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
Hyundai Feed has restored profitability in its core feed business over 2024-2025, but its shares have been halted from trading since June 15, 2026 amid a delisting review, a stalled controlling-stake sale, and a pending court injunction.
2025 consolidated revenue was KRW 113.0bn with operating profit of KRW 5.0bn (4.4% margin), up 87.9% year-on-year, while net profit fell sharply to KRW 4.4bn versus the prior year.
The KOSDAQ Market Committee resolved to delist the company in August 2025; after an appeal and an injunction filing, trading has been halted since June 15, 2026 pending a court ruling.
Two rounds of public bidding for the roughly 41% controlling stake, held in late 2025 and early 2026, both failed to attract buyers, compounded by attachments and provisional seizures on the major shareholder's shares.
In 2026Q2 the company posted an operating profit of KRW 0.3bn but swung to a net loss of KRW -0.6bn attributable to owners, underscoring continued volatility in recent quarterly results.
The company previously renamed itself Canaria Bio to pursue a biotech pivot, recognized massive impairment losses after a clinical trial failure, and later reverted to a pure animal feed business.
Founded in 1983 and listed on KOSDAQ in June 2018, Hyundai Feed manufactures and sells compound feed for broilers, swine, cattle, and dogs. According to NICE Information Service data cited by JobKorea, the 2026 first-quarter revenue mix was led by broiler feed, followed by swine feed and other feed categories.
The company was the first in Korea to adopt high-temperature, high-pressure Expander processing equipment and operates roughly 99 large bulk bins, among the largest single-site counts in the industry, supporting raw-material supply stability and distribution efficiency.
Its direct-trading network with large-scale farms nationwide gives it exposure to relatively cycle-resistant upstream livestock demand.
In 2022, control changed to Canaria Bio (formerly Dool Corporation) and related entities, and the company renamed itself Canaria Bio to pursue a biotech pivot centered on the ovarian cancer drug candidate oregovomab, but recognized large impairment losses after the clinical trial was halted.
In May 2024 the company reverted its name to Hyundai Feed Inc. and normalized operations around its core feed business. Control has since changed hands multiple times among BSJ Holdings, Tteuranchae Construction, and BSJ ACE, while the CEO position rotated between Han Do and Lee Won-chan and back to Han Do.
Competitively, the company operates alongside domestic compound feed makers such as Woosung Feed and Hanil Feed as well as larger integrated livestock groups.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩27B | ₩500M | 1.7% |
| 2025Q4 | ₩31.1B | ₩1.7B | 5.5% |
| 2026Q1 | ₩30.1B | ₩400M | 1.2% |
| 2026Q2 | ₩29.5B | ₩300M | 1.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩158.1B | -₩2.2B | -₩282.8B | −1.4% | −667.3% | 540.2% |
| 2023 | ₩160.6B | -₩9.6B | -₩217.7B | −6.0% | — | −250.0% |
| 2024 | ₩128.5B | ₩2.7B | ₩28.4B | 2.1% | 32.0% | 31.5% |
| 2025 | ₩113B | ₩5B | ₩4.4B | 4.4% | 5.7% | 25.1% |
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
2025 consolidated revenue came to KRW 113.03bn, down 12% from KRW 128.46bn in 2024, while operating profit rose 87.9% to KRW 4.99bn from KRW 2.66bn, lifting the operating margin from 2.1% to 4.4%. The company attributed the revenue decline to falling international grain prices and wider foreign-exchange volatility.
Net profit attributable to owners, however, fell 84.6% to KRW 4.38bn from KRW 28.44bn in 2024, a swing likely tied to a high base from non-operating one-off gains booked in 2024.
In 2022-2023, biotech-related asset impairments drove massive net losses of KRW -282.75bn and KRW -217.65bn respectively, pushing owners' equity to KRW -72.23bn at end-2023 into full capital impairment, before consecutive profitable years in 2024-2025 rebuilt equity to KRW 76.55bn by end-2025.
The debt ratio likewise stabilized sharply, from 540.2% in 2022 and a negative ratio in 2023 (reflecting impairment) to 31.5% in 2024 and 25.1% in 2025, while operating cash flow improved markedly to KRW 8.56bn in 2025 from KRW 0.86bn in 2024.
