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KREDKRED
026960KOSPI

Dongsuh

26,300
-150 (-0.57%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Dongsuh is a mid-sized company established in 1975. It is listed on the KOSPI market and operates with two unlisted subsidiaries.

The company operates in food, manufacturing, purchase and export, and other segments. Its activities include distributing food ingredients and imported beverages, manufacturing food packaging and tea products, and providing purchase and export agency services. Main customers include Dongsuh Foods and various retail channels.

Business overview as filed

연결회사는 건전한 재무구조와 경영의 투명성을 기초로 식품사업부문, 제조부문, 구매수출부문, 기타부문의 사업을 영위하고 있습니다. 각 사업부문별 주요 제품 및 서비스는 다음과 같습니다.

(1) 식품사업부문식품사업부문은 식품사업과 동서음료(주)가 있습니다. 식품사업은 식자재 품목과 수입음료, 유지류 품목의 영업을 하고 있습니다. 식품사업은 꾸준한 품목개발과 엄격한 품질관리를 통해서 국내 식자재 시장에서 주도적인 역할을 하고 있습니다. 다양한 식자재를 바탕으로 고객의 기호에 맞는 품목을 판매하고 있으며 지속적으로 신제품과 프리미엄 제품을 출시하고 있습니다. 동서음료(주)는 수입음료를 판매하고 있습니다. 제51기 식품사업부문 매출은 2,996억원입니다. (2) 제조부문 제조부문은 포장사업과 다류사업, 동서물산(주)이 있으며 포장사업은 합성수지 등을 원료로 한 식품용 포장재 제조/판매, 다류사업은 다류제품 제조/판매, 동서물산(주)은 커피제품 포장/판매를 하고 있습니다. 제51기 제조부문 매출은 1,203억원입니다.(3) 구매수출부문/기타부문 구매수출부문은 구매ㆍ수출입 대행업무 및 수출업무를 하며, 기타부문은 물류 보관업 및 임대업 등을 하고 있습니다. 제51기 구매수출부문의 매출은 1,044억원이고, 기타부문은 85억원입니다.

Company overview

(1) 연결대상 종속회사 현황(요약)

회사는 연결대상 종속회사로 총 2개의 비상장회사를 가지고 있습니다.

(2) 연결대상회사의 변동내용

(3) 회사의 법적, 상업적 명칭 회사의 명칭은 '주식회사 동서' 라고 표기합니다. 약식으로 표기할 경우에는'(주)동서' 라고 표기하며, 영문으로는 'DONG SUH COMPANIES INC.' 로 표기합니다.(4) 설립일자 및 존속기간 회사는 1975년 5월 16일에 설립된 이래 1995년 12월 27일에 코스닥시장에상장한 바 있으며, 이후 코스닥시장에서 상장폐지한 후 2016년 7월 15일 유가증권시장에 신규 상장하였습니다.

(5) 본사의 주소, 전화번호, 홈페이지

(6) 중소기업 등 해당 여부회사는 「중소기업기본법」 제2조 및 「중소기업기본법」 시행령 제3조에 의거 중소기업에 해당하지 않습니다. 한편, 회사는 「중견기업 성장촉진 및 경쟁력 강화에 관한 특별법」 제2조 제1호에 의한 중견기업입니다.

(7) 주요사업의 내용

지배회사인 (주)동서는 식품사업, 포장사업, 다류사업, 수출ㆍ입 및 구매대행업 등을주요 사업으로 영위하고 있습니다. 종속회사가 영위하는 주요 사업은 커피 外 제조업, 음료 도·소매업 등 입니다. 각 사업부문의 전문성 향상과 효율적 운영을 위하여 회사는 2011년부터 도입한 한국채택국제회계기준 제1108호에 의거하여 보고부문을 식품사업부문, 제조부문, 구매수출부문, 기타부문으로 구분하였습니다. 주요 거래처로는 동서식품(주) 등 계열회사, 대형 할인점, 온라인 거래처, 실수요처, 대리점 등이 있습니다. 사업부문별 주요 제품 및 서비스의 매출 비중은 아래와 같습니다.

주요사업에 대한 상세내용은 'Ⅱ. 사업의 내용'을 참조해 주시기 바랍니다.

