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DI Dong IL · 001530 · Retail & Trade

DI Dong IL: Share Price Up 50.2% in a Year While Profits Remain Near Break-Even

Why this report

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DI Dong IL's shares have gained 9.1% in one month and 50.2% over one year, closing at ₩28,800 on 2026-10-19, while trailing operating margin is only 0.1%. The valuation model's base estimate of ₩11,169 per share sits well below the current price.

Written Oct 20, 2026 · Data as of Oct 19, 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 strong price recovery: the stock is up 28.0% over three months and trades near the upper part of its 52-week range (₩15,730 to ₩33,850). Over the last 20 days foreign investors (₩1.4B) and institutions (₩1.9B) were net buyers while retail investors were net sellers (₩2.5B), and foreign ownership rose from 4.7% to 5.0%.

The data does not show a matching improvement in earnings. Revenue has fallen from ₩913.7B in 2022 to ₩601.4B in 2025, 2025 was a loss year, and trailing free cash flow is negative. The price move therefore appears to rest on expectations that the filed numbers do not yet show. No news headlines are available in the data to explain it.

Business overview

DI Dong IL is a KOSPI-listed company in the Retail & Trade sector, founded in 1955 and listed since 1964, with 20,715,621 listed shares. Market capitalisation is about ₩596.6B. The company has three CEOs named in the data. Revenue peaked at ₩913.7B in 2022 and has declined since: -25.3% in 2023, -4.6% in 2024 and -7.7% in 2025. Detailed product or segment information is not available in the data.

Financial analysis

These figures come from filed financial statements. Revenue was ₩601.4B in 2025, with an operating loss of ₩1.5B (margin -0.3%) and a net loss of ₩9.7B (ROE -1.8%). In 2022 operating income was ₩44.8B (margin 4.9%) and net income ₩53.8B. Over the twelve months to H1 2026, revenue was ₩633.5B, operating income only ₩589M (margin 0.1%) and net income ₩6.4B (margin 1.0%, ROE 1.2%).

The balance sheet shows liabilities at 111.3% of equity, cash of ₩43.6B and borrowings of ₩97.4B. Trailing free cash flow is -₩95.6B, meaning cash was consumed over the period.

Valuation

The stock trades at a P/E of 93.7, P/B of 1.1, P/S of 0.9 and a dividend yield of 0.3%. The high P/E reflects very thin earnings. Year-end P/B was 0.8 in 2025, 1.8 in 2024 and 0.5 in 2022, so the current P/B is above some of its own past levels. EV/EBITDA is not available.

Peers show P/E of 5.7 (Youngone) to 43.8 (ISC) and P/B of 0.4 (Samsung C&T) to 5.8 (ISC). Against these, DI Dong IL's P/E is higher than all five listed peers.

The valuation model (5-year discounted cash flow at a 7.2% rate, based on trailing figures to H1 2026) gives a base estimate of ₩11,169 per share, with a bear case of ₩2,641 and a bull case of ₩26,365. This is a model estimate based on the assumptions shown, not a target. Even the bull case is below the ₩28,800 closing price, and the wide range shows high sensitivity to the assumptions.

Catalysts

  • Filings on 2026-09-15 reported a change in the largest shareholder's holdings, a 5%+ holding report and an insider shareholding report, which may point to shifts in ownership.
  • The company held investor relations events on 2026-04-21, 2026-08-26 and 2026-09-04, showing active communication with investors.
  • The H1 2026 half-year report filed on 2026-08-14 showed trailing net income of ₩6.4B, a return to profit versus the 2025 loss.
  • Recent net buying by foreign investors and institutions, with foreign ownership at 5.0%, could continue to influence the share price.
  • The next quarterly report will show whether the thin operating margin of 0.1% is improving.

Risks

  • Operating margin is only 0.1%, so small cost or sales changes could push the company back to an operating loss, as in 2025.
  • Revenue has fallen for three straight years, from ₩913.7B in 2022 to ₩601.4B in 2025.
  • Trailing free cash flow of -₩95.6B against cash of ₩43.6B and borrowings of ₩97.4B could strain the balance sheet.
  • The share price of ₩28,800 is well above the model's base estimate of ₩11,169, leaving it exposed if earnings do not improve.
  • The short balance is 2.1% of shares and no news is available in the data, so the drivers of the rally are unclear.

Closing view

The data shows a strong market reaction, with gains of 50.2% over a year and supportive foreign and institutional flows, but the filed financials describe a business with shrinking revenue, near-zero margins and negative free cash flow. The model's base estimate is well below the current price, and valuation multiples are high relative to peers. The evidence is mixed: market sentiment is positive, while the reported fundamentals have not yet confirmed a durable recovery. Future filings will be the key test.

Model estimate of fair value

Bear
₩2,641
-89%
Base
₩11,169
-52%
Bull
₩26,365
+13%

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 7.2%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 20, 2026InitiationStart of coverage (reader request)DI Dong IL: Share Price Up 50.2% in a Year While Profits Remain Near Break-Even

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