Pond Group secures licenses to well-known overseas brands, then plans and designs underwear, leisure-sports, and fashion apparel in-house, outsources production, and sells mainly through home shopping and e-commerce; roughly 90% of total revenue comes from this fashion segment. Since listing in 2024, it has expanded by acquiring a cosmetics distributor (Most) and a sports-fashion company (Brand Universe). It issued a corporate-value-enhancement plan in March 2026, and an April subsidiary-merger completion report wrapped up the integration, folding scattered subsidiary revenue and profit into the parent. An April quarterly cash-dividend decision and a June share-buyback trust contract signaled shareholder returns, while large-holding filings from April to June and stock-option grants are points to watch on the supply and dilution side. What stands out lately is that an ROE of 14.7% (high for apparel), a double-digit operating margin, a roughly 6% dividend, and share buybacks come with a confirmed P/E of 6.9x and P/B of 1.0x (forward 5.8x and 0.9x), placing it below Youngone, Hansae, and BYC. On the other hand, the debt ratio of 206% swollen by acquisitions, and a revenue growth rate that fell to single digits in the first quarter, mean it bears watching whether the growth firms up into organic growth.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 206.4%).
- Revenue rose 31.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 9.7% higher than a year earlier.
- ROE is 14.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 11.8%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Daemyung Chemical 53.7% (individual)
Controlling bloc incl. related parties 76.31%
With the controlling bloc holding 76%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Pond Group secures licenses to well-known overseas brands, then plans and designs underwear and leisure-sports and fashion apparel in-house, outsources production, and sells mainly through home shopping and e-commerce.
- Roughly 90% of total revenue comes from this fashion segment.
- Since listing in 2024, it has broadened beyond apparel into cosmetics and sports by acquiring a cosmetics distributor (Most) and a company that runs sports-fashion brands (Brand Universe).
- In short, its core business is licensed fashion, 'borrowing a brand, planning and manufacturing it, and pushing it through sales channels,' with new revenue sources bolted on and grown through acquisitions.
- The latest close is ₩3,700 and market capitalization is ₩213.0 billion.
- The price sits below its 20-day moving average (₩4,259) and below its 60-day line (₩4,787).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that compares upward and downward force over the past 14 days on a 0-100 scale) is 33.0, at a neutral level.
- The one-month change is -16.9%, the three-month change is -28.2%, and the price stands -70.8% below its 52-week high.
- Relative strength versus KOSDAQ is 37 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 63% of all stocks by strength.
- Over the past three months it lagged the index by 4.0%.
- Chart reading is best done alongside trading volume and the dates of disclosures.
- The P/E ratio (how many times one year of profit the share price represents) is 6.17x and P/B (how many times net assets the price represents) is 0.91x, so the share price is not heavy relative to earnings and assets.
- ROE (how much it earns in a year on equity) is 14.7%, high for apparel, and an operating margin of 11.8% and net margin of 7.1% are also solid.
- The dividend yield is 6.0% (₩280 per share), on the high side, and the payout ratio (the share of net profit paid out as dividends) is 26.2%, a reasonable level that uses only about a quarter of profit for dividends.
- The debt ratio (debt to equity) of 206% is somewhat high, but it reflects borrowing tied to a string of acquisitions; an interest coverage ratio of 8.6x (operating profit is 8.6 times interest expense) and a current ratio of 159% show it has the wherewithal to service interest and short-term debt.
- One point to note is that this P/E and P/B are on last year's confirmed (trailing) results.
- Because this is a company whose profit is rising fast through mergers and acquisitions, the trailing figures can make it look pricier than its actual footing; reflecting this year's expected earnings brings the P/E down to 5.78x and P/B to 0.91x, placing it on the cheaper side versus peers.
- The three-year trend shows the top line expanding fast through a spin-off and acquisitions.