(8) 신용평가에 관한 사항

(주)나이스디앤비의 신용평가등급 정의

기업의 신용능력에 따라 AAA 등급에서 D 등급까지 10등급으로 구분 표시되며 등급 중 AA등급에서 CCC 등급까지의 6개 등급에는 상대적 우열 정도에 따라 +, - 기호가 첨부됩니다.(9) 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.57%
[2.24%, 5.53%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 24.3% (2026-06-26). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.04
Beta [-0.07, 0.15] · KOSPI200 · As of 2026-10-08
Intercept
-0.030%[-0.273%, +0.213%]
R squared
0.01
Observations
252
Trading-time corrected beta
-0.00[-0.16, 0.16]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M5,0945,1385,5915,6355,0224,9305,3535,5654,8974,8895,3295,382
Revenue growth%—0.868.810.79-10.88-1.838.583.95-12.00-0.179.00—
Operating incomeKRW 100M488456477432385451384392438445453421
Operating income growth%—-6.634.54-9.35-10.9817.27-14.942.0911.681.661.93—
Net incomeKRW 100M1,2501,2241,2611,2041,4051,2061,1511,6961,4631,5901,4651,461
Net income growth%—-2.093.03-4.5016.74-14.20-4.5147.30-13.748.71-7.91—
Attributable to ownersKRW 100M1,2161,1901,2231,1661,3691,1701,1341,6791,4491,5731,4491,445
Attributable to minoritiesKRW 100M343337383636181814181616
Operating margin%9.598.888.537.677.669.157.177.048.939.108.517.81
Net margin%24.5323.8122.5521.3627.9824.4621.5130.4829.8832.5327.4927.14
ROE%10.8610.1210.039.2210.248.477.9110.979.019.288.418.41
ROA%9.959.229.088.419.517.907.2810.428.648.948.148.10
Debt ratio%10.2010.8311.4911.019.349.209.255.334.384.083.524.05
Current ratio%1,220.251,108.901,067.141,218.391,305.961,351.611,329.831,200.011,469.001,518.021,766.681,521.09
Quick ratio%1,161.331,050.471,001.831,145.601,248.061,279.661,247.411,115.611,372.951,405.371,632.351,401.36
Reserve ratio%——2,235.072,318.752,457.182,552.862,647.422,860.412,999.373,155.723,223.683,215.67
Free cash flowKRW 100M9911,0211,0899331,0578138308321,1511,1201,041—
FCF margin%19.4619.8819.4716.5621.0516.4915.5014.9523.5022.9219.54—
OCF conversion%87.4787.0288.4079.2275.9769.6673.6250.8080.7271.2072.54—
Capex to revenue%2.000.850.460.360.210.550.340.530.620.250.40—
Receivable daysdays—43.641.039.943.143.640.541.248.045.242.8—
Inventory daysdays—28.030.632.832.732.235.440.651.155.455.3—
Payable daysdays—34.436.734.433.633.632.235.843.639.232.7—
Cash conversion cycledays—37.234.938.342.242.243.745.955.461.465.4—
EPSKRW1,2251,1991,2331,1791,3881,1861,1491,7011,4681,5941,4681,449
PERx—22.9823.6015.1812.5428.6326.9811.8812.4017.1618.2916.29
BPSKRW—11,79212,23912,67913,41913,86114,38115,35016,12816,99517,27217,231
PBRx—2.342.381.411.302.452.161.321.131.611.551.37
Dividend per shareKRW—6707007007007007007307808901,140—
Payout ratio%—55.8856.7759.3750.4359.0260.9242.9253.1355.8377.66—

Consolidated basis

Profit flowKRW 100M

Revenue
5,329
Cost of sales
4,450
Gross profit
878
Non-operating income
1,167
Operating income
453
SG&A expenses
425
Profit before tax
1,620
Net income
1,465
Income tax expense
155

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
12,56413,27013,87714,32214,78315,25815,82616,27916,94017,79117,984
1,1631,2961,430*1,4201,263*1,2851,340823711697611
11,40111,97412,447*12,90213,519*13,97314,48615,45616,22917,09517,373

