KOSDAQTransport & Logistics124560

Taewoong Logistics

₩1,967▼ 0.41%2026-10-02 close

Market Cap

₩76.2B

Turnover

₩19,275,305

Volume

9,823 shares

Shares out.

38.7M

PER

—

PBR

0.3×

EPS

-₩52

Dividend Yield

6.50%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩130 per share · Prices as of the 2026-10-02 close

Report overview

Past the Losses, Into a Gradual Recovery

Comprehensive 3PL logistics firm Taewoong Logistics has shown sequential profit improvement over four consecutive quarters since its operating loss trough in the third quarter of 2025.

1
Full-year 2025 revenue rose to KRW 1.1173 trillion year-on-year, but operating margin fell to 0.2% and the company posted an owner net loss of KRW 5.38 billion.
2
After an operating loss of KRW 8.9 billion in the third quarter of 2025, the company returned to net profit in the fourth quarter and posted consecutive operating and net profit in the first and second quarters of 2026.
3
The company is diversifying beyond core petrochemical 3PL into ISO tank (liquid and gas), air logistics via subsidiary Transall, and CIS/e-commerce logistics in Uzbekistan.
4
The company said it is countering the slump in the domestic petrochemical sector by expanding sales tied to Chinese petrochemical firms' third-country export cargo.
5
The sum of owner net income over the trailing four quarters (Q3 2025 through Q2 2026) remains in the red, highlighting a gap between quarterly improvement and the cumulative annual picture.

Business structure

Founded in 1996 and listed on KOSDAQ in November 2019, Taewoong Logistics is a comprehensive third-party logistics (3PL) provider covering sea, air, land, CIS, project, and ISO tank transport.

Past research materials indicate petrochemical product transport has historically accounted for more than 60% of revenue, with major domestic petrochemical clients including Lotte Chemical, LG Chem, SK, Hyosung, and Hanwha.

The company also serves large EPC plant logistics clients such as GS Engineering & Construction, Hyundai Engineering, Doosan, and Samsung Engineering.

Its ISO tank business has grown from roughly 150 units in 2020 to about 4,600 units currently including leased fleet, ranking 33rd globally and 2nd domestically by units operated according to the International Tank Container Organisation (ITCO).

In December 2024 the company expanded into T50-grade gas ISO tank containers used for high-purity gas transport in semiconductor and display manufacturing, a segment the company notes typically involves three-to-five-year long-term contracts.

Through air logistics subsidiary Transall, established in 2023, the company has built capability in shipping high-value cargo such as lithium batteries, pharmaceuticals, and semiconductors by air.

In the domestic 3PL market, competitors include Hanaro TNS, Sebang, Factline International, Uniko Logistics, and Seojung Logistics; combined 2022 revenue of these six firms totaled about KRW 5.6 trillion, with Taewoong Logistics leading at KRW 1.3282 trillion.

In Central Asia, the company operates warehouses and customs services in Uzbekistan to capture growing e-commerce and auto parts logistics demand.

Earnings trend

Quarterly revenue · Operating profit

₩285.9B₩6.3B25Q2₩268.9B-₩8.9B25Q3₩289.9B-₩3.3B25Q4₩276.6B₩500M26Q1₩355.6B₩5.9B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩1.3T₩116.6B2022₩770.3B₩36B2023₩1T₩40.8B2024₩1.1T₩2.2B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩285.9B	₩6.3B	2.2%
2025Q3	₩268.9B	-₩8.9B	−3.3%
2025Q4	₩289.9B	-₩3.3B	−1.1%
2026Q1	₩276.6B	₩500M	0.2%
2026Q2	₩355.6B	₩5.9B	1.7%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩1.3T	₩116.6B	₩93.4B	8.8%	44.7%	79.2%
2023	₩770.3B	₩36B	₩27B	4.7%	12.0%	85.0%
2024	₩1T	₩40.8B	₩30.2B	3.9%	12.0%	110.4%
2025	₩1.1T	₩2.2B	-₩5.4B	0.2%	−2.1%	120.3%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Annual results peaked in 2022 with revenue of KRW 1.3282 trillion and operating profit of KRW 116.6 billion (8.8% operating margin), before revenue fell sharply to KRW 770.3 billion in 2023, though operating margin held at 4.7%.

Revenue recovered to KRW 1.0438 trillion in 2024, with operating profit of KRW 40.8 billion and owner net income of KRW 30.2 billion.

In 2025, however, revenue rose again to KRW 1.1173 trillion, yet operating profit collapsed to KRW 2.25 billion (0.2% margin), and the company swung to an owner net loss of KRW 5.38 billion.

