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
Ocean In W is a small-cap KOSDAQ company whose quarterly results are driven less by core operations than by volatile one-off gains and losses tied to affiliate equity and asset items.
Over the trailing four quarters (Q3 2025-Q2 2026), combined revenue was about KRW 25.9 billion while owner net loss reached roughly KRW 54.3 billion, showing non-operating swings far outweighing the revenue base.
Q2 2026 revenue jumped to KRW 15.0 billion with operating profit turning positive at KRW 1.9 billion for the first time in the window, yet net profit still posted a loss of about KRW 6.6 billion.
Non-controlling interests, which stood at about KRW 215.2 billion at end-2023, fell to zero in 2024, the same year owner net profit swung to a gain of roughly KRW 167.9 billion, suggesting a large one-off item.
In May 2026 the company changed its par value from KRW 5,000 to KRW 500 and completed a capital reduction and re-listing of shares.
The company pays no dividend, and in March 2026 pursued shareholder returns through a treasury-share trust contract and cancellation instead.
Ocean In W is a KOSDAQ-listed company formally registered in the automobile and fuel distribution service category, though its practical focus has shifted toward equity investment in media and content affiliates and capital-structure transactions.
The company is classified within the Chorokbaem Group, and its representatives have appeared alongside other group affiliate executives at press events.
The group's flagship content affiliate, Chorokbaem Media, is a drama production company behind titles such as "All In," "Jumong," "Chuno," and "My Mister," and it also operates cable broadcasting channels and talent management businesses.
However, the controlling 39.33% stake in Chorokbaem Media is held by a separate group affiliate, and a private equity fund operated by Q Capital Partners has been selected as the preferred bidder in the sale process for that stake.
Ocean In W's own annual revenue is modest (about KRW 7.6 billion in 2025), suggesting its role within the group leans more toward equity investment and financial functions than content production itself.
In March 2026 the company entered a KRW 2 billion treasury-share trust contract for shareholder value and resolved to cancel its entire holding of 621,015 treasury shares. In May 2026 it changed its par value from KRW 5,000 to KRW 500 and completed a capital reduction and share re-listing process.
The company's name has changed multiple times over the years, and former Chorokbaem Group chairman Won Young-sik is cited as a controlling shareholder and management-related figure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.2B | -₩400M | −19.2% |
| 2025Q3 | ₩2.1B | -₩500M | −24.6% |
| 2025Q4 | ₩1.8B | -₩900M | −48.7% |
| 2026Q1 | ₩6.9B | -₩1.3B | −18.9% |
| 2026Q2 | ₩15B | ₩1.9B | 13.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩214.7B | ₩5.1B | -₩96.9B | 2.4% | −48.4% | 55.8% |
| 2023 | ₩11.9B | -₩700M | -₩105.4B | −5.8% | −54.1% | 31.2% |
| 2024 | ₩6.8B | -₩3.3B | ₩167.9B | −48.0% | 58.6% | 29.2% |
| 2025 | ₩7.6B | -₩2.5B | -₩19.1B | −32.4% | −7.2% | 29.8% |
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 in 2025 was KRW 7.57 billion, up from KRW 6.80 billion in 2024, but far below the KRW 214.7 billion recorded in 2022, reflecting a sharply smaller business scale.
Operating profit turned positive at KRW 5.1 billion in 2022, then posted losses for three straight years: KRW -0.7 billion in 2023, KRW -3.3 billion in 2024, and KRW -2.5 billion in 2025.
By contrast, owner net profit has been extremely volatile, swinging from a loss of about KRW -105.4 billion in 2023 to a gain of roughly KRW 167.9 billion in 2024, before reverting to a loss of about KRW -19.1 billion in 2025.
Notably, non-controlling interests of about KRW 215.2 billion at end-2023 fell to zero at end-2024, coinciding with the year of the large net profit, which points to a possible loss-of-control or other one-off item being booked.
In 2025, non-controlling interests reappeared at about KRW 25.0 billion, suggesting a new subsidiary was brought into consolidation.
On a quarterly basis, the largest net loss came in Q4 2025 at about KRW -67.5 billion, followed by a swing back to a gain of about KRW 18.5 billion in Q1 2026, and in Q2 2026 revenue reached KRW 15.0 billion with operating profit of KRW 1.9 billion—the first operating profit in the window—even as net profit posted a loss of about KRW -6.6 billion.
Over the trailing four quarters (Q3 2025-Q2 2026), combined revenue was roughly KRW 25.9 billion while combined owner net profit was about KRW -54.3 billion, underscoring that swings in non-operating items far outweigh the operating scale.
Operating cash flow was solid at KRW 47.7 billion in 2023 and KRW 43.8 billion in 2024 but turned negative at about KRW -1.6 billion in 2025, marking a shift in cash-generating capacity as well.
The debt ratio fell from 55.8% in 2022 to the 29-31% range across 2023-2025, showing the balance sheet itself became more stable even as the top line contracted.
Korea's drama and content production industry has grown as distribution channels expanded from terrestrial and cable broadcasters to global OTT platforms such as Netflix, but rising production costs and intensifying scheduling competition make profitability management difficult.
As illustrated by Chorokbaem Media, the group's core content affiliate, content producers have recently been actively pursuing stake sales and restructuring involving external capital such as private equity funds.
This reflects a structural vulnerability among small and mid-sized domestic media and entertainment issuers, whose results swing heavily on the box-office success of individual dramas, driving consolidation toward better-capitalized owners.
Ocean In W itself is positioned closer to equity investment and financial activity within the group than to content production, leaving it more exposed to changes in the value of its holdings and affiliate restructuring issues than to content-industry conditions per se.