- In 2023 (just after the spin-off) revenue was only ₩2.8 billion, but it leapt to ₩368.7 billion in 2024 and ₩485.6 billion in 2025; in 2025 alone, revenue rose +31.7%, operating profit +38.9%, and net profit +37.1%, all three moving up together.
- In the most recent first quarter of 2026, cumulative revenue was ₩116.9 billion (+9.7%), so top-line growth cooled to single digits, but operating profit rose +17.6% and net profit +33.5%, with profit growing faster than revenue and profitability actually improving.
- Profit is climbing faster than sales because scattered acquired subsidiaries have been folded into the parent, cutting duplicate costs, and the margin from licensed fashion now rides on the broader revenue base of cosmetics and sports.
- Here the difference between the trailing P/E (on last year's confirmed profit) and the forward P/E (on this year's expected profit) matters.
- When profit is rising, the same share price divided by larger earnings brings the current-year multiple down: the forward P/E of 5.78x is a notch below the trailing P/E of 6.87x.
- That directly reflects a picture in which this year's profit grows over last year's.
- That said, with quarterly revenue growth having come down to single digits, whether the growth built through acquisitions carries over into organic revenue growth is something to keep checking in the quarterly results.
- The disclosures read along two lines.
- The first is growth and structure.
- In March 2026 the company voluntarily disclosed a corporate-value-enhancement plan setting out its intent to raise shareholder value, and in April a subsidiary-merger completion report was filed, wrapping up the integration of previously decided subsidiaries (Allgrace, Queenlive, and others).
- Scattered subsidiary revenue and profit have been folded into the parent, improving consolidated efficiency.
- The second is shareholder returns.
- In April it made a fair disclosure of first-quarter results and decided on a quarterly cash dividend, and in June it decided to sign a share-buyback trust contract, signaling that it would buy back its own stock while the price is low.
- However, several large-holding reports filed from April to June point to continued changes in major shareholders' stakes, and a filing on stock-option grants means supply and dilution are also points to watch going forward.
- The strengths are clear.
- An ROE of 14.7%, high for apparel, and a double-digit operating margin make the core business profitable, and shareholder returns are ample, adding buybacks to a roughly 6% dividend.
- Above all, a confirmed P/E of 6.9x and P/B of 1.0x are already light, and on expected earnings that reflect this year's profit growth they fall further to a P/E of 5.8x and P/B of 0.9x, placing it below its peer group (Youngone, Hansae, BYC).
- Its ROE is the highest in the sector while its price relative to profit is even cheaper, so the undervaluation signal is clear on both value and dividend.
- There are cautions.
- The debt ratio of 206%, swollen by acquisitions, could weigh on profit if integration costs or borrowing burdens grow, and whether the single-digit revenue growth in the first quarter firms up into organic growth bears watching.
- In short, as long as the acquired businesses integrate steadily and profitability and dividends hold, the value-and-dividend appeal stays strong; if integration costs rise or top-line growth cools further, that appeal fades.
🔎 Valuation vs peers Fairly valued
Listed apparel and fashion companies built on licensing and OEM whose profitability, dividends, and scale are comparable.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Youngone Corporation | 7.42x | 0.89x | 12.03% |
| Hansae | 6.29x | 0.49x | 7.79% |
| BYC | 10.97x | 0.38x | 3.48% |
A P/E of 7.7x and P/B of 1.1x are similar to Youngone and Hansae (P/E of 6-7x) and below BYC (11x), placing it in the middle of the apparel sector. That said, its ROE of 14.7% is the highest in the peer group, so at the same earnings multiple there is a case that a premium is justified on capital efficiency. Conversely, its P/B is higher than peers' because the debt ratio of 206% leaves equity relatively small, which is a discount factor on financial stability. One limitation is that the current P/E is on last year's confirmed (trailing) profit. Because acquisitions make profit inflect sharply, last year's figure alone is hard to draw conclusions from, and on a forward basis reflecting this year's profit the multiple falls further. Taken together, the growth-and-profitability premium and the balance-sheet discount offset each other, so it falls within a fair range.
