Ubiquoss Holdings is a holding company that earns money three ways: a holding business that provides management support, brand management and property leasing to its subsidiaries; the wired transmission-equipment business of its core subsidiary Ubiquoss, which develops, manufactures and sells such gear; and industrial-board manufacturing. Its results therefore hinge heavily on its subsidiaries, especially on Ubiquoss's equipment sales. For 2025, full-year revenue was ₩155.7 billion, operating profit ₩30.6 billion and net profit ₩20.4 billion, a large jump in earnings, and the company continued to pay both cash and in-kind dividends, with an operating margin around 20%. The point worth watching now: if fiber-to-the-home demand keeps recovering and the core business's earnings hold, the low valuation (P/B of 0.50x, trailing P/E of 6.53x, forward P/E of 3.69x and a 3.1% dividend yield) works as an attraction; but because the listed equity stakes explain only about 33% of the market cap under this holding-company structure, that appeal can weaken if subsidiary equipment demand rolls over or the earnings recovery stalls.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 23.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 13.4% higher than a year earlier.
- ROE is 7.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 19.7%.
- 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 Lee Sang-geun 50.1% (individual)
Controlling bloc incl. related parties 52.63%
With the controlling bloc holding 53%, 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
| Ubiquoss | 33.49% |
🔎 In-depth analysis
- Ubiquoss Holdings is less a company that sells products directly than a holding company that oversees several subsidiaries.
- It earns money through three channels.
- First, the holding business: it provides management-support services to its subsidiaries, manages the brand, and leases out owned real estate to earn rental income.
- Second, the network business: its core subsidiary Ubiquoss directly develops, manufactures and sells the transmission equipment that carries data over wired internet, and also handles maintenance.
- Third, industrial-board manufacturing.
- As a result, its results hinge heavily on its subsidiaries, especially on Ubiquoss's equipment sales and the resulting changes in the value of those stakes.
- The latest close is ₩8,020 and the market cap is ₩136.8 billion.
- The price sits below its 20-day line (₩8,762) and below its 60-day line (₩12,556).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 31.3, a neutral level.
- The one-month change is -19.8%, the three-month change is -47.0%, and the price sits -58.2% from its 52-week high.
- Relative strength versus the KOSDAQ is 60 (on a 1-99 scale that converts return against the index over the past year while weighting recent performance more heavily; higher means stronger than the market).
- That places it roughly in the top 40% of all stocks for strength.
- Over the past three months it lagged the index by 36.4%.
- Chart reading is best done alongside volume and disclosure dates.
- Recent full-year revenue was ₩155.7 billion, operating profit ₩30.6 billion and net profit ₩20.4 billion.
- With an operating margin of 19.7% and a net margin of 13.1%, core-business profitability is solid, and ROE (how much the company earns in a year on its own equity) of 7.7% is above the average for its holding-company peers.
- The trailing P/E (the share price as a multiple of the past year's confirmed earnings) is 6.72x and P/B (the share price as a multiple of book value) is 0.52x, so the stock trades at half its book value.
- Because earnings are rising quickly, the picture is clearer on this year's earnings: the forward P/E prints at 3.69x, lower still than the trailing figure.
- That is low even within the sector, which can be read as an undervaluation signal.
- That said, the value of its listed equity stakes explains only about 33% of the market cap, with the rest coming from unlisted subsidiaries and the company's own operating value, so rather than reading too large an undervaluation from the ratios alone, the subsidiaries' value should be weighed together.
- Revenue rose 23.9% in a single year, from ₩125.6 billion in 2024 to ₩155.7 billion in 2025; operating profit more than doubled, from ₩14.3 billion to ₩30.6 billion (+113% YoY), and net profit jumped from ₩8.9 billion to ₩20.4 billion (+129% YoY).
- This is an inflection point where earnings power revived after a weak year.
- In the most recent quarter, Q1 2026, growth continued with revenue of ₩32.9 billion (+13.4%) and operating profit of ₩5.7 billion (+28.2%).
- The reason this year's outlook captures earnings of this size is clear: demand for the fiber-to-the-home equipment (a network that runs fiber-optic cable all the way to the home) that is the mainstay of core subsidiary Ubiquoss is recovering, so network-equipment sales are rising again, while the core operating margin holds around 20%, letting revenue growth flow through well to profit.
- Forward operating profit is around ₩36.4 billion and the forward P/E is about 3.69x.
- These figures simply reflect this year's larger earnings, and as a recovery phase right after a weak year, this looks less like a cycle top than a stretch where earnings are returning to their normal track.
- Disclosures center on results and shareholder returns.
- On February 3, 2026, a revenue/earnings-structure change disclosure confirmed full-year revenue of ₩155.7 billion, operating profit of ₩30.6 billion and net profit of ₩20.4 billion; this points the same way as the annual trend and confirms the large jump in earnings.
- On the same day and again on March 19 (a corrected filing), cash and in-kind dividend decisions followed.
- It is worth checking whether the larger earnings and cash flow are backing the dividends, and whether the dividends are a one-off or a steady practice.
- The strengths are clear.
