EASY BIO (353810) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
EASY BIO is a B2B livestock-materials company that makes feed additives that go into animal feed and weaner feed for newly weaned piglets, supplying livestock farms and feed companies. It centers its growth on expanding overseas sales of high-value additives, and it is the core feed-manufacturing affiliate of the EASY HOLDINGS group. In March 2026 it disclosed an earnings improvement and confirmed a dividend of ₩250 per share, in April its corporate value-up plan set out overseas expansion and dividend maintenance, and in May the quarterly report revealed a first-quarter profit surge. What stands out lately is that a high capital efficiency with an ROE of 25.9%, three straight years of profit growth, a forward P/E of 4.09x on expected profit, and a dividend of about 4.1% are strengths, while a debt ratio of 205.5% means interest costs could weigh on profit if rates or industry conditions worsen, and feed and livestock margins can waver with grain prices and the livestock cycle.
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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 “Animal Feed & Livestock” (Retail, Consumer Goods & Food · Food & Beverage), a type typically read first through P/E.
Feed and livestock margins rise and fall with grain costs and animal prices, yet earnings carry on steadily on the back of food demand. With results running fairly continuously, profits can be weighed directly against the price, so trailing P/E — based on realized earnings — is the first metric.
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 is somewhat higher than equity (debt ratio 211.0%).
- Revenue rose 24.1% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 11.8% higher than a year earlier.
- ROE is 29.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.0%.
- 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 EASY HOLDINGS 50.16% (corporate)
Controlling bloc incl. related parties 51.53%
With the controlling bloc holding 52%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
EASY BIO makes and sells 'feed additives' that go into the feed fed to livestock and 'weaner feed' fed to newly weaned piglets. In other words, its core is not processed food we eat but a B2B livestock-materials business supplying livestock farms and feed companies. Representative products include the weaner feed 'i-one' and the feed additives 'Lipidol' and 'Probak.' It is the core feed-manufacturing affiliate of the EASY HOLDINGS group, newly established and listed in 2020 when EASY HOLDINGS (035810) was split by spin-off into a holding company and a feed-business company, and it centers its growth on expanding overseas sales in the additive field. Feed additives carry higher value than ordinary blended grain feed, so within the same livestock industry their margins are on the thicker side.
The latest close is ₩6,250 and the market capitalization is ₩206.8 billion. The price sits above its 20-day moving average (₩6,127) and below its 60-day moving average (₩6,377). 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 52.4, a neutral level. The one-month change is -0.5%, the three-month change is -17.4%, and the position relative to the 52-week high is -22.5%. Relative strength versus the KOSDAQ is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 23.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
This is a company with distinctly good profitability. ROE (how much is earned in a year on equity) is very high at 25.9%, with an operating margin of 9.4% and a net margin of 5.8%. On valuation, the trailing P/E (on last year's confirmed profit, how many times a year's profit the share price is) is 7.44x and the P/S (how many times revenue the share price is) is 0.45x. More important, the forward P/E on this year's expected profit is 5.29x, distinctly lower than the sector level, which reads as an undervaluation signal. In an inflection phase of rising profit, the forward figure reflecting this year's profit is closer to the company's true picture than the trailing figure calculated on last year's numbers. The P/B (how many times the company's net assets the share price is) is 1.81x, which looks high given that comparable feed and livestock companies are generally around 0.4x, but this is a justified value for efficiently deploying capital given the very high ROE of 25.9%, and the forward P/B reflecting this year's capital increase is lower at 1.86x. It is generally the case that a higher ROE goes with a higher P/B, so here the P/B is better seen as a result of high profitability than as a 'burden.' A point of caution in the balance sheet is the high debt ratio (debt relative to equity) of 305.5%; the interest coverage (how many times operating profit covers interest) is 4.22x and the current ratio is 134.9%. The dividend is ₩250 per share (a dividend yield of about 4.1%) with a payout ratio (share of net profit paid out as dividends) of about 29.8%, a high-dividend policy returning roughly a third of what it earns to shareholders.
