Kangwon Land: Earnings Below 2023-24 Peaks, Shares Down 19.1% Over a Year, Multiples Below Own Year-End Levels

Thesis

The data supports a picture of a profitable company with a strong balance sheet whose earnings have slipped from their peak. Trailing revenue of ₩1.47T is close to the 2025 level of ₩1.48T, but operating income fell from ₩285.8B in 2024 to ₩235.3B in 2025 and ₩215.3B over the trailing twelve months to H1 2026.

Net income of ₩330.3B is well above operating income, which means non-operating items are lifting the bottom line. The data does not say what those items are, so the quality of that profit cannot be judged here.

The shares are 26.5% below their 52-week high of ₩19,590 and only 3.4% above the low of ₩13,920. The data does not explain the decline. Recent filings show a CEO change and an extraordinary shareholders' meeting, but their content is not in the data.

Business overview

Kangwon Land is listed on KOSPI in the Hotels & Leisure sector. It was founded on 1998-06-29 and listed on 2003-09-04. It has 213,940,500 listed shares and a market cap of ₩3.08T. The CEO is listed as 김도균, although a CEO change notice was filed on 2026-09-02, so the current name may differ.

Revenue was ₩788.4B in 2021 with an operating loss of ₩52.7B. It rose 61.2% in 2022 to ₩1.27T, then ₩1.39T in 2023, ₩1.43T in 2024 and ₩1.48T in 2025. Growth has slowed to 9.3%, 2.8% and 3.5% in the last three years. The data does not break down revenue by business line.

Peers in the data are Paradise (₩881.0B market cap), Seobu T&D (₩779.9B), Grand Korea Leisure (₩517.7B), Ananti (₩411.2B) and Mona Yongpyong (₩89.5B). Kangwon Land is considerably larger than all of them.

Financial analysis

All figures come from filed financial statements (DART).

Trailing twelve months to H1 2026: revenue ₩1.47T, operating income ₩215.3B (14.6% margin), net income ₩330.3B (22.4% margin), ROE 8.5%.

Annual operating margin was 17.1% in 2022, 20.3% in 2023, 20.0% in 2024 and 15.9% in 2025. Net income was ₩115.6B in 2022, ₩340.9B in 2023, ₩456.9B in 2024 and ₩318.2B in 2025. ROE moved from 3.5% in 2022 to 9.6%, 12.1% and 8.1%.

The balance sheet is conservative: liabilities to equity is 18.1% and cash is ₩211.1B. Borrowings are not available in the data. Trailing free cash flow is ₩121.8B.

Valuation

At ₩14,400 the stock trades at a P/E of 9.3, P/B of 0.8, P/S of 2.1 and EV/EBITDA of 9.4, with enterprise value of ₩2.87T. The dividend yield is 6.1%.

At the end of 2025 the P/E was 12.7 and the P/B was 1.0, so current multiples are lower. Year-end multiples for earlier years are not available.

Peer P/E and P/B figures are not available in the data, so a direct comparison with similar companies cannot be made. The P/E also rests on net income that exceeds operating income, which should be kept in mind.

Catalysts

• The 2026-09-30 filing on a shareholder register closure or record date points to a shareholder-related event, probably linked to dividends, though the data does not specify.
• A CEO change notice was filed on 2026-09-02 after an extraordinary shareholders' meeting on 2026-08-26, and the effect on strategy is not in the data.
• The H1 2026 report and preliminary earnings (filed 2026-08-04 and 2026-08-14) set the current trailing figures, and the next set of results will show whether margins stabilise.
• Two IR events were held on 2026-08-14, though their content is not available.
• A news item on 2026-10-13 reports a pop-up store in Hongdae with 10,000 visitors, a brand-awareness story with no stated financial impact.

Risks

• Operating margin has fallen from 20.0% in 2024 to 14.6% on a trailing basis, and operating income is down about 24.7% from 2024 to the trailing period.
• Revenue growth slowed to 2.8% in 2024 and 3.5% in 2025 after the 2022 rebound, suggesting limited recent top-line momentum.
• Net income exceeds operating income, so reported profit depends on non-operating items that may not recur.
• Shares are down 19.1% over one year and trade near the 52-week low, showing weak market sentiment.
• Investor flows, foreign ownership and short balance data are not available, so positioning cannot be assessed, and the leadership change adds uncertainty.

Closing view

The data shows a large, low-leverage company with positive free cash flow and a 6.1% dividend yield, trading at lower multiples than a year ago. Against that, operating profit and margins have fallen from 2023-2024 levels, revenue growth is modest, and profit quality is unclear because net income is well above operating income. Missing data on peer multiples, borrowings and investor flows limits the comparison. The next filings on results, the dividend record date and the leadership change will be the main sources of new information.

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, 2026InitiationKangwon Land: Earnings Below 2023-24 Peaks, Shares Down 19.1% Over a Year, Multiples Below Own Year-End Levels