Over the most recent four quarters (2025Q3 through 2026Q2), revenue eased gradually from KRW 27.0bn to KRW 31.1bn to KRW 30.1bn to KRW 29.5bn, while operating profit swung from KRW 0.46bn to KRW 1.70bn to KRW 0.37bn to KRW 0.30bn, showing notable quarter-to-quarter variability.
Notably, in 2026Q2 the company posted a positive operating profit of KRW 0.30bn yet swung to a net loss of KRW -0.62bn attributable to owners, likely reflecting non-operating items whose specific details are not yet clearly disclosed in public sources.
Given the company remained profitable from 2025Q3 (net profit KRW 0.16bn) through 2026Q1 (net profit KRW 1.07bn), the 2026Q2 net loss again highlights the volatility present in recent quarterly results.
Korea's compound feed industry is highly sensitive to imported grain costs such as corn and soybean meal, plus the won-dollar exchange rate, both of which flow directly into margins.
Hyundai Feed's own disclosure attributing its 2025 revenue decline to falling international grain prices and wider FX volatility illustrates how these cost variables continuously affect both revenue scale and profitability.
Feed demand tracks broiler and swine herd sizes and livestock consumption, making it relatively cycle-resistant, though livestock disease outbreaks or grain supply shocks can still introduce volatility.
The competitive landscape is layered, combining small and mid-sized specialist feed makers such as Woosung Feed and Hanil Feed with the feed divisions of larger integrated livestock and food conglomerates.
Hyundai Feed positions its high-temperature, high-pressure Expander equipment, large bulk-bin infrastructure, and direct-trading network with major farms nationwide as competitive strengths, though company-specific governance and listing risks currently overshadow discussion of its industry positioning.
Industry sources indicate the sale advisor is examining ways to restructure the deal terms and investment case to re-attract buyers.
The company's improvement period for the listing-eligibility review concluded on April 17, 2026, but its appeal against the KOSDAQ Market Committee's August 2025 delisting resolution, together with an injunction petition filed with the Seoul Southern District Court (case number 2026Kahap1399), has kept the shares halted from trading pending a court decision.
The public sale of the roughly 41% controlling stake failed in both a first-round bid in late 2025 and a second-round bid in early 2026, and sale advisor Samjong KPMG is reportedly reworking deal terms to attract new bidders.
Sale delays have been attributed to litigation risk from a past stock-manipulation case and to attachments and provisional seizures placed on former major shareholders' shares.
A July 2025 report had raised the possibility of a trading resumption, citing earnings recovery and an upgraded 'unqualified' audit opinion, but this outlook is difficult to treat as still valid given the subsequent August 2025 delisting resolution and the June 2026 trading halt.
Key items to watch going forward include the outcome of the injunction hearing, any renewed sale attempts, and progress in the underlying litigation. On the operating side, cost stabilization and margin defense through the direct-trading network remain the central themes.
The price-based figures currently displayed are calculated using the last traded price immediately before the June 2026 trading halt, and it should be kept in mind that these do not reflect a continuously updated, real-time market price during the suspension period.
Relative to book value (owners' equity), the last traded price implied a premium, while relative to earnings, the multi-year volatility in profit makes it difficult to interpret any multiple based on a single period's earnings. Dividend-related metrics, based on the most recent disclosure, remain at a low level.
Looking at the multi-year trend, the company swung from large losses in 2022-2023 to profitability in 2024-2025, and even over the most recent four quarters it alternated between profit and loss. Against this backdrop, it is reasonable to treat valuation metrics as reference points only until normal trading resumes.
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
2025 operating profit rose 87.9% year-on-year to KRW 4.99bn, with the operating margin improving from 2.1% to 4.4%. Operating cash flow over the same period jumped from KRW 0.86bn to KRW 8.56bn, supporting the quality of the earnings improvement.
Since exiting the biotech business and returning to a feed-focused operation, core-business performance has continued to improve.
