PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Bohae Brewery has sustained operating profit since turning profitable in 2024 through 2025 and the first half of 2026, but a 5-to-1 share consolidation and a thematic rally tied to the ethanol/alcohol-base sector have added volatility to its stock price.
Operating profit turned positive in 2024 and stayed positive through 2025 and into the first two quarters of 2026
A 5-to-1 share consolidation took effect on April 29, 2026, resetting outstanding share count and per-share metrics
The stock saw a sharp short-term rally in June 2026 tied to an ethanol/alcohol-base sector theme, followed by a pullback
Treasury share buybacks and retirements have continued, while no cash dividend was paid for the most recent fiscal year
Changhae Ethanol, controlled by Chairman Lim Sung-woo, remains the de facto controlling shareholder group
Bohae Brewery, founded in 1952 and based in the Gwangju-Jeonnam region, is a KOSPI-listed maker and seller of alcoholic beverages. The company's largest revenue segment is fruit wine, followed by soju and plum-beverage products.
Its flagship brands include the soju line Ipsaeju, the plum liqueur Maechwisun, and the black-raspberry liqueur Bohae Bokbunjaju, and it has recently expanded its lineup with new products such as Bohae Soju and Ahopsiban, which uses patented distillation technology.
The company has developed its own plant technology for producing spirits and alcohol base, and continues research aimed at minimizing hangover-causing substances and off-flavors.
On the governance side, alcohol-base producer Changhae Ethanol holds the controlling stake, with Chairman Lim Sung-woo and related parties exercising effective control.
In a competitive landscape that includes nationwide majors such as Hite Jinro and Lotte Chilsung alongside regional and alcohol-base players like Muhak, Korea Alcohol Industrial, and MH Ethanol, Bohae Brewery retains regional brand recognition in its home Honam market but is understood to hold a relatively smaller nationwide share.
More recently, the company has pursued premium product lines, expanded online distribution, and diversified marketing including intellectual-property collaborations to boost brand visibility.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩22.7B | ₩1.5B | 6.6% |
| 2025Q3 | — | — | — |
| 2025Q4 | ₩22.1B | ₩200M | 1.1% |
| 2026Q1 | ₩23.5B | ₩1.2B | 5.2% |
| 2026Q2 | ₩25.6B | ₩1.1B | 4.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩90.9B | ₩61,880,701 | -₩2.8B | 0.1% | −3.4% | 78.8% |
| 2023 | ₩93.1B | -₩2.8B | -₩3.6B | −3.0% | −4.4% | 79.1% |
| 2024 | ₩87.6B | ₩2.3B | ₩6.7B | 2.6% | 7.7% | 59.5% |
| 2025 | ₩89.9B | ₩3.8B | ₩3.5B | 4.2% | 3.9% | 62.4% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Consolidated revenue in 2025 came to KRW 89.88 billion, up slightly from KRW 87.62 billion in 2024. Operating profit expanded sharply to KRW 3.81 billion from KRW 2.30 billion in 2024, lifting the operating margin from 2.6% to 4.2%.
In contrast, net income attributable to owners fell to KRW 3.49 billion in 2025 from KRW 6.69 billion in 2024, suggesting that non-operating one-off items affected the bottom line even as core operating profitability improved.
Looking further back, 2023 revenue was KRW 93.08 billion with an operating loss of KRW 2.80 billion and a net loss of KRW 3.56 billion, while 2022 revenue of KRW 90.86 billion came with a near break-even operating profit of KRW 62 million but a net loss of KRW 2.83 billion.
In other words, the company moved through a loss-making stretch in 2022-2023 before entering a clear profit-recovery phase in 2024 that continued through 2025.
On a quarterly basis, second-quarter 2025 revenue was KRW 22.67 billion with operating profit of KRW 1.49 billion and owner net income of KRW 1.18 billion, while fourth-quarter 2025 revenue of KRW 22.06 billion saw operating profit shrink sharply to KRW 237 million even as net income of KRW 986 million came in above the operating-profit line, pointing to non-operating gains.
First-quarter 2026 revenue recovered to KRW 23.49 billion with operating profit of KRW 1.21 billion and net income of KRW 1.16 billion, and second-quarter 2026 revenue reached KRW 25.56 billion, the highest in the window, though operating profit of KRW 1.12 billion and net income of KRW 867 million suggest margins softened somewhat even as sales grew.
Total equity rose steadily from KRW 82.46 billion in 2022 to KRW 90.22 billion in 2025, while the debt ratio declined from 79.1% in 2023 to 59.5% in 2024 before edging back up to 62.4% in 2025.
The domestic soju and fruit-wine market has entered a mature phase with limited overall volume growth, and large players such as Hite Jinro and Lotte Chilsung lead the market on the strength of nationwide distribution and brand power.
Regional players including Bohae Brewery face profitability that is sensitive to swings in raw-material costs such as alcohol base (ethanol) and bottle prices.
In June 2026, expectations of seasonal summer alcohol consumption combined with anticipated growth in industrial ethanol and alcohol-base demand, driving a joint rally among Bohae Brewery, Muhak, and MH Ethanol within an ethanol/alcohol-base theme.
During that period, expectations of earnings improvement at alcohol-base producers such as Korea Alcohol Industrial appeared to draw investor interest into the broader theme.
Such thematic moves, however, tend to hinge on seasonal consumption expectations and supply-demand shifts, and observers have noted the need to confirm whether actual sales volumes and cost management sustain the momentum.
In terms of competitive positioning, Bohae Brewery's controlling shareholder is Changhae Ethanol, a major alcohol-base producer, giving the company an intra-group linkage on raw-material sourcing that differentiates it from independent regional peers.
