SOOP, formerly AfricaTV, runs a live-streaming platform where viewers watch real-time broadcasts, gift paid items such as 'star balloons' to the hosts (streamers), and where the company also earns money from ads that run around the streams. In 2025 it posted record results, with revenue of ₩469.7 billion and operating profit of ₩122.0 billion, but the first quarter of 2026 showed a shift in its mix: revenue came in at ₩106.0 billion (down 1.5% year over year) and operating profit at ₩21.2 billion (down 24.1%), as star-balloon-centric platform revenue (₩74.0 billion, down 12.8%) fell while ad revenue (₩30.5 billion, up 39.6%) grew quickly. What stands out lately is that the stock combines clear undervaluation and high-yield appeal — net cash of ₩120.9 billion, a 7.1% dividend yield and a P/E in the low 5x range — while its core star-balloon revenue has turned to decline, so how much of that gap ad growth can fill will determine the direction of profit.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 12.9% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.5% lower than a year earlier.
- ROE is 21.8% (controlling-interest basis). It is above the sector average.
- Operating margin is 26.8%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Saint International 25.76% (corporate)
Controlling bloc incl. related parties 25.77%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- SOOP operates Korea's largest live personal-broadcasting platform (formerly AfricaTV).
- It makes money in two broad ways.
- The first is platform revenue, which comes from 'star balloons' — paid support items viewers give to hosts — along with subscriptions and recurring payments, and forms a large pillar of company revenue.
- The second is ad revenue, split between standard ads that run before and after streams and 'content-style ads' that SOOP produces itself.
- When Twitch withdrew from Korea in early 2024, many streamers and viewers moved over to SOOP, and the company is also expanding its global streaming service, starting with Southeast Asia including Thailand.
- The stock at ₩47,300 sits below its 20-day, 60-day and 120-day moving averages, placing the medium-term trend in a weak zone.
- The pullback has been sizable, down 17% over three months and 31% over six, and the price has fallen to about half of its 52-week high.
- The RSI is 43.8, close to neutral — neither overheated nor depressed.
- That said, the one-month return is +2.7%, suggesting an attempt to build a base after the decline.
- Valuation metrics are broadly low.
- The P/E ratio (how many years of earnings the price represents) is 5.3x, meaning the price is light relative to earnings.
- The P/B (price versus net assets) is 1.16x.
- Profitability is strong: ROE (how much is earned in a year on equity) is 21.8% and the operating margin is 26.8%, both in the high double digits.
- The balance sheet is very solid.
- Net debt — total borrowings minus cash — is negative ₩120.9 billion, meaning the company holds ₩120.9 billion more cash than debt, a net-cash position.
- Debt-adjusted metrics make the picture even clearer.
- EV/EBITDA (enterprise value including debt divided by operating profit before depreciation) is under 3x, and EV/EBIT (enterprise value divided by operating profit, a debt-adjusted equivalent of the P/E) is a low 3.5x.
- The FCF yield (actual cash generated relative to market cap) is 17.98%, meaning the price is low against the cash the business produces.
- The dividend yield is also high at 7.1%.
- Over the past five years revenue grew steadily at an average of 15.7% a year.
- In 2025 revenue reached ₩469.7 billion (up 12.9%), sustaining growth, while operating profit of ₩122.0 billion and net profit of ₩101.8 billion marked record levels.
- Profit growth, however, was more moderate than revenue growth.
- The first quarter of 2026 had a different tone.
- Star-balloon-centric platform revenue fell 12.8% to ₩74.0 billion.
- Ad revenue, by contrast, rose 39.6% to ₩30.5 billion, and self-produced content-style ads grew 24.9% to ₩14.2 billion.
- The revenue center of gravity is shifting from tipping toward advertising.
- This year's profit hinges on that shift.
- If rapid ad growth offsets the platform decline, net profit has room to hold around ₩95.0 billion, not far from last year's ₩101.8 billion.
- In that case, this year's earnings multiple at the current market cap would be in the high 5x range, on the low side.
- The keys are when the star-balloon decline stops and how large the cost of global expansion turns out to be.
- Regular earnings disclosures and IR sit at the center of the flow.
- On April 30, 2026, the company reported preliminary Q1 results — revenue of ₩106.0 billion and operating profit of ₩21.2 billion (down 24.1% year over year) — revealing the two opposing trends of falling platform revenue and surging ad revenue together.
- In May it held an IR session to explain results and strategy.
- On shareholder returns, it set a 2025 year-end dividend of ₩3,380 per share (about ₩36.0 billion in total) and stated a policy of returning more than 25% of consolidated net profit to shareholders over the next three years.
- Reports on changes in holdings by executives and major shareholders, and on large-holding positions in treasury stock, also followed.
- The strengths are clear.
- A P/E in the low 5x range, EV/EBITDA under 3x, an 18% FCF yield and a 7.1% dividend yield sit together in one name, with net cash accumulated on top.
- Profitability is also far above peer platforms, with an ROE of 21.8%.
- On the metrics alone, the undervaluation signal is distinct.
