KOSDAQMedia & Entertainment030960

Yangjisa

₩4,805▲ 2.13%2026-10-02 close

Market Cap

₩76.1B

Turnover

₩44,786,860

Volume

9.4K

Shares out.

16M

PER

—

PBR

0.3×

EPS

-₩116

Dividend Yield

1.05%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q1–2025Q4) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close

Report overview

Volatile Core Earnings Meet a Kaesong Theme

While core planner and notebook manufacturing revenue has declined for two straight years with sharply swinging quarterly earnings, a legacy Kaesong Industrial Complex land-use holding has made the stock a recurring inter-Korean cooperation theme play, adding another layer of price volatility.

1
Consolidated revenue fell for two consecutive years, from KRW 62.1bn in 2023 to KRW 58.2bn in 2024 and KRW 55.9bn in 2025.
2
Of the past four years (2022-2025), only 2024 posted a slim operating profit (KRW 0.16bn); the other three years were all operating losses.
3
Revenue and operating profit rebounded to KRW 25.06bn and KRW 1.32bn in Q2 2025, but operating losses then widened for two straight quarters to KRW -2.62bn and KRW -4.04bn in Q3 and Q4.
4
A legacy land-use right in the Kaesong Industrial Complex classifies the stock as an inter-Korean cooperation theme play, with shares showing sensitivity to government North Korea policy announcements.
5
The debt ratio stayed very low at roughly 4-9%, but operating cash flow has flipped sign frequently from year to year, showing inconsistent stability.

Business structure

Yangjisa started as a sole proprietorship in 1976, incorporated in 1979, and listed on KOSDAQ in 1996 as a stationery manufacturer.

It is described as the largest player in its category, specializing in planners, diaries, and notebooks, operating a roughly 7:3 mix of made-to-order versus planned production, with exports accounting for about 25% of order-based output.

To match trend-sensitive consumer preferences, the company pursues customized lineups including seasonal items, premium designs, and character collaboration products to preserve brand value.

It has also been expanding distribution channels and strengthening customer-tailored products to respond to accelerating digital transition.

Revenue is generated through domestic stationery and office-supply distribution as well as overseas exports, with the prolonged Russia-Ukraine war, global supply-chain disruptions, and raw-material price swings cited as direct factors affecting export conditions.

At the same time, expanding smartphone and tablet penetration has increased demand for digital content, creating structural pressure on paper planner and notebook demand.

The company also carries a legacy land-use right within the Kaesong Industrial Complex, which separately classifies it as an inter-Korean economic cooperation theme stock traded independently of its core business.

Its competitive landscape can be understood as coexisting with both domestic stationery/office-product manufacturers and substitute competition from digital planner services.

Earnings trend

Quarterly revenue · Operating profit

₩10B-₩1.8B24Q4₩10B-₩700M25Q1₩25.1B₩1.3B25Q2₩11.9B-₩2.6B25Q3₩8.9B-₩4B25Q4

RevenueOperating profit

Annual revenue · Operating profit

₩44.9B-₩600M2022₩62.1B-₩6.9B2023₩58.2B₩200M2024₩55.9B-₩6.1B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2024Q4	₩10B	-₩1.8B	−17.9%
2025Q1	₩10B	-₩700M	−7.4%
2025Q2	₩25.1B	₩1.3B	5.3%
2025Q3	₩11.9B	-₩2.6B	−22.1%
2025Q4	₩8.9B	-₩4B	−45.5%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩44.9B	-₩600M	-₩4.1B	−1.3%	−2.2%	5.4%
2023	₩62.1B	-₩6.9B	₩1.2B	−11.1%	0.7%	5.0%
2024	₩58.2B	₩200M	₩4.4B	0.3%	2.4%	4.3%
2025	₩55.9B	-₩6.1B	-₩1.6B	−10.9%	−0.8%	9.4%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-10

Earnings analysis

Consolidated revenue in 2025 came to KRW 55.86bn, down from KRW 58.15bn in 2024, extending a two-year decline from a peak of KRW 62.13bn in 2023. Operating income swung back into a loss of KRW -6.08bn in 2025, reversing the modest profit of KRW 0.16bn posted in 2024.

Combined with operating losses of KRW -6.92bn in 2023 and KRW -0.59bn in 2022, this means three of the past four years ended in an operating loss. Net income attributable to owners bounced between negative and positive each year: KRW -4.09bn in 2022, KRW +1.22bn in 2023, KRW +4.45bn in 2024, and KRW -1.59bn in 2025.

