E-World (084680) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
E-World earns money by operating the 'E-World' theme park in Daegu (35.6% of revenue) and by selling jewelry, watches, and fashion accessories under the 'LLOYD' brand (64.4%); despite appearances, most of its revenue comes from jewelry. Full-year results were revenue of ₩88.7 billion, an operating loss of ₩3.2 billion, and a net loss of ₩18.6 billion, but in Q1 2026 revenue rose 23.2% and operating profit turned positive at ₩0.2 billion, a first sign that the loss-making trend is bending. What stands out is that if the revenue rebound and the swing to operating profit harden over successive quarters and the short-term financial strain from a current ratio of 21.7% eases, the undervalued asset value implied by a P/B of 0.70x comes to the fore, whereas it can weaken if the revenue recovery is temporary or one-off costs keep weighing on net profit.
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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 “Leisure, Travel & Education” (Retail, Consumer Goods & Food), a type typically read first through P/E.
Leisure, travel, and education businesses turn what consumers spend on their services into profit, so results track the consumer economy fairly clearly. That makes price-to-earnings (P/E) — the share price against earnings — the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, profitability is currently weak, so this metric is best treated as a rough reference only.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 23.5%).
- The most recent full-year net result was a loss.
- Revenue fell 18.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 23.2% higher than a year earlier.
- ROE is -8.7% (total-net basis). It is below the sector average.
- Operating margin is -3.6%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder E-Land World 43.42% (corporate)
Controlling bloc incl. related parties 62.64%
With the controlling bloc holding 63%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
E-World makes money along two axes. One is operating the 'E-World' theme park in Daegu, where admission fees and charges for rides and ancillary facilities become revenue, accounting for 35.6% (₩31.6 billion) of company revenue last year. The other is making and selling gold and silver jewelry, watches, and fashion accessories under the 'LLOYD' brand, a larger share at 64.4% (₩57.1 billion) of revenue. In other words, although it looks like a theme-park company on the surface, most of its actual revenue comes from jewelry. A theme park is a capital-intensive business where money is tied up in large facilities such as rides, so it carries a fixed-cost burden, while jewelry is fairly sensitive to gold prices and consumer conditions. Since the market cap is not large, it is worth watching not only the business itself but also how a single disclosure, such as results, a capital increase, or conversion rights, affects the financials and the share count.
The latest close is ₩535 and the market capitalization is ₩75.9 billion. The price sits below its 20-day moving average (₩600) and below its 60-day moving average (₩1,048). 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 27.1, near oversold territory. The one-month change is -30.9%, the three-month change is -71.8%, and the position relative to the 52-week high is -73.0%. Relative strength versus the KOSPI is 2 (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 1% of all stocks. Over the past three months it lagged the index by 66.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
For the most recent full year (2025), revenue was ₩88.7 billion, with an operating loss of ₩3.2 billion and a net loss of ₩18.6 billion, an operating margin of -3.6%, and ROE (how much is earned in a year on equity) of -8.7%. The debt ratio (debt against equity) is 188.6%, and the current ratio (assets that can be turned into cash immediately against debt due within a year) is 21.7%, so short-term cash headroom is on the tight side. Because it is loss-making, the P/E (how many times a year's earnings the price is) is not computed; instead, the P/B (how many times book value the price is), viewed on an asset basis, is 0.46x, below 1x. This means the market cap is set lower than the net assets the company holds (about ₩214.8 billion), so even against other similarly sized manufacturers the price is cheap relative to assets. In a loss phase, trailing (past 12-month) earnings metrics become blurry, so the key is to view the asset value that the P/B supports together with whether profit swings back into the black.
Looking only at the multi-year trend, revenue fell from ₩115.3 billion in 2023 to ₩88.7 billion in 2025, and operating profit turned from a ₩7.9 billion profit in 2023 to a ₩3.2 billion loss in 2025, so it has passed through a stretch where the top line and profitability came down together. But the tone changes in the most recent quarter (Q1 2026). Quarterly revenue of ₩23.3 billion rose 23.2% from the same period a year earlier, turning back to growth, and operating profit also swung positive at ₩0.2 billion. For the full year, an estimate of revenue of ₩94.6 billion and operating profit of ₩0.8 billion is presented, pointing to a move from an annual operating loss (-₩3.2 billion) to a profit (+₩0.8 billion). In other words, this year's operating-level recovery is a change rooted in the Q1 measured rebound, not a simple extrapolation of the past. That said, the swing to profit down to the net line is not yet a firm signal, so this is a stage to confirm together whether the revenue rebound continues over successive quarters and how far interest costs and one-off costs pull net profit down.
Recent disclosures center on results. On 2026-02-05 and 2026-03-05 (amended), change-in-profit-structure disclosures made known confirmed results of full-year revenue of ₩88.7 billion, an operating loss of ₩3.2 billion, and a net loss of ₩18.6 billion, and the 2026-05-15 quarterly report disclosed Q1 2026 revenue of ₩23.3 billion, operating profit of ₩0.2 billion, and a net loss of ₩1.7 billion. Following the confirmed annual loss, the quarter showed revenue growth and a swing to operating profit, so it is worth watching in subsequent disclosures whether this recovery continues in the same direction next quarter and whether one-off factors are mixed in.
