PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Tailim Package returned to quarterly operating profit in Q2 2026, but the 2025 full-year operating loss and rising debt ratio show earnings recovery and financial strain unfolding side by side.
Q2 2026 revenue reached KRW 212.3 billion with operating profit of KRW 4.5 billion, reversing the KRW 3.5 billion operating loss of Q1 2026.
2025 consolidated revenue rose to KRW 753.9 billion year on year, yet the company posted an operating loss of KRW 5.0 billion and a net loss of KRW 9.2 billion, marking a second consecutive annual loss.
The debt ratio climbed from 77.7% in 2022 to 112.1% in 2025, while operating cash flow swung to a negative KRW 33.1 billion in 2025 after a positive figure the prior year.
Parent Global Sae-A Group halted its review of a bulk sale of paper-affiliate companies in June 2026 and pivoted to in-house growth instead.
In early September 2026, the company transferred its stake in corrugated-sheet unit Dongwon Paper to Tailim Paper and folded Tailim Pangji in as a wholly owned subsidiary, restructuring around its core corrugated box business.
Founded in 1976, Tailim Package is a corrugated board and corrugated box manufacturer that has long held a leading position in Korea's corrugated packaging market.
The company joined Global Sae-A Group in 2020 through Sea-A Trading, and its largest shareholder is Tailim Paper, a corrugated-sheet producer holding roughly 69% of shares.
Raw corrugated sheets are supplied by affiliates including Tailim Paper and processed into board and then boxes, forming a vertically integrated structure.
At its Sihwa plant, the production mix between boxes and board is reportedly around 65 to 35, with a nationwide network of plants in Gumi, Pocheon, Yongin, Paju, Cheongwon and Masan.
Key products include standard corrugated boxes as well as high-strength lightweight boxes that reduce sheet usage, TECO BOX eco-friendly cold-insulating packaging, and pre-printed board where printing is applied directly to the raw sheet rather than after box formation.
In October 2023 the company expanded by acquiring the pangji business unit (Yangsan plant) of Yulchon Chemical, an affiliate of the Nongshim Group, for KRW 43 billion, but has since sought to sell that plant and an idle Asan site to raise liquidity, with the deals still unconcluded.
In early September 2026 the company completed a governance restructuring, transferring its stake in corrugated-sheet subsidiary Dongwon Paper to parent Tailim Paper while making corrugated box maker Tailim Pangji a wholly owned subsidiary, cleanly separating Tailim Paper's sheet-making role from Tailim Package's box-and-board manufacturing.
Competitors include Asia Paper, Daeyoung Package and Gwangsin Pangji under the Shindaeyang Paper group, and Goryeo Paper, with the corrugated industry closely tied to domestic economic conditions.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩188.1B | ₩4.3B | 2.3% |
| 2025Q3 | ₩197.8B | -₩1.1B | −0.6% |
| 2025Q4 | ₩183B | -₩5.8B | −3.2% |
| 2026Q1 | ₩187.1B | -₩3.5B | −1.9% |
| 2026Q2 | ₩212.3B | ₩4.5B | 2.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩784B | ₩30.9B | ₩17.4B | 3.9% | 5.1% | 77.7% |
| 2023 | ₩719.6B | ₩22.2B | ₩5B | 3.1% | 1.5% | 95.7% |
| 2024 | ₩715.4B | -₩16.6B | -₩22.1B | −2.3% | −7.1% | 115.2% |
| 2025 | ₩753.9B | -₩5B | -₩9.3B | −0.7% | −3.1% | 112.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
In 2025, consolidated revenue rose to KRW 753.90 billion from KRW 715.38 billion in 2024, yet the company posted an operating loss of KRW 4.98 billion and an owner net loss of KRW 9.34 billion, extending losses for a second consecutive year.
Since 2024's operating loss of KRW 16.59 billion and owner net loss of KRW 22.14 billion were larger, 2025 can be characterized as a year of narrower losses alongside revenue growth.
In 2023 the company was profitable with operating income of KRW 22.18 billion and owner net income of KRW 5.04 billion, and 2022 was stronger still with operating income of KRW 30.90 billion and owner net income of KRW 17.44 billion, indicating a steady deterioration in profitability since 2022 that has shown signs of recovery starting in 2025.
On a quarterly basis, operating profit of KRW 4.26 billion in Q2 2025 gave way to an operating loss of KRW 1.13 billion in Q3, widening to a loss of KRW 5.78 billion in Q4, and Q1 2026 also posted an operating loss of KRW 3.53 billion, marking three consecutive quarters of losses.
However, Q2 2026 showed a clear swing to profit, with revenue of KRW 212.33 billion, operating profit of KRW 4.47 billion, and owner net income of KRW 3.57 billion.
