PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩150 per share · Prices as of the 2026-10-02 close
Revenue and operating margin at this Dassault Systemes-partnered PLM/SI provider have improved for four consecutive years, but net income has shown wide swings driven largely by non-operating items tied to its equity-method affiliate.
Annual revenue rose for four straight years from KRW 95.8bn in 2022 to KRW 136.4bn in 2025, while the operating margin climbed steadily from 3.8% to 8.1%.
Net income has diverged sharply from operating income, surging to KRW 23.9bn in 2023, dropping to KRW 6.4bn in 2024, then recovering to KRW 10.4bn in 2025.
The IT (PLM/SI) segment accounted for 96.8% of revenue in the first half of 2025, and the company maintains its position as a leading domestic partner of Dassault Systemes.
Profit and loss swings at an equity-method affiliate in the diagnostics business have been a key driver of net income volatility in recent years.
Net income summed over the most recent four quarters (Q3 2025 through Q2 2026) exceeded full-year 2025 net income, indicating recent earnings momentum.
Founded in 1993, Osang JAIEL is an IT company that has focused on product lifecycle management (PLM), and it listed on KOSDAQ in 2002.
The company is a leading domestic business partner supplying Dassault Systemes' CATIA 3D design and engineering software and the 3DEXPERIENCE platform, built on three decades of technical expertise and a certified training center.
In 2023, it was ranked the top Asia partner among Dassault Systemes' partner network, reflecting recognition of its technical and business capabilities.
Its operations are split into an IT segment covering PLM, systems integration (SI), and system services, and a BT segment covering fruit packaging, cosmetics, and new materials; as of the first half of 2025, revenue mix was heavily skewed toward IT at 96.8% versus 3.2% for BT.
The company wholly owns two subsidiaries, Orbit (fruit packaging) and Zaiel Cosmetic (cosmetics manufacturing and sales), and holds a stake in an in-vitro diagnostics affiliate accounted for under the equity method.
In the BT segment, the company is actively pursuing new businesses including cosmetic and pharmaceutical ingredients, alumina, and bohemite-based multifunctional composite bio-materials.
The IT segment's customer base is expanding into automotive, defense, and shipbuilding sectors amid growing domestic manufacturing digital-transformation demand.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩35.3B | ₩3.1B | 8.6% |
| 2025Q3 | ₩30.8B | ₩2.9B | 9.5% |
| 2025Q4 | ₩41.6B | ₩2.3B | 5.4% |
| 2026Q1 | ₩28.5B | ₩2.3B | 7.9% |
| 2026Q2 | ₩29.4B | ₩2.1B | 7.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩95.8B | ₩3.7B | ₩8.4B | 3.8% | 11.7% | 38.5% |
| 2023 | ₩103.3B | ₩6.3B | ₩23.9B | 6.1% | 24.9% | 39.2% |
| 2024 | ₩116.9B | ₩8B | ₩6.4B | 6.8% | 6.1% | 30.9% |
| 2025 | ₩136.4B | ₩11B | ₩10.4B | 8.1% | 9.5% | 34.8% |
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 rose for four consecutive years, from KRW 95.8bn in 2022 to KRW 103.3bn in 2023, KRW 116.9bn in 2024, and KRW 136.4bn in 2025. The operating margin also improved steadily over the same period, from 3.8% to 6.1%, 6.8%, and 8.1%, reflecting a sustained expansion in profitability.
Net income, however, diverged sharply from this trend, jumping from KRW 8.4bn in 2022 to KRW 23.9bn in 2023, then falling to KRW 6.4bn in 2024 before recovering to KRW 10.4bn in 2025.
This gap appears linked to a marked improvement at the diagnostics affiliate's earnings from 2022 to 2023, suggesting non-operating items such as equity-method gains were a significant contributor to net income in that period.
By quarter, Q2 2025 posted revenue of KRW 35.3bn, operating income of KRW 3.1bn, and net income of KRW 1.8bn, while Q3 2025 saw revenue of KRW 30.8bn, operating income of KRW 2.9bn, and net income of KRW 3.5bn, a quarter where net income exceeded operating income.
Q4 2025 revenue reached KRW 41.6bn, the year's largest quarterly figure, but operating income was only KRW 2.3bn and net income KRW 1.8bn.
Into 2026, Q1 posted revenue of KRW 28.5bn, operating income of KRW 2.3bn, and net income of KRW 2.2bn, while Q2 recorded revenue of KRW 29.4bn, operating income of KRW 2.1bn, and net income of KRW 3.9bn, again widening the gap between operating and net income.
Summed net income over the most recent four quarters (Q3 2025 through Q2 2026) was roughly KRW 11.5bn, exceeding full-year 2025 net income of KRW 10.4bn, pointing to continued momentum including non-operating factors.
The domestic PLM/SI market is growing on the back of accelerating manufacturing digital transformation and expanding adoption of cloud-based PLM solutions.
As a long-standing domestic partner of Dassault Systemes with three decades of focus on PLM, the company relies on its technical capabilities across the 3DEXPERIENCE platform and a human-capital ecosystem built through a certified training center as competitive moats.
Recently, PLM investment has been expanding in the automotive, defense, and shipbuilding sectors, and artificial intelligence (AI) is drawing attention as a factor that can further enhance PLM's value proposition.
In contrast, the fruit-packaging, cosmetics, and new-materials markets that make up the BT segment are comparatively smaller in scale with more limited growth potential than the IT segment, and are exposed to agricultural cycles and raw material price swings.
The alumina- and bohemite-based new materials business appears to be at an early commercialization stage, and whether it can gain traction in the market still requires further confirmation. Overall, the company's earnings trajectory is heavily dependent on the strength of PLM demand in its IT segment.
