Orion (271560) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Orion is a confectionery company that makes and sells snacks and treats such as Choco Pie, Poca Chip and Turtle Chips, and more than half of its revenue comes from overseas. Its business resembles "local demand abroad": products are made and sold in local factories in China (about ₩409.7 billion in the prior quarter), Vietnam (about ₩151.3 billion), Russia (about ₩90.5 billion) and Korea (about ₩283.4 billion). On May 15, 2026 it reported preliminary consolidated Q1 results (revenue ₩930.4 billion, operating profit ₩165.5 billion), with all three overseas units posting double-digit profit growth simultaneously, and it confirmed a dividend (₩3,500 per share, a 2.6% dividend yield) at its annual shareholders' meeting. What stands out lately is a combination to weigh on both sides: strengths include overseas local operations driving profit growth and solid profitability and finances (a 16.8% operating margin and a 37.6x interest coverage ratio), while the cautions are that profit swings heavily with overseas units and exchange rates, so a weaker yuan, dong or ruble or rising raw-material prices would pressure margins, and domestic growth is nearly stalled (+0.4%).
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
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 “Confectionery & Bakery” (Retail, Consumer Goods & Food · Food & Beverage), a type typically read first through P/E.
Confectionery and bakery businesses rest on steady, repeat consumer purchases, so their earnings tend to be fairly stable. That is why trailing P/E, built on actually reported profit, is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 7.3% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 16.0% higher than a year earlier.
- ROE is 10.3% (controlling-interest basis). It is above the sector average.
- Operating margin is 17.1%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Orion Holdings 37.37% (corporate)
Controlling bloc incl. related parties 43.81%
With the controlling bloc holding 44%, the ownership structure is stable.
🔎 In-depth analysis Reading
Orion is a confectionery company that makes and sells snacks and treats such as Choco Pie, Poca Chip, squid-peanut snacks and Turtle Chips. What is unusual is that more than half of its revenue comes from overseas. Its largest market is China (revenue of about ₩409.7 billion in the prior quarter), followed by Vietnam (about ₩151.3 billion), Russia (about ₩90.5 billion) and then Korea (about ₩283.4 billion). In other words, although it is a Korean confectioner, in practice its business resembles "local demand abroad" — making products in local factories in China, Southeast Asia and Russia and selling them locally. On top of this, it has recently been broadening its business into convenience meal replacements, health functional foods and bio-related investments, aiming to reduce its dependence on any single snack line.
The latest close is ₩135,500 and the market capitalization is ₩5.4 trillion. The price sits above its 20-day moving average (₩131,380) and above its 60-day moving average (₩133,218). 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 55.4, a neutral level. The one-month change is -2.9%, the three-month change is -2.7%, and the position relative to the 52-week high is -7.2%. Relative strength versus the KOSPI is 49 (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 49% of all stocks. Over the past three months it outpaced the index by 15.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's (2025) results, the P/E ratio (how many times one year's earnings the share price represents) is 14.00x and the P/B (how many times book net assets) is 1.37x. ROE (how much is earned in a year on equity) is 10.1% and the operating margin is 16.8%, which is fairly high profitability for confectionery. The finances are very solid. The debt ratio (borrowings relative to equity) is 120.7%, which on the number alone does not look low, but with an interest coverage ratio (how many times operating profit can pay interest) of 37.6x and a current ratio (cash-like assets against debt due within a year) of 3.75x, the actual debt burden is minimal and the balance sheet is sound. One caveat, however, is that 2025 net profit (₩382.7 billion) was down 27% from the prior year. Operating profit actually reached a record high (₩558.2 billion, +2.7%); the reason only net profit fell sharply is swings in non-operating gains and losses tied to a stronger won (against the yuan, dong and ruble). In other words, the trailing 14x P/E is calculated on temporarily depressed earnings, creating an illusion that makes the company's true value look somewhat expensive.
Revenue has risen for five straight years, from ₩2.36 trillion in 2021 to ₩3.33 trillion in 2025, an average of about 9% growth per year. Operating profit also climbed steadily over the same period, from ₩372.9 billion to ₩558.2 billion. Only net profit was choppy, dipping from ₩524.6 billion in 2024 to ₩382.7 billion in 2025 because of exchange rates. What matters is the first quarter of 2026. Revenue of ₩930.4 billion (+16.0%), operating profit of ₩165.5 billion (+26.0%) and net profit of ₩126.8 billion (+19.5%) all rebounded clearly. Profit growth was led by overseas in particular: operating profit surged +42.7% in China, +66.2% in Russia and +25.2% in Vietnam, and as the currency headwind that had pressured net profit last year eased, net-profit growth (+19.5%) revived. This year we see the overseas profit recovery continuing, with last year's depressed net profit returning to a normal track. Accordingly, even if the trailing P/E looks high, on this year's recovering earnings the valuation falls further.
On May 15, 2026, through a fair disclosure, the company reported preliminary consolidated Q1 results (revenue ₩930.4 billion, operating profit ₩165.5 billion). This was the result of all three overseas units (China, Vietnam and Russia) posting double-digit profit growth simultaneously, an event showing the company's earnings power is strengthening again. In April and June it held investor briefings (IR) to continue its dialogue with investors, and at its March annual shareholders' meeting it confirmed shareholder-return policy including the dividend (₩3,500 per share, a 2.6% dividend yield, a 36.2% payout ratio). In June it disclosed its corporate governance report, releasing information on governance transparency. The overall flow of disclosures centers on stable results, dividends and communication, with no sign of a sudden risk signal.
