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
Having recovered from a large 2023 loss, Dongwon Suisan has extended its earnings recovery on the back of a new trawler and firm tuna prices, and has disclosed a value-up plan.
After a 19.4 billion won operating loss in 2023, the company turned profitable in 2024 and expanded operating profit to 8.8 billion won in 2025, marking two straight years of improvement.
In H1 2026 revenue declined, but operating profit and net income both rose by double digits, continuing a margin-driven recovery.
The newly built trawler DW NOVA began operations in New Zealand waters from H2 2026, raising expectations for more stable catch volumes.
In August 2026 the company disclosed a value-up plan targeting a 50% total shareholder return ratio for 2027-2029 and a medium-term market cap goal of 100 billion won.
However, dividends have not yet been paid due to a lack of legally distributable profit, with resumption planned for 2027 or later.
Dongwon Suisan was founded in 1970 and listed in 1996, operating primarily in the capture, processing and frozen distribution of seafood such as tuna and squid.
It operates fourteen tuna longline vessels in the Pacific and Indian Oceans and trawl vessels off New Zealand, expanding its business into Japan, the United States, and Europe through its China-based Weihai Dongwon Foods and its New Zealand entity DW.
Its fleet grew to seventeen vessels after the newly built trawler DW NOVA joined the fleet in 2026. It has maintained a strategic partnership of more than forty years with Sanford, New Zealand's largest holder of fishing quotas, giving it stable access to raw material and a high barrier to entry.
Through its subsidiary Youwang it processes and exports sashimi-grade tuna, and the 2022 establishment of Youwang Food strengthened vertical integration linking distant-water fishing, processing and distribution.
It supplies markets in Japan, the United States and Europe using its Chinese and New Zealand affiliates as hubs. Sales of catch from distant-water fishing form the core of revenue, while the company seeks to diversify revenue through handling imported bluefin tuna and expanding seafood processing.
Based on Japanese technical cooperation, it also runs a domestically leading bread-crumb production and quality-control business, focusing on overseas market development and functional product innovation.
Because of the similarity in name, the company is often confused with Dongwon Industries or Dongwon F&B of the Dongwon Group, but Dongwon Suisan is a separate corporation founded in 1970 with no ownership or management ties to that group.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩52.3B | ₩3.9B | 7.5% |
| 2025Q3 | ₩36.2B | ₩1.5B | 4.2% |
| 2025Q4 | ₩39B | ₩1.2B | 3.1% |
| 2026Q1 | ₩39.8B | ₩3.6B | 9.1% |
| 2026Q2 | ₩50B | ₩4.5B | 9.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩177B | ₩5.8B | ₩6.2B | 3.3% | 9.9% | 94.6% |
| 2023 | ₩141.9B | -₩19.4B | -₩17.6B | −13.7% | −41.2% | 168.7% |
| 2024 | ₩183.7B | ₩5.3B | ₩5.1B | 2.9% | 10.5% | 123.1% |
| 2025 | ₩172.6B | ₩8.8B | ₩7.7B | 5.1% | 13.7% | 139.1% |
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
On a consolidated basis, operating results deteriorated sharply from revenue of 177.0 billion won and operating profit of 5.8 billion won (a 3.3% margin) in 2022 to revenue of 141.9 billion won and an operating loss of 19.4 billion won (a -13.7% margin) in 2023.
The company then swung to a profit of 5.3 billion won (2.9% margin) on revenue of 183.7 billion won in 2024, and in 2025, even as revenue slipped slightly to 172.6 billion won, operating profit rose to 8.8 billion won (5.1% margin), extending a profitability-led recovery.
Net income attributable to owners also improved for two straight years, moving from a loss of 17.6 billion won in 2023 to 5.1 billion won in 2024 and 7.7 billion won in 2025, confirming a structural turnaround.
Looking at recent quarters, revenue and operating profit softened seasonally to 36.2 billion won and 1.5 billion won in Q3 2025 and 39.0 billion won and 1.2 billion won in Q4 2025, before rebounding clearly to 39.8 billion won and 3.6 billion won in Q1 2026 and 50.0 billion won and 4.5 billion won in Q2 2026.
