iMarketKorea's core business is B2B procurement outsourcing, sourcing on behalf of companies the maintenance, repair and operations (MRO) supplies they buy repeatedly, using a standardized catalog and logistics network. Founded in 2000 with capital from Samsung affiliates, it started out on Samsung-bound revenue and, after joining the Interpark group in 2011, broadened its customer base beyond Samsung. It runs revenue in the ₩3 trillion range at thin margins in a high-volume, low-margin model, so an operating margin of around 1% is an intrinsic feature of the business. At the March annual general meeting it confirmed a 67.6% payout ratio for 2025 and, through a corporate value-up plan, formalized profitability-led growth and dividend continuity; in May it declared a quarterly dividend of ₩100 per share alongside preliminary Q1 results (a return to profit), tightening the return cycle from once a year to quarterly. What stands out is that a P/B of 0.65x, a forward P/E of 4.20x (versus 11.46x on last year's earnings), a dividend of roughly 6%, the newly adopted quarterly dividend, its position as the domestic number two and the Q1 return to profit are all strengths, but with a wafer-thin operating margin of around 1% and revenue that has fallen for three years, the appeal comes into focus only if customer utilization holds up and the recovery carries through the year.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 368.7%).
- Revenue fell 8.0% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 12.7% higher than a year earlier.
- ROE is 5.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 0.7%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Gradiant 43.02% (corporate)
Controlling bloc incl. related parties 43.12%
With the controlling bloc holding 43%, the ownership structure is stable.
🔎 In-depth analysis
- iMarketKorea's core business is B2B procurement outsourcing - sourcing on behalf of companies the maintenance, repair and operations (MRO) supplies they buy repeatedly to run factories and offices (tens of thousands of items such as tools, safety gear, office supplies and industrial parts).
- Instead of each customer managing countless vendors itself, the company supplies everything at once through a standardized catalog and logistics network, earning money on the spread and fees.
- Founded in 2000 with capital from Samsung affiliates, its starting point was Samsung-bound revenue; after joining the Interpark group (now Gradiant) in 2011, it broadened its base among large corporate customers beyond Samsung.
- The main revenue pillar is industrial supplies, followed by IT and general office supplies, with consolidated businesses such as pharmaceutical and hospital-supply distribution through subsidiaries adding on.
- Because it runs enormous volume at thin margins in a high-volume, low-margin model, an operating margin of around 1% against revenue in the ₩3 trillion range is an intrinsic feature of the business structure, not in itself a sign of trouble.
- The latest close is ₩7,190 and market capitalization is ₩240.4 billion.
- The price sits below its 20-day line (₩7,364) and below its 60-day line (₩7,420).
- With the price under both its short- and medium-term moving averages, the trend is subdued.
- RSI (a gauge that scores the strength of gains versus losses over the past 14 days on a 0-100 scale) is 43.2, a neutral level.
- The one-month change is -1.9%, the three-month change is -2.3%, and the position versus the 52-week high is -16.3%.
- Relative strength against the KOSPI is 22 (1-99, computed from returns versus 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 79% of all stocks by strength.
- Over the past three months it lagged the index by 22.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The P/B (how many times net asset value the price represents) is 0.65x, so the stock trades below even the company's net assets.
- The P/E (how many times one year's earnings the price represents) is 11.46x on confirmed 2025 earnings, but there is a trap here: 2025 was a year in which a fourth-quarter loss temporarily depressed profit, and dividing by that low profit makes the P/E look pricier than it is.
- For a stock in an earnings-recovery phase, the true picture comes from the forward P/E on this year's expected earnings rather than last year's figure.
- That value is 7.96x, well below last year's basis and cheap against peers, so it reads as undervalued not only on assets but also on earnings.
- The operating margin of 0.7% and ROE (how much is earned in a year on equity) of 5.7% are thin as profitability metrics, but these are structural figures that come from high-volume, low-margin distribution.