On a quarterly basis, operating profit of KRW 6.30 billion in the second quarter of 2025 deteriorated sharply to an operating loss of KRW 8.91 billion in the third quarter, before narrowing to a loss of KRW 3.27 billion in the fourth quarter, when net income turned positive at KRW 0.84 billion.

The profitable trend continued into the first quarter of 2026 with operating profit of KRW 0.55 billion and owner net income of KRW 1.35 billion, and the second quarter delivered the strongest results of the recent stretch, with revenue of KRW 355.6 billion, operating profit of KRW 5.90 billion, and owner net income of KRW 2.66 billion.

Still, the trailing four-quarter sum of owner net income (Q3 2025 through Q2 2026) remains negative at KRW -1.92 billion, as the large third-quarter loss continues to weigh on the cumulative figure.

FnGuide has noted that while revenue grew on a nine-month cumulative basis through the third quarter of 2025, gross profit and operating profit both declined, a pattern the company attributes to global economic shifts.

Industry analysis

Korea's 3PL industry has historically grown rapidly; a 2023 research report noted that combined revenue of six major 3PL firms including Taewoong Logistics rose from KRW 1.7 trillion in 2017 to KRW 5.6 trillion in 2022, a five-year compound annual growth rate of 26.8%.

The same report showed Taewoong Logistics led in 2022 revenue at KRW 1.3282 trillion, ahead of Hanaro TNS (KRW 1.2980 trillion) and Sebang (KRW 1.2904 trillion).

However, that ranking reflects the extraordinary freight-rate environment of 2022, and industry revenue rankings and profitability may have shifted since rates normalized.

The core end-market of domestic petrochemicals continues to face a downturn amid weak global demand and overcapacity concerns, directly affecting revenue and margins in Taewoong's traditional stronghold of petrochemical logistics.

In contrast, the ISO tank and gas container segment is seen as a niche market with growth potential, driven by rising demand for high-purity gas transport in semiconductor and display manufacturing.

FnGuide assessed that while the global 3PL market continues to grow, mid-to-long-term improvement is achievable through network expansion, battery-specialized logistics, eco-friendly energy transport, and AI-based smart logistics.

Global supply chain risks such as freight rate volatility, foreign exchange, and port labor issues in major countries remain persistent variables across the industry.

Outlook

Taewoong Logistics CEO Cho Yong-jun said in an August 2026 interview that cargo volumes delayed in the first quarter are normalizing and that the company is strengthening profitability-focused sales and operational efficiency, expressing expectations for a gradual earnings recovery as the second half progresses.

He also explained the company is countering the slump in the domestic petrochemical sector by expanding sales tied to third-country export cargo from Chinese petrochemical firms. The company set a 2026 target of achieving higher annual results than in 2025.

Its stated growth strategy reaffirms continued expansion into ISO tanks, air cargo, logistics centers, and global e-commerce to grow into a comprehensive logistics company.

Uzbekistan subsidiary FE TAEWOONG held a groundbreaking ceremony for its second logistics warehouse in May 2026, at which time the company targeted completion by the end of July and a trial run in early August, and said it was also considering building a third warehouse to meet growing e-commerce and auto parts logistics demand.

The gas ISO tank container business plans to continue pursuing long-term contracts with semiconductor and display customers, while cross-selling of high-value cargo through air logistics subsidiary Transall is also cited as a growth driver.

Valuation

PER

—

PBR

0.3×

ROE

-0.8%

EPS

-₩52

BPS

₩6,676

Dividend per share

₩130

With the trailing four-quarter sum of owner net income still in loss territory, a conventional price-to-earnings calculation is difficult, marking a distinctly different regime from the profit-based trading range seen in 2022-2024.

The stock trades at a level below its net asset value, suggesting the market has already priced in much of the recent profit deterioration and industry weakness. Dividends have been maintained at a certain level even as net income declined, implying a higher payout ratio relative to the shrunken earnings base.

Compared with the unusually elevated profit levels of 2022, the shares are currently trading against a much smaller earnings base.

Whether the recent quarterly profit improvement continues to the point where the trailing four-quarter sum turns positive will likely be a key inflection point for future valuation discussions.

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

Bull factors

Signs of Passing the Quarterly Earnings Trough

After an operating loss of KRW 8.91 billion in the third quarter of 2025, the company turned to net profit in the fourth quarter and posted consecutive operating and net profits in the first and second quarters of 2026.

