Golfzon Holdings is a holding company that owns and controls golf-business subsidiaries such as Golfzon Commerce, which distributes golf goods, and Golfzon County, which operates golf courses, rather than selling products directly. Its consolidated revenue comes from golf-goods distribution and golf-course operation, while the holding company's own income consists of brand royalties, management advisory fees, equity-method income, and dividends. In March, governance filings such as a CEO change and the appointment of outside directors followed alongside regular reports, and 'material management matters of subsidiaries' disclosures recur, reflecting its nature as a holding company. Its dividend is steadily maintained at ₩250 per share (a dividend yield of roughly 5% and a payout ratio of about 40%). What stands out recently is that, with market cap at about 0.25x equity, the price is heavily depressed relative to assets even before accounting for the value of its subsidiary stakes, and the roughly 5% dividend adds to the appeal; on the other hand, revenue and operating profit have been gradually declining for several years, net profit swings sharply each quarter with subsidiaries' equity-method results, and Golfzon County's ownership structure with outside investors may limit the share the holding company enjoys.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue fell 8.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 0.8% lower than a year earlier.
- ROE is 3.2% (controlling-interest basis). It is below the sector average.
- Operating margin is 7.9%.
- P/B is low versus peers too, so it looks cheap on an asset basis as well.
Ownership & governance As of 2019-12-31
Largest shareholder Kim Won-il 42.89% (individual)
Controlling bloc incl. related parties 42.89%
With the controlling bloc holding 43%, the ownership structure is stable.
🔎 In-depth analysis
- Golfzon Holdings is a holding company that owns and controls the stakes of several golf-business subsidiaries, rather than a company that sells products directly.
- With the 'GOLFZON' brand at its center, it holds affiliates including Golfzon Commerce, which distributes golf goods; Golfzon County, which operates golf courses; and global, platform, and education arms (Leadbetter, GDR Academy).
- The main streams of consolidated revenue come from golf-goods distribution (wholesale and retail) and golf-course operation, while the holding company's own income consists of brand royalties, management advisory fees, and rental income, plus equity-method income and dividends that reflect subsidiaries' results.
- It is classified under 'wholesale' in industry codes because golf-goods distribution revenue is large on a consolidated basis, but in substance it is more accurate to view the company as a holding company that owns a bundle of golf-related subsidiaries.
- The latest closing price is ₩6,650 and the market cap is ₩284.9 billion.
- The price sits above the 20-day line (₩5,438) and above the 60-day line (₩5,029).
- Being above both the short- and mid-term moving averages, the trend is on the favorable side.
- The RSI (an auxiliary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 79.9, close to overbought territory.
- The one-month change is +43.2%, the three-month change is +37.7%, and the position versus the 52-week high is -0.1%.
- Relative strength versus the KOSDAQ is 91 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 8% of all stocks by strength.
- Over the past three months it outpaced the index by 84.8%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The valuation metrics are low at a glance.
- The P/E ratio (how many times one year's profit the price represents) is 11.86x, below the sector median, and above all the P/B (how many times book net assets the price represents) is just 0.24x.
- That means market cap (about ₩182.3 billion) is roughly a quarter of shareholders' equity (about ₩744.8 billion) - clearly cheap relative to assets.
- Profitability is not high, with an ROE (how much is earned in a year on equity) of 3.2%, but the operating margin of 7.9% is adequate, and with a debt ratio (debt versus equity) of about 142% and an interest coverage ratio of 2.5x, debt is handled without strain.
- One thing to keep in mind is that this company's net profit swings from year to year, driven by subsidiaries' equity-method results.
- So the P/E, a trailing figure calculated from last year's confirmed profit, is a reference point, and it is the P/B of 0.24x that more clearly shows this stock's undervalued character by reflecting asset value.
- The fact that the trailing P/E is not even lower is not something to view as a 'burden'; given the nature of a holding company, the asset-value perspective takes priority.
- The top line declined gradually over five years.
- Revenue fell from ₩424.1 billion in 2023 to ₩354.3 billion in 2025, operating profit came down from ₩53.7 billion to ₩28.0 billion, and net profit shrank to ₩24.0 billion in 2025, down 44.9% year over year.
- That said, in Q1 2026 revenue of ₩69.5 billion (-0.8%) and operating profit of ₩2.6 billion (+2.5%) mean the core business essentially held flat.
- The 80.8% plunge in same-quarter net profit to ₩1.6 billion is not because the core business collapsed, but because the equity-method results and one-off items that drive a holding company's net profit were booked lower than in the year-earlier period.
- In such a structure, annualizing one quarter's net profit as-is would actually understate the core business's true strength.
- No company-disclosed full-year profit forecast is confirmed for this year, so it is honest not to pin down full-year net profit to a single number.
- In short, while core operating profit is holding up, the size of final net profit is linked to subsidiaries' results and non-cash equity-method income.
- Recent disclosures are more about holding-company operations than order wins or new products.
- In March, alongside the regular general meeting, governance filings followed, including a CEO change (subsidiaries included) and the appointment of outside directors; the 2025 annual report was filed in March and the Q1 2026 report in May.
- The recurring appearance of disclosures tagged 'material management matters of subsidiaries' directly reflects the company's nature as a holding company that manages a bundle of subsidiaries.
- The dividend is steadily maintained at ₩250 per share (a dividend yield of roughly 5% and a payout ratio of about 40%), so a stable dividend has become one pillar of this stock.
- This stock has fairly clear strengths.
