Dongwon Industries동원산업

Dongwon Industries trades near book value and at a low multiple, but earnings fell sharply in 2024 and the stock is down 28% over the past year.

Dongwon Industries is a holding company for the Dongwon Group, with fishing, canned food and StarKist tuna operations. Trailing results to H1 2026 show revenue of about ₩10.0T, operating income of ₩555B and net income of ₩431B, with liabilities at 99.6% of equity and borrowings of ₩2.56T. The shares closed at ₩33,850, near the low end of their 52-week range of ₩29,850 to ₩51,500.

What stands out

• Trailing operating margin is 5.5% and net margin is 4.3%, broadly in line with 2025 levels of 5.4% and 3.8%.
• Net income was ₩75B in 2024 versus ₩367B in 2025, so earnings have been volatile year to year.
• Valuation is low at a P/E of 3.5 and P/B of 0.4, and the dividend yield is 3.4%.
• Recent filings include a cash dividend decision, a related-party transaction and several debt guarantees for other parties.
• Foreign ownership rose from 4.1% to 4.9% over about 60 days, while retail investors were net sellers over the last 20 days.

What to watch

• Whether the debt guarantees filed in August and September add to the group's borrowing burden, which is already high relative to equity.
• The fair value model gives a base of ₩6,782 per share, with a bear case of ₩4,521 and a bull case of ₩9,495; these are model outputs, not forecasts, and the stock trades far above the base case.
• No news headlines were available in the data, so the response to the rumour-related filing on 30 September is not clear from the information provided.