- The debt ratio (debt against equity) of 368.7% looks high on the number alone, but procurement outsourcing pays for materials before collecting from customers, so trade payables and credit are booked as liabilities - different in character from a manufacturer's borrowing burden.
- Still, with a current ratio of 1.09x and interest coverage of 2.6x, headroom is tight, so working-capital management is a point to keep watching.
- The top line has fallen for three straight years, with 2025 revenue of ₩3.0544 trillion (-8.0% year on year) and annual operating profit of ₩20.3 billion, down 54.6%.
- Much of this annual weakness, however, was dragged down by a loss-making fourth quarter of 2025.
- On a quarterly view the picture changes clearly.
- Q1 2026 revenue was ₩842.5 billion, up 12.7% year on year; operating profit was ₩16.6 billion, swinging back to profit from the prior quarter's loss and up 70.3% year on year; and net profit was ₩12.7 billion, up 238%.
- Revenue rising back into double digits and profit recovering sharply shows the core business returning to a normal track as customer utilization revives.
- This year's forward P/E of 7.96x, well below last year's basis of 11.46x, reflects the recovered profit, and rests on the assumption that the Q1 earnings recovery carries through the year.
- The key variables are whether 2025 was the bottom and whether the Q1 strength holds through the remaining quarters.
- Recent disclosures read as a mix of earnings recovery and stronger shareholder returns.
- At the March annual general meeting the company confirmed a 67.6% payout ratio for 2025 (about two-thirds of profit paid out), and around the same time a corporate value-up plan (voluntary disclosure) formalized profitability-led growth, new-business expansion, and dividend continuity that does not impair shareholder value.
- In May it disclosed preliminary Q1 2026 results (a return to profit) and simultaneously declared a ₩100-per-share quarterly dividend, tightening the shareholder-return cycle from once a year to quarterly.
- Investor briefings (IR) were held one after another in May and June, increasing communication.
- Meanwhile, disclosures of affiliate and related-party cash transactions such as extensions of loan terms are a point to keep watching from a governance standpoint.
- The strengths are clear.
- First, on top of a P/B of 0.65x below net assets, the P/E of 11.46x on last year's earnings falls to a forward P/E of 4.20x on this year's recovered earnings, moving into a zone that is cheap on earnings as well as assets.
- Second, a high dividend of around 6% and the adoption of a quarterly dividend have thickened shareholder returns.
- Third, in Q1 2026 revenue grew double digits and operating profit swung back to a profit, confirming the core recovery in the numbers, backed by a stable number-two market position.
- Points to watch are the wafer-thin operating margin of around 1%, which makes profit sensitive to cost and cyclical swings, and annual revenue that has fallen for three years, so the story is more one of recovery than growth.
- In short, if customer utilization holds and the Q1 earnings recovery carries through the year, the low P/B, low forward P/E and high dividend come into focus together; conversely, if the revenue decline deepens again or margins are squeezed, the volatility of the thin earnings structure shows first.
🔎 Valuation vs peers Fairly valued
With no listed pure-play MRO procurement outsourcer domestically (the number one, Serveone, and number three, N2B, are unlisted), general trading and distribution companies that run logistics and distribution on high volume and thin margins were used as a structural peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Corporation | 3.43x | 0.43x | 12.53% |
| Youngone Corporation | 7.42x | 0.89x | 12.03% |
| LS Networks | — | 0.25x | -3.58% |
The P/B of 0.68x is mid-pack among peers (above Hyundai Corporation's 0.48 and LS Networks' 0.27, below Youngone's 0.84), so it takes a discount to net assets but is not at the cheapest end. With ROE of 5.7% below the peer set (around 12%), the low P/B largely reflects the profitability gap. The key is the P/E. The trailing P/E of 12.1x is calculated on temporarily depressed 2025 earnings and looks somewhat pricey, but on this year's forward basis, reflecting the Q1 return to profit and the surge in net profit, it drops below this and moves closer to the peer range. With a clear high-dividend attraction set against thin-margin, negative-growth discount factors, the current price is seen as fairly valued and hard to call one way or the other.
