Modetour is a specialist travel company whose main businesses are travel wholesaling—planning package-tour products and supplying them to agencies and partner travel firms nationwide—and airline-ticket issuance on an agency basis, so its results move together with the rise and fall of overseas-travel demand. A February 2026 filing disclosed annual revenue of ₩210.4 billion, operating profit of ₩7.4 billion, and net profit of ₩8.8 billion, and with a high 4.3% dividend yield the stock has fallen to nearly half its 52-week high and sits in oversold territory on the RSI, though Q1 operating profit fell sharply from the same period a year earlier. What stands out lately is that when overseas-travel demand and outbound traveler numbers keep rising and prices hold up, earnings recovery and dividends gain strength together, but when the travel economy softens again or exchange rates turn unfavorable, quarterly volatility widens.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 250.2%).
- Revenue fell 16.0% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 6.0% lower than a year earlier.
- ROE is 9.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 3.5%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2025-12-31
Largest shareholder Woo Jong-woong 10.92% (individual)
Controlling bloc incl. related parties 16.38%
With the controlling bloc holding 16%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Modetour, a specialist travel company founded in 1989, has as its main businesses travel wholesaling—planning package-tour products and supplying them to agencies and partner travel firms nationwide—and airline-ticket issuance on an agency basis.
- Its headquarters is on Euljiro in Jung-gu, Seoul, and its directly operated sales offices and branches are spread across Seoul and major cities nationwide.
- It listed on the KOSDAQ in 2005, and because it is an intermediary and wholesale structure that hands products to travel agencies and dealers rather than selling directly to travelers at retail, its results move together with the rise and fall of overseas-travel demand.
- With a market capitalization of ₩152.9 billion, which is not large, it is worth watching, alongside the flow of the business, the effect each filing has on finances and share count.
- The latest close is ₩8,180 and market capitalization is ₩154.6 billion.
- The price sits below the 20-day line (₩8,666) and below the 60-day line (₩9,865).
- Trading under both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs the strength of gains against losses over the past 14 days on a 0–100 scale) is 35.9, a neutral level.
- The one-month change is -8.1%, the three-month change is -25.2%, and the position versus the 52-week high is -51.0%.
- Relative strength against the KOSDAQ is 57 (1–99, converted from return versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 43% of all stocks by strength.
- Over the past three months it lagged the index by 1.0%.
- Chart reading is best done alongside trading volume and the dates on which filings occurred.
- Recent annual (2025) revenue was ₩210.4 billion, operating profit ₩7.4 billion, and net profit ₩8.8 billion.
- With an operating margin of 3.5% and an ROE (how much is earned in a year on shareholders' equity) of 9.5%, it is a structure that stays in the black steadily without losses.
- The debt ratio of 250.2% makes debt look somewhat larger than equity, but in the travel-wholesale business a large portion is advances paid in by customers ahead of trips (unearned revenue) booked as liabilities, and with an interest-coverage ratio of 9.4x operating profit comfortably covers interest costs, so the financial burden is at a 'moderate' level in the diagnosis.
- The current ratio of 150% also makes short-term payment ability comfortable.
- The P/E of 17.35x and P/B of 1.65x are figures based on last year's confirmed results; reflecting this year's recovering earnings trend brings the forward P/E down, so rather than judging the stock expensive on last year's numbers alone, it is better read as a process of earnings normalizing.
- On top of this, a high dividend yield of 4.3% brings dividend appeal to the fore while the price is pressed down.
- Past the period when the pandemic blocked travel demand, revenue recovered to ₩178.5 billion in 2023 and ₩250.4 billion in 2024, and 2025 was a year of catching its breath at ₩210.4 billion.
- Operating profit kept its positive footing over the same span, rising 52.1% year on year to ₩7.4 billion in 2025 as core-business economics improved.
- That said, the most recent quarter, Q1 2026, started heavy, with revenue of ₩61.3 billion (down 6.0% year on year), operating profit of ₩2.8 billion (-64.4%), and net profit of ₩4.6 billion (-32.6%).
- Since this is an industry with wide quarterly swings driven by exchange rates, overseas-travel prices, and outbound traveler numbers, it is too early to judge a whole year on Q1 alone; this year's outlook shapes up as a slight improvement over last year, with revenue of ₩213.9 billion and net profit of ₩9.9 billion.
- This reflects a phase in which travel demand returns toward pre-pandemic levels, with outbound-traveler recovery and airfare and package prices lending support, and is naturally read as a gradual normalization stage rather than a steep recovery.
- On 2026-02-12, a filing on a change of 30% or more in revenue or profit/loss (15% for large corporations) disclosed results—annual revenue of ₩210.4 billion, operating profit of ₩7.4 billion, and net profit of ₩8.8 billion—in confirmed/preliminary form.
- It is worth reading while checking whether it points the same way as the annual trend and whether one-off factors are present.