The strengths are clear. At a P/B of 0.70x it is valued below net assets, a cheap range on the asset side, and in the most recent quarter revenue rose 23.2% and operating profit swung positive, a first sign that the loss-making trend is bending. It holds two different businesses, the theme park (facility-based) and jewelry (tied to consumption and gold prices), a structure where one can support the other even if the other lags. The cautions are also clear. On a full-year basis it is still in a net loss, and with a current ratio of 21.7% short-term cash headroom is not ample, so the crux is whether the recovery extends beyond the operating line to net profit. In short, if the revenue rebound and the swing to operating profit harden over successive quarters and the short-term financial strain eases, the undervalued asset value comes to the fore and gains traction, while conversely, if the revenue recovery is temporary or interest and one-off costs keep weighing on net profit, it weakens.
🔎 Valuation vs peers Undervalued
A peer set within other manufacturing that is adjacent in market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Novatech | 6.87x | 0.83x | 12.29% |
| Spigen Korea | 6.17x | 0.33x | 6.44% |
We looked first at a public-data peer set within other manufacturing that is close in market capitalization. The current P/E (how many times a year's earnings the price is) is not available, and the P/B (how many times book value the price is) is 0.36x. That said, smaller-cap names are heavily affected by earnings swings and fundraising disclosures, so we did not draw a firm conclusion from last year's confirmed-results metrics alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩94.6 billion | ₩0.8 billion | — |
| Next quarter | Q2 2026 | ₩26.3 billion | ₩0.2 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩535 and the market capitalization is ₩75.9 billion. The price sits below its 20-day moving average (₩600) and below its 60-day moving average (₩1,048). 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 27.1, near oversold territory. The one-month change is -30.9%, the three-month change is -71.8%, and the position relative to the 52-week high is -73.0%. Relative strength versus the KOSPI is 2 (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 1% of all stocks. Over the past three months it lagged the index by 66.3%. 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 -66.31% / 6M -72.62% / 12M -82.59%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.36x is below the sector median (0.66x).
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
The operating margin is -3.6%. The debt ratio is 90.4%, so the financial structure is stable.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $81.0M | $76.2M | $62.3M | -18.19% ↓ slower |
| Operating profit | $5.6M | -$294,940 | -$2.2M | — |
| Net profit | -$6.6M | -$14.5M | -$13.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $88.4M | $88.8M | $81.0M | $76.2M | $62.3M |
| Operating profit | $1.4M | $10.3M | $5.6M | -$294,940 | -$2.2M |
| Net profit | -$9.7M | $4.0M | -$6.6M | -$14.5M | -$13.1M |
| Revenue CAGR | 4-yr avg -8.35% | ||||
Revenue fell 18.2% year over year (2023 ₩115.3 billion → 2024 ₩108.5 billion → 2025 ₩88.7 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is -8.3%. The two-year revenue CAGR is -12.3%. In the most recent quarter (Q1 2026), revenue was 23.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 23.5%).
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 18.2% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-03-05Earnings[Amended] Change of 30% or more in revenue or profit structure (15% or more for large corporations): full-year revenue ₩88.7 billion, operating loss ₩3.2 billion, net loss ₩18.6 billionRecent confirmed or preliminary results. View whether it points in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-02-05EarningsChange of 30% or more in revenue or profit structure (15% or more for large corporations): full-year revenue ₩88.7 billion, operating loss ₩3.2 billion, net loss ₩18.6 billionRecent confirmed or preliminary results. View whether it points in the same direction as the annual trend and whether one-off factors are present. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩23.3 billion, operating profit ₩0.2 billion, net loss ₩1.7 billionRecent confirmed or preliminary results. View whether it points in the same direction as the annual trend and whether one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩535 | ₩535 | Confirmed | link |
| Latest quarterly results | revenue ₩23.3 billion, operating profit ₩0.2 billion | revenue ₩23.3 billion, operating profit ₩0.2 billion | Confirmed | link |
| Annual results | revenue ₩88.7 billion, operating profit -₩3.2 billion | revenue ₩88.7 billion, operating profit -₩3.2 billion | Confirmed | link |
| Results disclosure (original text) | [amended] revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩88.7 billion · operating profit -₩3.2 billion · net profit -₩18.6 billion | [amended] revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩88.7 billion · operating profit -₩3.2 billion · net profit -₩18.6 billion | Confirmed | link |
| Results disclosure (original text) | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩88.7 billion · operating profit -₩3.2 billion · net profit -₩18.6 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩88.7 billion · operating profit -₩3.2 billion · net profit -₩18.6 billion | Confirmed | link |
| Results disclosure (original text) | (2026.03): 2026 1 revenue ₩23.3 billion · operating profit ₩0.2 billion · net profit -₩1.7 billion | (2026.03): 2026 1 revenue ₩23.3 billion · operating profit ₩0.2 billion · net profit -₩1.7 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-17OwnershipOwnership-change filing
- 2026-03-20OwnershipOwnership-change filing
- 2026-03-20Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report (amended)
- 2026-03-12PeriodicAnnual business report
- 2026-03-12Audit report
- 2026-03-05Shareholders' meeting notice
- 2026-03-05Shareholders' meeting notice
- 2026-03-05EarningsAmended 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.