As a result, revenue over the trailing four quarters (Q3 2025 through Q2 2026) totaled about 165.1 billion won with operating profit of roughly 10.9 billion won, pushing the operating margin into the high single digits.
According to the company, H1 2026 consolidated revenue fell 7.7% year on year while operating profit rose 33.0% and net income rose 62.9%.
Notably, first-half operating profit of about 8.1 billion won equaled roughly 92% of last year's full-year operating profit of 8.8 billion won, meaning the company came close to matching a full year's result in just six months.
Behind this improvement were a 19% year-on-year rise in sashimi-grade tuna prices driven by global supply constraints, together with cost savings from more efficient vessel operations.
Still, the large loss recorded in 2023 illustrates that earnings remain highly sensitive to external variables such as tuna prices, fuel costs and exchange rates.
Korea's distant-water fishing industry is generally viewed as structurally volatile because of the heavy fixed-cost burden from large vessel investments and a profit structure highly sensitive to external variables such as tuna prices, fuel costs and exchange rates.
Indeed, a large domestic distant-water fishing operator affiliated with the Dongwon Group saw its fisheries-segment operating margin exceed 20% during the 2023 tuna-price upcycle before falling to single digits by 2025 as tuna prices declined, showing how much the sector as a whole is driven by the tuna-price cycle.
Within this industry, Dongwon Suisan is a company specialized in tuna longline fishing and New Zealand trawl operations, which differs clearly in scale and fishing method from larger operators such as Dongwon Industries, which through its 2008 acquisition of the largest US canned-tuna brand StarKist and expansion into Senegal, China and Japan has built a global tuna canning business.
The two companies, however, are frequently confused in the market due to their similar names; Dongwon Suisan is an independent corporation founded in 1970 with no ownership relationship to the Dongwon Group.
Firm sashimi-grade tuna prices over the past two years, driven by tighter global resource management and supply constraints, have generally benefited profitability across distant-water fishing companies.
Meanwhile, the number of listed companies participating in the Korea Exchange's value-up disclosure program has expanded, with the related index rising far more than the KOSPI so far this year, making broader capital-market communication by companies previously seen as undervalued a major theme across industries.
As a new growth driver, the company sailed its newly built trawler DW NOVA out of Busan port around June 2026 and deployed it for H2 2026 operations in New Zealand waters.
DW NOVA is expected to serve as a strategic asset that not only expands catch volume but, through the trawl method's ability to secure stable quantities, also raises the predictability of results by mitigating risks from weather and fishing-condition variability.
In August the company disclosed a '2026 Value-Up Plan' under Korea Exchange guidelines, setting out four pillars: strengthening profitability and core business competitiveness, expanding shareholder returns, improving capital efficiency, and enhancing market communication.
It plans to maintain a total shareholder return ratio, including dividends and share buybacks/cancellations, at about 50% of net income from 2027 through 2029, and in particular to actively pursue cash dividends equal to about 50% of net income in 2027.
Over the medium to long term, it set a market capitalization goal of 100 billion won, to be pursued through the disposal of inefficient assets, fleet optimization, and an expanded share of high-value-added processed foods.
Capital allocation priorities were set in the order of core business competitiveness, growth investment, financial stability, shareholder returns, and selective M&A.
The company said it would report progress on the plan's implementation to its board regularly and disclose it at least once a year, alongside regular IR activities tied to earnings releases.
Still, the success of the value-up plan ultimately depends on execution rather than the plan itself, leaving dividend resumption and the trawler's operating contribution as variables to be confirmed going forward.
According to the company's own capital-market self-assessment, it stated that despite its asset base and stable operating performance, the market has not fully recognized its corporate value, which formed the backdrop for pursuing the value-up plan.
The share price relative to net assets has traded below book value for several years, and the company itself has identified narrowing this gap as a core task of the value-up plan.
Earnings over the trailing four quarters have continued to improve on a quarter-by-quarter basis since emerging from the 2023 loss, and the direction of this earnings recovery is a starting point for valuation discussion.
However, the company has not paid dividends to date because of restrictions under the Commercial Act on legally distributable profit, and shareholder returns are expected to become substantive only after distributable profit is secured, making dividend-related metrics difficult to compare directly with other dividend-paying peers in the sector.
Against this backdrop, the market appears to be watching both the sustainability of earnings and the execution of the value-up plan together in assessing the pace of capital-efficiency improvement.
