Ask Warren

JONBUR Research · Initiation

You're reading an earlier report from Oct 20, 2026. See the latest report

LF · 093050 · Textiles & Apparel

LF: Low Multiples and Improving Margins, With a Wide Range in the Model Estimate

Why this report

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

LF, a KOSPI-listed apparel company, trades at ₩22,850 with a market cap of ₩668.1B, a P/E of 5.9 and a P/B of 0.4. Operating margin has recovered to 9.5% on a trailing basis, while revenue has been roughly flat for five years.

Written Oct 20, 2026 · Data as of Oct 19, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

XfWATGr/in@

Thesis

The data supports a picture of a profitable, modestly growing-in-profit business valued at low multiples. Operating margin rose from 3.0% in 2023 to 8.9% in 2025 and 9.5% over the twelve months to H1 2026, and the share price is up 25.5% over one year. Return on equity is only 7.0%, which may explain why the stock trades at 0.4 times book value.

What the data does not show is revenue growth: sales were ₩1.88T in 2025, below ₩1.97T in 2022. Foreign ownership slipped from 13.7% to 12.8% over 60 days and foreign investors were net sellers over the last 20 days (about ₩2.4B). A share buyback decision on 2026-09-30 is a modest supportive signal, though details are not in the data. No recent news headlines are available.

Business overview

LF is listed on the KOSPI in the Textiles & Apparel sector. It was founded in November 2006 and listed in December 2006, with 29.24 million listed shares. It is led by co-CEOs 오규식 and 김상균. Revenue over the past five years ranged between ₩1.79T (2021) and ₩1.97T (2022), so the business is large relative to its ₩668.1B market cap but has not grown much. Enterprise value is ₩348.6B, which is lower than market cap because of the cash position.

Every earlier JONBUR Research report and update note on LF, with Pro.

Unlock with Pro

Model estimate of fair value

Bear
₩10,351
-52%
Base
₩26,865
+24%
Bull
₩56,662
+162%

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

Report history

  1. Oct 21, 2026Update noteModel fair value changeLF: Model Fair Value Estimate Rises 71% to ₩45,874 on a Lower Discount Rate
  2. Oct 20, 2026InitiationStart of coverage (reader request)LF: Low Multiples and Improving Margins, With a Wide Range in the Model Estimate

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