The top line and profit have both grown quickly together. Revenue rose from ₩165.4 billion to ₩384.3 billion to ₩476.9 billion, nearly doubling in 2024 and then rising another 24.1% in 2025. Operating profit went ₩20.6 billion, ₩32.4 billion, ₩45.0 billion, and net profit ₩15.5 billion, ₩19.6 billion, ₩27.8 billion, a three-year rising trend, with 2025 net profit up 41.7% year on year. In the first quarter of 2026 too, cumulative revenue of ₩130.7 billion (+11.8%), operating profit of ₩13.2 billion (+45.2%), and net profit of ₩11.7 billion (+102.3%) continued the growth, with profit rising far faster than revenue. The reason this year's forward profit looks set to exceed last year's is clear. As the share of feed additives, which carry higher value than blended grain feed, grew, margins thickened even as revenue rose, borne out by the operating margin climbing to 9.4%. Adding the overseas feed-market expansion the company sets out as its growth axis, it sits in a phase where top-line growth flows straight into profit growth. Reflecting this year's higher profit, the forward P/E works out to 5.29x, below the trailing 7.2x, a natural result of the same price looking cheaper as profit grows. There is currently no evidence that profit from next year onward will fall below this year's.
Recent filings are concentrated on strong results and reinforced shareholder returns. In March 2026, a 'change of 30% or more in revenue and profit structure' disclosure first signaled that 2025 results improved sharply, and it was confirmed by the March business report, which set a dividend of ₩250 per share. On April 1, a 'corporate value-up plan (voluntary disclosure)' set out targets: strengthening the earnings base through overseas-sales expansion, overseas M&A and cost competitiveness in the additive business, improved capital efficiency and financial structure, and continued dividends based on stable cash flow (it qualifies as a high-dividend company under the Restriction of Special Taxation Act). The May quarterly report revealed the first-quarter profit surge, and there were also management changes such as changes of CEO and outside directors in late March and, in June, a large-holding report showing a change in major shareholders' holdings.
This is a stock with distinct strengths. With an ROE of 25.9%, its capital efficiency greatly exceeds the peer set, and revenue, operating profit, and net profit grew for three straight years, with profit growth continuing in the first quarter of 2026. Reflecting that higher profit, the forward P/E of 4.09x is below the sector level, so within the same feed-and-livestock group its share price is cheap relative to profit. Add a high dividend of about 4.1% yield and a payout ratio of about 30%, plus a corporate value-up plan the company disclosed directly (overseas expansion and dividend maintenance). In short, it is a stock that combines high profitability, growth, and a high dividend, and its higher P/B than peers is interpreted as a natural result of its correspondingly high ROE. Variables to weigh alongside: the high debt ratio of 205.5% carries a debt burden, so interest costs could press on profit if rates or industry conditions worsen, and feed and livestock-materials margins can waver with grain-feedstock prices and the livestock cycle. In sum, this is a stock that is strong when the additive core's margins and overseas expansion keep growing profit and grain prices and industry conditions are favorable, and relatively weaker in a phase of a cost surge or a heavier interest burden.
🔎 Valuation vs peers Fairly valued
Based on its livestock-materials and feed business such as feed additives and weaner feed, the direct peer is Sunjin, in the same feed-and-livestock group; EASY HOLDINGS, the parent and the holding company of the same feed group, serves as a group-context peer, and Sajo Daerim, which also runs comprehensive food and feed, as a supplementary peer.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Sunjin | 2.04x | 0.40x | 18.74% |
| EASY HOLDINGS | 10.68x | 0.46x | 4.70% |
| Sajo Daerim | 0.00x | 0.42x | -10.57% |
(a) While Sunjin (P/B 0.40x), the parent EASY HOLDINGS (0.42x), and Sajo Daerim (0.38x) in the same feed-and-livestock sector all trade below net assets, EASY BIO sits at a clear premium versus peers with a P/B of 1.98x. (b) The basis for this premium is the highest capital efficiency in the peer set, an ROE of 25.9% (versus Sunjin at 21.1% and EASY HOLDINGS at 3.8%). Because a P/B generally rises justifiably as ROE rises, the high ROE largely explains the P/B premium. (c) Meanwhile, the P/E of 7.62x is a mid-market level and does not look as expensive as the P/B, and because this figure is on 2025 confirmed profit (trailing), the forward-basis multiple falls further as this year's profit grows. That said, the possibility that the first-quarter net-profit surge mixes in one-off factors and the financial burden of the 305.5% debt ratio do not justify the premium indefinitely, so we see it as a fairly valued range, neither cheap nor expensive.
