Sunjin is a vertically integrated livestock-food company that makes and sells compound animal feed (feed), raises pigs on that feed (hog farming), and slaughters and processes them to sell products such as the 'Sunjin Pork' brand (meat). It earns money across the whole chain that turns grain into feed, feed into pigs, and pigs into meat, and since joining the Harim Group in 2007 it has handled the group's hog and pork axis. Its 2025 results were finalized at annual revenue of about ₩1.9 trillion, operating profit of ₩179.2 billion and net profit of ₩118.9 billion, with a dividend of ₩200 per share declared; the May Q1 report showed top-line and operating-line growth alongside a decline in net profit, and affiliate debt guarantees and an acquisition of another company's shares were disclosed around March. What stands out lately is that vertical integration lets it grow profit internally, operating profit has risen steadily since 2023 with a 21% ROE, and at a 0.37x P/B and a forward P/E of about 2.1x it is priced below peers - a strength. The caution is that this is a cyclical business whose results swing heavily with hog prices and grain costs, so with a debt ratio of 241.8% and interest coverage of 2.56x the financing-cost burden can shake net profit.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 241.8%).
- Revenue rose 12.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 16.8% higher than a year earlier.
- ROE is 21.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 9.4%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Harim Holdings 50% (corporate)
Controlling bloc incl. related parties 50.08%
With the controlling bloc holding 50%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Sunjin is a vertically integrated livestock-food company that makes and sells compound animal feed (feed segment), raises pigs directly on that feed to produce finishing hogs (hog-farming segment), and slaughters and processes those pigs into meat and processed-meat products such as the 'Sunjin Pork' brand (meat segment).
- Put simply, it earns money across the entire chain that turns grain into feed, feed into pigs, and pigs into meat.
- It joined the Harim Group in 2007 and handles the group's hog and pork axis.
- Because a single company holds the whole chain, when pork prices rise, profit grows across both hog farming and meat, and it can capture the margin from feed all the way through to meat internally.
- Worth remembering, though, is that this is a cyclical business whose results are heavily swung by feed-grain costs and hog prices.
- The latest close is ₩9,350 and the market cap is ₩222.3 billion.
- The price sits above its 20-day line (₩9,176) but below its 60-day line (₩10,046).
- With the short- and mid-term trends diverging, direction should be read separately.
- The RSI (a supplementary gauge that weighs upward against downward momentum over the past 14 days on a 0-100 scale) is 49.7, a neutral level.
- The price is up 2.0% over one month and down 5.6% over three months, and stands 37.2% below its 52-week high.
- Its relative strength versus the KOSPI is 19 (on a 1-99 scale that converts return against the index over the past year with more weight on recent performance; higher means stronger than the market), placing it in roughly the top 82% of all stocks by strength.
- Over the past three months it lagged the index by 26.9%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The valuation metrics are broadly low.
- A P/E (how many times a year's earnings the price represents) of 1.87x, a P/B (how many times equity the price represents) of 0.39x, and a P/S (how many times revenue the price represents) of 0.12x put it in cheap territory by any of the earnings, asset or revenue yardsticks.
- The P/E of 1.77x is based on last year's booked (trailing) one-year earnings, but for a company whose profit swings sharply from year to year, the picture from this year's expected profit matters more than any single figure from last year.
- The forward P/E based on this year's expected profit is far below same-structure peers Easy Holdings (about 10x) and Easybio (about 7x).
- Whether trailing or forward, it sits in a clearly undervalued zone versus peers, so it is closer to a cheaply priced stock than one whose high figures are a burden.
- On profitability, ROE (how much is earned in a year on equity) is 21.1%, above the peer average, with an operating margin of 9.45% and a net margin of 6.27%, both solid.
- On finances, the debt ratio (debt against equity) is somewhat high at 241.8%, interest coverage (how many times operating profit covers interest) is 2.56x, and the current ratio is 100.5% - worth watching given how much working capital grain and livestock businesses require.
- The dividend is ₩200 per share (a dividend yield of about 2.1%), and the payout ratio (dividends against net profit) is low at 3.8%, a policy of plowing most earnings back into the business.
