Logen로젠

Logen is a thin-margin Korean logistics firm trading near book value, with profits sharply down from 2021-2023 levels.

Logen (KOSDAQ: 033290) reported trailing twelve-month revenue of about ₩792B to H1 2026, with operating income of about ₩12.6B (1.6% margin) and net income of about ₩5.6B. The share price closed at ₩1,577 on 2026-10-13, about 35% below its 52-week high of ₩2,485 and 24.5% lower over one year. The company profile is not included in the data, so the business description is limited to the sector label and filings.

What stands out

• Revenue has been broadly flat at roughly ₩790B-₩810B since 2023, while operating margin fell from 13.7% in 2021 to 2.9% in 2025 and 1.6% on a trailing basis.
• Net income was ₩21.0B in 2025, down from ₩63.6B in 2021, and the 2023 net figure was boosted relative to operating income, so it may include non-operating items not detailed in the data.
• Valuation metrics are low on paper: trailing P/E of 15.9, P/B of 0.2, and an enterprise value of about ₩45.3B; the DCF fair value model gives a base of ₩8,287, bear ₩4,210 and bull ₩15,310, which is a model output, not a forecast.
• Liabilities are 140.2% of equity, and cash is about ₩43.2B with no borrowings reported in the data; free cash flow on a trailing basis is about ₩46.7B.
• Recent filings are mostly governance and capital-markets items: a shareholders' meeting notice dated 2026-09-30, a securities registration statement and prospectus in mid-September, and several 5%+ holding reports.

What to watch

• The shareholders' meeting agenda and any amendments, since the filings don't show what is being voted on.
• Whether the securities registration and prospectus filed in September signal new share issuance, which the data does not explain.
• Next periodic results, to see whether operating margin holds near 1.6% or recovers toward its 2025 level of 2.9%.