JONBUR Research · Initiation
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Logen · 033290 · Retail & Trade
Logen: Thin Margins and Low Book Multiple as Earnings Soften, With Filings Pointing to Corporate Activity
Why this report
Start of coverage: written when a reader opened this company and there was no report yet.
Logen's revenue has been flat near ₩0.8T for three years, while operating margin fell from 13.7% in 2021 to 1.6% over the trailing twelve months to H1 2026. The shares trade at 0.2x book value, and the model estimate sits far above the ₩1,604 share price, though it rests on assumptions that earnings recover.
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.
Thesis
The data supports a picture of a low-margin business whose profitability has dropped sharply from its 2021-2022 peak. Trailing operating income is ₩12.6B on ₩792.0B revenue, and ROE is 1.5%. The stock is down 23.6% over one year but up 5.2% over the past month.
What the data supports on the positive side: price-to-book of 0.2x, price-to-sales of 0.1x, and trailing free cash flow of ₩46.7B, which is large relative to a ₩90.1B market cap. What it does not support is a clear earnings recovery. Net income has fallen, and the trailing P/E of 16.2 is higher than the year-end figures of 5.8 to 7.5 in recent years because profit is lower.
Recent filings show a securities registration statement, a prospectus, several amendments, and a shareholders' meeting call. The data does not say what these are for, so their effect on shareholders is not known. No news headlines are available.
Business overview
Logen is listed on KOSDAQ in the Retail & Trade sector. It was founded in 1974 and listed in 1997. It has 56,156,301 listed shares and a market cap of about ₩90.1B. The co-CEOs are listed as 최용석 and 김동주.
Revenue was ₩674.0B in 2021, jumped 77.0% to ₩1.19T in 2022, then fell 32.3% to ₩808.0B in 2023. It was ₩808.6B in 2024 and ₩793.2B in 2025. Share price range over 52 weeks is ₩1,390 to ₩2,485. Foreign ownership is shown as 0.0%.
Every earlier JONBUR Research report and update note on Logen, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩4,250
- +168%
- Base
- ₩8,394
- +430%
- Bull
- ₩15,567
- +883%
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 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions
Filings and data used
- 5%+ holding reportOct 13, 2026
- Amended: Shareholders' meeting calledSep 30, 2026
- Shareholders' meeting calledSep 30, 2026
- Determination of Shareholder Register Closure Period or Record DateSep 30, 2026
- Notice of shareholders' meetingSep 30, 2026
- 5%+ holding reportSep 28, 2026
- ProspectusSep 18, 2026
- Securities registration statementSep 18, 2026
- 5%+ holding reportSep 9, 2026
- Amended attachment: Securities registration statementSep 8, 2026
- Amended: Securities registration statementSep 8, 2026
- Disclosure on Large Business Group Status [Quarterly Disclosure (For Individual Company)]Aug 31, 2026
- Daily prices up to 2026-10-16
- Financial statements, trailing 12 months as of H1 2026
- Our fair value model, statements as of TTM to H1 2026
Report history
- Oct 21, 2026Update noteModel fair value changeLogen: Model Fair Value Estimate Halves to ₩4,218 Per Share as Discount Rate Falls and Bear Case Drops to Zero
- Oct 18, 2026InitiationStart of coverage (reader request)Logen: Thin Margins and Low Book Multiple as Earnings Soften, With Filings Pointing to Corporate Activity
Source: KRX statistical information