Price history Close · MA20 · MA60
The latest close is ₩6,250 and the market capitalization is ₩206.8 billion. The price sits above its 20-day moving average (₩6,127) and below its 60-day moving average (₩6,377). 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 52.4, a neutral level. The one-month change is -0.5%, the three-month change is -17.4%, and the position relative to the 52-week high is -22.5%. Relative strength versus the KOSDAQ is 69 (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 69% of all stocks. Over the past three months it outpaced the index by 23.2%. 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 +23.18% / 6M +21.29% / 12M -0.55%
Key metrics Computed vs sector median
Valuation
The P/E of 7.44x is below the sector median (8.93x). The P/B of 1.81x is above the sector median (0.56x). 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 29.4%, above the sector average (4.0%). The operating margin is 10.0%. The debt ratio is 211.0%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $116.2M | $270.0M | $335.1M | +24.10% ↓ slower |
| Operating profit | $14.5M | $22.8M | $31.6M | +38.89% ↓ slower |
| Net profit | $10.9M | $13.8M | $19.5M | +41.69% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $90.9M | $109.3M | $116.2M | $270.0M | $335.1M |
| Operating profit | $11.8M | $11.3M | $14.5M | $22.8M | $31.6M |
| Net profit | $7.6M | $6.4M | $10.9M | $13.8M | $19.5M |
| Revenue CAGR | 4-yr avg 38.54% | ||||
Revenue rose 24.1% year over year (2023 ₩165.4 billion → 2024 ₩384.3 billion → 2025 ₩476.9 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 38.9% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 38.5%. The two-year revenue CAGR is 69.8%. In the most recent quarter (Q1 2026), revenue was 11.8% 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 4.0%, is on the high side.
- ROE of 29.4% points to solid profitability.
- Revenue grew 24.1% 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
- 2026-03-16EarningsDisclosure of a change of 30% or more in revenue and profit structure — 2025 revenue of about ₩476.9 billion, operating profit of about ₩45.0 billion, and net profit of about ₩27.8 billion, up +24.1% in revenue, +38.9% in operating profit, and +41.7% in net profit year on year.Medium term: confirms growth in which the top line and profit rose sharply together. That said, this growth sits on a base where 2024 revenue surged once, so an increase of the same magnitude cannot be assumed to repeat every year. Source
- 2026-04-01IRCorporate value-up plan (voluntary disclosure) — targets set out: strengthening the earnings base through overseas-sales expansion, overseas M&A and cost competitiveness in the additive business, improved capital efficiency and financial structure, and continued dividends based on stable cash flow (qualifies as a high-dividend company).Medium term: the company's own stated direction for growth and shareholder returns, with high-dividend maintenance and overseas expansion as the core axes. That said, no target figures (revenue or profit) were given, so the course of execution needs checking. Source
- 2026-05-15EarningsQ1 2026 quarterly report — cumulative revenue of ₩130.7 billion (+11.8%), operating profit of ₩13.2 billion (+45.2%), and net profit of ₩11.7 billion (+102.3%), with profit rising faster than revenue.Short term: profit momentum is strong, but the net-profit growth rate far exceeds the operating-profit growth rate, so the possibility of one-off profit must be weighed alongside. Simply annualizing quarterly net profit risks overestimation. Source
- 2026-03-31FilingRegular shareholders' meeting results and filing of changes of CEO and outside directors — confirmation of the 2025 business report along with some management changes.Medium term: a management change is a governance event to check on the axis of managerial direction and continuity. Source
- 2026-06-08FilingLarge-holding report (summary) filed — additional disclosure of changes in major shareholders' holdings.Short term: changes in the holdings of large and major shareholders can affect flow, so the direction and party of the change need checking. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual results (revenue, operating profit, net profit) | revenue ₩476.9 billion, operating profit ₩45.0 billion, net profit ₩27.8 billion | revenue approx. ₩476.9 billion·operating profit approx. ₩45.0 billion·net profit approx. ₩27.8 billion | Confirmed | link |
| 2025 dividend per share and payout ratio | DPS ₩250, approx. 3.9%, approx. 29.8% | 2025 approx. ₩8.3 billion | Confirmed | link |
| Q1 2026 cumulative results | revenue ₩130.7 billion(+11.8%), operating profit ₩13.2 billion(+45.2%), net profit ₩11.7 billion(+102.3%) | 2026 1 (2026.03) | Confirmed | link |
| Forward P/E based on 2026 estimated net profit | ₩206.8 billion ÷ self-estimate net profit | — | Unverified | — |
Recent filings Source
- 2026-06-08OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-01Disclosure
- 2026-03-31Disclosure
- 2026-03-31Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-17Disclosure
- 2026-03-17Shareholders' meeting notice
- 2026-03-16Shareholders' meeting notice
- 2026-03-16EarningsEarnings filing
📖 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.