PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩350 per share · Prices as of the 2026-10-02 close
Modetour improved operating profit in 2025 but slipped back into an operating loss in the second quarter of 2026, while Yanolja's expanding stake has added a new governance variable.
2025 revenue declined year-on-year but operating profit expanded, reflecting a shift toward profitability-focused operations
After a net profit recovery in Q1 2026, the company swung back to an operating and net loss in Q2 despite revenue growth
Yanolja has become the largest single shareholder, narrowing the gap with the founder-affiliated group's combined stake
Bookings and sales rose together during the August Travel Festa promotion, confirming demand momentum after the peak season
High oil prices, a weak won, and Middle East geopolitical risk have been cited as near-term demand volatility factors across the industry
Modetour is a comprehensive travel company focused on domestic and outbound package tours and air ticket sales for both Korean and foreign customers, operating through a wholesale agency network.
Its key subsidiary Jayou Tour directly sells package tours and air tickets, Modetour International handles inbound tourism for foreign visitors, and Cruise International markets cruise products under licenses from overseas cruise operators.
The hotel segment operates under the 'Staz Hotel' brand in Myeongdong, Doksan, Dongtan, Ulsan and Jeju, plus a hotel asset in Danang, Vietnam, giving the company revenue streams beyond travel brokerage through hotel and real estate operations.
As a core direction for 2026, the company presented strengthening its product competitiveness through a reinforced portfolio of high-value-added products and mid-to-long-haul routes to raise market share, alongside expansion of the premium 'High Class' lineup.
On the distribution side, the company is upgrading both its owned B2C platform and B2B channels such as agencies and partners simultaneously, while its overseas organization spans Europe (London, Barcelona), China (Beijing, Chengdu, Wuhan) and Japan (Tokyo).
It has expanded its business scope to Chengdu and Wuhan in China, building on the stable operating performance of its Jakarta visa center in Indonesia.
Competitively, Hana Tour remains the industry leader in Korea by revenue and brand recognition, while Modetour ranks among the top tier of traditional full-service agencies behind Hana Tour and also competes with online platform-style agencies such as Yellow Balloon and My Real Trip.
On the ownership front, Yanolja has been expanding its stake while founder Woo Jong-woong's side has been consolidating friendly shares through affiliated parties and an employee welfare fund contribution, meaning business strategy and governance issues are unfolding in parallel.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩39.4B | ₩2.7B | 7.0% |
| 2025Q3 | ₩37.6B | -₩3.5B | −9.2% |
| 2025Q4 | ₩67.8B | ₩200M | 0.4% |
| 2026Q1 | ₩61.3B | ₩2.8B | 4.6% |
| 2026Q2 | ₩42.2B | -₩900M | −2.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩47.8B | -₩16.3B | -₩12B | −34.2% | −21.6% | 203.9% |
| 2023 | ₩178.6B | ₩11.6B | ₩7.5B | 6.5% | 10.6% | 200.6% |
| 2024 | ₩251.6B | ₩4.7B | ₩10.8B | 1.8% | 15.2% | 230.2% |
| 2025 | ₩210.4B | ₩7.4B | ₩8.8B | 3.5% | 9.5% | 150.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Consolidated revenue grew rapidly from KRW 47.8 billion in 2022 to KRW 178.6 billion in 2023 and KRW 251.6 billion in 2024, before declining to KRW 210.4 billion in 2025.
Operating profit, however, swung from a large loss of KRW 16.3 billion in 2022 to a profit of KRW 11.6 billion in 2023, dipped to KRW 4.7 billion in 2024, and then rose again to KRW 7.4 billion in 2025, with the operating margin improving to 3.5% in 2025 from 1.8% in 2024 despite lower revenue.
Net income attributable to controlling shareholders moved from a loss of KRW 12.0 billion in 2022 to profits of KRW 7.5 billion in 2023, KRW 10.8 billion in 2024, and KRW 8.8 billion in 2025 -- not a straight upward trend, but sustained within positive territory after the earlier loss.
On a quarterly basis, the third quarter of 2025 showed the seasonal off-peak burden clearly, with revenue of KRW 37.6 billion, an operating loss of KRW 3.5 billion and a net loss of KRW 1.5 billion, while the fourth quarter of 2025 recovered sharply with revenue jumping to KRW 67.8 billion, operating profit of KRW 0.25 billion and net profit of KRW 2.3 billion.
