Youngone Holdings: Low Multiples and a 7.9% Dividend Yield Alongside Cooling Three-Month Price Momentum

Thesis

The data supports a picture of a profitable company with a low-debt balance sheet that trades at modest multiples. Trailing P/E is 5.5x and P/B is 0.7x, below the year-end 2025 readings of 7.1x and 0.9x. The dividend yield is shown at 7.9%, and October 2026 filings include a cash dividend decision and a share cancellation decision, which point to shareholder returns. The data does not support a view on why the multiples are low, since no news headlines are available. Profit is also well below the 2022 peak, when the operating margin was 22.1%. Investor flow, foreign ownership and short balance data are not available, so market positioning cannot be assessed.

Business overview

Youngone Holdings is listed on KOSPI and classified in the data as a holding company. It was founded on 1974-06-20 and listed on 1988-11-07, with 13,635,592 listed shares. The CEO is listed as 성래은. Consolidated revenue grew from ₩3.2T in 2021 to ₩4.5T in 2022, then eased to ₩4.4T in 2023 and ₩4.3T in 2024 before rising to ₩4.9T in 2025. The data does not describe the underlying business lines or subsidiaries.

Financial analysis

All figures come from filed financial statements (DART). For the trailing twelve months to H1 2026, revenue was ₩5.2T, operating income ₩793.9B and net income ₩431.1B. That gives an operating margin of 15.3%, a net margin of 8.3% and ROE of 14.4%. In 2025, revenue was ₩4.9T (up 13.7%), operating income ₩735.5B (15.0% margin) and net income ₩367.7B, with ROE of 12.8%. The operating margin was 12.0% in 2024, 20.0% in 2023 and 22.1% in 2022. The balance sheet looks conservative: liabilities to equity are 29.6%, cash is ₩1.0T against borrowings of ₩158.0B, and trailing free cash flow is ₩497.2B. Enterprise value is ₩1.5T, below the market cap of ₩2.4T, reflecting the net cash position.

Valuation

The current P/E is 5.5x, P/B 0.7x and P/S 0.5x. The year-end 2025 P/E was 7.1x and P/B 0.9x, so both are lower now; earlier year-end multiples are not available. EV/EBITDA is not available. Among the listed peers, P/E ranges from 4.0x (SK Square) to 10.2x (KB Financial Group), with SK at 4.9x, Hana Financial at 8.7x and Shinhan at 9.4x. Peer P/B ranges from 0.8x to 2.4x, so Youngone's 0.7x is below all five. These peers are large holding and financial companies, so the comparison is only indicative. The dividend yield is 7.9%.

Catalysts

• On 2026-10-02 the company filed a cash dividend decision and a record date decision, which are relevant to the 7.9% yield shown in the data.
• A share cancellation decision was filed on 2026-10-02, following one on 2026-05-12, which would reduce the share count if carried out.
• A corporate value-up plan was filed on 2026-08-11, though its contents are not included in the data.
• The H1 2026 half-year report filed 2026-08-14 supports the current trailing figures, and the next periodic filing will update them.
• A 5%+ holding report was filed on 2026-07-01, but the data does not show who filed it or in which direction.

Risks

• Margins have been volatile, falling from 22.1% in 2022 to 12.0% in 2024, and the current 15.3% is still below the peak.
• Revenue declined in both 2023 (-3.9%) and 2024 (-1.1%), showing that growth has not been steady.
• The shares are 33.5% below the 52-week high of ₩262,000 and fell 9.8% over three months, showing price volatility.
• No investor flow, foreign ownership, short balance or news data is available, which limits the view of market sentiment.
• The holding company structure and the contents of the value-up plan are not detailed in the data, so the drivers of earnings and the dividend's sustainability cannot be confirmed.

Closing view

The filed financials show consistent profitability, a net cash balance sheet and multiples that are low against both the company's recent year-end readings and the listed peers. Dividend and share cancellation filings add to the shareholder return picture. Against that, earnings remain below their 2022 level, revenue has been uneven, and the data lacks flows, sentiment and business detail. The evidence is balanced: solid current numbers, but limited information on why the market values the company at a discount.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationYoungone Holdings: Low Multiples and a 7.9% Dividend Yield Alongside Cooling Three-Month Price Momentum