The debt ratio fell sharply from 540.2% in 2022 to 25.1% in 2025, and owners' equity, which had gone into full capital impairment, recovered to KRW 76.5bn by the end of 2025. A July 2025 report also confirmed the audit opinion shifted from a disclaimer to unqualified. The balance sheet metrics themselves show a clear improvement trend.
The Expander equipment, the first of its kind adopted domestically, and roughly 99 bulk bins, among the highest counts in the industry, are seen as supporting raw-material supply stability and efficiency.
The nationwide direct-trading network with large farms provides a favorable structure for managing distribution margins. A clearer business focus following the exit from biotech is also cited as a strength.
The KOSDAQ Market Committee resolved to delist the company in August 2025, and despite an appeal and an injunction filing, trading has been halted from June 15, 2026 until a court decision is reached. Investors cannot trade the stock until the injunction hearing outcome is known. The ultimate listing status may hinge on the result of the underlying litigation.
The public sale of the roughly 41% stake failed in both a late-2025 first round and an early-2026 second round. Ongoing attachments and provisional seizures on the former major shareholder's shares constrain the ability to even dispose of the shares being sold. Industry sources have cited legal risk as a key reason buyers have been difficult to find.
In 2026Q2, despite an operating profit of KRW 0.30bn, net profit attributable to owners swung to a loss of KRW -0.62bn. Annual net profit levels have also swung sharply, with the high KRW 28.44bn recorded in 2024 falling 84.6% to KRW 4.38bn in 2025.
In 2022-2023, the company recorded net losses of KRW -282.75bn and KRW -217.65bn respectively due to large asset impairments.
The timing and outcome of the court's decision on the injunction against the delisting resolution remain undetermined. If the injunction is denied or the company loses the underlying lawsuit, delisting could follow. A prolonged trading halt would continue to constrain shareholders' ability to realize liquidity.
Controlling ownership has changed hands multiple times among BSJ Holdings, Tteuranchae Construction, and BSJ ACE, and the CEO position has also been repeatedly replaced. Litigation related to a past stock-manipulation case remains ongoing, and a related individual has been confirmed to have received a prison sentence.
Repeated attachments and provisional seizures on the major shareholder's shares have kept governance uncertainty elevated.
Fluctuations in international grain prices and exchange rates directly affect revenue and margins. The company itself disclosed falling international grain prices and wider FX volatility as causes of its 2025 revenue decline.
Cost management capability remains a core determinant of results amid competition with larger integrated livestock and food conglomerates.
Watch for the Seoul Southern District Court's ruling on the injunction against the delisting resolution (case number 2026Kahap1399). This ruling will determine whether the trading halt continues and the company's prospects for retaining its listing.
Check the 2026Q3 provisional disclosure of revenue, operating profit, and net profit to assess whether the 2026Q2 gap between operating profit and net profit was a one-off or a recurring pattern.
Confirm the schedule and any restructured deal terms for a renewed bidding round for the controlling stake reportedly being pursued by Samjong KPMG. Whether the sale succeeds directly affects management stability and the prospects for retaining the listing.
Review the FY2026 audit report for the audit opinion and any going-concern emphasis-of-matter language. A deterioration in the audit opinion could again raise listing-related risk.
Hyundai Feed has meaningfully improved its core feed business's operating margin and balance sheet over 2024-2025, but separately faces structural risks stemming from the KOSDAQ Market Committee's August 2025 delisting resolution and the trading halt in effect since June 15, 2026.
Two rounds of public bidding for the roughly 41% controlling stake have failed, with attachments and provisional seizures on former major shareholders' shares, along with litigation tied to a past stock-manipulation case, cited as factors delaying both the sale and any resumption of trading.
Results over the most recent four quarters (2025Q3 through 2026Q2) have alternated between profit and loss, and in 2026Q2 the company posted an operating profit yet a net loss, illustrating continued earnings volatility.
Valuation-related metrics should be understood as calculated using the last traded price before the halt.
Key items to monitor going forward include the court's ruling on the delisting injunction, whether a renewed bidding round succeeds in transferring control, and whether the next quarterly provisional disclosure confirms the durability of the core-business recovery.
Readers should note that the legal uncertainty surrounding the company's listing status and governance remains unresolved.
Report written 2026-09-05 · Data as of 2026-09-04
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