Piece Peace Studio피스피스스튜디오

Piece Peace Studio, a Korean fashion brand owner, is profitable on paper but its shares have fallen sharply over the past month and it is absorbing a subsidiary through a merger.

Piece Peace Studio runs several women's lifestyle fashion brands, including Mardi Mercredi, and sells through its own online mall, its own stores, external channels and wholesale partners. On trailing twelve-month figures to H1 2026 it reports revenue of ₩117.9B, operating income of ₩16.7B and net income of ₩11.4B, with a modest debt load and cash of ₩101.0B. The stock closed at ₩4,330 on 2026-10-28, with a market value of about ₩61.4B.

What stands out

• Trailing operating margin is 14.2% and net margin is 9.7%, with liabilities at 24.9% of equity and borrowings of ₩17.2B against cash of ₩101.0B.
• The share price is down 23.8% over one month and 13.1% over three months, and sits well above its 52-week low of ₩4,280 but far below its 52-week high of ₩42,000.
• The discounted cash flow model gives a base value of ₩16,993 per share, with a bear case of ₩13,162 and a bull case of ₩22,733; these are model outputs, not forecasts, and the price is well below the base case.
• Reported P/E is 5.4 and P/B is 0.4, while the company pays no dividend.
• Foreign ownership fell from 4% to 1% over about 60 days, and foreign investors were net sellers over the last 20 days.
• The company has listed filings on a merger decision, amended merger attachments, a buyback trust contract and a status report on shares acquired under a trust agreement; the only news item in the data reports the absorption of its wholly owned subsidiary Walls.

What to watch

• Terms and completion timing of the merger with Walls, as shown in the amended merger filings and any record-date notice.
• The status of the share buyback under the trust agreement, as reported in future filings.
• Next periodic results: the data contains only H1 2026 figures and no forward guidance or analyst estimates.