The first quarter of 2026 showed clear improvement with revenue of KRW 61.3 billion, operating profit of KRW 2.8 billion and net profit of KRW 4.6 billion, but the second quarter of 2026 saw revenue decline to KRW 42.2 billion from the prior quarter, with an operating loss of KRW 0.86 billion and a net loss of KRW 0.22 billion, returning to negative territory.
These quarterly swings reflect both the seasonality inherent to the travel business and external variables such as fuel surcharges and exchange-rate movements.
On the cash flow side, operating cash flow rose to KRW 30.9 billion in 2025 from KRW 18.7 billion in 2024, but remains below the KRW 47-61 billion range seen in 2022-2023, suggesting that cash-generation recovery in the post-pandemic normalization phase is still in progress.
Korea's outbound travel market has continued to recover since the pandemic, but in 2026 high oil prices, a weak won and Middle East geopolitical tension combined to slow the pace of recovery.
Indeed, Kiwoom Securities warned that travel demand would be dampened by high oil prices and a weak won, describing a period in which heightened oil price volatility from geopolitical risk increases fuel surcharge burdens while a weaker won raises the perceived cost of overseas travel, psychologically dampening outbound demand.
Meanwhile, travel agencies moved to manage risk amid escalating Middle East tensions, offering full refunds without cancellation fees for Middle East travel products as well as products transiting through the Middle East.
In August, both Hana Tour and Modetour lowered fuel surcharges, which can be read as a signal of easing cost pressure as oil prices stabilized.
In terms of competitive positioning, Hana Tour maintains the industry's number one position by package traveler volume, while Modetour ranks among the top tier of traditional full-service agencies behind Hana Tour.
At the same time, online independent-travel platforms such as My Real Trip are expanding share by emphasizing personalized travel experiences, prompting package-focused operators to respond with premiumization and customized product expansion.
By destination, bookings toward China have risen notably, a trend attributed to preference for short-haul, quick-turnaround travel combined with an easing bilateral visa policy stance.
The company has set strengthening product competitiveness, upgrading sales and distribution channels, and establishing a sustainability management foundation as its 2026 management priorities, stating it would reinforce its high-value-added products and mid-to-long-haul route portfolio to raise market share, improve the competitiveness of short-haul regional products and expand customized lineups to broaden customer choice, while expanding the premium High Class lineup.
On distribution, the company plans to strengthen its owned-mall-centered B2C platform while activating B2B channels such as agencies and partners, and raise online market share and digital sales efficiency through expanded e-commerce cooperation and web and app upgrades.
In terms of actual results, the company's internal tally showed that outbound travel booking rates rose 43% and sales rose 61% compared with the same period a year earlier during the Travel Festa promotion from August 10 to 21, with China bookings showing the most pronounced increase, up 72% from the comparable prior-year period.
The company said it plans to flexibly operate regional product lineups and air seat allocations in line with short-haul demand that concentrates as the Chuseok holiday approaches, while also expanding product choices for mid-to-long-haul regions such as Europe and the Americas for the autumn-winter season.
Overseas expansion also continues, with the company stating it has expanded its business scope to Chengdu and Wuhan in China and plans to expand local operations in key Asian regions such as Vietnam and Japan to widen global customer touchpoints.
Whether this channel and product diversification translates into sustained booking momentum beyond the peak season is something that needs to be confirmed through second-half results.
Modetour is classified as a stock that rebounded sharply on post-pandemic earnings normalization expectations before settling into a range-bound pattern after a subsequent correction.
On this point, a Korea IR Council report from April 2026 assessed that Modetour's share price rose sharply in 2021 on expectations of earnings recovery following the resumption of overseas travel after the pandemic, but has since traded within a 12-month forward PER range of 7 to 13 times after a correction.
The same report noted regarding the valuation gap with peers that major competitor Hana Tour's 2026 PER stands at roughly 11.2 times, placing Modetour in a discounted valuation zone relative to its main competitor, explaining that this gap reflects a degree of premium built on the competitor's market position as the industry's largest operator and its relatively faster earnings normalization after the pandemic.
On the dividend side, the company has a history of paying cash dividends, making the continuation of shareholder return policy alongside profitability recovery a point of interest.
That said, since this report was published in April and second-quarter results subsequently swung back into a loss, any valuation assessment at the current juncture warrants reconsideration alongside second-half earnings trends.
When considering share price levels relative to net assets or earnings, the governance variable stemming from Yanolja's expanding stake also needs to be factored in.