Price history Close · MA20 · MA60
The latest close is ₩3,700 and the market capitalization is ₩213.0 billion. The price sits below its 20-day moving average (₩4,259) and below its 60-day moving average (₩4,787). 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 33.0, a neutral level. The one-month change is -16.9%, the three-month change is -28.2%, and the position relative to the 52-week high is -70.8%. Relative strength versus the KOSDAQ is 37 (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 37% of all stocks. Over the past three months it lagged the index by 4.0%. 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 -4.00% / 6M -13.83% / 12M -68.72%
Key metrics vs sector median
Valuation
The P/E of 6.17x is below the sector median (16.77x). The P/B of 0.91x is above the sector median (0.56x).
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 14.7%, above the sector average (3.0%). The operating margin is 11.8%. The debt ratio is 206.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.8M | $244.3M | $321.8M | +31.71% ↓ slower |
| Operating profit | $442,486 | $27.4M | $38.0M | +38.85% ↓ slower |
| Net profit | $157,665 | $16.7M | $22.9M | +37.06% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $1.8M | $244.3M | $321.8M |
| Operating profit | — | — | $442,486 | $27.4M | $38.0M |
| Net profit | — | — | $157,665 | $16.7M | $22.9M |
| Revenue CAGR | 2-yr avg 1221.29% | ||||
Revenue rose 31.7% year over year (2023 ₩2.8 billion → 2024 ₩368.7 billion → 2025 ₩485.6 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 3 years on record, revenue compound annual growth (CAGR) is 1221.3%. The two-year revenue CAGR is 1221.3%. In the most recent quarter (Q1 2026), revenue was 9.7% 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 7.6%, is on the high side.
- ROE of 14.7% points to solid profitability.
- Revenue grew 31.7% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
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
- 2026-06-01UpdateDecided to sign a trust contract to buy back its own shares. A return measure meant to reinforce shareholder value by buying back stock while the price is low.In the short term, added buyback demand helps support the downside, and over the medium term it eases per-share dilution, a positive factor. Source
- 2026-04-29EarningsFair disclosure of provisional operating results on a consolidated basis. Cumulative Q1 2026 revenue ₩116.9 billion (+9.7%), operating profit ₩16.97 billion (+17.6%), and net profit ₩12.33 billion (+33.5%), with profit growing faster than revenue.Top-line growth slowed but improved profitability is confirmed, a positive for medium-term earnings footing. Whether the revenue slowdown persists is the next point to watch. Source
- 2026-04-29DividendDecided on a cash-and-in-kind quarterly dividend. Continued quarterly returns at an annualized ₩280 per share, a roughly 6% dividend-yield level.A steady quarterly dividend is a medium-term positive that gives a reason to hold through a period of price weakness. Source
- 2026-04-10FilingFiled a subsidiary-merger completion report. The previously decided subsidiary integration wrapped up, simplifying the consolidated structure.Over the medium term, gains in consolidated operating efficiency and cost integration are expected, though one-off integration costs are a short-term variable. Source
- 2026-03-31IRVoluntary disclosure of a corporate-value-enhancement plan. A planning document in which the company itself laid out a direction for raising shareholder value.It points the same way as the subsequent quarterly-dividend and buyback decisions, supporting the intent on shareholder returns. Whether specific figures are actually delivered is a medium-term point to watch. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-04OwnershipOwnership-change filing
- 2026-06-01Large-business-group status disclosure
- 2026-06-01TreasuryMaterial-fact report
- 2026-05-15PeriodicQuarterly report
- 2026-04-29DividendCash/stock dividend decision
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-28OwnershipOwnership-change filing
- 2026-04-21OwnershipOwnership-change filing
- 2026-04-15Disclosure
- 2026-04-15Amended filing
- 2026-04-10Merger decision
- 2026-04-10Merger 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.