CJ CheilJedang (097950) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
CJ CheilJedang earns money along three lines: a food business selling processed products such as Bibigo and Hetbahn alongside staple ingredients like sugar and flour; a bio business supplying amino acids such as lysine worldwide; and its logistics subsidiary CJ Logistics, which is consolidated into the group. On a consolidated basis, revenue reaches ₩27.3 trillion. In its preliminary first-quarter 2026 results released in May, net profit more than doubled year on year as the one-off penalty provision fell away, confirming a normalization of earnings, and the company maintained its cash and stock dividend of ₩6,000 per share even through the loss-making stretch. What stands out lately is that, with the penalty behind it, profit has recovered sharply, and at a P/B of 0.4x, a dividend yield of 3.2%, and a valuation on normalized forward earnings that sits below peers (P/E of 12-14x), the stock looks inexpensive; on the other hand, if amino-acid selling prices wobble under low-priced Chinese competition or if food input costs rise, the profit margin narrows, and the high debt ratio leaves it sensitive to interest rates and currency swings.
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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 “Food & Beverage” (Retail, Consumer Goods & Food), a type typically read first through P/E.
Food and beverage sits close to daily necessities, so demand is fairly steady and earnings tend to be stable. The less a business's profits fluctuate, the more directly you can weigh them against the price, which makes trailing P/E — based on earnings already realized — the first metric.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt is somewhat higher than equity (debt ratio 256.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 89.7%).
- The most recent full-year net result was a loss.
- Revenue rose 0.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 6.0% higher than a year earlier.
- ROE is -6.8% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.3%.
- 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 CJ 40.94% (corporate)
Controlling bloc incl. related parties 41.81%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis Reading
CJ CheilJedang earns money along three broad lines. First, the food business sells processed products such as Bibigo dumplings, Hetbahn rice, and kimchi, along with staple ingredients like sugar, flour, and cooking oil, at home and abroad, with K-food exports built on the U.S. platform Schwan's driving growth. Second, the bio business supplies feed-grade amino acids such as lysine and tryptophan, along with food-grade amino acids, to global markets; for some items like lysine the company holds a top-tier global share, so this segment's margin heavily shapes the group's overall profit. Third, the logistics subsidiary CJ Logistics is consolidated into the group, so a large portion of the ₩27.3 trillion consolidated revenue, and most of the debt, comes from this logistics business. In other words, revenue looks like it reaches ₩27 trillion on the surface, but stripping out CJ Logistics narrows the picture to a food-and-bio core, which is where the real substance lies.
The latest close is ₩203,000 and the market capitalization is ₩3.1 trillion. The price sits above its 20-day moving average (₩190,390) and above its 60-day moving average (₩197,245). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 62.2, a neutral level. The one-month change is +1.2%, the three-month change is -11.7%, and the position relative to the 52-week high is -19.4%. Relative strength versus the KOSPI is 23 (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 22% of all stocks. Over the past three months it outpaced the index by 4.3%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
In 2025, consolidated net profit was -₩571.4 billion, the first annual loss since the spin-off. Because of this, the P/E ratio (how many times a year's earnings the share price is) cannot be calculated, and financials look poor at first glance. But much of the loss came from a one-off cost, an antitrust penalty provision of about ₩334.9 billion tied to starch-sugar price collusion, layered on top of falling bio selling prices; strip out that special cost and the core earnings power remains intact. Indeed, the operating margin held positive at 4.5%. So last year's confirmed-results-based (trailing) figures do not reflect the company's ordinary earnings power. P/B (how many times net assets the share price is) is 0.41x, trading well below book value, and P/S (how many times a year's revenue the share price is) is also low at 0.12x. The debt ratio (debt against equity) looks high at 421%, but this largely reflects the consolidation of the large assets and liabilities of the logistics subsidiary CJ Logistics. The dividend yield is 3.2% (₩6,000 per share), with dividends paid steadily. The current ratio of 81% means short-term liquidity is on the tight side, so this point warrants continued monitoring.
Revenue has held between ₩26 trillion and ₩30 trillion over five years, with little variation at a mature stage; 2025 was essentially flat at +0.4% year on year. The key is not the size of revenue but the normalization of profit. Looking at the net-profit trajectory, it fell from ₩802.7 billion in 2022 to ₩387.2 billion in 2023 and ₩132.3 billion in 2024 before dropping into a loss in 2025, a trough shaped by the one-off penalty and the bio downcycle. The grounds for a rebound are clear. First-quarter 2026 consolidated net profit was ₩119.8 billion, more than double year on year, and controlling-interest net profit, the portion attributable to CJ CheilJedang shareholders, jumped sharply to ₩81.8 billion. With the one-off provision gone, the food segment growing operating profit at double digits, and bio shifting weight from lysine, where low-price competition is fierce, toward higher-value specialties such as arginine to lift margins. Factoring in the seasonally stronger second half, this year's profit is clearly normalizing out of last year's loss, and on a forward basis the picture looks nothing like the trailing loss. Measured against that normalized profit, the stock sits at a lower multiple than peer food companies.
In the first-quarter preliminary results announced on May 12, 2026, consolidated net profit more than doubled year on year, confirming a normalization of earnings (the effect of the absent one-off penalty provision). The May 15 quarterly report disclosed segment-level (food, bio, logistics) profit and loss, and on May 11 the company set a cash and stock dividend, continuing shareholder returns even through the loss period (₩6,000 per share). Investor briefings held in succession in April and May explained the direction of portfolio realignment and financial-structure improvement, and on June 1 the large-business-group status disclosure and corporate governance report laid out the group's governance. Overall, the flow shifts past last year's one-off headwind toward a focus this year on earnings recovery and maintained dividends.
