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JONBUR Research · Initiation

CJ Logistics · 000120 · Transport & Logistics

CJ Logistics: Shares Near 52-Week Low While Earnings Stay Steady and Multiples Sit Below Peers

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

CJ Logistics closed at ₩69,500 on 2026-10-12, down 16.1% over one year and just above its 52-week low of ₩69,200. Filed statements show stable revenue and thin margins, with a P/E of 7.1 and a P/B of 0.4.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a large, steady business whose share price has fallen while reported earnings have moved only modestly. Revenue has grown from ₩11.3T in 2021 to ₩12.8T over the trailing twelve months to H1 2026, and net income has risen from ₩54.7B to ₩222.9B. Against that, operating margin slipped from 4.4% in 2024 to 3.9% in the TTM, and ROE is 5.5%, below the 6.6% of 2024. The share price is 54.9% below its 52-week high of ₩154,000, but the data does not explain why. No news headlines, investor flow, foreign ownership or short balance data are available, so the cause of the decline cannot be assessed from this data.

Business overview

CJ Logistics is listed on KOSPI in the Transport & Logistics sector. It was founded on 1930-11-15 and listed on 1956-07-02. It is led by co-CEOs 신영수 and 민영학. It has 22,812,344 listed shares and a market capitalisation of about ₩1.59T. Enterprise value is about ₩2.85T. Annual revenue has been in a range of ₩11.3T to ₩12.3T over 2021-2025, with growth of 1.4% in 2025, 3.0% in 2024, -3.0% in 2023 and 6.9% in 2022. The data does not break revenue down by business line.

Financial analysis

All figures come from filed financial statements (DART). TTM to H1 2026: revenue ₩12.8T, operating income ₩501.1B (3.9% margin), net income ₩222.9B (1.7% margin). Full-year 2025: revenue ₩12.3T, operating income ₩508.1B (4.1% margin), net income ₩242.1B, ROE 6.0%. Operating income peaked at ₩530.7B in 2024 and was ₩480.2B in 2023. Balance sheet: liabilities to equity of 142.2%, borrowings of ₩1.52T against cash of ₩256.7B. Free cash flow over the TTM is ₩193.7B. Net income and operating income in the TTM are both slightly below 2025 levels.

Valuation

At present the P/E is 7.1 and the P/B is 0.4, with a P/S of 0.1 and a dividend yield of 1.8%. EV/EBITDA is not available. At the end of 2025 the P/E was 8.9 and the P/B 0.5, so both multiples are lower now. Among listed peers with data, HMM trades at a P/E of 13.4 and P/B of 0.7, Hyundai Glovis at 8.9 and 1.3, and Pan Ocean at 10.2 and 0.5; CJ Logistics is below all three on P/E and below or equal on P/B. Korea Line and Heung-A Shipping have no multiples in the data. The valuation model is a 5-year DCF at a 4.7% rate, as of TTM to H1 2026. It gives a model estimate based on the assumptions shown of ₩580,866 per share in the base case, ₩156,146 in the bear case and ₩1,660,593 in the bull case. Even the bear case is above the ₩69,500 share price, and the very wide range between cases shows how sensitive the estimate is to its assumptions. It is not a target or a reason to buy or sell.

Catalysts

  • The half-year report for June 2026 and the preliminary consolidated earnings (filed 2026-08-14 and 2026-08-11) are the latest results and set the current TTM base.
  • Investor relations events were filed on 2026-07-29 and twice on 2026-09-02, indicating ongoing communication with investors.
  • Insider shareholding reports were filed on 2026-06-24 and 2026-09-01, which investors may follow for ownership changes, though the data does not show direction or size.
  • An amended filing on a major management matter relevant to investors was submitted on 2026-06-22, the details of which are not in the data.
  • The next quarterly results and the earnings notice filings will update the margin and ROE trends.

Risks

  • Operating margin is thin at 3.9% and has eased from 4.4% in 2024, so small cost changes could affect profit.
  • Liabilities to equity of 142.2% and borrowings of ₩1.52T, about six times cash, add financial leverage.
  • Net margin of 1.7% and ROE of 5.5% indicate modest returns on capital.
  • The shares are near the 52-week low after a 16.1% one-year fall, and the data gives no investor flow, foreign ownership or short interest to explain the trend.
  • The DCF range from ₩156,146 to ₩1,660,593 per share is very wide, so the model estimate carries high uncertainty.

Closing view

The filings show a large logistics group with stable revenue, positive but thin profits and moderate leverage. Its multiples are low versus its own recent history and the peers shown, and the model estimate is above the market price, yet the estimate's wide range limits its usefulness. The data lacks news, flow and ownership information that could explain the share price weakness, so the evidence is mixed and no conclusion on direction can be drawn.

Model estimate of fair value

Bear
₩156,146
+144%
Base
₩580,866
+808%
Bull
₩1,660,593
+2495%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 4.7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)CJ Logistics: Shares Near 52-Week Low While Earnings Stay Steady and Multiples Sit Below Peers

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information