The strengths are clear. Overseas local operations are driving profit growth, both profitability and financial stability are sound (a 16.8% operating margin and a 37.6x interest coverage ratio), and there is even a 2.6% dividend. The trailing 14x P/E is an illusion calculated on net profit depressed by exchange rates, and on this year's recovering earnings the valuation looks more attractive. On the other side, the caution is a structure in which profit swings heavily with overseas units and exchange rates. If the yuan, dong or ruble weaken again against the won, net profit can be pressured, and if raw-material prices such as fats and oils, sugar and cocoa rise, margins come under pressure. It should also be kept in mind that domestic operations are nearly stalled (+0.4%) amid weak local demand. In short, this is a structure that is strong when overseas growth and exchange rates are favorable, and weak when currencies move against it or costs spike.
🔎 Valuation vs peers Undervalued
Compared in substance with large domestic food-and-beverage (confectionery/food) companies that have a large overseas share and sell branded snacks, set against Nongshim (instant noodles/snacks, overseas expansion) and CJ CheilJedang (food/bio).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Nongshim | 13.94x | 0.81x | 6.11% |
| CJ CheilJedang | 0.00x | 0.41x | -6.81% |
Against Nongshim's 12x P/E and 6% ROE, Orion clearly leads on profitability with a 10.1% ROE and a 16.8% operating margin, while CJ CheilJedang posted a net loss, making a P/E comparison difficult. Orion's trailing 14x P/E may look high versus peers, but that figure is an illusion calculated on 2025 net profit that fell 27% under currency headwinds. Reflecting the +19.5% rebound in Q1 2026 net profit and the double-digit surge in overseas profit, the valuation on this year's recovering earnings falls below peers. Taking together the profitability premium and the earnings recovery, we judge it undervalued.
Price history Close · MA20 · MA60
The latest close is ₩135,500 and the market capitalization is ₩5.4 trillion. The price sits above its 20-day moving average (₩131,380) and above its 60-day moving average (₩133,218). 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 55.4, a neutral level. The one-month change is -2.9%, the three-month change is -2.7%, and the position relative to the 52-week high is -7.2%. Relative strength versus the KOSPI is 49 (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 49% of all stocks. Over the past three months it outpaced the index by 15.1%. 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 +15.13% / 6M -9.58% / 12M -37.19%
Key metrics Computed vs whole-market median
Valuation
The P/E of 14.00x is in line with the whole-market median (12.97x). The P/B of 1.37x is above the whole-market median (0.84x).
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 7.4%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.239x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.3%, above the whole-market average (3.0%). The operating margin is 17.1%. The debt ratio is 20.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.0B | $2.2B | $2.3B | +7.35% ↑ faster |
| Operating profit | $345.9M | $381.9M | $392.2M | +2.70% ↓ slower |
| Net profit | $264.6M | $368.5M | $268.9M | -27.05% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $2.0B | $2.0B | $2.2B | $2.3B |
| Operating profit | $262.0M | $327.8M | $345.9M | $381.9M | $392.2M |
| Net profit | $181.0M | $275.6M | $264.6M | $368.5M | $268.9M |
| Revenue CAGR | 4-yr avg 9.06% | ||||
Revenue rose 7.3% year over year (2023 ₩2.9 trillion → 2024 ₩3.1 trillion → 2025 ₩3.3 trillion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 2.7% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 9.1%. The two-year revenue CAGR is 7.0%. In the most recent quarter (Q1 2026), revenue was 16.0% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 10.3% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 preliminary consolidated results disclosed — revenue ₩930.4 billion (+16.0%), operating profit ₩165.5 billion (+26.0%), net profit ₩126.8 billion (+19.5%)Confirms entry into an earnings-recovery phase, with all three overseas units growing strongly at once. A sign that the currency headwind which pressured last year's net profit is easing, positive for both the short and medium term. Source
- 2026-06-05IRNotice of investor briefing (IR) — explaining results and business status to investorsContinued regular investor communication. A forum to share business direction and overseas growth strategy after the earnings release, positive for medium-term credibility. Source
- 2026-03-26DividendAnnual shareholders' meeting results disclosed — dividend of ₩3,500 per share confirmed (2.6% dividend yield, 36.2% payout ratio) among other itemsMaintains a stable shareholder-return policy that returns about one-third of earnings as dividends. Positive for medium- to long-term holding appeal. Source
- 2026-06-01FilingCorporate governance report disclosed — information released on the board, shareholder rights and transparencyNeutral-to-positive from a medium- to long-term credibility standpoint, as it discloses governance transparency information. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 consolidated revenue | 930,355 | ₩930.4 billion | Confirmed | link |
| Q1 2026 consolidated operating profit | 165,471 | ₩165.5 billion | Confirmed | link |
| Full-year 2025 operating profit | 558,258 | ₩558.2 billion | Confirmed | link |
| Estimated 2026 full-year net profit | approx. 4,750(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-05Disclosure
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-19Disclosure
- 2026-05-15EarningsFair-disclosure notice
- 2026-05-15PeriodicQuarterly report
- 2026-04-21EarningsFair-disclosure notice
- 2026-04-10Disclosure
- 2026-04-02OwnershipOwnership-change filing
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-26Shareholders' 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.