S-1: Steady Revenue Growth, Margins Near 7%, and a Higher Multiple Than Year-End 2025

Thesis

The data shows a business with five years of rising revenue and consistently positive profits. Revenue grew from ₩2.3T in 2021 to ₩2.9T in 2025, and operating margins stayed between 7.5% and 8.3% in the years from 2022 to 2025.

Profit growth has been less steady than sales. Net income fell from ₩189.5B in 2023 to ₩178.6B in 2025, and trailing net income of ₩152.7B is below the 2025 level. The share price has risen 20.4% in three months, and the P/E has risen with it, so the market appears to be paying more per unit of earnings than at the end of 2025.

Investor flow, foreign ownership and short-interest data are not available in this dataset, so we cannot say who is driving the move. No recent news headlines are available either.

Business overview

S-1 is listed on the KOSPI in the business services sector. It was founded on 1977-11-28 and listed on 1996-01-30, with 37,999,178 listed shares. The co-CEOs listed are 정해린 and 하나오카 타쿠로.

The market cap is ₩3,279.3B and enterprise value is ₩3,067.1B. Among the listed peers, Doosan Tesna (₩2.4T) and Cheil Worldwide (₩2.2T) are of a similar order of size, while Soulbrain Holdings, Lotte Tour Development and Innocean Worldwide range from ₩723.6B to ₩997.9B. The data does not describe the company's products or segments.

Financial analysis

All figures below come from filed financial statements (DART), consolidated where available.

Annual revenue rose from ₩2,312.5B in 2021 to ₩2,889.4B in 2025. Growth was 6.7% in 2022, 6.2% in 2023, 7.0% in 2024 and 3.0% in 2025. Operating income was ₩234.6B in 2025, versus ₩209.2B in 2024 and ₩212.6B in 2023. The operating margin was 8.1% in 2025, 7.5% in 2024 and 8.1% in 2023.

Net income was ₩178.6B in 2025, ₩176.7B in 2024 and ₩189.5B in 2023. ROE was 10.5% in 2025, down from 12.1% in 2023.

On a trailing basis to H1 2026, revenue is ₩2,879.5B, operating income ₩203.1B (7.1% margin) and net income ₩152.7B (5.3% margin). Trailing ROE is 9.0%, so profitability is below 2025 levels on these figures.

The balance sheet looks conservative, with liabilities to equity of 38.8% and cash of ₩212.3B. Free cash flow is ₩182.5B. Borrowings data is not available.

Valuation

At ₩86,300, the P/E is 21.5, the P/B is 1.9, the P/S is 1.1 and the dividend yield is 3.3%. At the end of 2025 the P/E was 15.3 and the P/B was 1.6, so both multiples are higher now. Year-end multiples for earlier years are not available. EV/EBITDA is also not available.

Peer P/E and P/B figures are not available in the data, so a peer valuation comparison cannot be made. The share price is 16.2% below its 52-week high of ₩103,000 and 29.2% above its low of ₩66,800.

Catalysts

• The H1 2026 half-year report, filed 2026-08-14, showed trailing operating income of ₩203.1B and a 7.1% operating margin.
• A major sales or supply contract was filed on 2026-09-29, following another on 2026-06-15, though the data gives no contract value.
• Preliminary consolidated earnings were released on 2026-07-31 and an IR event was held on 2026-08-03, giving investors recent company communication.
• A 5%+ holding report was filed on 2026-08-18, and an insider shareholding report was filed on 2026-07-10, which may indicate changes in ownership.

Risks

• Trailing net income of ₩152.7B is below the ₩178.6B reported for 2025, so earnings have softened in the latest data.
• Revenue growth slowed to 3.0% in 2025 from 7.0% in 2024.
• The P/E has risen to 21.5 from 15.3 at the end of 2025, so the share price depends more on earnings improving.
• Related-party transaction filings were amended twice on 2026-07-31, and the data does not explain the changes.
• Investor flows, foreign ownership, short interest and news are not available, which limits visibility into market positioning.

Closing view

The data shows a steadily growing business with stable margins, a low-debt balance sheet and positive free cash flow. Against that, trailing profit and ROE are below 2025 levels while the P/E and P/B have risen, and the three-month price gain is ahead of the earnings trend. Missing flow, peer multiple and news data leave gaps, so this report describes what the filings and prices show and does not offer a recommendation.

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, 2026InitiationS-1: Steady Revenue Growth, Margins Near 7%, and a Higher Multiple Than Year-End 2025