The heart of the observation is that last year's loss is essentially a closed chapter, and the question this year is how far profit returns to normal. The strong conditions are clear. With the one-off penalty gone, first-quarter net profit has already recovered sharply, the core food business is growing, and bio is reshaping its mix toward higher-value specialties. On top of a P/B of 0.4x and a 3.2% dividend yield, the valuation on normalized forward earnings sits below peer food companies (P/E of 12-14x), leaving room for the discount to close once profit normalizes. On the other hand, the cautionary conditions are cases where amino-acid selling prices wobble again under low-priced Chinese competition or food input costs rise, and the high debt ratio leaves it sensitive to interest-rate and currency swings. In sum, this is a stock that is strong once earnings normalization is confirmed, but whose profit margin narrows if bio selling prices and input costs deteriorate again.
🔎 Valuation vs peers Undervalued
Rather than a plain packaged-foods classification, the peer set is large diversified food companies that handle both processed and staple food ingredients; still, these peers lack CJ CheilJedang's distinctive structure of bio amino acids and the consolidated logistics arm (CJ Logistics), so a one-to-one comparison has limits.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Orion | 14.00x | 1.37x | 10.35% |
| Nongshim | 13.94x | 0.81x | 6.11% |
| Lotte Wellfood | 13.24x | 0.43x | 2.99% |
(a) The peers Orion, Nongshim, and Lotte Wellfood trade at a P/E of 12-14x, whereas CJ CheilJedang shows no trailing P/E because of last year's loss. (b) That loss, however, was driven mainly by a one-off cost, the collusion-penalty provision of about ₩334.9 billion, so on normalized forward earnings the stock trades at a lower multiple than peers. (c) With first-quarter controlling-interest net profit jumping sharply to confirm earnings normalization, and adding in the P/B of 0.4x and the 3.2% dividend, the forward view that strips away the trailing distortion places it in undervalued territory. That said, continued recovery in bio selling prices is the underlying premise.
Price history Close · MA20 · MA60
The latest close is ₩203,000 and the market capitalization is ₩3.1 trillion. The price sits above its 20-day moving average (₩190,390) and above its 60-day moving average (₩197,245). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 62.2, a neutral level. The one-month change is +1.2%, the three-month change is -11.7%, and the position relative to the 52-week high is -19.4%. Relative strength versus the KOSPI is 23 (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 22% of all stocks. Over the past three months it outpaced the index by 4.3%. 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 +4.31% / 6M -24.19% / 12M -58.28%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.41x is below the sector median (0.56x).
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 -6.8%, below the sector average (4.0%). The operating margin is 4.3%. The debt ratio is 256.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $18.8B | $19.1B | $19.2B | +0.38% ↓ slower |
| Operating profit | $962.4M | $1.0B | $866.6M | -15.04% ↓ slower |
| Net profit | $272.0M | $92.9M | -$401.4M | -532.03% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $18.5B | $21.1B | $18.8B | $19.1B | $19.2B |
| Operating profit | $1.1B | $1.2B | $962.4M | $1.0B | $866.6M |
| Net profit | $626.9M | $563.9M | $272.0M | $92.9M | -$401.4M |
| Revenue CAGR | 4-yr avg 0.99% | ||||
Revenue rose 0.4% year over year (2023 ₩26.8 trillion → 2024 ₩27.2 trillion → 2025 ₩27.3 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 15.0% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.0%. The two-year revenue CAGR is 1.0%. In the most recent quarter (Q1 2026), revenue was 6.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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
- Debt is somewhat higher than equity (debt ratio 256.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 89.7%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue rose 0.4% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-05-12EarningsFirst-quarter 2026 consolidated preliminary results disclosed — net profit of ₩119.8 billion (more than double year on year), controlling-interest net profit of ₩81.8 billion, confirming an earnings recoveryShort term: with last year's one-off penalty provision gone, net profit returns to a normal track. Mid term: positive as it confirms a trough in forward earnings. Source
- 2026-05-15FilingFirst-quarter 2026 quarterly report filed — segment-level (food, bio, logistics) profit and loss and financial detail disclosedShort term: confirms the finalized figures behind the preliminary results. Mid term: a basis for checking food operating-profit growth and the shift toward bio specialties. Source
- 2026-05-11DividendCash and stock dividend approved and record date set — ₩6,000 per share (a dividend yield of about 3.2% at the current price)Short term: maintaining the dividend through the loss period shows the stability of shareholder returns. Mid term: the cash-flow capacity to sustain dividends warrants checking. Source
- 2026-04-20IREarnings-announcement pre-notice and investor briefing notice — explaining the direction of portfolio realignment and financial-structure improvementShort term: limited direct profit-and-loss impact. Mid term: material for gauging the bio business direction and financial-improvement plan. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated net profit | ₩119.8 billion | ₩119.8 billion, net profit ₩81.8 billion | Confirmed | link |
| First-quarter 2026 consolidated operating profit (cumulative) | ₩238.1 billion (-17.2% YoY) | ₩238.1 billion | Confirmed | link |
| Cash dividend per share (DPS) | ₩6,000,x 3.2% | ₩6,000 | Confirmed | link |
| Estimated 2026 controlling-interest net profit | approx. ₩370.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12EarningsFair-disclosure notice
- 2026-05-11Disclosure
- 2026-05-11Disclosure
- 2026-05-11Disclosure
- 2026-05-11DividendCash/stock dividend decision
- 2026-05-11DividendCash/stock dividend decision
- 2026-05-06Disclosure
- 2026-04-20Disclosure
- 2026-04-20EarningsEarnings disclosure
📖 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.