Choheung조흥

Choheung's trailing revenue is rising but profit is thin, and the shares sit near the middle of their 52-week range.

Choheung, a South Korean food company making bakery ingredients and frozen pizza, reported trailing-twelve-month revenue of about ₩500B to the half-year 2026 filings, with a 4.1% operating margin and a 0.4% net margin. Net income has fallen sharply from ₩16.1B in 2021 and ₩11.1B in 2022 to ₩2.2B on a trailing basis, while the balance sheet carries liabilities at about 239% of equity. The share price was ₩139,700 on 28 October 2026, about 15% below its 52-week high of ₩164,400.

What stands out

• Revenue grew 14% in 2025 to about ₩488B, but operating income fell to ₩18.6B from ₩20.8B in 2024 and net income fell to ₩8.1B from ₩2.5B in 2024 is not the trend; 2025 net income was higher than 2024, while 2023 was the low point at ₩0.4B.
• Trailing net income of ₩2.2B gives a net margin of 0.4% and ROE of 1.5%, so earnings are very thin relative to sales.
• Trailing free cash flow of about ₩4.0B and cash of ₩46.3B against borrowings of ₩0.72B stand out as a relatively small debt load, though total liabilities are high relative to equity.
• The data gives a year-end P/E of 38.2 on trailing figures and a price-to-book of 0.6, with a dividend yield of 4.3%.
• Filings in 2026 are mostly routine (half-year and quarterly reports, governance report, AGM results) plus several amended filings on share acquisitions in another company; no news headlines were in the data.

What to watch

• Next quarterly or annual results, to see whether operating margin holds near 4% and net income recovers from the trailing level.
• The repeated amended filings on acquiring shares in another company, which the data does not explain in detail.
• Foreign ownership has fallen to 0% from 0.1% sixty days earlier, and 20-day foreign flows were net selling, which may be worth monitoring.