Price history Close · MA20 · MA60
The latest close is ₩7,190 and the market capitalization is ₩240.4 billion. The price sits below its 20-day moving average (₩7,364) and below its 60-day moving average (₩7,420). 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 43.2, a neutral level. The one-month change is -1.9%, the three-month change is -2.3%, and the position relative to the 52-week high is -16.3%. Relative strength versus the KOSPI is 22 (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 21% of all stocks. Over the past three months it lagged the index by 22.3%. 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 -22.28% / 6M -43.01% / 12M -63.29%
Key metrics vs sector median
Valuation
The P/E of 11.47x is above the sector median (9.68x). The P/B of 0.65x is below the sector median (0.80x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 5.7%, below the sector average (7.0%). The operating margin is 0.7%. The debt ratio is 368.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.3B | $2.2B | $2.0B | -7.95% ↓ slower |
| Operating profit | $33.9M | $29.7M | $13.5M | -54.63% ↓ slower |
| Net profit | $10.0M | $17.9M | $13.9M | -22.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.1B | $2.4B | $2.3B | $2.2B | $2.0B |
| Operating profit | $30.1M | $37.3M | $33.9M | $29.7M | $13.5M |
| Net profit | $25.3M | $14.7M | $10.0M | $17.9M | $13.9M |
| Revenue CAGR | 4-yr avg -0.63% | ||||
Revenue fell 8.0% year over year (2023 ₩3.4 trillion → 2024 ₩3.3 trillion → 2025 ₩3.1 trillion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 54.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -0.6%. The two-year revenue CAGR is -5.6%. In the most recent quarter (Q1 2026), revenue was 12.7% 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 6.3%, is on the high side.
Points to watch
- Revenue fell 8.0% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-05-06EarningsQ1 2026 consolidated preliminary results: revenue ₩842.5 billion (+12.7% year on year), operating profit ₩16.6 billion (a return to profit from the prior quarter's loss, +70.3% year on year), net profit ₩12.7 billion (+238%).In the short term, a clear earnings-recovery signal after the prior-year fourth-quarter loss, easing the valuation burden on depressed trailing earnings. Source
- 2026-05-06Dividend₩100-per-share cash quarterly dividend declared (total about ₩3.15 billion, record date 2026-03-31). A shift from once a year to a quarterly dividend.In the medium term, tightening the shareholder-return cycle strengthens the high-dividend appeal and is a signal consistent with the corporate value-up plan. Source
- 2026-03-31FilingCorporate value-up plan (voluntary disclosure): formalizes profitability-led growth, new-business expansion, financial-soundness strengthening, and dividend continuity that does not impair shareholder value. Confirms a 67.6% payout ratio for 2025.In the medium term, sets out the company's official capital-policy direction. It is a qualitative plan, however, with no revenue or profit targets specified. Source
- 2026-06-05IRInvestor briefing (IR) notice disclosure. Briefings for investors were held one after another across May and June.In the short term, a signal of expanded investor communication, consistent with the IR-expansion intent of the corporate value-up plan. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated net profit | ₩12.7 billion | 12,716 | Confirmed | link |
| 2025 payout ratio | 67.6%(base fundamentals payout_ratio 0.676) | 67.6% | Confirmed | link |
| Q1 2026 revenue | ₩842.5 billion | 842,455 | Confirmed | link |
| Forward multiple based on 2026 estimated net profit | self-estimate | — | Unverified | link |
Recent filings
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-01Corporate governance report
- 2026-05-27Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-06Amended filing
- 2026-05-06EarningsFair-disclosure notice
- 2026-05-06DividendCash/stock dividend decision
- 2026-03-31Amended filing
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
📖 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.