Joosung

Joosung Corporation was established via corporate spin-off in 2009 and diversified its business through absorption mergers with Winitech in 2017 and RF Window in 2021, and the company trades on the KOSPI.

Historically the firm commercialized the world's first ICS mobile repeater and has supplied equipment to domestic carriers KT and LG Uplus as well as Japanese partners NTT DOCOMO and Denki Kogyo.

Its operations span three segments: telecom network (repeaters, UPS, MUX), customer products (vehicle black boxes, VPN security gear), and logistics (international freight forwarding).

In December 2023, Park Jin-su, a representative with 20 years of experience in international logistics, took control of the company through his family firm BNP Joosung, redirecting the business toward freight forwarding as a new growth pillar; this change of controlling shareholder was formally disclosed on August 10, 2026.

In 2024 the company also divested all five of its unlisted equity holdings as part of a selection-and-focus restructuring. As a result, the logistics forwarding segment's revenue share climbed to 84.5% as of the third quarter of 2025, giving the company a revenue structure that resembles a logistics firm in substance.

However, its official industry classification remains telecom and broadcasting equipment manufacturing, which observers say creates confusion between sector-based peer comparisons and the company's actual business mix.

In 2026 the company moved to internalize logistics revenue further by agreeing to acquire the parent's core freight-forwarding unit (annual revenue of about KRW 18.2 billion, roughly 21.3% of group sales) for KRW 20 billion.

On an annual basis, the company posted revenue of KRW 28.8 billion with an operating loss of KRW 4.8 billion and a net loss of KRW 9.9 billion in 2022; revenue then fell to KRW 23.9 billion in 2023, though the operating loss narrowed to KRW 1.3 billion.

In 2024, revenue surged 287.9% year over year to KRW 68.8 billion, and the company turned profitable with operating profit of KRW 3.8 billion and net profit of KRW 4.6 billion.

In 2025, revenue grew a further 24.0% to KRW 85.4 billion, but operating profit declined 15.9% to KRW 3.2 billion and net profit fell 55.7% to KRW 2.0 billion, so revenue growth and profit trends diverged.

Quarterly, 2025 Q2 revenue was KRW 20.9 billion with operating profit of KRW 770 million and net profit of KRW 126 million; Q3 revenue was KRW 18.3 billion with operating profit of KRW 130 million and net profit of KRW 388 million; Q4 revenue was KRW 26.4 billion with operating profit of KRW 1.29 billion and net profit of KRW 260 million, showing considerable swings in operating profitability.

Notably, 2026 Q1 (revenue KRW 17.6 billion) and Q2 (revenue KRW 24.3 billion) each posted operating losses of roughly KRW 265 million and KRW 267 million, yet net profit actually rose to KRW 1.25 billion and KRW 524 million, indicating that non-operating items have increasingly driven the bottom line.

Combined attributable net profit over the most recent four quarters (2025 Q3 through 2026 Q2) came to roughly KRW 2.42 billion, modestly above the full 2025 figure on an annualized basis.

This pattern suggests that one-off or non-operating factors tied to the logistics unit integration and capital transactions with the parent may have materially affected recent results, making the operating profit line the more relevant gauge of underlying business performance.

The two industries in which Joosung operates have quite different characteristics.

The domestic telecom repeater market has entered a maturing phase where 5G build-out demand is giving way to replacement and maintenance needs, and competitors such as Solid, regarded as a top-five global repeater maker, occupy a strong position, forcing smaller players to compete on carrier-specific and spec-specific responsiveness.

In Japan, however, the shutdown of 3G service is expected to drive a full replacement cycle toward LTE-compatible equipment, with rising demand cited for surveillance boxes and large outdoor units.

Freight forwarding, by contrast, is tied to ocean and air freight rate cycles and global trade volumes, and the company has recently been expanding into emerging trade lanes such as Central Asia via used-car export logistics and an Incheon warehouse lease.

Within the broader Joosung Group, the founding entity Joosung C&Air appears to handle large-shipper ocean and air forwarding, BNP Joosung focuses on complex project logistics such as plant cargo, and Joosung Corporation, as the listed vehicle, concentrates on partial-segment logistics and localized regional services.

Operating this mix of dissimilar telecom-equipment and freight-forwarding businesses while remaining classified under telecom and broadcasting equipment manufacturing has drawn observations that sector-average comparisons and valuation benchmarks applied to the stock may not fully reflect its actual business composition.

The company expects to expand repeater-business revenue on the back of securing a coaxial distribution equipment contract with Japan's NTT DOCOMO and a 5G mid-size repeater contract with LG Uplus, with the shutdown of Japan's 3G service cited as a factor that could boost sales of surveillance boxes and large outdoor units as operators fully replace equipment with LTE-compatible gear.

In logistics, the company continues to expand into markets such as Central Asia via used-car export logistics and an Incheon warehouse lease. The biggest change concerns capital structure and business scope.

At an extraordinary shareholders' meeting on August 10, 2026, the company obtained approval to issue a zero-coupon KRW 30 billion convertible bond (to M Value-Up No.1 Partnership) and a KRW 15 billion third-party rights offering to controlling shareholder BNP Joosung at KRW 1,209 per share, and used the proceeds to proceed with acquiring the parent's international freight-forwarding unit (annual revenue of roughly KRW 18.2 billion) for KRW 20 billion.

The roughly 12.4 million new shares issued in the rights offering are subject to a one-year lock-up from listing.

At the same time, the company approved a 5-for-1 share consolidation raising par value from KRW 500 to KRW 2,500, reducing total shares outstanding from about 52.8 million to about 10.6 million, which management described as a measure to manage float rather than a capital reduction.

Once these procedures are completed, logistics revenue will be more fully internalized in the financial statements, while changes to share count and capital structure could affect how future results and per-share metrics should be interpreted, warranting continued monitoring of related disclosures.