- The point to watch is the direction of profit.
- Platform revenue such as star balloons, once the core of company profit, has turned to decline.
- Advertising is growing fast, but whether it can keep filling the platform gap is still at the proving stage.
- Global expansion is both a growth opportunity and a source of early-stage cost.
- In sum, when platform revenue builds a base and ad growth continues, the undervaluation and high-yield appeal come strongly to the fore; conversely, if platform attrition accelerates or global costs mount, the structure is one in which profit can wobble.
🔎 Valuation vs peers Undervalued
Domestic internet and content-platform operators whose scale and earnings structure are comparable.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| NAVER | 14.81x | 1.05x | 710.00% |
| Kakao | 30.24x | 1.32x | 440.00% |
| DearU | 27.65x | 2.45x | 890.00% |
Against comparators such as NAVER (P/E 14.8x), Kakao (P/E 30.2x) and DearU (P/E 27.7x), SOOP's P/E of 5.3x is markedly lower. Yet its profitability is actually ahead: an ROE of 21.8% and an operating margin of 26.8% far exceed the peer set, and its 7.1% dividend yield is uniquely high. Adding net cash of ₩120.9 billion, the debt-adjusted EV/EBITDA is under 3x. There is, however, a reason for the low multiple. Trailing metrics through last year were strong, but first-quarter 2026 operating profit fell 24%, and the low multiple partly reflects concern over stalling or declining profit. In other words, the current multiple prices in 'cheap earnings': if the star-balloon decline stops and ad growth defends profit, the undervaluation appeal comes to the fore, but if profit keeps slipping, the low multiple can be justified. Overall, valuation is low relative to profitability, cash and dividends, so we judge the stock undervalued — on the condition that the direction of profit is confirmed.
Price history Close · MA20 · MA60
The latest close is ₩47,300 and the market capitalization is ₩543.7 billion. The price sits below its 20-day moving average (₩47,995) and below its 60-day moving average (₩52,039). 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 43.8, a neutral level. The one-month change is +2.7%, the three-month change is -17.3%, and the position relative to the 52-week high is -50.4%. Relative strength versus the KOSDAQ is 54 (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 54% of all stocks. Over the past three months it outpaced the index by 11.6%. 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 +11.55% / 6M -15.00% / 12M -47.95%
Key metrics vs sector median
Valuation
The P/E of 5.34x is below the sector median (13.30x). The P/B of 1.16x is below the sector median (1.58x). 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 10.7%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.937x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 21.8%, above the sector average (5.0%). The operating margin is 26.8%. The debt ratio is 189.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $228.0M | $273.8M | $309.2M | +12.92% ↓ slower |
| Operating profit | $59.9M | $75.2M | $82.7M | +9.99% ↓ slower |
| Net profit | $49.4M | $67.1M | $67.5M | +0.62% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $172.6M | $191.6M | $228.0M | $273.8M | $309.2M |
| Operating profit | $58.9M | $54.6M | $59.9M | $75.2M | $82.7M |
| Net profit | $47.1M | $39.6M | $49.4M | $67.1M | $67.5M |
| Revenue CAGR | 4-yr avg 15.69% | ||||
Revenue rose 12.9% year over year (2023 ₩344.0 billion → 2024 ₩413.2 billion → 2025 ₩466.6 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 10.0% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 15.7%. The two-year revenue CAGR is 16.5%. In the most recent quarter (Q1 2026), revenue was 1.5% lower 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 7.1%, is on the high side.
- ROE of 21.8% points to solid profitability.
- Revenue grew 12.9% year over year, a sign of growth.
- 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
- 2026-04-30EarningsQ1 2026 consolidated preliminary results disclosed — revenue ₩106.0 billion (down 1.5% year over year), operating profit ₩21.2 billion (down 24.1%). Platform revenue fell to ₩74.0 billion (down 12.8%) while ad revenue rose to ₩30.5 billion (up 39.6%), showing a shift in the revenue mix.Short term: slowing earnings momentum from the drop in operating profit. Medium term: whether an ad-centered shift in the business mix can defend profit is the key point to watch. Source
- 2026-05-15FilingQ1 2026 quarterly report filed — detailed disclosure of revenue and profitability by segment and of financial position.Medium term: reference material for confirming segment trends in platform and advertising, along with net cash and cash flow. Source
- 2026-05-12IRInvestor relations (IR) session held — explanation of Q1 results and of advertising and global strategy.Medium term: an occasion to confirm the response to falling star-balloon revenue and the plans for advertising and overseas expansion. Source
- 2026-04-30Dividend2025 year-end cash dividend — ₩3,380 per share (about ₩36.0 billion in total), with a policy to return more than 25% of consolidated net profit to shareholders over the next three years.Medium term: the basis for the 7.1% dividend yield, and the capacity to sustain stable cash dividends backed by net cash. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-10OwnershipOwnership-change filing
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Disclosure
- 2026-05-08OwnershipOwnership-change filing
- 2026-04-30OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-16Disclosure
- 2026-04-03OwnershipOwnership-change filing
📖 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.