- Market cap sits at only about 0.25x equity, so even accounting for the value of its subsidiary stakes the price is heavily depressed relative to assets, and with core-business (distribution and golf courses) operating profit holding flat and a dividend yield in the 5% range, it combines two appeals: an asset-value discount and a dividend.
- There are points to watch as well.
- Revenue and operating profit have gradually declined for several years, so the growth engine is not strong, and net profit swings sharply each quarter with subsidiaries' equity-method results, so the stability of earnings is weak.
- Golfzon County's ownership structure with outside investors may also limit the economic share the holding company enjoys.
- The conclusion is not a one-sided verdict but rather when it is strong and when it is weak.
- From a perspective that watches for the core business to hold flat and subsidiary results to recover while looking at the discount to net asset value (NAV) and the high dividend, the appeal is clear; conversely, for someone who prioritizes quarterly net-profit stability and top-line growth, this is a stock in which volatility and slowdown are both visible.
🔎 Valuation vs peers Inconclusive
Compared against the core operating subsidiary within the same Golfzon group (Golfzon, 215000) - gauging the holding-company discount from the P/B and dividend gap between holding company and operator. For a holding company, however, a net-asset-value (NAV) view of the stakes it holds takes priority over a direct comparison of the operator's multiples.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Golfzon | 9.47x | 0.55x | 5.83% |
Whereas the group's operating arm Golfzon (215000) trades at a P/B of 0.59x, Golfzon Holdings trades at 0.27x, so the 'holding-company discount' commonly attached to holding companies is heavily reflected. The trailing P/E of 8.4x looks ordinary, but this company's net profit is driven by subsidiaries' equity-method results and inflects frequently, so it is hard to conclude over- or undervaluation from the P/E (a limitation of the confirmed-last-year-profit basis). More importantly, book equity itself carries subsidiary stakes at acquisition cost and understates them, which can create the illusion that the P/B of 0.27x looks higher than the actual net asset value (NAV). This stock should therefore be viewed through the lens of the market value of its stakes (NAV) plus operating value, rather than consolidated P/E and P/B, and while the discount to asset value is appealing, reasons for the discount - top-line slowdown and equity-method volatility - coexist, so it is left as inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩6,650 and the market capitalization is ₩284.9 billion. The price sits above its 20-day moving average (₩5,438) and above its 60-day moving average (₩5,029). 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 79.9, near overbought territory. The one-month change is +43.2%, the three-month change is +37.7%, and the position relative to the 52-week high is -0.1%. Relative strength versus the KOSDAQ is 91 (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 92% of all stocks. Over the past three months it outpaced the index by 84.8%. 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 +84.77% / 6M +71.45% / 12M +11.67%
Key metrics vs sector median
Valuation
The P/E of 11.86x is above the sector median (9.68x). The P/B of 0.38x is below the sector median (0.80x).
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 3.2%, below the sector average (7.0%). The operating margin is 7.9%. The debt ratio is 142.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $281.1M | $256.0M | $234.8M | -8.25% ↑ faster |
| Operating profit | $35.6M | $26.1M | $18.6M | -28.95% ↓ slower |
| Net profit | $24.9M | $28.9M | $15.9M | -44.91% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $276.8M | $323.9M | $281.1M | $256.0M | $234.8M |
| Operating profit | $48.5M | $62.6M | $35.6M | $26.1M | $18.6M |
| Net profit | $89.3M | $57.6M | $24.9M | $28.9M | $15.9M |
| Revenue CAGR | 4-yr avg -4.03% | ||||
Revenue fell 8.2% year over year (2023 ₩424.1 billion → 2024 ₩386.2 billion → 2025 ₩354.3 billion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit fell 28.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -4.0%. The two-year revenue CAGR is -8.6%. 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
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.8%, is on the high side.
Points to watch
- Revenue fell 8.2% year over year (3-year trend: falling).
- The price is near its 52-week high, so chasing it warrants caution around volatility.
Recent news & events searched · sourced
- 2026-05-15FilingQ1 2026 report filed - revenue ₩69.5 billion (-0.8%) and operating profit ₩2.6 billion (+2.5%) held the core business flat, but net profit fell to ₩1.6 billion, down 80.8% year over year (equity-method and one-off effects)Confirmation of a stable core business is a positive, but the plunge in net profit highlights the earnings volatility characteristic of a holding company - a burden on short-term sentiment. Source
- 2026-03-27FilingGeneral meeting results and CEO/outside-director change filings (including material management matters of subsidiaries) - governance and executive changesRoutine changes at the level of holding-company operation and subsidiary management, with limited direct impact on business fundamentals. Source
- 2026-03-19Earnings2025 annual report filed - consolidated revenue ₩354.3 billion (-8.2%), operating profit ₩28.0 billion (-29.0%), net profit ₩24.0 billion (-44.9%), with top line and profit slowing togetherIn the medium term this confirms the slowing-growth trend - a factor that weakens earnings momentum relative to the dividend appeal. Source
- 2026-03-13DividendDisclosure of general-meeting agenda items including the notice to convene - a dividend of ₩250 per share maintained (dividend yield about 5.3%, payout ratio about 40%)Continuation of the high-dividend policy supports expectations of stable cash recovery - one pillar of the medium-term appeal. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15PeriodicQuarterly report
- 2026-04-03PeriodicAnnual business report (amended)
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report (amended)
- 2026-03-13Amended filing
- 2026-03-13Amended filing
- 2026-03-13Disclosure
- 2026-03-12Audit 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.