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
Sejoong is reshaping its revenue base away from traditional travel services toward IT and BPO distribution, but a swing to operating and net losses in 2025 leaves profitability recovery as the key task ahead.
2025 revenue fell 4.5% year over year to KRW 35.6 billion, with an operating loss of KRW 1.03 billion and a net loss of KRW 2.75 billion, reverting to losses after three years
The debt ratio declined from 46.2% in 2022 to 16.0% in 2025, maintaining a debt-free financial structure
In February 2026 the company signed a KRW 33 billion maintenance contract with a domestic IT firm running through the end of 2028, adding some revenue visibility
Largest shareholder and CEO along with six related parties held a 30.5% stake as of July 2026, continuing a sibling co-management structure
The travel segment has shrunk to roughly 25% of revenue, while BPO and IT operations now account for about 75% and drive results
Sejoong was founded in 1982 and grew for decades as the exclusive travel agency for the Samsung group, though its expansion stalled after Hotel Shilla entered the travel market.
The company now operates through three pillars: travel services, S&C business BPO services, and an IT business, with most revenue coming from software product sales such as Microsoft Enterprise Agreement licenses.
Its BPO service handles corporate travel administration for numerous client companies, while supply agreements with Microsoft and AhnLab allow it to sell directly to large enterprises or resell through distributors.
According to recent media reports, the travel segment has shrunk to roughly 25% of total revenue, while BPO accounts for 48% and IT for 27%, effectively driving the company's results. The travel business, once built on Samsung-related volume, has weakened in competitiveness since that volume declined.
On governance, the company maintains a sibling co-management structure in which CEO Chun Se-jeon, his brother Chun Ho-jeon, and founder Chun Shin-il along with other related parties collectively hold the controlling stake.
To fund new growth initiatives, Sejoong sold a 70% stake in its spun-off software unit, Sejoong Cloud, to Megazone Cloud, and used the proceeds to add business purposes including funeral home operation and cemetery-lot management services.
However, these new ventures have not yet moved into full operation, leaving a gap between stated business purposes and actual revenue generation.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.8B | ₩300M | 4.1% |
| 2025Q3 | ₩6.7B | -₩400M | −6.0% |
| 2025Q4 | ₩6.6B | -₩600M | −9.8% |
| 2026Q1 | ₩24.1B | ₩33,875,966 | 0.1% |
| 2026Q2 | ₩7.4B | -₩28,458,833 | −0.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩42.1B | -₩2.6B | ₩1.3B | −6.2% | 1.5% | 46.2% |
| 2023 | ₩36.3B | ₩1.2B | ₩13.8B | 3.3% | 13.6% | 29.4% |
| 2024 | ₩37.3B | ₩400M | ₩1.8B | 1.1% | 1.8% | 14.9% |
| 2025 | ₩35.6B | -₩1B | -₩2.8B | −2.9% | −2.8% | 16.0% |
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
Annual revenue has fluctuated in the high KRW 30 billion range without a clear growth trend, moving from KRW 42.1 billion in 2022 to KRW 36.3 billion in 2023, KRW 37.3 billion in 2024, and KRW 35.6 billion in 2025.
Operating results swung from a loss of KRW 2.62 billion (margin of -6.2%) in 2022 to profits of KRW 1.18 billion (3.3%) in 2023 and KRW 0.42 billion (1.1%) in 2024, before reverting to a KRW 1.03 billion loss (-2.9%) in 2025.
Net income attributable to owners jumped from KRW 1.34 billion in 2022 to KRW 13.76 billion in 2023, a surge far exceeding operating profit that suggests a sizable one-off, non-operating gain, before falling to KRW 1.81 billion in 2024 and turning into a KRW 2.75 billion net loss in 2025.
On a quarterly basis, the company was profitable through the second quarter of 2025 (revenue of KRW 7.81 billion, operating profit of KRW 0.32 billion, net profit of KRW 0.29 billion), but losses widened in the third quarter (revenue KRW 6.73 billion, operating loss KRW 0.40 billion, net loss KRW 0.72 billion) and fourth quarter (revenue KRW 6.60 billion, operating loss KRW 0.65 billion, net loss KRW 2.95 billion), with the fourth-quarter net loss far outsizing the operating loss, pointing to non-operating drags.
