Haitai Confectionery & Foods makes and sells long-standing snack brands such as Oh Yes, Home Run Ball, and Matdongsan, plus ice cream led by Bravo Cone. Its model is to buy raw materials like flour, sugar, and fats and turn them into snacks and ice cream sold through hypermarkets, convenience stores, and online, so results move with raw-material prices, sales volume, and price increases. In February 2026 it decided on a cash and in-kind dividend with a yield reaching 4.6%; in May, Q1 results (revenue ₩157.7 billion, operating profit ₩10.7 billion, net profit ₩6.7 billion) were released, along with a report on a corporate-bond issuance. The point worth watching is that in a phase where costs are stable and the dividend is maintained, the 4.6% yield works together with a cheap valuation of a P/B of 0.52x and a P/E of 6.84x; on the other hand, as Q1 operating profit fell year on year, margins can be squeezed if raw-material costs rise again, and with a current ratio of 56% there is not much short-term cash headroom.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 230.2%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 56.1%).
- Revenue rose 1.9% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 0.8% lower than a year earlier.
- ROE is 7.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.6%.
Ownership & governance As of 2025-12-31
Largest shareholder Crown Haitai Holdings 60% (corporate)
Controlling bloc incl. related parties 61.9%
With the controlling bloc holding 62%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Haitai Confectionery & Foods is a food company that makes and sells snacks and ice cream.
- Its core product lines are long-standing snack brands such as Oh Yes, Home Run Ball, Matdongsan, and Ace, and ice cream led by Bravo Cone.
- The way it earns money is simple: it buys raw materials like flour, sugar, fats, and milk, turns them into snacks and ice cream, and sells them through hypermarket, convenience-store, and online channels.
- So results move with raw-material prices, sales volume, and whether price increases stick.
- With high brand recognition and everyday products whose consumption is not heavily swayed by the economy, it is a stable business whose revenue neither surges nor slumps sharply.
- The latest close is ₩5,480 and the market cap is ₩159.6 billion.
- The price sits below its 20-day line (₩5,717) and below its 60-day line (₩6,119).
- Trading below both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward momentum over the past 14 days on a 0–100 scale) is 42.6, a neutral level.
- The one-month change is -2.1%, the three-month change is -13.4%, and the position versus the 52-week high is -32.9%.
- Relative strength versus the KOSPI is 10 (1–99, converted from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 91% of all stocks by strength.
- Over the past three months it has trailed the index by 31.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- Recent annual revenue is ₩641.4 billion, with operating profit of ₩42.3 billion and net profit of ₩23.3 billion.
- The operating margin is 6.6% and ROE (how much it earns in a year on equity) is 7.5%, above the average for the food sector.
- The debt ratio (debt to equity) of 230.2% looks somewhat high, but with operating profit covering interest 4.1x, it is not at a level that makes debt hard to service.
- The valuation actually stands out.
- The P/E (how many times one year's profit the share price is) is 6.85x and the P/B (how many times book value the share price is) is 0.52x, meaning it trades at half the value of the company's net assets.
- A P/B below 1x means the market prices it below book value, so it is not a burdensome price band.
- The forward P/E on this year's earnings is 6.34x, lower than the current figure, which signals that this year's earnings strength is no weaker than last year's — support for the view that the cheap valuation is not a temporary illusion.
- Revenue rose a little each year, from ₩624.9 billion in 2023 to ₩629.2 billion in 2024 and ₩641.4 billion in 2025, a trend in which the pace of growth is actually quickening (+1.9% year on year).
- It is not explosive growth, but as befits an everyday staple food with steady consumption, the revenue line holds an upward slope.
- In the latest quarter (Q1 2026), revenue of ₩157.7 billion was almost flat with a year earlier (-0.8%), while operating profit of ₩10.7 billion and net profit of ₩6.7 billion came in below the same period last year.
- The drop in quarterly earnings was likely influenced by raw-material-cost pressure.
- For the full year, however, revenue holds in the ₩640-billion range, with operating profit of about ₩39.9 billion and net profit of about ₩25.0 billion plausible.
- In particular, this year's expected net profit (₩25.0 billion) is actually above last year's confirmed figure (₩23.3 billion), so the Q1 weakness is not a structure that leads to a full-year earnings decline.
- If the effect of price increases and cost stability come together, recovery in earnings can be expected as the year progresses into the second half.
- Recent disclosures run along three lines — financing, dividends, and results.
- On February 25, 2026, it decided on a cash and in-kind dividend, and a high yield reaching 4.6% is this company's core appeal.
- Whether earnings and cash flow comfortably support the dividend is the point to watch.
- On March 17, a securities-issuance results report on a corporate-bond issuance came out.
- It helps to look together at the use of the raised funds (facility investment or working capital) and whether it feeds through to revenue.
- On May 15, the quarterly report confirmed and released Q1 2026 results (revenue ₩157.7 billion, operating profit ₩10.7 billion, net profit ₩6.7 billion).
- It is best to check whether this moves in the same direction as the annual outlook and whether any one-off costs are mixed in.
- The strengths are clear.
