PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩350 per share · Prices as of the 2026-10-02 close
Eusu Holdings is a holding company controlling logistics unit Eusu Logistics and IT unit Cyberlogitec, with Cyberlogitec's renewed IPO push emerging as a key variable for the parent's valuation given its outsized contribution to consolidated profit.
Core subsidiary Cyberlogitec accounts for the bulk of consolidated net income, making its renewed IPO push a direct influence on the holding company's valuation.
FY2025 revenue reached KRW 418.4bn and operating profit KRW 21.2bn, improving year-on-year, but owners' net income fell sharply to KRW 4.57bn.
Quarterly earnings show high volatility — an operating and net loss in Q4 2025 was followed by a return to profit in both Q1 and Q2 2026.
Cyberlogitec is pursuing a renewed listing with NH Investment & Securities as lead underwriter, but the timing of its preliminary listing review filing remains undetermined amid controversy over parent-subsidiary dual listings.
The debt ratio stands at a low 16.4%, indicating relatively sound balance-sheet stability.
Eusu Holdings originated from the former Hanjin Shipping Holdings and became an independent holding company after separating from the Hanjin Group in 2015. Its core subsidiaries are Cyberlogitec, a shipping and port IT solutions provider, and Eusu Logistics, which operates in freight forwarding and contract logistics.
Eusu Logistics runs its own operational bases across 19 countries and 53 major cities worldwide, offering integrated logistics services including forwarding, warehousing, trucking, and LCL and buyer's consolidation.
Cyberlogitec supplies shipping-line operating solutions and terminal operating systems to domestic and overseas carriers, terminals, and logistics companies.
According to recently disclosed information, Cyberlogitec is the key profit driver responsible for the majority of Eusu Holdings' consolidated net income, with the parent holding a 44.12% stake as of the end of Q3 2025 and an effective stake of 53.16% excluding treasury shares.
While Cyberlogitec's revenue does not represent a majority of consolidated sales, it is regarded as the central pillar determining the holding company's bottom line. A smaller real estate leasing segment also contributes modestly.
As a holding company, consolidated results are sensitive to equity-method gains and losses from subsidiaries, one-off items, and foreign exchange movements.
Competitively, Eusu Logistics competes with large domestic and global forwarding and 3PL operators, while Cyberlogitec serves shipping lines and terminal operators in the shipping and port IT solutions market.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩102.5B | ₩6.7B | 6.5% |
| 2025Q3 | ₩105.1B | ₩11.2B | 10.6% |
| 2025Q4 | ₩103.2B | -₩3.2B | −3.1% |
| 2026Q1 | ₩106.3B | ₩10B | 9.4% |
| 2026Q2 | ₩121.8B | ₩12.8B | 10.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩557.6B | ₩29.6B | ₩29.1B | 5.3% | 8.6% | 17.8% |
| 2023 | ₩341.8B | ₩21B | ₩10.2B | 6.1% | 3.0% | 15.3% |
| 2024 | ₩435.9B | ₩18.3B | ₩16.5B | 4.2% | 4.8% | 16.3% |
| 2025 | ₩418.5B | ₩21.2B | ₩4.6B | 5.1% | 1.4% | 16.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-24
Consolidated revenue in 2025 came to KRW 418.47bn, slightly down from KRW 435.87bn in 2024, while operating profit rose to KRW 21.22bn from KRW 18.32bn, lifting the operating margin from 4.2% to 5.1%.
In contrast, owners' net income fell sharply to KRW 4.57bn from KRW 16.46bn a year earlier, showing a clear divergence between operating-level improvement and bottom-line results.
Looking further back, 2023 (revenue KRW 341.77bn, operating profit KRW 21.01bn, owners' net income KRW 10.21bn) and 2022 (revenue KRW 557.61bn, operating profit KRW 29.65bn, owners' net income KRW 29.05bn) show revenue fluctuating while the operating margin stayed roughly in the 4-6% range.
On a quarterly basis, owners' net income was only KRW 675mn in Q2 2025 before jumping to KRW 6.98bn in Q3, then swinging into an operating loss of KRW 3.15bn and a net loss of KRW 5.21bn in Q4.
The company subsequently recovered, posting revenue of KRW 106.34bn, operating profit of KRW 9.95bn and owners' net income of KRW 7.74bn in Q1 2026, followed by revenue of KRW 121.77bn, operating profit of KRW 12.81bn and owners' net income of KRW 5.91bn in Q2 2026.
Owners' net income summed over the trailing four quarters (Q3 2025-Q2 2026) totaled KRW 15.42bn, and the wide quarter-to-quarter swings suggest that equity-method gains/losses and one-off items typical of a holding company structure warrant close attention.
A notable industry-wide pattern is that logistics and forwarding companies have recently seen revenue grow while profit margins deteriorate.
One industry review of Korean logistics firms' H1 2026 results found that revenue increased but operating and net profits declined in many cases, undermining the assumption that revenue growth automatically translates into improved profitability.
In the shipping and port IT solutions market, demand is rising for container terminal automation and AI/cloud-based system upgrades, prompting vendors to pursue new order wins.
Broader digital-transformation trends across the sector include investment in logistics automation and robotics, along with industry events such as supply-chain-management trade fairs.
The third-party logistics (3PL) and forwarding segment faces intense competition from large integrated logistics operators, with results driven by global trade conditions and freight rate volatility.
Given its holding-company structure, Eusu Holdings' results are closely tied to its subsidiaries' business cycles and equity-method gains and losses, making the link between industry cycles and owners' net income worth monitoring.