- Core-business profitability is firm at an operating margin around 20%, and with revenue and earnings recovering sharply in 2025, ROE is above the sector average.
- The stock trades at half its book value (P/B of 0.50x), and on top of a trailing P/E of 6.53x, the forward P/E on this year's earnings is 3.69x, low even within the sector, so the undervaluation character is clear.
- A dividend yield around 3.1% supports it too.
- What to weigh alongside is that, as a holding company, its value hinges heavily on its subsidiaries, especially on Ubiquoss's equipment demand and stake value.
- Since the listed stakes explain only about 33% of the market cap, with the rest in unlisted subsidiaries and its own operating value, gauging the exact undervaluation requires weighing the subsidiaries' value too.
- In short, as long as fiber-to-the-home demand recovers and the core business's earnings continue, the low valuation works as an attraction; conversely, if subsidiary equipment demand rolls over or the earnings recovery stalls, that appeal weakens.
🔎 Valuation vs peers Fairly valued
Holding companies with adjacent market capitalizations within the holding-company sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| COSMAX BTI | 6.14x | 0.65x | 10.60% |
| Hansol Holdings | — | 0.21x | -0.11% |
| Hite Jinro Holdings | — | 0.34x | -0.47% |
We looked first at public-data peers with nearby market capitalizations within the holding-company group. The current P/E (the share price as a multiple of one year's earnings) is 6.72x and P/B (the share price as a multiple of book value) is 0.52x. That said, smaller-cap names are heavily affected by earnings swings and financing disclosures, so we did not draw firm conclusions from last year's confirmed-earnings ratios alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩155.6 billion | ₩36.4 billion | ₩36.4 billion |
| Next quarter | Q2 2026 | ₩40.8 billion | ₩10.2 billion | ₩9.3 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,020 and the market capitalization is ₩136.8 billion. The price sits below its 20-day moving average (₩8,762) and below its 60-day moving average (₩12,556). 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 31.3, a neutral level. The one-month change is -19.8%, the three-month change is -47.0%, and the position relative to the 52-week high is -58.2%. Relative strength versus the KOSDAQ is 60 (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 60% of all stocks. Over the past three months it lagged the index by 36.4%. 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 -36.37% / 6M -11.98% / 12M -18.40%
Key metrics vs sector median
Valuation
The P/E is 6.72x. The P/B of 0.52x is in line with the sector median (0.49x). 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 8.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.7%, above the sector average (5.0%). The operating margin is 19.7%. The debt ratio is 157.2%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $113.7M | $83.3M | $103.2M | +23.89% ↑ faster |
| Operating profit | $21.6M | $9.5M | $20.3M | +113.31% ↑ faster |
| Net profit | $9.3M | $5.9M | $13.5M | +128.75% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $100.1M | $100.5M | $113.7M | $83.3M | $103.2M |
| Operating profit | $21.8M | $18.2M | $21.6M | $9.5M | $20.3M |
| Net profit | $13.3M | $9.7M | $9.3M | $5.9M | $13.5M |
| Revenue CAGR | 4-yr avg 0.76% | ||||
Revenue rose 23.9% year over year (2023 ₩171.6 billion → 2024 ₩125.6 billion → 2025 ₩155.7 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 113.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.8%. The two-year revenue CAGR is -4.8%. In the most recent quarter (Q1 2026), revenue was 13.4% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 23.9% year over year, a sign of growth.
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
- 2026-02-03EarningsRevenue or profit-structure change of 30% or more (15% for large corporations): full-year revenue ₩155.7 billion, operating profit ₩30.6 billion, net profit ₩20.4 billionThis is recent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-03-19Update[Corrected] cash and in-kind dividend decision: confirm the return termsThis disclosure relates to cash returns or changes in share count. Check whether earnings power and cash flow support it. Source
- 2026-02-03UpdateCash and in-kind dividend decision: confirm the return termsThis disclosure relates to cash returns or changes in share count. Check whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,020 | ₩8,020 | Confirmed | link |
| Latest quarterly results | revenue ₩32.9 billion, operating profit ₩5.7 billion | revenue ₩32.9 billion, operating profit ₩5.7 billion | Confirmed | link |
| Full-year results | revenue ₩155.7 billion, operating profit ₩30.6 billion | revenue ₩155.7 billion, operating profit ₩30.6 billion | Confirmed | link |
| Results disclosure source text | revenue30%: revenue ₩155.7 billion · operating profit ₩30.6 billion · net profit ₩20.4 billion | revenue30%: revenue ₩155.7 billion · operating profit ₩30.6 billion · net profit ₩20.4 billion | Confirmed | link |
| Shareholder-return disclosure source text | []ㆍ: | []ㆍ: | Confirmed | link |
| Shareholder-return disclosure source text | ㆍ: | ㆍ: | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-03-19DividendCash/stock dividend decision (amended)
- 2026-03-18Disclosure
- 2026-03-18Shareholders' meeting notice
- 2026-03-10PeriodicAnnual business report
- 2026-03-10Audit report
- 2026-03-03Shareholders' meeting notice
- 2026-03-03Shareholders' meeting notice
📖 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.