Daesang Holdings (084690) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Daesang Holdings is an operating holding company that, rather than making products itself, holds stakes in subsidiaries such as the food company Daesang Corp and earns money from dividends, trademark royalties, and management-advisory fees, with the bulk of its ₩5.6 trillion in consolidated revenue coming from Daesang Corp, which makes foods such as Chung Jung One sauces and pastes and Jongga kimchi as well as fermentation and bio materials such as starch sugar and lysine. On May 15 the Q1 2026 quarterly report confirmed a large improvement in operating and net profit, and in June large-holding reports flagging stake changes by major shareholders came out one after another. The key point of late is that with Daesang Corp's food and materials revenue steadily rising, a P/B of 0.44x, a forward P/E on recovered profit in the low single digits, and a dividend of around 3.5%, price burden is small on both the asset and profit sides, whereas a recurrence of one-off losses like those in Q4 2025 could swing the annual figures again, and its value is governed by subsidiary borrowing and results.
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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 “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
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
- 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.
- The most recent full-year net result was a loss.
- Revenue rose 5.1% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.2% higher than a year earlier.
- ROE is -12.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lim Sang-min 36.71% (individual)
Controlling bloc incl. related parties 67.3%
With the controlling bloc holding 67%, control is very secure but the free float is thin.
Net asset value (NAV) assessment
💡 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
| Daesang | 39.28% |
| Daesang | 6.5% |
🔎 In-depth analysis Reading
Daesang Holdings is an operating holding company that, rather than making products itself, holds stakes in subsidiaries such as the food company Daesang Corp (listed) and earns money from dividends and from trademark royalties and management-advisory fees. The bulk of its ₩5.6 trillion in consolidated revenue comes from its core subsidiary Daesang Corp, whose business runs along two main lines. One is food, including Chung Jung One brand sauces and pastes, seasonings (Miwon), and sauces plus Jongga cabbage kimchi; the other is fermentation and bio materials such as starch sugar and lysine. In other words, although its surface classification is a holding company, in substance it is best understood as a business group that earns cash from food and food materials.
The latest close is ₩7,730 and the market capitalization is ₩279.9 billion. The price sits above its 20-day moving average (₩7,384) and below its 60-day moving average (₩8,110). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.3, a neutral level. The one-month change is -0.3%, the three-month change is -16.4%, and the position relative to the 52-week high is -29.9%. Relative strength versus the KOSPI is 16 (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 16% of all stocks. Over the past three months it lagged the index by 1.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a last-year confirmed (trailing) basis, the P/B (how many times net asset value per share the price represents) is 0.44x, so it trades below even half of net asset value, and the dividend yield is around 3.5%. The trailing P/E (how many times one year's profit the price represents) cannot be computed because 2025 full-year net profit was in the red, but this is not because the business broke down; it is because a large one-off net loss was booked once in Q4 2025 (the full-year operating margin held positive at +3.5%). So rather than the trailing figures trapped in last year's loss, the forward (one-year-ahead) indicators reflecting a flow of profit returning to normal are closer to this company's real picture. On recovered profit, the forward P/E sits in a stretch where the price is priced quite low against profit. A debt-to-equity ratio of 610% looks high, but it is a figure arising from a structure in which the holding company embraces its subsidiaries' debt on a consolidated basis, so a general manufacturer's yardstick cannot be applied directly.
The top line is steady. Revenue grew from ₩5.3 trillion in 2023 to ₩5.4 trillion in 2024 and ₩5.6 trillion in 2025, with the pace of increase gradually quickening. Operating profit recovered distinctly from ₩114.6 billion in 2023 to ₩199.8 billion in 2025. The sticking point, net profit, was a full-year loss of -₩106.9 billion in 2025, but broken out by quarter, a one-off loss of -₩138.7 billion was booked all at once in Q4, dragging down the annual figure, while Q1-Q3 were in the black. After that shock passed, in Q1 2026 profitability rebounded clearly, with revenue of ₩1.4 trillion (+1.2%), operating profit of ₩78.1 billion (+48.3% year on year), and net profit of ₩45.4 billion (+153.9%). Food is a staple consumer good with stable demand, and with prices of weak materials such as lysine not collapsing further while the core food margin holds up, profit is returning to a normal track. That the forward P/E reflecting this year's recovered profit stays in the low single digits (about 3.5x) can be read as a sign that, stripping out the one-off loss, the normal profit strength is that solid.
Recent disclosures are concentrated in subsidiary management matters, stake changes, and periodic reports. On May 15 the Q1 2026 quarterly report confirmed a large improvement in operating and net profit, and on May 18 a decision to increase a subsidiary's short-term borrowings was disclosed as a subsidiary major-management matter, giving reason to watch its funding management. Into June, large-holding reports (stake changes) came out one after another, filings notifying that major shareholders' holdings had changed, and their timing overlaps with a stretch of sharp price moves. In March the general shareholders' meeting and an amendment to the business report were wrapped up. Given the nature of a holding company, subsidiary results and changes in the stake structure, rather than direct orders or new products, are the materials that move the share price.