Small KOSDAQ holding- or investment-type stocks typically have low liquidity, and capital-transaction issues such as changes in controlling and related-party stakes or par-value and capital adjustments frequently affect share prices.
The company's recent par-value change, capital reduction, and treasury-share trust contract can be seen as typical events for this type of capital-transaction-driven small-cap stock.
In March 2026 the company resolved to set up a KRW 2 billion treasury-share trust contract and cancel its entire 621,015-share treasury holding, signaling an intent toward shareholder returns.
In May 2026 it lowered its par value from KRW 5,000 to KRW 500 and completed a capital reduction and share re-listing, reorganizing its capital structure.
The sale of the controlling 39.33% stake in group content affiliate Chorokbaem Media has reached the stage where a private equity fund operated by Q Capital Partners was selected as preferred bidder, and whether a final agreement is reached, and on what terms, could affect the value of the group's holdings overall.
The company's own revenue rose sharply to KRW 15.0 billion in Q2 2026 from the prior quarter, but whether this trend continues needs confirmation in coming quarterly results.
Given that net profit has swung by more than KRW 10 billion in either direction each quarter over the trailing four quarters, future results are also likely to hinge heavily on non-operating items such as equity-method gains or losses, asset disposals, and fair-value remeasurements.
As no dividend has recently been paid, shareholder returns continue to rely on share buybacks and cancellations rather than dividends.
With net losses persisting over the trailing four quarters, the price-to-earnings ratio falls into a range that is difficult to calculate meaningfully. The stock trades at a level well below its per-share net asset value, placing it in a segment with a substantial discount to net assets.
As no dividend has recently been paid, shareholder returns depend on share buybacks and cancellations rather than dividends. Because owner net profit has swung between losses and large gains from year to year, valuation metrics can also fluctuate sharply depending on one-off items in any given quarter.
This volatility is tied to the company's characteristics, where affiliate equity value changes and capital-transaction events matter more than the underlying operating profit structure.
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 stock trades at a level below its per-share net asset value, and the debt ratio remains stable at around 30%. Owner's equity stood at about KRW 263.9 billion at end-2025, a large figure relative to market capitalization. This provides a degree of asset-side buffer.
In March 2026 the company resolved a KRW 2 billion treasury-share trust contract and the cancellation of its existing 621,015 treasury shares, continuing shareholder-value efforts. It also carried out a par-value adjustment and capital reduction to reorganize its capital structure. Even without a dividend, this continued pursuit of returns via capital transactions is worth noting.
Q2 2026 revenue reached KRW 15.0 billion, sharply up from KRW 6.9 billion in the prior quarter, and operating profit turned positive at KRW 1.9 billion for the first time in the window. If this revenue level is sustained, there is room for improvement in the core profit structure.
Net profit swung from about KRW -67.5 billion to about KRW 18.5 billion over the trailing four quarters, with a combined owner net loss of roughly KRW 54.3 billion. Non-operating items have a far larger impact than operating profit, making results difficult to predict.
Operating profit posted losses for three consecutive years from 2023 to 2025, with an operating margin of -32.4% in 2025. Although it turned briefly positive in Q2 2026, whether this can be sustained still needs confirmation.
The sale of the controlling stake in group content affiliate Chorokbaem Media is underway, and the sale price and whether the deal is finalized could change the group's overall equity value and governance structure. The content industry's hit-dependent nature also raises uncertainty for affiliate performance.
With a small revenue base, net profit is heavily influenced by non-operating items such as equity-method gains or losses and asset disposals, making quarterly forecasting difficult. Over the past two years, net profit has alternated repeatedly between losses and large gains.
The sale of the stake in group content affiliate Chorokbaem Media is ongoing, and the market continues to watch the history of the controlling shareholder and related parties. The frequency of capital transactions such as par-value changes and capital reductions is also a source of governance-related uncertainty.
As a very small-cap KOSDAQ stock with limited trading volume, share price volatility can be large in response to shifts in supply and demand. The absence of a dividend also means investors cannot expect a stable cash-flow return.
Given the typical quarterly filing deadline of 45 days after quarter-end, Q3 2026 results are expected around this time, and it will be worth checking whether the Q2 2026 revenue and operating profit improvement continues.
It will be important to confirm whether a final agreement is signed for the sale of the controlling stake in Chorokbaem Media and on what terms. A private equity fund operated by Q Capital Partners has been named preferred bidder, and completion of the deal could affect the group's overall equity value.
It will be useful to check the execution status of the KRW 2 billion treasury-share trust contract resolved in March 2026 and whether further cancellations occur, to assess the continuity of the shareholder-return policy.
Non-controlling interests and equity-method gains or losses in the consolidated statements should be tracked continuously to identify the asset or subsidiary changes behind net profit volatility.
Ocean In W is a small-cap KOSDAQ company that has repeatedly shown, over recent years, a pattern in which one-off items tied to equity-method gains or subsidiary control changes drive results more than core operations.
Operating profit was mostly negative from 2022 to 2025, while owner net profit swung sharply from about KRW -105.4 billion to about KRW 167.9 billion and back to about KRW -19.1 billion.
In Q2 2026, revenue and operating profit improved, yet net profit still posted a loss of about KRW -6.6 billion, showing that core-business improvement and net profit stabilization have not yet moved in the same direction.
The company undertook capital-structure reorganization in the first half of 2026 through share buybacks and cancellations, a par-value adjustment, and a capital reduction, while the sale of its stake in group content affiliate Chorokbaem Media is also underway, pointing to further governance changes ahead.
Rather than the share price level relative to net assets or the absence of a dividend, the key to understanding this stock lies in continuously tracking the non-operating items behind net profit volatility and affiliate-related events. This report is for informational purposes only and does not include an investment opinion or target price.
Report written 2026-09-05 · Data as of 2026-09-04
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