The most concretely identifiable upcoming event is Cyberlogitec's renewed IPO push.
Cyberlogitec selected NH Investment & Securities as lead underwriter in March this year and has been preparing listing procedures, currently working on a preliminary listing review filing to submit to the Korea Exchange, though the timing remains undetermined.
The delay has been attributed to market concerns over parent-subsidiary dual listings — a 'duplicate listing' controversy — with a similar case cited in which the LS Group withdrew a preliminary listing review for a subsidiary IPO it had been pursuing.
The company is reported to have already completed internal due diligence and to be reviewing new business initiatives to enhance corporate value. Cyberlogitec's revenue growth rate over the past three years stood at 13.4%, and its retained earnings are reported to have exceeded KRW 200bn for the first time.
Should the IPO proceed, new share issuance and post-listing equity revaluation could be variables affecting shareholder value at parent Eusu Holdings. On the logistics side, whether Eusu Logistics expands its global network or secures new large-shipper accounts remains a metric to watch.
The price-to-earnings ratio, based on owners' net income over the trailing four quarters, sits below the average for KOSPI holding-company peers. The price-to-book ratio is well under 1x, meaning the shares trade at a discount to book net asset value.
The dividend yield, calculated from the disclosed per-share dividend, appears to exceed the sector average.
However, because owners' net income fluctuates significantly by quarter, valuation metrics should be interpreted alongside the volatility of consolidated results and the impact of equity-method gains and losses from subsidiaries.
The progress of core subsidiary Cyberlogitec's IPO also remains a variable that could affect the revaluation of the parent's equity stake.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-24
Cyberlogitec, which accounts for most of consolidated net income, is pursuing a renewed listing with NH Investment & Securities as underwriter.
Its revenue growth over the past three years reached 13.4% and retained earnings reportedly surpassed KRW 200bn for the first time, making a successful listing a potential trigger for equity revaluation, though timing remains undetermined.
After an operating and net loss in Q4 2025, revenue, operating profit and owners' net income all returned to positive territory in both Q1 and Q2 2026. Q2 revenue rose to KRW 121.77bn, the highest level among the past five quarters.
The debt ratio stood at 16.4% at end-2025, remaining stable across the past four years. Total equity, including owners' equity of KRW 334.4bn, is also solid, providing a financial buffer.
Cyberlogitec's IPO faces controversy over 'duplicate listing' with parent Eusu Holdings, and even the timing of a preliminary review filing remains undetermined. In a similar case, another group withdrew a subsidiary IPO's preliminary review, so continued controversy could delay or derail the listing again.
Q4 2025 saw both an operating loss and a net loss, and annual owners' net income fell sharply from KRW 16.46bn in 2024 to KRW 4.57bn in 2025. The heavy influence of non-operating items such as equity-method gains and losses adds uncertainty to earnings forecasting.
Full-year 2025 revenue declined slightly year-on-year and has not fully recovered from the sharp drop from KRW 557.6bn in 2022 to KRW 341.8bn in 2023. Intensifying competition in the domestic and global forwarding/3PL market and freight rate volatility are also cited as headwinds.
With core subsidiary Cyberlogitec responsible for most of consolidated net income, its listing could reignite debate over profit allocation between the parent's existing shareholders and new listing investors. This issue has already delayed the timing of the preliminary listing review filing.
Both the logistics and shipping-IT businesses are tied to global trade volumes, foreign exchange, and shipping lines' IT investment cycles. A slowdown in global growth or cargo volumes could pressure revenue and profit at both core subsidiaries simultaneously.
Cyberlogitec previously attempted an IPO in 2019 that was shelved due to deteriorating earnings. This renewed attempt could similarly be postponed or withdrawn again if it fails to meet market valuation expectations or if the dual-listing controversy persists.
Watch whether and when Cyberlogitec files its preliminary listing review with the Korea Exchange, as the filing timing could be the starting point for discussions on revaluing the parent's equity stake.
Check the Q3 2026 consolidated earnings disclosure. A key point to watch is whether the recovery trend from the Q4 2025 loss to profitability in H1 2026 continues into Q3.
Monitor disclosures on annual dividend policy and the full-year earnings announcement, and assess how the annual volatility in owners' net income affects the dividend decision.
If a preliminary review filing occurs, check the offering structure, new share issuance size, and resulting change in the parent's stake — factors that directly affect Eusu Holdings shareholder value.
Eusu Holdings is a holding company controlling logistics subsidiary Eusu Logistics and IT subsidiary Cyberlogitec, with a structural characteristic in which Cyberlogitec accounts for the bulk of consolidated net income.
Full-year 2025 results showed an improved operating margin but a sharp decline in owners' net income, and quarterly results displayed pronounced volatility, swinging from a Q4 2025 loss to profitability in both Q1 and Q2 2026.
The biggest variable is Cyberlogitec's renewed IPO push, which is proceeding with NH Investment & Securities as underwriter but whose preliminary listing review filing timing remains undetermined amid controversy over parent-subsidiary dual listings.
On valuation, the shares trade at a discount to net asset value with a dividend yield above the sector average, though this should be interpreted alongside the quarterly volatility of owners' net income and the impact of subsidiaries' equity-method gains and losses.
The balance sheet remains relatively stable with a low debt ratio, while a clear recovery in the core logistics business's revenue has yet to materialize. Investors may wish to track both the progress of Cyberlogitec's IPO and whether the recent quarterly earnings recovery persists.
Report written 2026-09-05 · Data as of 2026-09-04
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