Dong SUH Companies: Steady Operating Profit, Net Cash Balance Sheet and Mid-Range Multiples

Thesis

The data supports a picture of a stable, low-leverage business. Operating margin has stayed between 7.0% and 9.1% over five years, and borrowings of ₩974.6M are tiny against ₩32.5B in cash and ₩126.7B in trailing free cash flow. The dividend yield is 4.2%.

The data does not support a story of fast growth. Revenue fell 12.0% in 2023, was flat in 2024 and rose 9.0% in 2025. Net income of ₩144.5B is much larger than operating income of ₩42.1B (net margin 26.8% vs operating margin 7.8%), so profit depends on income from outside core operations. The data does not say what that income is. ROE of 8.5% is modest. Investor flow, foreign ownership, short balance and news data are not available, so sentiment cannot be assessed.

Business overview

Dong SUH Companies is listed on KOSPI in the Retail & Trade sector. It was founded on 1975-05-16 and listed on 2016-07-15. It has 99.7M listed shares and is led by co-CEOs 윤세철 and 김종희. Market capitalization is ₩2.7T and enterprise value is ₩2.67T. Over 2021 to 2025 annual revenue ranged from ₩488.9B to ₩556.5B, so the business has been broadly flat in size. The data does not break revenue down by product or segment.

Financial analysis

Figures come from filed financial statements (DART). Trailing figures to H1 2026 show revenue of ₩538.2B, operating income of ₩42.1B (7.8% margin), and net income of ₩144.5B (26.8% margin).

For 2025, revenue was ₩532.9B (up 9.0%), operating income ₩45.3B (8.5% margin) and net income ₩144.9B. For 2024, revenue was ₩488.9B (down 0.2%), operating income ₩44.5B (9.1%) and net income ₩157.3B. 2022 had the highest net income in the data at ₩167.9B and the highest ROE at 11.3%. ROE has since been 9.2%, 9.5%, and 8.5% in 2023, 2024, and 2025.

The balance sheet is conservative. Liabilities to equity are 4.0%, cash is ₩32.5B, borrowings are ₩974.6M and trailing free cash flow is ₩126.7B.

Valuation

The stock trades at a P/E of 18.7, a P/B of 1.6, a P/S of 5.0 and a dividend yield of 4.2%. EV/EBITDA is not available. At the end of 2025 the P/E was 18.5 and the P/B was 1.6, so current multiples are close to year-end levels. Earlier year-end multiples are not available.

Peers in the data vary widely. Samsung C&T has a P/E of 19.1 and P/B of 0.5. POSCO International has 11.6 and 1.4. ISC has 52.3 and 7.0. Youngone has 5.5 and 0.7. Shinsegae has 17.3 and 0.5. Dong SUH's P/E sits near Samsung C&T and Shinsegae, but its P/B is higher than both. The peers are not clearly like-for-like businesses.

Catalysts

• A cash dividend decision and record-date setting were filed on 2026-07-21, which is relevant given the 4.2% dividend yield.
• The half-year report for June 2026 was filed on 2026-08-13 and shows trailing net income of ₩144.5B.
• Filings on largest-shareholder holding changes, 5%+ holding reports and insider shareholding reports on 2026-07-31, 2026-09-01 and 2026-10-08 show ongoing ownership activity.
• Insider trading plan reports were filed on 2026-06-15 and 2026-09-01, which may point to planned share transactions by insiders.
• The shares rose 4.4% over one month and 5.9% over three months, and are within the 52-week range of ₩22,350 to ₩30,950.

Risks

• Net income is about 3.4 times operating income, so results depend on non-operating items that the data does not explain.
• Revenue has been uneven, with declines of 12.0% in 2023 and 0.2% in 2024 before the 9.0% rise in 2025.
• Operating margin slipped from 9.1% in 2024 to 8.5% in 2025 and 7.8% on a trailing basis.
• ROE of 8.5% is below the 11.3% of 2022, and the P/B of 1.6 is above that of several listed peers.
• Investor flow, foreign ownership, short interest and news data are not available, which limits visibility on sentiment and recent developments.

Closing view

The filed numbers describe a financially sound, low-debt company with steady but unspectacular operating profit and strong cash generation. Multiples are close to the year-end 2025 level and in the middle of a very wide peer range. The main gaps are the source of the large non-operating profit, the lack of segment detail and the missing flow and news data. These limit how confidently the quality and durability of earnings can be judged from this data alone.

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, 2026InitiationDong SUH Companies: Steady Operating Profit, Net Cash Balance Sheet and Mid-Range Multiples