of 0.53x, with an even lower forward P/E this year and profit-to-price at less than half that of the same food group (Ottogi 17x, Binggrae 11x), the undervalued tone is clear. Backing this are five straight years of revenue growth and an 11% ROE for profitability. Because the operating margin is a thin 2.9% by business structure, the condition under which it works strongly is when dining-out and catering demand is firm and food-ingredient costs are stable so that top-line expansion flows straight into profit. Conversely, if a slowdown weakens dining-out and catering demand or agricultural, livestock, and marine costs spike, it is a stock whose thin margin is pressed first. In other words, the strengths of top-line growth and a low price are clear, and the variable rests less on how much it improves than on whether the cost and demand environment holds.
🔎 Valuation vs peers Undervalued
It was compared against a direct peer that combines food-ingredient distribution, contract catering, and food manufacturing (Shinsegae Food) and against food manufacturers whose business areas partly overlap (Ottogi, Binggrae).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Shinsegae Food | 1.91x | 0.41x | 21.18% |
| Ottogi | 19.37x | 0.64x | 3.39% |
| Binggrae | 11.49x | 0.88x | 7.55% |
(a) Position versus peers: a P/E of 5.7x is far below food manufacturers Ottogi (18.5x) and Binggrae (11.3x), and a P/B of 0.62x likewise sits low against the assets held. The direct peer Shinsegae Food is even lower at a P/E of 2.2x, but that may be a single-year figure reflecting one-off profit, so caution is needed in a simple comparison. (b) Premium/discount: operating growth and ROE are premium factors, while a high debt-to-equity ratio and thin margin act as discounts that partly explain the meager multiple. (c) Limits of trailing and the forward basis: since 2025 profit came right after normalizing from a weak 2024, judging on last year's confirmed P/E alone could over- or under-interpret the recovery. Extending the Q1 mild growth trend of revenue +4.4% and operating profit +3.8%, the forward P/E this year lands at a level similar to or slightly below the trailing P/E, so the state of being valued low against assets and profit continues. That said, given the margin and financial structure, rather than concluding it is cheap without qualification, it is more reasonable to view its fairness as varying with cost and business-cycle conditions.
Price history Close · MA20 · MA60
The latest close is ₩23,500 and the market capitalization is ₩279.0 billion. The price sits above its 20-day moving average (₩22,485) and above its 60-day moving average (₩23,203). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 58.1, a neutral level. The one-month change is -1.5%, the three-month change is -12.2%, and the position relative to the 52-week high is -34.8%. Relative strength versus the KOSDAQ is 65 (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 65% of all stocks. Over the past three months it outpaced the index by 30.9%. 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 +30.92% / 6M +14.17% / 12M -17.91%
Key metrics Computed vs sector median
Valuation
The P/E of 5.57x is below the sector median (10.99x). The P/B is 0.62x. 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 11.4%, above the sector average (2.0%). The operating margin is 2.9%. The debt ratio is 255.6%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.2B | $2.3B | $2.4B | +7.95% ↑ faster |
| Operating profit | $69.7M | $66.1M | $71.4M | +8.11% ↑ faster |
| Net profit | $38.3M | $18.2M | $35.2M | +93.25% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.9B | $2.2B | $2.3B | $2.4B |
| Operating profit | $39.1M | $68.7M | $69.7M | $66.1M | $71.4M |
| Net profit | $21.9M | $36.7M | $38.3M | $18.2M | $35.2M |
| Revenue CAGR | 4-yr avg 11.02% | ||||
Revenue rose 8.0% year over year (2023 ₩3.1 trillion → 2024 ₩3.2 trillion → 2025 ₩3.5 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 8.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.0%. The two-year revenue CAGR is 6.4%. In the most recent quarter (Q1 2026), revenue was 4.4% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 11.4% points to solid profitability.
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
- 2026-05-15EarningsQ1 2026 quarterly report filed. Cumulative revenue ₩833.9 billion (+4.4% year on year), operating profit ₩11.0 billion (+3.8%), net profit ₩3.1 billion (+95.8%). Q1 is a catering off-season, so the profit scale itself is small.Near term: confirms continued revenue growth. The net-profit growth rate is largely driven by a weak prior-year base. Medium term: a starting point for the normalization of full-year profit. Source
- 2026-05-08EarningsAmended disclosure of preliminary 2025 consolidated operating results. Full-year revenue ₩3.4811 trillion (+8.0% year on year), operating profit ₩101.7 billion (+8.1%), net profit ₩50.1 billion (+93.3%), with profit normalizing to 2022-2023 levels.Near term: the profit recovery is confirmed, highlighting valuation appeal. Medium term: confirms escape from the weak 2024, though the growth rate includes a base effect. Source
- 2026-05-08IRIR (investor briefing) held. Full-year and quarterly results and the business situation explained directly to investors.Near term: investor communication strengthened alongside the results disclosure. Medium term: information transparency maintained through regular IR. Source
- 2026-06-01FilingLarge business group status disclosure and large-holding report on the largest shareholder's (CJ Group) stake. The group affiliate structure controlled by CJ Corp and the internal-transaction relationships are disclosed on a regular basis.Near term: a regular check on governance and affiliate transactions. Medium term: dependence on the group and the scale of internal transactions remain ongoing points to watch. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01OwnershipOwnership-change filing
- 2026-06-01Large-business-group status disclosure
- 2026-05-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-08Disclosure
- 2026-05-08Disclosure
- 2026-05-08Disclosure
- 2026-05-08Disclosure
- 2026-05-08Disclosure
- 2026-05-08EarningsFair-disclosure notice
- 2026-04-30Disclosure
- 2026-04-24EarningsEarnings disclosure
📖 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.