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 2026-08-21
While the operating margin fluctuated from 6.5% to 1.8% to 3.5% between 2023 and 2025, post-pandemic cost-structure efficiency gains have the potential to widen operating profit improvement when revenue recovers.
Expansion of the premium product lineup, if it raises average selling prices, could further contribute to margin improvement. This remains a strategic direction the company has articulated rather than an already realized outcome, however.
Booking rates and sales rose together during the August Travel Festa promotion, with a particularly notable increase in bookings toward China.
This suggests that Chuseok holiday and autumn travel demand remains active even after the summer peak season, though the possibility that the promotional effect is short-lived cannot be ruled out.
China-bound bookings growing faster than other regions is interpreted as a combination of an easing visa policy stance and preference for short-haul travel.
Expectations around the extension of visa-free arrangements between Korea and China have been raised across the travel industry, and continuation of such policies could create a favorable environment for package traveler recovery.
The recovery seen in Q1 2026, with net profit of KRW 4.6 billion, reversed in Q2 as revenue declined alongside an operating loss of KRW 0.86 billion and a net loss of KRW 0.22 billion.
This illustrates that quarterly earnings volatility remains substantial given the industry's inherent seasonality combined with external variables.
Brokerages have flagged the combination of high oil prices and a weak won as factors that psychologically dampen outbound demand through fuel surcharge burdens and rising perceived costs of overseas travel.
Although fuel surcharges were lowered in August, cost pressure could increase again if oil price and exchange-rate volatility widens once more.
Since Yanolja became the largest single shareholder, the founder's side has responded by consolidating affiliated-party stakes and contributing treasury shares.
While both sides officially deny the possibility of a governance dispute, the fluidity of the ownership structure itself can act as a source of uncertainty regarding management stability.
Yanolja's stake rose to roughly the 14% range, making it the largest single shareholder, while the founder's side raised its friendly stake to around 17% through affiliated parties and an employee welfare fund contribution.
If the narrow gap between the two sides persists, the possibility of conflict surfacing at future shareholder meetings or in board composition cannot be ruled out.
If high oil prices and won weakness persist, fuel surcharge burdens and higher perceived travel costs could dampen outbound demand. Travel spending falls under discretionary consumer spending, making it highly sensitive to economic and exchange-rate fluctuations.
If geopolitical tensions in the Middle East escalate, cancellations and refunds for products related to that region or transiting routes become unavoidable, directly affecting revenue.
There is also structural vulnerability in that unpredictable health issues such as new infectious diseases could sharply contract overall travel demand if they recur.
Booking and traveler volume data centered on short-haul destinations should be checked to see whether post-peak-season demand momentum continues.
Given that Q3 2025 posted a seasonal loss, a key point to watch is whether a similar pattern repeats or improves in Q3 2026.
Disclosures on whether Yanolja's stated investment purpose changes from 'simple investment' to 'management participation' need to be monitored.
Whether the reported extension of the Korea-China visa waiver through December 31, 2026 translates into actual recovery of China-bound package demand should be confirmed through traveler data.
The impact of fuel surcharge adjustments driven by international oil prices and the won-dollar exchange rate on the cost structure should be continuously monitored.
Modetour's revenue scale contracted between 2023 and 2025, but its operating margin trended upward over the same period, indicating that post-pandemic structural improvement efforts have progressed to some degree.
However, the clear profit recovery seen in Q1 2026 reversed into an operating and net loss again in Q2, confirming that quarterly earnings volatility remains substantial.
On the industry side, external variables such as high oil prices, won weakness and Middle East geopolitical risk are constraining the pace of demand recovery across the sector, while the rise in bookings and sales during the August promotion and expanding China-bound demand suggest that valid travel demand persists even after the peak season.
On the governance side, since Yanolja became the largest single shareholder, the founder's side has continued consolidating friendly shares, leaving developments at future shareholder meetings and board composition as a variable that could affect the continuity of business strategy.
On valuation, the stock's price has historically traded within a range of roughly 7 to 13 times its expected net income over the next 12 months, and has been assessed as trading at a discount to its main competitor, though this assessment predates the Q2 earnings release and should be read with that timing in mind.
Ultimately, this appears to be a period where both second-half earnings trends and the evolution of the governance issue need to be confirmed together before a fuller picture emerges. This report is prepared for informational purposes and does not include a buy or sell recommendation or a target price.
Report written 2026-09-05 · Data as of 2026-09-04
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.