Savezone I&C세이브존I&C

Savezone I&C trades far below its book value, but its operating profit is thin and shrinking while the share price has fallen about 14% over the past year.

Savezone I&C runs six discount department-style stores in South Korea, selling surplus clothing brands, food and household goods. Trailing results to H1 2026 show revenue of ₩119.5B and operating income of ₩4.5B (3.8% margin), while net income of ₩35.6B is far above operating income, so it likely reflects non-operating items the data does not explain. The share price closed at ₩2,145, near the low end of its 52-week range of ₩2,050 to ₩4,135.

What stands out

• Operating income fell from ₩11.0B in 2023 to ₩4.6B in 2025, with the operating margin down from 8.9% to 3.9% over the same period.
• Net income in the trailing period (₩35.6B) is roughly eight times operating income, and the data does not say what drove the gap.
• The stock trades at about 0.2x book value and 2.5x trailing earnings, and the data shows a 1.4% dividend yield.
• A discounted cash flow model in the data gives a base value of ₩1,510, below the current price, with a bear case of ₩89 and a bull case of ₩4,352; these are model outputs, not forecasts.
• Foreign ownership eased from 9.7% to 9.2% over about 60 days, and foreign investors were net sellers over the last 20 trading days.

What to watch

• The next results release and whether operating margin recovers from the 3.8% trailing level.
• What drove the large gap between operating income and net income, and whether it repeats; the data does not explain it.
• Borrowings of ₩36.1B against cash of ₩7.5B, and whether debt levels or the company's plans for its stores change in future filings.