The company appears to be continuing a strategy of offsetting cost pressures through premium product lines and expanded online distribution.
At its March 2026 annual general meeting, shareholders approved the 74th-term financial statements along with a change in par value tied to the share consolidation and a report on treasury-share retirement results; the 5-to-1 share consolidation then took effect on April 29, reshaping the share count and per-share metric framework.
Such capital-structure adjustments reduce the number of outstanding shares and can continue to influence how supply-demand dynamics and per-share metrics are interpreted going forward.
On the product side, the company appears to be extending its category range with patented-technology soju releases and plum-based highball products, which can be read as an attempt to diversify a revenue base historically concentrated in soju and fruit wine.
However, no specific public revenue or profit guidance from the company has been confirmed, so future results may continue to show quarter-to-quarter variability depending on seasonal consumption patterns, raw-material cost trends, and new-product sales performance.
On shareholder returns, treasury-share buybacks and retirements have continued, but no cash dividend was paid for the most recent fiscal year, leaving the continuity of profit-return policy as a point to watch.
Bohae Brewery has traded at a discount to its net asset value, and the absence of a cash dividend in the most recent fiscal year stands in contrast to other dividend-paying peers in the sector.
Earnings swung from losses in 2022-2023 to an operating profit turnaround in 2024 that continued through 2025, though net income has fluctuated year to year, warranting attention to the quality and durability of profits.
Entering 2026, the 5-to-1 share consolidation and short-term supply-demand shifts tied to the ethanol/alcohol-base theme have combined to complicate the interpretation of trading metrics.
Any valuation assessment should factor in both the multi-year earnings volatility and the concurrent capital-structure adjustments, including the share consolidation and treasury-share retirement.
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 2026-09-04
Operating profit expanded further in 2025 after the 2024 turnaround, and operating profit remained positive in both the first and second quarters of 2026. Revenue also reached its highest level in the observed window in the second quarter of 2026, indicating accompanying top-line growth.
Net income has nonetheless varied by quarter, so confirming stable profit-generating capacity remains an ongoing process.
Ongoing treasury-share buybacks and retirements point to active management of the outstanding share count, and total equity has risen steadily since 2022.
The debt ratio also fell from 79.1% in 2023 to 59.5% in 2024 and has since held around 62.4% in 2025, indicating improved financial soundness relative to prior years.
Because controlling shareholder Changhae Ethanol is a major alcohol-base producer, the company benefits from intra-group linkage on raw-material sourcing. Expansion of the new-product lineup and a premiumization strategy reflect ongoing efforts to diversify a revenue base historically centered on soju and fruit wine.
Owner net income fell sharply to KRW 3.49 billion in 2025 from KRW 6.69 billion in 2024, and operating profit plunged to KRW 237 million in the fourth quarter of 2025, underscoring pronounced quarter-to-quarter variability.
Because operating-profit improvement and net-income trends have not always moved together, the influence of non-operating factors warrants continued monitoring.
The domestic soju and fruit-wine market has entered a mature phase with limited overall demand growth, and regional producers remain at a relative disadvantage against nationwide majors in the share competition. High sensitivity to raw-material cost swings also leaves margin defense as an ongoing challenge.
A short-term rally tied to the ethanol/alcohol-base theme in June 2026 was followed by a pullback, illustrating exposure to supply-demand swings unrelated to fundamentals. The 5-to-1 share consolidation and other capital-structure adjustments add further variables to the interpretation of trading metrics.
The cost of key products such as soju is directly affected by the price of alcohol base and bottles. If raw-material costs rise, defending the operating margin could become difficult without pricing adjustments.
Bohae Brewery's controlling shareholder is Changhae Ethanol, a major alcohol-base producer, which may create reliance on related-party transactions for raw-material procurement. Given that related parties hold a substantial ownership stake, alignment of interests with minority shareholders warrants ongoing attention.
The 5-to-1 share consolidation implemented in April 2026 reset the outstanding share count and trading unit. When such capital-structure changes coincide with thematic supply-demand inflows, the share price could move in ways detached from underlying fundamentals.
Third-quarter 2026 results are due for disclosure around this time; it will be worth checking whether the operating margin improvement continues and whether net-income volatility eases.
Supply-demand flows in the ethanol/alcohol-base theme sector and movements in raw-material costs (alcohol base, bottle prices) warrant continued monitoring for their impact on earnings.
This period will mark confirmation of full-year 2026 results and any dividend or treasury-share policy discussions at the next annual general meeting.
It will be useful to check whether new-product (soju and plum-based items) sales performance and the expansion of online/premium channels are reflected in the revenue mix.
Bohae Brewery moved from consecutive losses in 2022-2023 to a 2024 turnaround and has sustained operating profit through 2025 and the first half of 2026, showing a pattern of earnings recovery.
However, owner net income declined year over year in 2025, and gaps between operating profit and net income have appeared on a quarterly basis, making the quality and durability of earnings worth watching.
In 2026, a capital-structure reset from the 5-to-1 share consolidation coincided with short-term supply-demand swings tied to the ethanol/alcohol-base theme, creating a period requiring care in interpreting share-price behavior.
Treasury-share buybacks and retirements have continued as shareholder-return measures, but the absence of a cash dividend in the most recent fiscal year limits the dividend appeal.
On governance, Changhae Ethanol, a major alcohol-base producer, retains controlling shareholder status, making the intra-group raw-material linkage and related-party transaction structure worth examining together.
Going forward, confirming the durability of the earnings recovery through third-quarter 2026 results, raw-material cost trends, and new-product sales performance will likely be the key points to watch.
Report written 2026-09-05 · Data as of 2026-09-04
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