First-quarter 2026 revenue jumped to KRW 24.06 billion, more than three times a typical quarterly run rate, producing a modest operating profit of KRW 0.03 billion and net profit of KRW 0.46 billion.
Second-quarter 2026 revenue normalized to KRW 7.39 billion, however, with an operating loss of KRW 0.03 billion and a net loss of KRW 0.50 billion, returning the company to the red.
Over the trailing four quarters from the third quarter of 2025 through the second quarter of 2026, cumulative net loss attributable to owners totaled roughly KRW 3.71 billion, indicating no clear improvement yet.
On the balance sheet, liabilities fell from KRW 41.0 billion in 2022 to KRW 15.8 billion in 2025 and the debt ratio dropped from 46.2% to 16.0%, confirming steady deleveraging, while operating cash flow moved from outflows of KRW 7.91 billion in 2023 and KRW 1.00 billion in 2024 to an inflow of KRW 2.06 billion in 2025.
Although Sejoong is classified under the travel and leisure sector on KOSDAQ, its actual revenue mix is weighted far more heavily toward software and IT product distribution and BPO services than toward travel, creating a mismatch between sector classification and underlying business.
The upstream travel market has moved through a post-pandemic recovery phase alongside intensifying competition from large wholesalers and online travel platforms, and Sejoong's travel unit, once built on an exclusive Samsung group contract, has seen its competitiveness erode since Hotel Shilla entered the market.
In the IT/BPO segment, the core activities are reselling large software licenses such as Microsoft Enterprise Agreements and providing maintenance and outsourcing services to corporate clients, a market characterized by revenue concentration in a small number of large contracts.
The KRW 33 billion maintenance contract signed in February 2026 illustrates this structure, though the counterparty remains undisclosed under a confidentiality clause.
Competitively, the company faces a dual structure: large integrated travel agencies and online platforms on the travel side, and systems integrators and software distributors on the IT side.
Amid this restructuring, the company's practical positioning is shifting away from a traditional travel agency toward that of a corporate IT/BPO service provider.
The company is accelerating a shift away from travel and toward IT and BPO operations, a transition recent media coverage has framed as moving 'from travel to IT and BPO.' The KRW 33 billion maintenance contract signed in February 2026, running through the end of December 2028, is expected to provide a portion of the revenue base over roughly the next three years, though the counterparty remains undisclosed, meaning the specific timing and scale of revenue recognition require confirmation through follow-up disclosures.
On the new-business front, the company has added funeral home operation and cemetery-lot management to its business purposes, but as of media reports in May 2026 these ventures had not yet moved into full operation, making concrete progress a key point to watch.
Financially, the debt-free management approach and lower debt ratio are seen as providing room for further investment in new businesses or acquisitions.
On governance, the sibling co-management structure among the controlling family continues, and some market participants have raised the possibility of a future spin-off if new businesses gain traction, though this remains an unconfirmed market observation that warrants continued monitoring for official announcements.
Overall, the company's trajectory is likely to hinge on how much revenue the IT/BPO contracts contribute and whether the new business lines move into actual operation.
Sejoong's net income turned negative in 2025 and has continued to swing between quarterly profits and losses through the first half of 2026, making straightforward comparisons of earnings-based valuation metrics difficult.
The share price tends to trade below the company's book value per share, indicating the market is pricing the stock at a discount to net assets. Dividends have not been paid in the most recent fiscal year, limiting the shareholder-return appeal from dividend yield.
Looking across multiple years, profitability has repeatedly flipped—from losses to profits between 2022 and 2023, and back to a loss in 2025—and this volatility is a point of caution for valuation assessment.
As a micro-cap stock, trading volume and free float may be limited, which can also make valuation metrics more volatile than for larger, more liquid peers.
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 debt ratio steadily declined from 46.2% in 2022 to 16.0% in 2025, and the company maintains a debt-free management approach with no borrowings. This supports financial flexibility to invest in new businesses or fulfill contracts.