On a quarterly basis, Q1 2025 revenue was KRW 10.02bn with an operating loss of KRW -0.74bn, yet net income was a modest KRW +0.15bn.

Revenue then jumped to KRW 25.06bn in Q2, delivering the year's best results with operating profit of KRW 1.32bn and net income of KRW 1.76bn, before revenue slipped to KRW 11.90bn in Q3 with the operating loss widening to KRW -2.62bn and net income falling to KRW -0.98bn.

In Q4, revenue shrank further to KRW 8.89bn while the operating loss expanded to KRW -4.04bn and net income posted its largest quarterly loss at KRW -2.52bn.

This quarter-to-quarter volatility reflects a business structure weighted toward made-to-order production, where results can hinge on shipment timing in specific periods; on the balance sheet side, the debt ratio stayed within a 4.3%-9.4% range, while operating cash flow turned negative for two straight years (KRW -3.09bn in 2023, KRW -1.70bn in 2024) after a positive KRW +2.06bn in 2022, before turning positive again at KRW +1.32bn in 2025.

Industry analysis

Korea's stationery and planner industry faces a structural contraction in paper diary and notebook demand as expanding smartphone and tablet adoption increases demand for digital content.

Yangjisa is classified as the largest player in this category, but in a shrinking overall market it faces the dual challenge of defending share while generating new demand.

Exports account for 25% of order-based production, giving the company some overseas revenue exposure, but also leaving it exposed to external variables such as the prolonged Russia-Ukraine war and global supply-chain disruptions.

The domestic competitive landscape can be viewed as a mix of general stationery/office-supply manufacturers and substitute competition from mobile-based digital planner services.

Separately, the stock is also classified as an inter-Korean economic cooperation theme play through its legacy Kaesong Industrial Complex land-use right, a factor that moves trading flows in response to domestic North Korea policy news independent of the core business cycle.

Industry-wide, a large share of former Kaesong tenant companies have expressed intent to return if operations resume, indicating some sector-level anticipation of renewed cooperation, though this remains a separate variable unlinked directly to Yangjisa's core revenue and profitability.

Outlook

The company is understood to be continuing a strategy of expanding distribution channels and strengthening customer-tailored products to offset the effects of accelerating digital transition.

On the policy front, the Ministry of Unification stated in its 2026 work plan that it would prepare for a “developmental reopening” of the Kaesong Industrial Complex, including proposals for business visits to the North and on-site fact-finding, while reviewing reciprocal, multilateral cooperation initiatives to end more than a decade of stalled inter-Korean exchange since the 2016 shutdown.

However, actual progress appears slow: reports indicate discussions on reopening Kaesong have shown little advancement, and while Unification Minister Jung Dong-young's intent to reopen the complex is clear, the government's plans remain at a declaratory stage given the stalled dialogue with North Korea. Some experts have noted the lesson that Kaesong was "easy to close but difficult to reopen,

Valuation

PER

—

PBR

0.3×

ROE

-0.8%

EPS

-₩116

BPS

₩13,686

Dividend per share

₩50

The share price trades at a level below per-share net asset value, which can be read as a discount relative to net assets. However, because combined net income over the most recent four quarters (Q1-Q4 2025) remained in a loss position, a conventional price-to-earnings calculation is difficult to derive.

The dividend yield appears to sit on the lower side relative to the sector average, and the company has a history of paying dividends.

Given that annual net income has swung between losses and profits without a clear directional trend, valuation metrics themselves should be understood as structurally prone to large swings depending on the sign of results in any given period.

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 2026-09-10

Bull factors

Inter-Korean Cooperation Catalyst Backed by Policy Intent

In its 2026 work plan, the Ministry of Unification officially confirmed preparations for the developmental resumption of the Kaesong Industrial Complex, stating that it would review concrete implementation measures such as proposals for business owners' visits to North Korea and on-site fact-finding surveys.

Unification Minister Chung Dong-young has repeatedly expressed his commitment to restarting the Kaesong Industrial Complex, and the Lee Jae-myung administration's shift in North Korea policy stance has also been maintained.

This policy direction continues to be a factor that repeatedly draws market attention to Yangji Co., which previously held land use rights in the Kaesong Industrial Complex.

Low-Leverage Financial Stability

The debt ratio remained below 10% in all four years from 2022 to 2025, and equity capital remained largely unchanged, staying between roughly KRW 184.0 billion and KRW 188.0 billion. Even in years when net income recorded a loss, the financial structure itself was not significantly impaired. This shows that, despite earnings volatility, the underlying financial soundness is relatively solid.

