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JONBUR Research · Initiation

Daewon Media · 048910 · Retail & Trade

Daewon Media: Profit Recovery and a Sharp 3-Month Rally, With a Wide Range of Model Estimates

Why this report

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

Daewon Media closed at ₩7,700 on 2026-10-30, up 77.4% over three months but down 7.5% over one year. Trailing revenue reached ₩423.8B with a 4.1% operating margin, while the model's per-share estimate range is very wide.

Written Oct 31, 2026 · Data as of Oct 30, 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 recovery story. Revenue rose 33.7% in 2025 after an 18.9% fall in 2024, and the company returned to a profit of ₩5.5B in 2025 after a ₩1.6B loss in 2024. Trailing operating income of ₩17.5B is above the 2025 level of ₩10.0B.

What the data does not settle is how durable this is. Margins of 4.1% are thin, ROE is 9.1%, and earnings swung to a loss as recently as 2024. The share price has already moved sharply, up 10.6% in one month, and is now 20.1% below the 52-week high of ₩9,640 but more than double the low of ₩3,800. Foreign ownership rose from 3.7% to 4.5% over 60 days, a modest sign of added interest.

Business overview

Daewon Media is listed on KOSDAQ in the Retail & Trade sector, founded in 1977 and listed in 2001. Market capitalization is about ₩96.9B across 12,578,946 listed shares. The co-CEOs are listed as 정욱 and 정동훈.

Revenue has ranged from ₩256.4B (2024) to ₩342.8B (2025) over the past five years, and was ₩299.8B in 2021. Recent news headlines mention the opening of seven stores, including Daewon Shop and Animate, at a Lotte Department Store branch in Busan, and the Korean theatrical release of a Japanese romance film. The data gives no segment breakdown.

Financial analysis

These figures come from filed financial statements. For the trailing twelve months to H1 2026, revenue was ₩423.8B, operating income ₩17.5B and net income ₩9.3B. That gives an operating margin of 4.1%, a net margin of 2.2% and ROE of 9.1%.

Annual operating margins were 4.1% in 2021, 4.7% in 2022, 4.4% in 2023, 0.6% in 2024 and 2.9% in 2025. Net income was ₩5.7B, ₩5.6B, ₩6.2B, a ₩1.6B loss, and ₩5.5B over the same years.

The balance sheet shows liabilities to equity of 94.7%, cash of ₩27.6B and borrowings of ₩34.7B, so borrowings exceed cash by about ₩7.1B. Trailing free cash flow was positive at ₩6.2B. The dividend yield is 0.0%.

Valuation

The stock trades at a P/E of 10.4, P/B of 0.9 and P/S of 0.2, with an enterprise value of about ₩86.9B. Year-end P/E was 18.1 in 2025, 24.4 in 2023, 31.1 in 2022 and 47.1 in 2021, so the current P/E is lower than at those year-ends. P/B was around 1.0 at the end of 2024 and 2025 and is now 0.9. EV/EBITDA is not available.

Among listed comparison companies, P/E ranges from 5.2 (Youngone) to 42.6 (ISC), and P/B from 0.5 (Samsung C&T) to 5.7 (ISC). Daewon Media sits within these ranges on both measures.

The valuation model uses a 5-year discounted cash flow at a 7.3% rate, based on trailing figures to H1 2026. It gives a model estimate of ₩13,080 per share in the base case, ₩2,167 in the bear case and ₩32,905 in the bull case, against a share price of ₩7,700. This is a model estimate based on the assumptions shown, not a target, and the very wide spread shows how sensitive it is to those assumptions.

Catalysts

  • The half-year report filed on 2026-08-14 showed trailing profits above the 2025 level, and the next periodic report will show whether that continues.
  • New store openings, including seven stores at Lotte Department Store Busan reported on 2026-10-28, may affect retail revenue.
  • The Korean theatrical release of the Japanese romance film on 2026-10-28 is a recent business event reported in the news.
  • Over the past 20 days foreign investors bought about ₩1.9B and institutions about ₩2.6B net, while retail investors sold about ₩4.3B net.
  • Insider shareholding reports and a treasury share disposal report in 2026 show ongoing changes in ownership.

Risks

  • Margins are thin at 4.1%, so a small drop in sales or higher costs could quickly erase profit, as in 2024 when net income was a ₩1.6B loss.
  • The share price has risen 77.4% in three months, which leaves it exposed to a reversal if earnings momentum fades.
  • Borrowings of ₩34.7B exceed cash of ₩27.6B, and liabilities are 94.7% of equity.
  • The model range of ₩2,167 to ₩32,905 per share reflects high uncertainty in the cash flow assumptions.
  • No dividend is paid, and the data gives no segment detail or guidance to explain what drives revenue swings.

Closing view

The filings show a clear recovery from the 2024 loss, with higher revenue, positive free cash flow and a trailing ROE of 9.1%. Current multiples are below the company's own year-end levels in most recent years, and the model's base estimate is above the current price. However, margins are modest, earnings have been volatile, the model's bear-to-bull range is extremely wide, and the share price has already risen strongly. The evidence supports an improving but still uncertain picture, and this report makes no recommendation.

Model estimate of fair value

Bear
₩2,167
-72%
Base
₩13,080
+70%
Bull
₩32,905
+327%

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 7.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 31, 2026InitiationStart of coverage (reader request)Daewon Media: Profit Recovery and a Sharp 3-Month Rally, With a Wide Range of Model Estimates

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