Income statement

20152016201720182019202020212022202320242025
5,0945,1385,5915,6355,022*4,9305,3535,5654,8974,8895,329
488456477432385*451384392438445453
1,5601,522Not applicable1,5381,539*1,4831,4131,2931,6331,7701,620
1,2501,2241,2611,2041,405*1,2061,1511,6961,4631,5901,465
Basic earnings per shareKRW1,2251,1991,2331,1791,388*1,1861,1491,7011,4681,5941,468
Diluted earnings per shareKRW1,2251,1991,2331,1791,388*1,1861,1491,7011,4681,5941,468
1,2711,255Not applicable1,2131,440*1,1761,2271,6761,5091,6511,417

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,2501,2241,2611,2041,4051,2061,1511,6961,4631,5901,465
Total adjustments to operating cash flowcomputed-157-159-146-250-338-366-304-835-282-458-402
1,0931,0651,1149541,0688408488621,1811,1321,062
-648-437-277-265-256-127-148-150-290-417189
-613-682-786-776-854-718-715-706-749-775-1,153
Cash at beginning of periodKRW 100M530363309359273230221205208351294
363309359273230221205208351294389
Net change in cash and cash equivalentsKRW 100M-168-55Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 51삼일회계법인2025-12-31
2024적정의견Term 50삼일회계법인2025-12-31
2023적정의견Term 49삼일회계법인2025-12-31
2022적정Term 48한영회계법인2022-12-31
2021적정Term 47한영회계법인2022-12-31
2020적정Term 46한영회계법인2022-12-31
2019적정Term 45삼일회계법인2019-12-31
2018적정Term 44삼일회계법인2019-12-31
2017적정Term 43삼일회계법인2019-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.19
%
%
Cost of equity5.34%
Weighted average cost of capital5.34%
Initial growth1.9%
Effective tax rate9.6%
Base fiscal year2025
Current priceKRW26,300

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model34,848+32.5%
Dividend discount model DDM34,748+32.1%
Discounted cash flow FCFF32,235+22.6%
Discounted cash flow FCFE31,632+20.3%
Residual income model RIM33,127+26.0%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.19 × 5.00% = 5.34%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(8.41% × (1 − 77.66%), 0) = 1.88%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,140 × (1 + 2.00%) / (5.34% − 2.00%) = 1,163 / 0.0334 = 34,848 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 1,140, g_1 = 1.88%, g_T = 2.00%, r = 5.34%

YearGrowthDividend KRWDiscount factorPresent value KRW
11.88%1,1610.94931,103
21.91%1,1840.90121,067
31.94%1,2070.85561,032
41.97%1,2300.8122999
52.00%1,2550.7711968
Terminal value2.00%38,3610.771129,580
Total34,748

P_0 = 34,748 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 17,272 KRW, ROE = 8.41%, payout ratio = 77.66%, r = 5.34%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
117,2721,4539225310.9493504
217,5971,4809395410.9012488
317,9281,5089575520.8556472
418,2651,5379755620.8122456
518,6081,5669935720.7711441
Terminal value17,4980.771113,492

P_0 = 17,272 + 2,362 + 13,492 = 33,127 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 1,062.4 − 21.4 + 1.2 × (1 − 9.59%) = 1,042.1 KRW hundred million

Weighted average cost of capital

E = 26,221.1, D = 19.0 KRW hundred million; equity weight = 99.93%, debt weight = 0.07%; cost of debt k_d = 5.34%

WACC = 99.93% × 5.34% + 0.07% × 5.34% × (1 − 9.59%) = 5.34%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
11.88%1,061.70.94931,007.9
21.91%1,082.00.9012975.1
31.94%1,103.00.8556943.7
41.97%1,124.70.8122913.5
52.00%1,147.20.7711884.6
Terminal value2.00%35,071.70.771127,043.6
Total31,768.5

Firm value = 31,768.5; less borrowings 19.0; plus cash 389.2 → 32,138.7 KRW hundred million

P_0 = 32,138.7 KRW hundred million ÷ 99,700,000 (shares) = 32,235 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 1,062.4 − 21.4 + -6.4 (net borrowing) = 1,034.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
11.88%1,054.10.94931,000.7
21.91%1,074.20.9012968.1
31.94%1,095.00.8556936.9
41.97%1,116.60.8122907.0
52.00%1,139.00.7711878.2
Terminal value2.00%34,815.80.771126,845.8
Total31,536.6

P_0 = 31,536.6 KRW hundred million ÷ 99,700,000 (shares) = 31,632 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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