Jinyang Holdings is a holding company that owns stakes in its affiliates, controls their businesses, and collects dividends from them. It sits atop seven subsidiaries and five second-tier subsidiaries active in polyurethane, rubber, and plastic materials, so its earnings hinge heavily on how those affiliates perform, on the value of the stakes it holds, and on disclosures that change its share count. In March the company laid out a corporate value-up plan, and in the same month a rights offering was fully paid in, with the new shares listing on March 25. The points worth watching now: a P/B of 0.49x, a high dividend yield of roughly 6.9%, and operating and net profit that have grown over the past two years all speak to strengths on the asset and dividend side, while flat revenue points to weak top-line growth momentum, a 4.8% ROE reflects unremarkable capital efficiency, and earnings that depend on affiliate results are all cautions to weigh alongside them.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 2.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 4.4% higher than a year earlier.
- ROE is 4.8% (controlling-interest basis). It is below the sector average.
- Operating margin is 2.1%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder KPX Holdings 67.12% (corporate)
Controlling bloc incl. related parties 67.35%
With the controlling bloc holding 67%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Rather than making products itself, Jinyang Holdings is a holding company that owns stakes in affiliates, controls their businesses, and collects dividends from them.
- It was formed in 2008 by carving out and merging the investment arms of Jinyang Industrial, Jinyang Chemical, and Jinyang Polyurethane, and as of the end of 2025 it held seven subsidiaries and five second-tier subsidiaries.
- The affiliates work in polyurethane, rubber, and plastic materials, and the holding company's earnings turn largely on the dividends flowing in from them and on changes in the value of those stakes.
- It therefore helps to understand the company by looking not so much at individual product trends but at affiliate results, the value of the stakes held, and disclosures that change the share count.
- The latest close is ₩3,010 and the market cap is ₩192.3 billion.
- The price sits above its 20-day line (₩2,960) and above its 60-day line (₩2,997).
- Being above both the short- and mid-term moving averages, the trend is on the healthy side.
- The RSI (a gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 54.9, a neutral reading.
- The price is up 3.1% over one month and 0.5% over three months, and stands 15.1% below its 52-week high.
- Relative strength versus the KOSPI is 26 (on a 1-99 scale, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 74% of all stocks by strength.
- Over the past three months it trailed the index by 20.0%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Latest annual revenue was ₩279.8 billion, with operating profit of ₩5.8 billion and net profit of ₩18.2 billion.
- Because it is a holding company, the operating margin (2.1%) reads low, but net profit, which adds in affiliate dividends, comes out larger than operating profit.
- ROE (how much a company earns in a year on its equity) is 4.8%, which is not dazzling.
- The P/E (how many years of earnings the price represents) is 10.58x and the P/B (how many times book value the price represents) is 0.51x.
- A P/B well below 1x means the stock trades at half the value of the company's net assets, so against its asset base the price is not demanding but rather on the cheap side.
- A payout ratio of 60.7% and a dividend yield of roughly 6.9% are also distinct features of this company.
- The debt ratio is 186.1%, but this should be read bearing in mind that a holding company's consolidated statements roll in the debt of its subsidiaries.
- Revenue moved within a narrow band, at ₩271.1 billion in 2023, ₩286.8 billion in 2024, and ₩279.8 billion in 2025.
- Operating profit, by contrast, rose for two straight years, from ₩3.5 billion in 2023 to ₩4.9 billion in 2024 and ₩5.8 billion in 2025, while net profit reached ₩18.2 billion in 2025, up 18.6% from the prior year.
- Revenue is flat, but profit is on a recovering, rising path.
- In the most recent quarter, Q1 2026, revenue rose 4.4% and operating profit 2.2% from the same period a year earlier, extending the uptrend.
- This year's annual revenue is gauged at roughly ₩311.0 billion, reflecting the quarterly trend; since this is an estimate based on Q1 results and the historical distribution across quarters, it is best treated as a reference line for direction.
- As a holding company, affiliate results and dividend decisions determine how wide its profit swings.
- Recent disclosures center on capital and share count.
- On March 26, 2026, through a corporate value-up plan (voluntary disclosure), the company set out its plans on shareholder value directly, and on the 12th of the same month the previously resolved rights offering (allocation to existing shareholders followed by a general public offering of forfeited shares) was 100% paid in, with the new shares listing on March 25.
- A correction disclosure on the subscription results from March 9 shows details such as the arrangement whereby the lead underwriter took up the shares on its own account rather than conducting a public offering of forfeited shares.
- A rights offering has two sides, bringing in cash while increasing the share count, so it is worth watching where the incoming funds are used and whether they flow into affiliate investment.
- The strengths of this company are clear.
- The stock trades at half the value of its net assets (a P/B of 0.49x) and the dividend yield is high at roughly 6.9%, so from an asset- and dividend-focused view its appeal is distinct.
- That operating and net profit have grown over the past two years, and that the uptrend continued into Q1 2026, are also positives.
- There are points to watch as well.
- Revenue itself is flat, so top-line growth momentum is weak, and a 4.8% ROE means the efficiency with which it puts capital to work is not outstanding.
- Moreover, a holding company's earnings depend on affiliate dividends and stake values, so a wobble in affiliate results would ripple through.