However, this financial stability does not automatically translate into improved earnings, which should be weighed alongside it.
A large share of revenue has shifted toward the BPO and IT segments, and in February 2026 the company secured a KRW 33 billion maintenance contract running through the end of 2028. This is a sizable amount for a single contract and could support part of the future revenue base.
However, since the counterparty remains undisclosed, the specific scale of revenue recognition still needs to be confirmed.
The current share price tends to trade below the company's book value per share, sitting in a discounted range relative to net assets. This suggests the market is pricing the stock conservatively on an asset basis. However, given the ongoing net-loss trend, how this discount evolves will depend on whether earnings recover.
The travel segment grew on the back of a former exclusive Samsung group contract but has weakened in competitiveness since that volume declined and Hotel Shilla entered the market. Its revenue share has reportedly shrunk to around 25%, and the segment was reported to have posted an operating loss recently. This contraction in the core business limits the company's overall growth narrative.
Operating results swung between losses and profits from 2022 through 2025, and quarterly results likewise flipped repeatedly—from a profit in the second quarter of 2025 to losses in the third and fourth quarters, then from a profit in the first quarter of 2026 back to a loss in the second quarter.
Non-operating swings well outside the scale of operating profit have also been observed, such as the 2023 net income surge and the large fourth-quarter 2025 net loss. This volatility reduces the predictability of earnings.
Sejoong is a micro-cap stock with a very small market capitalization, which can limit trading volume and free float. This can amplify price volatility and affect execution prices when trading. The fact that the largest shareholder and related parties hold more than 30% also constrains the freely tradable share base.
The company has added funeral home operation and cemetery-lot management to its business purposes, but as of recent reporting there had been no news of full operational launch for nearly a year.
If these new businesses fail to translate into actual revenue, there is a risk that returns on invested capital will be delayed. Progress needs to be confirmed through future disclosures.
The sibling co-management structure among the controlling family continues, and some market observers have raised the possibility of a future spin-off. If a spin-off or governance change were to actually proceed, the impact on minority shareholders remains uncertain. Since this remains an unofficial market observation, related disclosures should continue to be monitored.
The KRW 33 billion maintenance contract signed in February 2026 was reported to be equivalent to about 88.46% of the prior year's revenue, indicating a structure heavily dependent on a specific contract.
The counterparty remains undisclosed under a confidentiality clause, making it difficult for outsiders to directly verify the stability of contract execution. Dependence on specific large clients or supply partners such as Microsoft and AhnLab can likewise pose a revenue concentration risk.
Check the (preliminary) third-quarter 2026 earnings disclosure to see whether the loss trend continuing from the second quarter persists and whether the IT/BPO segment's revenue contribution expands.
Watch for whether the funeral home operation and cemetery-lot management ventures move toward concrete implementation, and for related disclosures such as investment, partnerships, or revenue generation.
Monitor follow-up disclosures regarding the scale of revenue recognition from the KRW 33 billion maintenance contract and whether the counterparty is eventually disclosed.
Check the annual general meeting and the audited report for fiscal year 2026 to confirm finalized annual results and any changes in dividend policy.
Sejoong is accelerating its shift from traditional travel services toward an IT/BPO distribution-centered business, with 2025 revenue of KRW 35.6 billion, an operating loss of KRW 1.03 billion, and a net loss of KRW 2.75 billion marking a return to losses.
Through the first half of 2026, profitability direction has continued to flip, with a modest profit in the first quarter followed by another loss in the second.
On the financial side, stability has been maintained with the debt ratio falling to 16.0% and no borrowings outstanding, though this does not by itself guarantee improved profitability.
The KRW 33 billion maintenance contract signed in February 2026 could provide part of the future revenue base, but uncertainty remains since the counterparty is undisclosed, and new ventures such as funeral and memorial services have not yet moved into full operation.
The sibling co-management structure among the controlling family, and the associated possibility of a future spin-off, remain variables discussed in the market.
Overall, this is a segment where bullish factors—financial soundness and business restructuring efforts—coexist with bearish factors such as core business contraction and earnings volatility, with the actual revenue contribution from IT/BPO contracts and the progress of new businesses likely to be the key points to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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