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
The company moved from a 19.4 billion won operating loss in 2023 to profitability in 2024 and expanded operating profit to 8.8 billion won in 2025, with the improvement continuing through H1 2026. Q2 2026 operating profit reached 4.5 billion won, with margins improving even as revenue declined. This is interpreted as the combined result of cost efficiency gains and rising tuna prices.
The newly built trawler DW NOVA began operations off New Zealand from H2 2026. Given the trawl method's ability to secure stable catch volumes, it is viewed as a strategic asset that raises earnings predictability. Additional contribution to H2 results is expected as operations ramp up.
The company disclosed plans to return 50% of net income to shareholders via dividends and buybacks/cancellations for 2027-2029, and to pursue cash dividends equal to about 50% of net income in 2027. It also outlined asset efficiency and enhanced market communication measures. If executed as planned, capital-market communication could improve.
Revenue fell from 177.0 billion won in 2022 to 172.6 billion won in 2025, and declined a further 7.7% year on year in H1 2026. Recent earnings improvement has relied on margin expansion rather than top-line growth. The lack of clear revenue growth is a point worth noting.
As shown by the large 2023 loss, results can swing significantly with tuna prices, fuel costs and exchange rates. The distant-water fishing industry as a whole is structured to be driven by the tuna-price cycle.
The fact that recent improvement owes much to a favorable external environment remains a risk should the cycle reverse.
Due to a shortfall in legally distributable profit under the Commercial Act, dividends have not been paid, and actual resumption is planned for 2027 or later, creating a time lag. There is a gap in time between the targets set out in the value-up plan and their actual execution. Whether the plan is carried out will need to be confirmed through future disclosures.
Profit and loss volatility unique to distant-water fishing arises from fluctuations in tuna prices, fuel costs and exchange rates, as illustrated by the large 2023 operating loss. Given the high fixed-cost structure from vessel investment, a decline in revenue could disproportionately hurt profit. Should the currently favorable tuna-price environment reverse, margin pressure could return.
Tightened fishing regulations or changes in operating rules from international fisheries bodies could affect catch volumes and costs. Distant-water fishing companies must also respond to sustainability requirements such as compliance with international regulations and marine environmental protection guidelines.
Changes in quotas or operating restrictions could be a source of uncertainty on both the revenue and cost sides.
Actual execution matters more than the stated goal, and if shareholder returns and asset efficiency measures do not proceed as planned, a gap could emerge between the plan and actual outcomes.
Whether the dividend resumption and share cancellations planned for 2027 onward actually occur will need to be confirmed through future disclosures. If asset disposals or fleet optimization are delayed, the timeline for achieving the stated goals could also be pushed back.
Check DW NOVA's contribution to H2 operations and the operating margin trend in the Q3 results.
Watch for the required at-least-annual disclosure and board reporting on value-up plan progress, and check on progress with asset efficiency and fleet optimization.
Confirm whether distributable profit is secured and whether the planned cash dividend of about 50% of net income is actually paid — in other words, the timing of the first dividend.
Monitor trends in international tuna prices, oil prices, and the won-dollar exchange rate — the key external variables driving distant-water fishing margins.
Dongwon Suisan is a distant-water fishing company that has expanded profits in 2024-2025 after a large loss in 2023, with the improvement trend continuing through H1 2026.
The deployment of the new trawler DW NOVA, firm tuna prices, and cost efficiency gains are confirmed as the key drivers of the recent earnings recovery.
In August, the company disclosed a value-up plan targeting a market capitalization of 100 billion won and a 50% net-income shareholder return ratio for 2027-2029, stating it would strengthen communication with the capital market.
However, revenue itself has not shown clear growth, and high sensitivity to external variables such as tuna prices, fuel costs and exchange rates means the possibility of sharp swings similar to 2023 cannot be ruled out.
Dividends have not been paid due to restrictions on legally distributable profit under the Commercial Act, and the resumption the company has flagged is planned for 2027 or later, warranting continued observation over time.
Confirming DW NOVA's actual contribution in the upcoming Q3 results and the pace of execution of the value-up plan will be an important next step in understanding this company.
Report written 2026-09-05 · Data as of 2026-09-04
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