Cuckoo Holdings (192400) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Cuckoo Holdings is a holding company that controls Cuckoo Electronics (100% owned), which makes rice cookers and kitchen appliances, and the listed subsidiary Cuckoo Homesys (40.55% owned), which rents out water purifiers and bidets. Its earnings flow up through these stakes in the form of subsidiary profits, dividends, and brand royalties. On March 25, 2026 the company disclosed a corporate value-up plan, committing to keep its payout ratio at 40% or above (the actual 2025 figure was 33.1%), and the dividend yield sits around 6.1%. What stands out is that its own rice-cooker and rental businesses are steady, and the listed subsidiary stake alone accounts for roughly 22% of market cap, leaving room for a net-asset-value discount to close. On the other side, the value of its unlisted subsidiaries is not easily visible, so the stock is prone to a holding-company discount, and equity-method accounting makes quarterly earnings swing widely.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 10.4% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 3.8% higher than a year earlier.
- ROE is 11.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.7%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Koo Bon-hak 45.11% (individual)
Controlling bloc incl. related parties 64.85%
With the controlling bloc holding 65%, control is very secure but the free float is thin.
Net asset value (NAV) assessment
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| Cuckoo Homesys | 40.55% |
🔎 In-depth analysis Reading
Cuckoo Holdings is less a company that sells products directly and more a holding company that controls the entire Cuckoo group. Its earnings come from three main roots. First, the wholly owned (100%) unlisted subsidiary Cuckoo Electronics makes and sells electric rice cookers and other kitchen and household appliances. Second, the listed subsidiary Cuckoo Homesys, 40.55% owned, rents and sells water purifiers and bidets, and the monthly rental fees generate steady cash. Third, the holding company itself collects brand (trademark) royalties and dividends from its subsidiaries. In other words, this company's results are built on the profits of the rice-cooker and rental businesses flowing up through its ownership stakes.
The latest close is ₩26,350 and the market capitalization is ₩937.1 billion. The price sits above its 20-day moving average (₩25,798) and above its 60-day moving average (₩25,636). 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 56.7, a neutral level. The one-month change is +0.4%, the three-month change is -8.5%, and the position relative to the 52-week high is -24.2%. Relative strength versus the KOSPI is 28 (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 28% of all stocks. Over the past three months it outpaced the index by 8.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Valuation metrics should be read with the holding-company structure in mind. The P/E ratio (how many times one year's earnings the price represents) is 6.44x, on the low side. The P/B (how many times book equity the price represents) is 0.71x, below 1x. That said, a holding company's book equity tends to carry subsidiary stakes at old acquisition cost, so the true net asset value can be larger than the book figure. So even at a P/B of 0.69x, the real valuation is effectively cheaper still. Profitability is solid: ROE (how much is earned on equity in a year) is 11.0% and net margin is 15.8%. The balance sheet is comfortable: the current ratio (liquid assets against debts due within a year) is a very high 599%, and the interest coverage ratio (how many times operating profit covers interest) is 23x. The dividend yield of 6.1% is on the high side.
Revenue keeps rising steadily. In 2025 revenue grew 10.4% year over year, a three-year uptrend. Operating profit also rose 10.4% year over year to ₩114.0 billion in 2025. Net profit came to ₩145.6 billion, up 6.0%, and the five-year net-profit trend, though gradual, is a stable upward slope. The first quarter of 2026 shows a holding-company hallmark: operating profit fell 20.3% year over year, yet net profit actually rose 18.5%, because equity-method earnings from subsidiaries move separately from the operating flow. Such equity-method profits vary a lot from quarter to quarter, so a holding company's earnings cannot simply be taken as one quarter multiplied by four. This year's net profit is expected to run at a level similar to or modestly above last year, reflecting the Q1 uptick and the gradual growth of subsidiary results. In that case the current earnings multiple on market cap is around 6x, meaning the price does not yet fully embed earnings growth.
On March 25, 2026 the company officially disclosed a corporate value-up plan. The core is stronger shareholder returns. It committed to keeping the payout ratio (the share of net profit paid out as dividends) at 40% or above; the actual 2025 payout ratio was 33.1%. It also said it would reflect ROE and per-share net asset growth in management performance metrics, and pursue shareholder-return policies including treasury-share use. It presented a direction of raising cash generation through premium-product expansion and product-mix improvement. On March 9 and March 11 it decided on cash dividends (including subsidiary dividend decisions), and it disclosed a Q1 report on May 15 and a governance report on May 29.
