Seoul Broadcasting SystemSBS

SBS shares have fallen sharply over the past year while trailing earnings have shrunk to a thin margin.

Seoul Broadcasting System is a Korean terrestrial broadcaster that earns from advertising and selling its programmes to TV, OTT and other platforms. On the filings, trailing twelve-month revenue is about ₩1.0T with operating income of ₩8.2B, an operating margin of 0.8%, and net income of ₩1.9B for the period to H1 2026. The share price was ₩10,900 on 23 October 2026, down 44.4% over one year and near its 52-week low of ₩10,500.

What stands out

• Revenue has been broadly flat at around ₩1.0T since 2024, but operating income fell from ₩184B in 2021 to ₩8.2B on a trailing basis.
• The 2024 annual result shows an operating loss of ₩19B even though net income was positive at ₩34B, so the bottom line was not driven by core operations that year.
• Borrowings of ₩421B exceed cash of ₩96B, and liabilities are about 70% of equity.
• The DCF model in the data gives a base value of ₩33,237, well above the current price, but the bear case is ₩5,892 and the bull case ₩95,452, so the range is very wide.
• Recent headlines centre on drama productions, including a postponed show after a cast member controversy, and an October value-up plan and share acquisition were filed.

What to watch

• The next quarterly results and whether operating income recovers from the current thin level.
• How the postponed drama 'Chance of Victory' is handled and any effect on advertising and content revenue.
• Foreign and institutional ownership is near zero in the data, and the company filed a corporate value-up plan and a share acquisition, so follow-up filings on these matters.