Over the most recent four quarters (Q3 2025 through Q2 2026), cumulative owner net income remained negative at KRW -7.59 billion, so whether the single-quarter improvement translates into a sustained annual turnaround requires further confirmation in subsequent quarters.
On the balance sheet, the debt ratio rose from 77.7% in 2022 to 95.7% in 2023, 115.2% in 2024, and 112.1% in 2025, while operating cash flow, which had been solid at KRW 46.12 billion in 2022, KRW 72.57 billion in 2023, and KRW 21.04 billion in 2024, turned negative at KRW -33.13 billion in 2025, signaling a clear weakening in cash generation.
This can be attributed to a combination of investment burdens, including the KRW 43 billion Yulchon Chemical pangji business acquisition, and expanded working capital needs.
Korea's corrugated packaging industry follows a vertical supply chain from raw sheet to board to box, with box manufacturers at the bottom of the chain typically bearing a disproportionate share of cost pressure from sheet price changes.
In 2026, paper companies raised sheet prices by KRW 70,000 to 80,000 per ton depending on grade, prompting corrugated companies including Tailim Package to sequentially raise board and box supply prices starting in April, seen as an opportunity for an industry that had suffered years of profitability erosion to pass costs through to prices.
However, according to data from the Korea Paper Association, Tailim Package's market share in the corrugated board and box segment declined for three straight years, from 4.34% in 2023 to 4.12% in 2024 and 3.93% in 2025.
Competitors include Asia Paper, Daeyoung Package and Gwangsin Pangji under the Shindaeyang Paper group, and Goryeo Paper, which also raised board and box prices around the same period.
Parent Global Sae-A Group's paper affiliates as a whole, including Tailim Paper, Tailim Package and Jeonju Paper, reported cumulative revenue of KRW 904.0 billion through May 2026, up about 7% year on year, with operating profit provisionally tallied at KRW 73.0 billion, more than double the prior-year period.
Jeonju Paper, acquired in 2024, is said to have turned profitable starting in January 2026 and driven much of the group's paper-segment profit improvement.
Because the corrugated industry is structurally tied to domestic economic conditions and consumer sentiment, the sector's trajectory going forward will likely hinge on whether recent sheet price increases continue to be passed through to product prices and on the pace of domestic consumption recovery.
Global Sae-A Group selected UBS as sale advisor in early 2026 and reviewed a bulk sale of paper affiliates including Tailim Paper, Tailim Package and Jeonju Paper, but on June 29, 2026 the group halted that review, stating it would instead grow the businesses in-house based on integration synergies and improving results.
The group said it expects the paper affiliates' combined 2026 annual operating profit to reach KRW 190 to 200 billion and EBITDA to reach KRW 280 to 300 billion, figures that assume substantial improvement from the prior year.
In early September 2026, Tailim Package decided to transfer its 60.14% stake in corrugated-sheet subsidiary Dongwon Paper to Tailim Paper for KRW 26.57 billion and to acquire Tailim Paper's entire stake in corrugated box maker Tailim Pangji for KRW 15.80 billion, restructuring the affiliate governance chain.
Through this transaction, Tailim Paper is left solely responsible for sheet manufacturing while Tailim Package handles corrugated board and box production, a simplification expected to sharpen the company's focus on its core box and board business.
The company continues to pursue sales of the previously acquired Yulchon Chemical pangji plant in Yangsan and an idle Asan site to raise liquidity, though buyers have not yet been found, leaving the success of these disposals a key factor for near-term liquidity improvement.
Management maintains that its growth investments and financial stability efforts reflect a strategic balance, and has stated it intends to gradually expand shareholder returns once financial structure improvement and earnings recovery are confirmed.
Tailim Package has swung between profit and loss in recent years, resulting in high earnings volatility, and owner net income remains in loss territory even on a trailing four-quarter basis.
In such a setting, conventional price-to-earnings calculation is difficult, and the price-to-book ratio, which measures share price relative to net asset value, is instead used as a reference indicator in the market.
The current price-to-book ratio is understood to sit at a level below net asset value, that is, at a discount to book value, which can be interpreted as reflecting recent financial burdens such as the rising debt ratio and deteriorating operating cash flow.
On dividends, the company appears to have paid no dividend in either 2024 or 2025, indicating a passive stance on shareholder returns.
Going forward, how the market assesses the stock may depend on the extent to which operating margin recovery in the corrugated board and box business and balance sheet improvement are confirmed, which is best understood as room for improvement in operating indicators rather than a valuation call.