- Over five years revenue has ranged between about ₩1.5 trillion and ₩1.9 trillion, rising gradually, and 2025 revenue grew 12.8% year on year.
- The profit trend improved especially.
- Operating profit rose for three straight years - from ₩97.5 billion in 2023 to ₩124.1 billion in 2024 to ₩179.2 billion in 2025 (roughly 36% average annual growth over two years) - and net profit jumped from ₩5.5 billion in 2024 to ₩118.9 billion in 2025.
- With pork prices lending support, margins revived across the feed, hog-farming and meat chain together, a year that laid bare the profit elasticity of vertical integration that holds the whole chain.
- The trend continues this year: Q1 2026 revenue was ₩533.0 billion (up 16.8%) and operating profit ₩61.4 billion (up 9.3%), so top line and operating line grew together.
- Net profit of ₩40.0 billion was down 12.1% year on year, but this reflects non-operating factors such as grain costs and financing costs rather than any deterioration of the business itself.
- Reflecting this trend, the forward P/E based on this year's expected profit is about 2.1x - very low versus peers - so the share price can be seen as not having kept pace with the profit to be earned this year.
- (Given that this is an industry with large profit swings, the direction of grain costs and hog prices is a variable that will govern future results and is worth keeping in view.)
- Recent disclosures cluster around results, governance and affiliate transactions.
- The 2025 results were first flagged via a revenue/profit-structure change disclosure (annual revenue of about ₩1.9 trillion, operating profit of ₩179.2 billion, net profit of ₩118.9 billion), finalized in the March business report, with a ₩200-per-share dividend declared.
- The May quarterly report showed Q1 top-line and operating-line growth alongside a decline in net profit.
- Around the March shareholder meeting, an acquisition of another company's shares and a decision on debt guarantees for affiliates were disclosed, showing the flow of affiliate investment and support within the Harim Group.
- In late May, large-business-group status and corporate-governance reports were disclosed, and in May-June a series of large-shareholding reports allowed changes in stakes to be confirmed.
- This is a stock with clear strengths.
- Vertical integration that holds one chain from feed to meat lets it grow profit internally, and operating profit has risen steadily since 2023, delivering high profitability with a 21% ROE.
- Added to that, a 0.37x P/B and a forward P/E of about 2.1x - far below same-structure peers Easy Holdings and Easybio - read as an undervaluation signal, a stock priced cheaply despite good profitability.
- The cautions are equally clear.
- As a cyclical business whose results are heavily swung by hog prices and feed-grain costs, margins can thin quickly if grain costs rise or hog prices weaken, and with a debt ratio of 241.8% and interest coverage of 2.56x, the financing-cost burden means net profit can grow less even when the operating business is strong (the Q1 net-profit decline is an example).
- In short, when hog prices lend support and grain costs are stable, the profit leverage of vertical integration works powerfully; when rising grain costs, weak hog prices and interest burdens overlap, net profit can wobble.
- The distinguishing point is that the current valuation already reflects much of that volatility at a low level.
🔎 Valuation vs peers Inconclusive
Based on the vertically integrated livestock-food business that bundles feed, hog farming and meat, same-structure Easy Holdings and Easybio serve as the primary peer set, with the meat and general-food player Sajo Daerim as a secondary reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| EASY HOLDINGS | 10.10x | 0.39x | 3.83% |
| EASY BIO | 7.17x | 1.86x | 25.91% |
| Sajo Daerim | 0.00x | 0.41x | -12.05% |
(a) Easy Holdings, whose business structure is closest, trades at a 0.42x P/B and about 11x P/E, and same-group Easybio at about 8x P/E, so Sunjin's 1.87x P/E is far lower. This is less because Sunjin is simply cheap than because 2025 net profit temporarily ballooned on a hog-price upswing, printing an abnormally low trailing P/E. (b) The 21% ROE exceeds peers and is a profitability-premium factor, but that profitability itself is limited by coming off a cycle top. (c) So the trailing P/E on last year's booked earnings (1.87) tends to create undervaluation at a profit inflection, and on a forward P/E converted to this year's expected profit the absolute level is still low but not as extreme as trailing. Because the fair multiple shifts greatly with whether the hog-price and grain-cost cycle heads up or down, it is hard to declare it cheap outright, so this is left Inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩9,350 and the market capitalization is ₩222.3 billion. The price sits above its 20-day moving average (₩9,176) and below its 60-day moving average (₩10,046). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.7, a neutral level. The one-month change is +2.0%, the three-month change is -5.6%, and the position relative to the 52-week high is -37.2%. Relative strength versus the KOSPI is 19 (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 18% of all stocks. Over the past three months it lagged the index by 26.9%. 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 -26.90% / 6M -38.40% / 12M -67.43%
Key metrics vs sector median
Valuation
The P/E of 1.87x is below the sector median (8.80x). The P/B of 0.39x is below the sector median (0.51x). 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.
