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Pulmuone Corporate · 017810 · Food & Beverage

Pulmuone Corporate: Thin Margins, a 37.8% One-Year Share Price Fall and a Model Estimate Far Above the Market Price

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Pulmuone Corporate shares closed at ₩8,590 on 2026-10-16, down 37.8% over one year and near the 52-week low of ₩8,100. Revenue keeps growing and trailing profit has recovered, but margins are thin, leverage is high and a rights offering and equity-like debt issuance were filed in the past three months.

Written Oct 18, 2026 · Data as of Oct 16, 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 steadily growing but low-margin food company. Revenue rose every year from 2021 to 2025, and trailing net income of ₩43.8B through H1 2026 is well above the ₩18.1B reported for 2025. Trailing ROE is 13.6%, up from 5.9% in 2025.

What the data does not support is a clean turnaround story. Operating margin is 3.0%, liabilities are 274.2% of equity, and the stock fell sharply over the past year. The July rights offering decision and the August filings on debt securities recognized as equity point to a need for capital, though the data does not give the amounts or the stated purpose. Foreign ownership fell from 1.5% to 1.0% over 60 days.

Business overview

Pulmuone Corporate is a KOSPI-listed Food & Beverage company founded in 1984 and listed in 1995, with 38,120,542 listed shares and a market capitalization of about ₩327.5B. CEO is listed as 이우봉.

Annual revenue grew from ₩2.52T in 2021 to ₩3.38T in 2025. Trailing revenue through H1 2026 is ₩3.49T. Recent news headlines concern product launches such as soy milk and a 2027 kimchi refrigerator, plus community and ESG items. None of these headlines contains financial figures.

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Model estimate of fair value

Bear
₩39,807
+392%
Base
₩83,575
+933%
Bull
₩159,789
+1875%

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 21, 2026Update noteModel fair value changePulmuone Corporate: Model Fair Value Estimate Falls to ₩9,248 per Share from ₩83,575
  2. Oct 18, 2026InitiationStart of coverage (reader request)Pulmuone Corporate: Thin Margins, a 37.8% One-Year Share Price Fall and a Model Estimate Far Above the Market Price

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