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 2026-08-23
Q2 2026 revenue reached KRW 212.3 billion with operating profit of KRW 4.5 billion and owner net income of KRW 3.6 billion, breaking a streak of three consecutive quarterly losses. Revenue also rose substantially from KRW 187.1 billion in the prior quarter. Whether this single-quarter improvement persists requires confirmation in subsequent quarters.
In June 2026, Global Sae-A Group halted its review of a bulk sale of paper affiliates including Tailim Paper, Tailim Package and Jeonju Paper, stating it would instead expand market dominance based on integration synergies.
The group said it expects paper affiliates' combined 2026 operating profit to reach KRW 190 to 200 billion. This suggests reduced sale-related uncertainty and potential reallocation of group resources toward business strengthening.
Following sheet price hikes in the first half of 2026, Tailim Package and other corrugated makers raised board and box supply prices, seen as an opportunity to pass cost burdens through to pricing.
In early September, the company transferred its Dongwon Paper stake to Tailim Paper and made Tailim Pangji a wholly owned subsidiary, restructuring around corrugated board and box manufacturing. With sheet sourcing and box production roles now clearly separated, there is room for improved management efficiency.
The debt ratio rose from 77.7% in 2022 to 112.1% in 2025, and 2025 operating cash flow turned negative at KRW -33.1 billion after a positive KRW 21.0 billion the prior year. This is understood to reflect earlier investment expansion and working capital burdens. If cash generation continues to weaken, reliance on additional borrowing or asset sales could increase.
According to Korea Paper Association data, Tailim Package's market share in the corrugated board and box segment fell for three consecutive years, from 4.34% in 2023 to 4.12% in 2024 and 3.93% in 2025. This suggests intensifying price and volume competition with rivals. While revenue has grown, the company's relative market position appears to have weakened.
The company appears to have paid no dividend in either 2024 or 2025, continuing a passive stance on shareholder returns. Management has said it will gradually expand shareholder returns once financial structure improvement and earnings recovery are confirmed, but no specific timeline has been provided. Given current liquidity pressures, a delay in resuming dividends cannot be ruled out.
Sheet costs make up a large share of corrugated box production costs, and 2026 saw sheet price increases of KRW 70,000 to 80,000 per ton depending on grade. If price increases fail to fully or promptly reflect rising costs, margins could come under pressure. Volatility in international pulp and recovered paper prices remains a persistent risk factor.
Alongside a rising debt ratio and a swing to negative operating cash flow in 2025, media reports indicate a high proportion of short-term borrowings, implying significant near-term repayment burden (Newsspace, May 2026). If asset sales such as the Yangsan and Asan plants are delayed, securing liquidity could take additional time.
Tailim Package is understood to have a substantial share of transactions with related parties such as Tailim Paper in raw material procurement, which can enhance supply stability but may also constrain independent management decision-making.
Given that the parent company previously reviewed a sale of its paper affiliates, the possibility of similar discussions resuming in the future cannot be ruled out.
Check the Q3 2026 quarterly report filing to see whether the Q2 swing to profit continues and whether operating cash flow improves.
Monitor progress on the planned sales of the Yangsan plant (acquired from Yulchon Chemical) and the idle Asan site to assess whether liquidity improves.
Track subsequent disclosures to see whether Global Sae-A Group's targeted paper-affiliate annual operating profit of KRW 190 to 200 billion and EBITDA of KRW 280 to 300 billion are achieved, and gauge Tailim Package's individual contribution.
Check whether the company's stated plan to gradually expand shareholder returns, contingent on confirmed financial structure improvement and earnings recovery, translates into an actual resumption of dividends.
Tailim Package narrowed its losses in 2025 alongside revenue growth and swung to a quarterly operating profit in Q2 2026, but it simultaneously carries financial burdens including a rising debt ratio and a swing to negative operating cash flow in 2025.
The parent Global Sae-A Group's decision to halt its bulk sale review of paper affiliates and commit to in-house growth, along with the recent restructuring around Dongwon Paper and Tailim Pangji stakes to focus on the corrugated board and box business, can be viewed as a positive structural change.
On the other hand, market share has declined for three consecutive years, the sale of assets acquired from Yulchon Chemical's pangji business remains delayed, and no dividends were paid in either 2024 or 2025, leaving these as ongoing challenges.
Owner net income remains in loss territory even on a trailing four-quarter basis, so whether the Q2 improvement represents a structural turnaround requires further confirmation through subsequent quarterly results.
Whether recent sheet price increases continue to be reflected in product prices, whether liquidity is secured through asset sales, and whether the group's stated performance targets are met are the key variables that will shape the outlook ahead. Investment judgment on these matters should be made by readers as they track how these factors develop.
Report written 2026-09-05 · Data as of 2026-09-04
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