- On the back of familiar brands, revenue is steady, the dividend yield is high at 4.6%, and with a P/B of 0.52x and a P/E of 6.84x it trades cheaply against both book value and earnings.
- Add that this year's expected earnings are not lower than last year's, and it reads as a spot to pursue undervaluation and dividends together.
- There are points to examine.
- As Q1 operating profit fell year on year, margins can be squeezed if raw-material costs rise again, and with a current ratio of 56% there is not much short-term cash headroom.
- Thin trading, which can move the price sharply at once, is also a factor to keep in mind.
- In sum, in a phase where costs are stable and the dividend is maintained, the cheap valuation and dividend work together; if raw-material costs spike again or a stretch of weak quarterly earnings drags on, margin recovery can be delayed.
🔎 Valuation vs peers Fairly valued
A peer set drawn from food-product names close in market cap.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Maeil Holdings | 4.17x | 0.31x | 7.53% |
| S&D | 7.12x | 1.70x | 23.90% |
| Cosmax NBT | — | 3.70x | -34.00% |
We looked first at a public-data peer set close in market cap within food products. The current P/E (how many times one year's profit the share price is) is 6.85x and the P/B (how many times book value the share price is) is 0.52x. That said, because smaller-cap names are heavily affected by earnings swings and financing disclosures, we did not draw firm conclusions from last year's confirmed-results metrics alone. 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 | ₩640.0 billion | ₩39.9 billion | ₩25.0 billion |
| Next quarter | Q2 2026 | ₩160.7 billion | ₩9.4 billion | ₩5.9 billion |
Price history Close · MA20 · MA60
The latest close is ₩5,480 and the market capitalization is ₩159.6 billion. The price sits below its 20-day moving average (₩5,717) and below its 60-day moving average (₩6,119). 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 42.6, a neutral level. The one-month change is -2.1%, the three-month change is -13.4%, and the position relative to the 52-week high is -32.9%. Relative strength versus the KOSPI is 10 (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 9% of all stocks. Over the past three months it lagged the index by 31.1%. 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 -31.15% / 6M -50.92% / 12M -71.09%
Key metrics vs sector median
Valuation
The P/E of 6.85x is below the sector median (8.80x). The P/B is 0.52x.
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 8.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.08x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.5%, above the sector average (4.0%). The operating margin is 6.6%. The debt ratio is 230.2%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $414.1M | $417.0M | $425.1M | +1.94% ↑ faster |
| Operating profit | $30.3M | $32.5M | $28.1M | -13.74% ↓ slower |
| Net profit | $14.3M | $21.0M | $15.4M | -26.62% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $376.3M | $391.2M | $414.1M | $417.0M | $425.1M |
| Operating profit | $17.2M | $15.4M | $30.3M | $32.5M | $28.1M |
| Net profit | -$203,724 | -$1.5M | $14.3M | $21.0M | $15.4M |
| Revenue CAGR | 4-yr avg 3.10% | ||||
Revenue rose 1.9% year over year (2023 ₩624.9 billion → 2024 ₩629.2 billion → 2025 ₩641.4 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 13.7% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.1%. The two-year revenue CAGR is 1.3%. In the most recent quarter (Q1 2026), revenue was 0.8% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 4.6%, is on the high side.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-03-17UpdateSecurities-issuance results report: any remaining funds are to be covered by the company's own funds. Note 2) The funds raised through this corporate-bond issuance are to be managed in high-stability financial instruments until the scheduled time of use.This is a disclosure where the purpose of the fund inflow and changes in share count should be read together. When facility or operating purposes are specified, whether the investment is actually carried out and linked to revenue is the key. Source
- 2026-02-25UpdateCash and in-kind dividend decision: check the return termsThis is a disclosure related to cash returns or changes in share count. Confirm that earnings strength and cash flow provide support. Source
- 2026-05-15EarningsQuarterly report (2026.03): Q1 2026 revenue ₩157.7 billion, operating profit ₩10.7 billion, net profit ₩6.7 billionThis is the latest confirmed or preliminary results data. Check whether it moves in the same direction as the annual trend and whether any one-off factors are present. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩5,480 | ₩5,480 | Confirmed | link |
| Latest quarterly results | revenue ₩157.7 billion, operating profit ₩10.7 billion | revenue ₩157.7 billion, operating profit ₩10.7 billion | Confirmed | link |
| Annual results | revenue ₩641.4 billion, operating profit ₩42.3 billion | revenue ₩641.4 billion, operating profit ₩42.3 billion | Confirmed | link |
| Financing disclosure (original text) | : .2) . | : .2) . | Confirmed | link |
| Shareholder-return disclosure (original text) | ㆍ: | ㆍ: | Confirmed | link |
| Results disclosure (original text) | (2026.03): 2026 1 revenue ₩157.7 billion · operating profit ₩10.7 billion · net profit ₩6.7 billion | (2026.03): 2026 1 revenue ₩157.7 billion · operating profit ₩10.7 billion · net profit ₩6.7 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-24Disclosure
- 2026-03-18Audit report
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Earnings disclosure
- 2026-03-17Disclosure
- 2026-03-16Disclosure
- 2026-03-11Disclosure
- 2026-03-11Amended 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.