- This was followed on 2026-03-04 and 2026-04-20 by successive treasury-share disposal results reports; since disposing of held treasury shares changes share count and cash flow, it is worth checking the terms and purpose and whether earnings strength supports it.
- The strong side is clear.
- As travel demand normalizes, core operating profit has recovered, and on top of a high 4.3% dividend yield the forward P/E is in a range where the burden eases versus last year's results.
- The stock has fallen to nearly half its 52-week high and sits in oversold territory on the RSI, so from a standpoint that weighs dividends and earnings recovery together, it is at a position with price appeal.
- There is honestly a cautious side too.
- Q1 2026 operating profit fell sharply from the same period last year, so the pace of recovery may not be as quick as hoped, and results swing sensitively with exchange rates and overseas-travel demand and prices.
- In short, this is a stock where earnings recovery and dividends gain strength together when overseas-travel demand and outbound traveler numbers keep rising and prices hold up, and a structure where quarterly volatility widens when the travel economy softens again or exchange rates turn unfavorable.
🔎 Valuation vs peers Fairly valued
A set of business-support and rental-services companies with market capitalizations near Modetour's.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Red Cap Tour | 7.05x | 0.83x | 11.77% |
| Korea Credit Information Services | 10.14x | 2.14x | 21.06% |
| Hyosung ITX | 8.81x | 1.81x | 20.57% |
Within business-support and rental services, public-data peers with nearby market capitalizations were looked at first. The current P/E is 17.55x and the P/B is 1.67x. That said, smaller-cap names are heavily affected by earnings swings and funding-related filings, so no conclusion was drawn from last year's confirmed-results metrics 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 | ₩213.9 billion | — | ₩9.9 billion |
| Next quarter | Q2 2026 | ₩43.6 billion | — | ₩3.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩8,180 and the market capitalization is ₩154.6 billion. The price sits below its 20-day moving average (₩8,666) and below its 60-day moving average (₩9,865). 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 35.9, a neutral level. The one-month change is -8.1%, the three-month change is -25.2%, and the position relative to the 52-week high is -51.0%. Relative strength versus the KOSDAQ is 57 (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 57% of all stocks. Over the past three months it lagged the index by 1.0%. 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 -0.99% / 6M -2.00% / 12M -34.19%
Key metrics vs sector median
Valuation
The P/E of 17.55x is in line with the sector median (16.27x). The P/B of 1.67x is below the sector median (1.98x).
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 9.2%, 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 9.5%, below the sector average (15.0%). The operating margin is 3.5%. The debt ratio is 250.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $118.4M | $166.0M | $139.5M | -15.99% ↓ slower |
| Operating profit | $7.7M | $3.2M | $4.9M | +52.13% ↑ faster |
| Net profit | $5.0M | $8.2M | $5.8M | -28.39% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $9.1M | $31.7M | $118.4M | $166.0M | $139.5M |
| Operating profit | -$15.5M | -$10.8M | $7.7M | $3.2M | $4.9M |
| Net profit | $12.7M | -$12.3M | $5.0M | $8.2M | $5.8M |
| Revenue CAGR | 4-yr avg 97.75% | ||||
Revenue fell 16.0% year over year (2023 ₩178.6 billion → 2024 ₩250.5 billion → 2025 ₩210.4 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 52.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 97.8%. The two-year revenue CAGR is 8.5%. In the most recent quarter (Q1 2026), revenue was 6.0% 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 4.3%, is on the high side.
Points to watch
- Revenue fell 16.0% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-02-12EarningsChange of 30% or more in revenue or profit/loss (15% for large corporations): annual revenue ₩210.4 billion, operating profit ₩7.4 billion, net profit ₩8.8 billionThis is recent confirmed or preliminary earnings data. Read it while checking whether it points the same way as the annual trend and whether one-off factors are present. Source
- 2026-04-20UpdateTreasury-share disposal results report: confirm return termsThis filing relates to a cash return or a change in share count. Check whether earnings strength and cash flow support it. Source
- 2026-03-04UpdateTreasury-share disposal results report: confirm return termsThis filing relates to a cash return or a change in share count. Check whether earnings strength and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩8,180 | ₩8,180 | Confirmed | link |
| Latest quarterly results | revenue ₩61.3 billion, operating profit ₩2.8 billion | revenue ₩61.3 billion, operating profit ₩2.8 billion | Confirmed | link |
| Annual results | revenue ₩210.4 billion, operating profit ₩7.4 billion | revenue ₩210.4 billion, operating profit ₩7.4 billion | Confirmed | link |
| Earnings filing (original text) | revenue30%: revenue ₩210.4 billion · operating profit ₩7.4 billion · net profit ₩8.8 billion | revenue30%: revenue ₩210.4 billion · operating profit ₩7.4 billion · net profit ₩8.8 billion | Confirmed | link |
| Shareholder-return filing (original text) | : | : | Confirmed | link |
| Shareholder-return filing (original text) | : | : | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-28OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-23OwnershipOwnership-change filing
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-23OwnershipOfficers'/major-shareholders' holdings 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.