Q2 2025 Earnings Rebound Precedent

In Q2 2025, revenue reached KRW 25,059.59 million, operating profit KRW 1,321.79 million, and net income KRW 1,762.79 million, marking the best quarterly performance of the year.

This case shows that in a business structure with a high proportion of made-to-order production, profit and loss can improve significantly when shipment volumes are concentrated in a specific period.

The possibility cannot be ruled out that similar seasonal factors could recur in the future, potentially reproducing such a period of improved performance.

Bear factors

Structurally Shrinking Core Demand

Revenue declined for two consecutive years, from KRW 62.1 billion in 2023 to KRW 58.1 billion in 2024 and KRW 55.9 billion in 2025.

The trend of increasing demand for digital content driven by the expanded penetration of smartphones and tablet PCs is cited as a factor structurally pressuring demand for paper diaries and notebooks. This is regarded not as a short-term cyclical factor but as a long-term trend driven by changes in consumption habits.

Recurring Operating Losses and Volatility

Of the four years from 2022 to 2025, three years (2022, 2023, and 2025) recorded operating losses, and even the profit in 2024 amounted to only KRW 156 million. In 2025, following a profit in Q2, operating losses widened consecutively in Q3 (-KRW 2.62 billion) and Q4 (-KRW 4.04 billion). This pattern of profit and loss makes future earnings difficult to predict.

Theme-Driven Flows Disconnected from Core Business

There have been reports that discussions on resuming the Kaesong Industrial Complex remain stalled without clear progress, and evaluations suggest that the government's resumption plan remains at the declaration stage.

As inter-Korean relations are heavily influenced by international politics and sanctions variables, there is a risk that theme-driven trading could repeatedly swing between expectation and reversal without actual policy progress. In this case, stock price volatility could increase regardless of the core business performance.

Risk factors

Industry Structure Risk

There is a possibility that demand for paper diaries and notebooks will decline over the long term due to the expanded penetration of digital devices. Fluctuations in raw material (paper, printing materials) prices and global supply chain conditions are also variables that directly affect profitability. These structural factors are characteristics that are difficult to resolve in a short period of time.

Political and Geopolitical Theme Risk

If inter-Korean relations become strained or international sanctions persist, the Kaesong Industrial Complex-related theme itself could weaken.

Experts have noted the lesson that while the Kaesong Industrial Complex was easy to close, reopening it is difficult, suggesting that numerous variables remain before resumption. There is a risk that stock prices could fluctuate significantly in the short term depending on policy announcements.

Profitability and Cash Flow Volatility Risk

Of the past four years, three recorded operating losses, and net income also lacked consistent direction, with its sign changing from year to year. Operating cash flow likewise showed an unstable pattern, turning negative for two consecutive years in 2023-2024 before turning positive again in 2025. This volatility could be a factor that lowers the reliability of future earnings forecasts.

What to watch next

Mid-November 2026
Timing of the Q3 2026 earnings disclosure, when it will be important to check whether the widening operating loss trend seen in Q3-Q4 2025 continues.
December 2026-January 2027
A period to check order-production and shipment trends during the peak diary/planner season, to see whether the seasonal revenue concentration pattern recurs.
Around March 2027
Timing of the FY2026 audited annual report disclosure and confirmation of the year-end dividend decision.
Second half of 2026 through first half of 2027 (as they occur)
Follow-up measures related to the Ministry of Unification's preparation for a developmental reopening of Kaesong (such as business visits to the North or on-site fact-finding) should be monitored as they are announced.

Overall view

Yangjisa is the largest player in its category, specializing in a single product line of planners and notebooks, but its core business shows considerable volatility, with revenue declining for two straight years after peaking in 2023 and operating income falling into losses in three of the past four years.

The coexistence of a Q2 2025 earnings rebound with widening losses in Q3 and Q4 of the same year illustrates the characteristics of a business structure weighted toward made-to-order production.

The financial structure is relatively stable given a low debt ratio, though the frequent sign changes in operating cash flow warrant attention.

Separately, a legacy Kaesong Industrial Complex land-use holding has made this stock an inter-Korean economic cooperation theme play, and the gap between the government's stated policy intent and the actual pace of progress has simultaneously fueled market attention and volatility.

On valuation, the share price trades below net asset value per share, but with net income over the most recent four quarters remaining in loss territory, conventional earnings-based metrics are difficult to interpret in this period.

Investors would need to separately track the seasonal and structural earnings pattern of the core business from inter-Korean policy events as two distinct tracks.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-11 · Data as of 2026-09-10

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.