Profitability & financials
Return on equity (ROE) is 21.1%, above the sector average (4.0%). The operating margin is 9.4%. The debt ratio is 241.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.3B | $1.1B | $1.3B | +12.75% ↑ faster |
| Operating profit | $64.6M | $82.2M | $118.8M | +44.41% ↑ faster |
| Net profit | $9.2M | $3.6M | $78.8M | +2073.01% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.0B | $1.2B | $1.3B | $1.1B | $1.3B |
| Operating profit | $55.3M | $46.8M | $64.6M | $82.2M | $118.8M |
| Net profit | $21.2M | $15.4M | $9.2M | $3.6M | $78.8M |
| Revenue CAGR | 4-yr avg 5.53% | ||||
Revenue rose 12.8% year over year (2023 ₩1.9 trillion → 2024 ₩1.7 trillion → 2025 ₩1.9 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 44.4% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.5%. The two-year revenue CAGR is -0.3%. In the most recent quarter (Q1 2026), revenue was 16.8% 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.
- ROE of 21.1% points to solid profitability.
- Revenue grew 12.8% year over year, a sign of growth.
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
- 2026-02-02EarningsRevenue/profit-structure change disclosure - 2025 annual revenue of about ₩1.9 trillion, operating profit of ₩179.2 billion, net profit of ₩118.9 billion, with net profit recovering sharply year on year (helped by favorable hog prices).Medium term: confirms the profit leverage from a hog-price upcycle. However, the base effect versus the recent trough (2024 net profit of ₩5.5 billion) is large, so whether this level repeats depends on the industry cycle. Source
- 2026-03-30FilingAlongside the regular shareholder meeting results, decisions to acquire shares/investment securities in another company and to provide debt guarantees to affiliates were disclosed - a flow of affiliate investment and support within the Harim Group.Medium term: there is an aspect of strengthening group integration, but debt guarantees and investment in other companies should also be viewed as factors of financial burden and governance risk. Source
- 2026-05-13EarningsQ1 2026 report - cumulative revenue of ₩533.0 billion (up 16.8%) and operating profit of ₩61.4 billion (up 9.3%) grew, but net profit fell 12.1% year on year to ₩40.0 billion.Near term: top-line and operating-line growth holds, but the net-profit decline points to pressure from grain costs and financing costs. Second-half hog-price and grain-cost trends are the key. Source
- 2026-06-08FilingLarge-shareholding report (general) filed - following May, additional changes in stakes were further disclosed.Near term: changes in major-holder stakes can affect supply and demand, so the direction and identity of the change are worth checking. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 net profit | 118,936(approx. ₩118.9 billion) | approx. ₩118.9 billion | Confirmed | link |
| Q1 2026 net profit YoY | net profit ₩40.0 billion, -12.1% | net profit / revenue·operating profit | Confirmed | link |
| Dividend per share (2025) | DPS ₩200, approx. 2.1%, approx. 3.8% | ₩200 | Confirmed | link |
| 2026 forward P/E based on estimated net profit | ₩222.6 billion ÷ self-estimate net profit | — | Unverified | — |
Recent filings
- 2026-06-08OwnershipOwnership-change filing
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-13PeriodicQuarterly report
- 2026-05-07OwnershipOwnership-change filing
- 2026-03-31Disclosure
- 2026-03-30Disclosure
- 2026-03-30Disclosure
- 2026-03-30Disclosure
- 2026-03-30Shareholders' meeting notice
- 2026-03-20PeriodicAnnual business report
- 2026-03-13Audit 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.