Judging this company by P/E and P/B alone misses the picture, because it is a holding company. Its strengths are clear. The 6.1% dividend yield is high, and the company has set an official target of a 40%-plus payout ratio. The market value of its stake in the listed subsidiary Cuckoo Homesys (40.55%) is only about 22% of the holding company's current market cap. The rest of the value sits in the wholly owned unlisted Cuckoo Electronics and its own businesses. In other words, the visible listed stake alone fills a fifth of market cap, with the rice-cooker business and the like stacked on top, leaving room for undervaluation from a net-asset-value standpoint. There are cautions too. A holding company's unlisted subsidiary value is not readily visible to the market, so it is prone to a holding-company discount. Earnings are also swayed by equity-method accounting, so quarterly results swing widely. In short, its appeal comes alive when the in-house rice-cooker and rental businesses are steady and the will to return capital is strong, while the share price grows heavy if subsidiary results wobble or the holding-company discount persists.
🔎 Valuation vs peers Undervalued
Comparing it against the group's operating subsidiary (home appliances, water-purifier rental) helps gauge the degree of the holding company's discount.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cuckoo Homesys | 4.05x | 0.44x | 11.25% |
A holding company is best assessed by the net asset value (NAV) of its holdings rather than by consolidated P/E. The market value of the stake in the listed subsidiary Cuckoo Homesys (40.55%) already fills about 22% of market cap, and on top of that come the wholly owned unlisted Cuckoo Electronics and its own trademark and business value. A P/B of 0.69x is a book figure that carries subsidiary stakes at acquisition cost, so the true undervaluation is wider still. Factoring in the 6.1% dividend yield and the 40%-plus payout target, the stock sits in a low band relative to NAV. That said, one must also account for the ever-present holding-company discount, since the unlisted value is not readily visible to the market.
Price history Close · MA20 · MA60
The latest close is ₩26,350 and the market capitalization is ₩937.1 billion. The price sits above its 20-day moving average (₩25,798) and above its 60-day moving average (₩25,636). 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 56.7, a neutral level. The one-month change is +0.4%, the three-month change is -8.5%, and the position relative to the 52-week high is -24.2%. Relative strength versus the KOSPI is 28 (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 28% of all stocks. Over the past three months it outpaced the index by 8.8%. 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 +8.84% / 6M -22.85% / 12M -55.42%
Key metrics Computed vs sector median
Valuation
The P/E of 6.44x is below the sector median (12.88x). The P/B of 0.71x is in line with the sector median (0.64x).
Profitability & financials
Return on equity (ROE) is 11.5%, above the sector average (6.0%). The operating margin is 11.7%. The debt ratio is 22.4%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $542.5M | $585.7M | $647.0M | +10.45% ↑ faster |
| Operating profit | $60.9M | $72.5M | $80.1M | +10.44% ↓ slower |
| Net profit | $91.4M | $96.5M | $102.3M | +6.04% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $481.3M | $530.8M | $542.5M | $585.7M | $647.0M |
| Operating profit | $75.2M | $61.7M | $60.9M | $72.5M | $80.1M |
| Net profit | $90.9M | $82.0M | $91.4M | $96.5M | $102.3M |
| Revenue CAGR | 4-yr avg 7.68% | ||||
Revenue rose 10.4% year over year (2023 ₩772.3 billion → 2024 ₩833.8 billion → 2025 ₩920.9 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 10.4% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 7.7%. The two-year revenue CAGR is 9.2%. In the most recent quarter (Q1 2026), revenue was 3.8% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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 5.9%, is on the high side.
- ROE of 11.5% points to solid profitability.
- Revenue grew 10.4% 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
- 2026-03-25FilingCorporate value-up plan disclosed — commitment to keep the payout ratio at 40% or above, reflect ROE and per-share net asset growth in management performance metrics, and strengthen shareholder returns including treasury-share use.Over the medium term, expectations for dividend durability and gradual expansion. A higher shareholder-return rate is a factor that eases the holding-company discount. Source
- 2026-05-15EarningsQ1 2026 report — revenue ₩232.7 billion (+3.8% YoY), operating profit ₩22.0 billion (-20.3% YoY), net profit ₩39.4 billion (+18.5% YoY).Operating profit fell, but net profit rose thanks to equity-method earnings from subsidiaries. Illustrates the quarterly volatility of a holding company's earnings. Source
- 2026-03-11DividendCash and in-kind dividend decided (including key subsidiary management matters) — a group-wide dividend payment decision.Reinforces the structure by which dividends flow into the holding company. Supports a dividend yield in the 6% range. Source
- 2026-03-09DividendCash and in-kind dividend decided — 2025 fiscal-year settlement dividend confirmed (dividend per share ₩1,550, payout ratio 33.1%).In the short term, reflected in the share price after the ex-dividend date. Going forward, the gap to the 40% payout target leaves room for expansion. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-25Disclosure
- 2026-03-24Disclosure
- 2026-03-24Shareholders' meeting notice
- 2026-03-18Audit report
- 2026-03-16PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-11DividendCash/stock dividend decision
- 2026-03-09Shareholders' meeting notice
- 2026-03-09Shareholders' meeting notice
- 2026-03-09DividendCash/stock dividend decision
📖 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.