JS제이에스코퍼레이션

JS posts strong trailing profits and trades at low multiples, but its balance sheet carries heavy debt and the share price has fallen over the past month.

JS is a handbag manufacturer serving global fashion brands such as Kate Spade and Guess, selling into more than 50 countries. Trailing twelve-month revenue to H1 2026 was ₩1.44T with operating income of ₩171B and net income of ₩82B, while the share price closed at ₩11,750 on 22 October 2026, down 10.6% over one month but up 18.3% over one year.

What stands out

• Trailing operating margin is 11.9% and net margin 5.7%, both above the 2025 full-year levels of 10.9% and about 5.7% respectively on the annual figures in the data.
• Revenue grew 15.3% in 2025 after 29.5% growth in 2024, though 2023 revenue fell 11.5%, so the trend has been uneven.
• Liabilities are 226.3% of equity and borrowings total ₩850B against cash of ₩66B, a heavy debt load relative to the company's size.
• Trailing P/E is 4.2 and P/B is 0.6, with a stated dividend yield of 5.1%; peers such as F&F and Handsome trade at similar or higher earnings multiples.
• Recent filings include a debt guarantee decision to a third party, a convertible bond issue and a cash dividend decision, and the data contains no news headlines for the period.

What to watch

• The debt guarantee to a third party disclosed on 22 October 2026: the size and terms are not given in the data.
• Full-year 2026 results, which are not yet in the data, and whether margins hold near the trailing 11.9%.
• The DCF fair-value range in the data is wide, from ₩40,265 (bear) to ₩246,337 (bull) against a base of ₩104,022, and the convertible bond and debt levels are relevant to how that range is interpreted.