Dreamus드림어스컴퍼니

Dreamus returned to a small profit over the last twelve months after large losses in 2024, but the shares have fallen sharply over the past year.

Dreamus runs the FLO music streaming service and a merchandise and concert business, with trailing twelve-month revenue of ₩211B and net income of ₩6.0B to June 2026. The shares closed at ₩4,700 on 16 October 2026, down 47.1% over one year, and the model's base-case fair value sits well above the current price. The data does not include analyst ratings or forecasts.

What stands out

• Trailing revenue is about ₩211B, roughly flat against 2025's ₩225B, and operating margin is thin at 0.7%.
• Net income of ₩6.0B is well above operating income of ₩1.5B, so the bottom line depends on items beyond core operations; the data does not explain why.
• Cash of ₩55.7B is high relative to the ₩14.0B enterprise value, and the data shows no borrowings.
• Valuation multiples are low (P/E 11.6, P/B 0.5), but the company paid no dividend and return on equity is only 4.1%.
• Filings in August and September 2026 include a trading halt, a change of largest shareholder and a 5%+ holding report, and the news list is empty.

What to watch

• The reason for the August 2026 trading halt and the amended largest-shareholder change, which the data does not explain.
• Whether operating income improves on the thin 0.7% margin in upcoming reports.
• Continued net selling by foreign, institutional and retail investors over the past 20 days, and foreign ownership falling from 2.9% to 2.3%.