Industry observers have noted the possibility of record results driven by expanding PLM investment in the automotive, defense, and shipbuilding sectors, and AI-driven enhancement of PLM's value proposition has also been flagged as a factor supporting future growth.
In the BT segment, the company continues to pursue diversification through new businesses such as cosmetic and pharmaceutical ingredients and alumina- and bohemite-based multifunctional composite bio-materials. However, when these new businesses might meaningfully contribute to revenue and profit remains unclear.
The earnings trajectory of the diagnostics affiliate is likely to continue affecting the company's equity-method gains and net income volatility going forward.
No specific formal revenue or profit guidance from the company has been confirmed, so future earnings direction warrants ongoing monitoring through quarterly disclosures and order-related news.
It is worth noting that valuation multiples can vary substantially depending on which year's earnings are used as the basis, given the wide net income volatility of recent years.
External data indicate the five-year average price-to-earnings ratio (PER) has been around 17.5x and the average price-to-book ratio (PBR) around 1.15x, with current multiples reported to sit below these multi-year averages.
On a book-value basis, the shares tend to trade at a substantial discount to net asset value per share, a contrast with the steady multi-year growth in total equity.
The company has maintained a policy of returning a portion of profit through dividends, but given the year-to-year volatility in net income itself, this should be weighed when assessing the stability of future dividend capacity.
This multiple comparison is intended purely to convey factual context and does not represent a directional value judgment or a buy/sell opinion.
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
Amid spreading manufacturing digital transformation and cloud PLM adoption domestically, PLM investment appears to be growing in the automotive, defense, and shipbuilding sectors. As the leading domestic partner of Dassault Systemes, the company is structurally positioned to benefit directly from this expanding demand. The emergence of AI as a factor enhancing PLM's value also underpins the medium-to-long-term demand base.
The operating margin rose for four consecutive years, from 3.8% in 2022 to 8.1% in 2025, expanding profitability alongside revenue growth. Revenue also grew steadily over the same period, from KRW 95.8bn to KRW 136.4bn. This trend suggests both scale expansion and business efficiency gains have been occurring simultaneously.
Being ranked the top Asia partner of Dassault Systemes in 2023 reflects how three decades of accumulated technical capability and a human-capital ecosystem built through a certified training center function as a competitive advantage.
This is viewed as a structural strength that new entrants would find difficult to replicate quickly, and the recurring revenue base from training and maintenance can also contribute to business stability.
Net income swung sharply from KRW 23.9bn in 2023 to KRW 6.4bn in 2024 and back to KRW 10.4bn in 2025, moving independently of the operating income trend.
This suggests non-operating items, including equity-method gains from the affiliate, have a significant impact on results, a volatility that could reduce the reliability of future earnings forecasts.
The BT segment accounted for only 3.2% of revenue in the first half of 2025, limiting its impact on overall results. New businesses such as alumina- and bohemite-based materials appear to be at an early commercialization stage, and whether they can gain market traction has yet to be confirmed. Existing BT products such as fruit packaging are also exposed to agricultural cycle fluctuations.
The company's net income volatility is closely tied to the earnings trajectory of its diagnostics affiliate. That affiliate has reportedly faced internal-control-related issues raised during past listing review processes.
Given the complex ownership and transaction structure among affiliated companies, ongoing monitoring of related risks is warranted.
While operating income has improved steadily, net income has swung widely year to year due to non-operating factors. If equity-method gains and losses at the affiliate continue to fluctuate, uncertainty in net income forecasting could persist. Readers should distinguish between operating income and net income when reviewing results.
New BT-segment businesses in materials, cosmetics, and pharmaceutical ingredients appear to be at an early commercialization stage, and the timing and scale of any actual revenue contribution remain uncertain.
Existing BT products such as fruit packaging are exposed to agricultural cycles and raw material price swings, and investment in new businesses could weigh on near-term profitability.
The performance and equity-method income of the diagnostics affiliate have had a significant impact on Osang JAIEL's overall net income.
That affiliate reportedly has a history of internal-control-related issues being raised, warranting ongoing scrutiny of intercompany transactions and governance, as well as any changes in ownership structure among group affiliates.
Check the Q3 2026 quarterly report to see whether the revenue and margin improvement trend continues, and how figures change as the trailing four-quarter window rolls from Q3 2025-Q2 2026 to Q4 2025-Q3 2026.
Monitor for disclosures on new PLM orders related to the automotive, defense, and shipbuilding sectors and any Dassault Systemes-related announcements, to check whether expanding IT-segment demand is translating into actual revenue.
Review the diagnostics affiliate's Q3 earnings release to assess the direction in which equity-method income might affect Osang JAIEL's net income.
Alongside the FY2026 annual report, check the annual dividend decision and the progress of new-materials business initiatives comprehensively.
Osang JAIEL shows a stable growth structure in which its Dassault Systemes-partnered PLM/SI business has lifted both revenue and operating margin for four consecutive years.
However, net income has swung widely from year to year due to non-operating factors including equity-method gains and losses at its affiliate, a pattern not explained by the operating income trend alone.
The IT segment is benefiting from a favorable backdrop of expanding PLM investment in the automotive, defense, and shipbuilding sectors, while the BT segment remains a small share of revenue with its new businesses still at an early commercialization stage.
Valuation metrics can differ substantially depending on which year's earnings are used as the reference point, warranting careful interpretation.
Readers should distinguish between the structural factor of margin improvement and the non-structural factor of net income volatility, and it would be useful to continue monitoring both quarterly disclosures and the affiliate's results going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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