- In sum, this is a stock whose strengths come alive for those looking to hold long for asset value and a steady high dividend, but whose appeal fades for those expecting rapid top-line growth or high capital efficiency.
🔎 Valuation vs peers Undervalued
Compared against a peer set of similarly sized companies by market cap within rubber and plastics.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Baiksan | 5.90x | 0.76x | 12.95% |
| Mirae Nanotech | 16.27x | 0.75x | 4.62% |
| Samyang Packaging | 7.29x | 0.33x | 4.57% |
We looked first at a public-data peer set of similar market cap within rubber and plastics. The current P/E (how many years of earnings the price represents) is 10.58x and the P/B (how many times book value the price represents) is 0.51x. That said, smaller-cap names are heavily swayed by earnings volatility and financing disclosures, so we did not draw firm conclusions from figures based solely on last year's confirmed results. 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 | ₩311.0 billion | — | — |
| Next quarter | Q2 2026 | ₩80.5 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩3,010 and the market capitalization is ₩192.3 billion. The price sits above its 20-day moving average (₩2,960) and above its 60-day moving average (₩2,997). 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 54.9, a neutral level. The one-month change is +3.1%, the three-month change is +0.5%, and the position relative to the 52-week high is -15.1%. Relative strength versus the KOSPI is 26 (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 26% of all stocks. Over the past three months it lagged the index by 20.0%. 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 -20.00% / 6M -39.05% / 12M -62.44%
Key metrics vs sector median
Valuation
The P/E of 10.58x is below the sector median (12.90x). The P/B of 0.51x is below the sector median (0.75x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 4.8%, below the sector average (6.0%). The operating margin is 2.1%. The debt ratio is 186.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $179.7M | $190.1M | $185.5M | -2.45% ↓ slower |
| Operating profit | $2.3M | $3.3M | $3.8M | +17.70% ↓ slower |
| Net profit | $23.9M | $10.2M | $12.0M | +18.63% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $149.0M | $155.5M | $179.7M | $190.1M | $185.5M |
| Operating profit | $4.5M | $3.5M | $2.3M | $3.3M | $3.8M |
| Net profit | $6.6M | $16.2M | $23.9M | $10.2M | $12.0M |
| Revenue CAGR | 4-yr avg 5.63% | ||||
Revenue fell 2.5% year over year (2023 ₩271.1 billion → 2024 ₩286.8 billion → 2025 ₩279.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit rose 17.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.6%. The two-year revenue CAGR is 1.6%. In the most recent quarter (Q1 2026), revenue was 4.4% 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.
- The dividend yield, at 6.6%, is on the high side.
Points to watch
- Revenue fell 2.5% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-26UpdateCorporate value-up plan (voluntary disclosure): reviewing the original text of the company's planThis is a plan-type document the company presented directly. If it contains figures, treat them as the primary basis for the outlook box; if not, view it only as directional material. Source
- 2026-03-12UpdateResults of a rights offering or issuance of equity-linked bonds (voluntary disclosure): 1) The rights offering resolved by the board on December 5, 2025 (allocation to existing shareholders followed by a general public offering of forfeited shares) was 100% paid in as described above. 2) Upcoming schedule - scheduled listing date for the new shares: March 25, 2026. * Related disclosure 2026-03-09 rights offering or equity-linkedThis disclosure calls for weighing the purpose of the incoming funds together with the change in share count. Where a facility or operating purpose is stated, the key is whether the investment is actually carried out and connects to revenue. Source
- 2026-03-09Update[Correction] Subscription results of a rights offering or issuance of equity-linked bonds (voluntary disclosure): pursuant to Article 9(2) of the securities underwriting rules of the Korea Financial Investment Association, these shares were not allocated to public subscribers and were instead taken up by the lead underwriter, Shinhan Investment, on its own account. (No public offering of forfeited shares was conducted.) The fractional shares (1,105) arising after existing shareholders' excess subscription were handled by the Korea Financial Investment AssociationThis disclosure calls for weighing the purpose of the incoming funds together with the change in share count. Where a facility or operating purpose is stated, the key is whether the investment is actually carried out and connects to revenue. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,010 | ₩3,010 | Confirmed | link |
| Latest quarterly results | revenue ₩73.7 billion, operating profit ₩2.3 billion | revenue ₩73.7 billion, operating profit ₩2.3 billion | Confirmed | link |
| Annual results | revenue ₩279.8 billion, operating profit ₩5.8 billion | revenue ₩279.8 billion, operating profit ₩5.8 billion | Confirmed | link |
| Original text of the outlook/plan disclosure | : | : | Confirmed | link |
| Original text of the financing disclosure | : 1) 2025 12 5 100% . 2) - : 2026 3 25 ※ 2026-03-09 | : 1) 2025 12 5 100% . 2) - : 2026 3 25 ※ 2026-03-09 | Confirmed | link |
| Original text of the financing disclosure | []approx. : ) 9 2 approx. ㈜ . approx. | []approx. : ) 9 2 approx. ㈜ . approx. | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Disclosure
- 2026-03-18OwnershipOwnership-change filing
- 2026-03-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-18OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-13Shareholders' meeting notice
- 2026-03-13OwnershipLargest-shareholder ownership change report
- 2026-03-12PeriodicAnnual business report (amended)
- 2026-03-12Earnings disclosure
- 2026-03-12Paid-in capital increase
📖 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.