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.
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 21.7%).
- 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%.
- P/E is hard to compute here, so this is read on P/B.
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
- 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 ₩696 and the market cap is ₩98.7 billion.
- The price sits below the 20-day line (₩1,056) and below the 60-day line (₩1,461).
- Trading under both its short- and mid-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0-100 scale) is 17.0, close to oversold territory.
- The one-month change is -41.2%, the three-month change is -58.2%, and the position versus the 52-week high is -64.9%.
- Relative strength versus the KOSPI is 2 (1-99, converting the past year's return relative to the index with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 99% of all stocks by strength.
- Over the past three months it lagged the index by 67.9%.
- Chart reading is best done alongside trading volume and disclosure dates.
- 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 | 6.58x | 0.73x | 11.15% |
| Spigen Korea | 6.04x | 0.33x | 5.49% |
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 0.46x. 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 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 ₩696 and the market capitalization is ₩98.7 billion. The price sits below its 20-day moving average (₩1,056) and below its 60-day moving average (₩1,461). 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 17.0, near oversold territory. The one-month change is -41.2%, the three-month change is -58.2%, and the position relative to the 52-week high is -64.9%. 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 67.9%. 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 -67.88% / 6M -71.54% / 12M -82.34%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.46x is below the whole-market median (1.15x).
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 -8.7%, below the whole-market average (5.0%). The operating margin is -3.6%. The debt ratio is 188.6%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $76.4M | $71.9M | $58.8M | -18.19% ↓ slower |
| Operating profit | $5.3M | -$278,260 | -$2.1M | — |
| Net profit | -$6.3M | -$13.7M | -$12.4M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $83.4M | $83.8M | $76.4M | $71.9M | $58.8M |
| Operating profit | $1.3M | $9.7M | $5.3M | -$278,260 | -$2.1M |
| Net profit | -$9.2M | $3.7M | -$6.3M | -$13.7M | -$12.4M |
| 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 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.
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 21.7%).
- 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 | ₩696 | ₩696 | 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) | []revenue30%: revenue ₩88.7 billion · operating profit -₩3.2 billion · net profit -₩18.6 billion | []revenue30%: revenue ₩88.7 billion · operating profit -₩3.2 billion · net profit -₩18.6 billion | Confirmed | link |
| Results disclosure (original text) | revenue30%: revenue ₩88.7 billion · operating profit -₩3.2 billion · net profit -₩18.6 billion | revenue30%: 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
- 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.