This company is best kept in balance by looking at both how cheap it is and whether profit has returned to normal. The strengths are clear. The core subsidiary Daesang Corp's food and materials revenue is steadily rising, Q1 2026 operating and net profit recovered sharply, and at a P/B of 0.44x it trades below half of net asset value while the forward P/E on recovered profit is in the low single digits, so price burden is small on both the asset-value and profit sides. A steady dividend yielding around 3.5% backs it up as well. Points to be careful of: a recurrence of one-off losses like those in Q4 2025 could swing the annual figures, and given the holding structure, its value is governed by subsidiary borrowing and results. In sum, if subsidiary profit normalization continues quarter by quarter and one-off losses do not recur, there is ample room for the low valuation to find its worth; conversely, if non-recurring losses or subsidiary funding burdens flare up again, the pace of recovery slows.
🔎 Valuation vs peers Inconclusive
A peer set viewed by real food and food-material substance rather than as a surface holding company. Daesang Corp (001680), the core subsidiary and the actual business entity, is taken as the primary reference, with the asset-value holding company LG (003550) referenced as a supplement.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Daesang | 0.00x | 0.58x | -27.57% |
| LG Corp. | 21.86x | 0.53x | 1.69% |
Looking at the peer set, both the business entity Daesang Corp and Daesang Holdings had negative ROE from one-off losses in 2025, and their P/B of 0.5-0.6x sits below net assets. On asset value alone it looks cheap, but (a) on a profit basis there is no last-year trailing P/E at all; (b) even though profit recovered in Q1 2026, whether the swing back to annual black continues quarter by quarter is not yet confirmed; and (c) for a holding company the value of its subsidiary stakes is the core, so the value of the stakes held should be viewed separately from the consolidated P/E. The last-year confirmed (trailing) indicators are pressed down by the Q4 loss, and the future direction can only be gauged from a DART seasonality approximation (operating profit of about ₩290.5 billion) since there is no official company outlook. So rather than declaring it cheap or expensive outright, judgment is held.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | ₩1.4 trillion | ₩82.6 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩7,730 and the market capitalization is ₩279.9 billion. The price sits above its 20-day moving average (₩7,384) and below its 60-day moving average (₩8,110). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.3, a neutral level. The one-month change is -0.3%, the three-month change is -16.4%, and the position relative to the 52-week high is -29.9%. Relative strength versus the KOSPI is 16 (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 16% of all stocks. Over the past three months it lagged the index by 1.8%. 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 -1.76% / 6M -36.64% / 12M -60.44%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.44x is below the sector median (0.53x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 8.6%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -12.4%, below the sector average (4.0%). The operating margin is 4.0%. The debt ratio is 516.9%, 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 | $3.7B | $3.8B | $4.0B | +5.06% ↑ faster |
| Operating profit | $80.5M | $129.3M | $140.4M | +8.58% ↓ slower |
| Net profit | $14.8M | $14.3M | -$75.1M | -624.90% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $3.0B | $3.7B | $3.7B | $3.8B | $4.0B |
| Operating profit | $114.5M | $101.0M | $80.5M | $129.3M | $140.4M |
| Net profit | $37.8M | $22.6M | $14.8M | $14.3M | -$75.1M |
| Revenue CAGR | 4-yr avg 7.56% | ||||
Revenue rose 5.1% year over year (2023 ₩5.3 trillion → 2024 ₩5.4 trillion → 2025 ₩5.6 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 8.6% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.6%. The two-year revenue CAGR is 3.5%. In the most recent quarter (Q1 2026), revenue was 1.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 3.9%, is on the high side.
Points to watch
- 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.
- 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.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 quarterly report filed - revenue ₩1.4 trillion, operating profit ₩78.1 billion (+48.3% year on year), net profit ₩45.4 billion (+153.9%), confirming a profitability reboundNear term: a key document showing profit normalization after the one-off loss in Q4 2025. Medium term: whether quarterly profits stay in the black is the crux of escaping the annual loss. Source
- 2026-05-18FilingDecision to increase a subsidiary's short-term borrowings (subsidiary major-management matter)Near term: possible change in the subsidiary's working capital and interest burden. Medium term: could affect the holding company's consolidated financials and interest costs, a matter to watch the borrowing trend on. Source
- 2026-06-10UpdateLarge-holding report (short form) - a filing on a change in major shareholders' holdingsNear term: its timing overlaps with the early-June sharp price drop, so it is a reference as a supply-and-demand signal. Medium term: a clue for tracking whether the governance and stake structure changes. Source
- 2026-03-26FilingResults of the general shareholders' meeting - approval of financial statements, appointment of directors, and other meeting agenda items handledNear term: dividends and board composition confirmed. Medium term: a regular event for confirming the dividend policy and governance direction. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 operating profit | ₩78.1 billion | ₩78,107,748,251 | Confirmed | link |
| 2025 full-year net profit (controlling shareholders) | -₩106.9 billion | -₩106,865,252,294 | Confirmed | link |
| Latest close | ₩7,730 | — | Unverified | link |
| 2026 full-year operating profit (seasonality approximation) | approx. ₩290.5 billion | — | Unverified | link |
Recent filings Source
- 2026-06-10OwnershipOwnership-change filing
- 2026-06-01Corporate governance report
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12OwnershipOwnership-change filing
- 2026-03-27PeriodicAnnual business report (amended)
- 2026-03-27Audit report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-18Audit report
- 2026-03-18Audit 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.