Second-quarter revenue of KRW 355.6 billion was the largest of the recent five quarters, and operating profit of KRW 5.90 billion was also the strongest. The company itself has said it expects gradual recovery as the second half progresses.

Growth Diversification Beyond Petrochemical Logistics

The company is expanding beyond petrochemical-centric 3PL into ISO tanks (liquid and gas), air logistics via Transall, and CIS/e-commerce logistics. Its ISO tank fleet has grown from about 150 units in 2020 to roughly 4,600 units today, ranking 33rd globally and 2nd domestically.

Entry into gas ISO tanks for semiconductor and display customers also opens opportunities for high-value long-term contracts.

Expanding CIS Logistics Footprint in Uzbekistan

Uzbekistan subsidiary FE TAEWOONG held a groundbreaking ceremony for its second logistics warehouse in May 2026 and is considering a third warehouse to meet growing e-commerce and auto parts logistics demand. A company official said Uzbekistan's e-commerce market is expected to grow more than 20% annually on average.

Expanding the Central Asian footprint could serve as an alternative growth axis to offset weakness in the domestic petrochemical sector.

Bear factors

Divergence Between Revenue Growth and Margin Erosion

Revenue grew year-on-year in 2025, but operating margin plunged from 3.9% to 0.2%, severely eroding profitability. Compared with the 8.8% margin achieved in 2022, the earnings base has thinned considerably.

If revenue expansion continues to fail to translate into profit improvement, re-rating potential could remain limited.

Trailing Four-Quarter Sum Still in Loss

Despite consecutive profits in the first and second quarters of 2026, the trailing four-quarter sum of owner net income remains negative at KRW -1.92 billion, weighed down by the large third-quarter 2025 operating loss of KRW 8.91 billion.

Additional time may be needed for the quarterly improvement trend to fully translate into a positive cumulative result.

Weakness in the Core Petrochemical End-Market

Petrochemical logistics, which has historically accounted for a large share of revenue, is being directly affected by the downturn in the domestic petrochemical industry.

The company is attempting to offset this by expanding sales tied to Chinese petrochemical firms' third-country export cargo, but this may carry different margin and competitive risks compared with traditional domestic petrochemical logistics.

Risk factors

Industry and End-Market Risk

The domestic petrochemical industry continues to face a downturn amid weak global demand and overcapacity concerns, which could negatively affect Taewoong Logistics' traditional core revenue source of petrochemical logistics.

If the expanded sales effort tied to Chinese-origin cargo fails to deliver expected results, recovery in revenue and margin could be delayed.

Freight Rate and Foreign Exchange Volatility

Given the nature of the logistics business, fluctuations in ocean freight rates and foreign exchange directly affect revenue recognition timing and costs.

Fourth-quarter 2025 results, for instance, reflected the effects of deferred revenue recognition and a stronger exchange rate, and such external variables could continue to add to quarter-to-quarter earnings volatility.

New Business Investment and Execution Risk

New business investments such as the Uzbekistan warehouse expansion and the growth of gas ISO tank containers may carry upfront fixed-cost burdens, and delays in completion, operation, or securing long-term contracts could push back the timing of investment payback.

Whether decisions on additional investments, such as a third warehouse, actually proceed to execution is also a variable to watch.

What to watch next

Around November 2026 (expected Q3 earnings release)
Check whether the Q3 2026 preliminary results confirm continuation of the operating and net profit trend seen in the first two quarters, and whether revenue growth is sustained.
Upcoming disclosures and IR announcements
Verification is needed on whether the second Uzbekistan warehouse is actually completed and operational, and whether a decision to break ground on a third warehouse materializes.
Upon future contract-related disclosures
New long-term gas ISO tank (T50) contracts with semiconductor and display customers, if disclosed, would serve as a concrete indicator of progress in expanding the high-value business.
Around February 2027 (expected FY2026 preliminary results)
Annual results should be checked to confirm whether the company's stated goal of achieving higher full-year results than 2025 and its guidance for gradual second-half recovery are actually realized.

Overall view

Taewoong Logistics endured a year of significantly eroded profitability in 2025, with operating margin falling to 0.2% and the company posting an owner net loss despite revenue growth.

However, after an operating loss trough in the third quarter of 2025, the company returned to net profit in the fourth quarter and sustained consecutive operating and net profits through the first and second quarters of 2026, showing a quarter-by-quarter improvement trend.

Still, the trailing four-quarter sum of owner net income remains in loss territory, meaning further confirmation is needed before a full cumulative turnaround can be established.

The company is pursuing a strategy of broadening its portfolio beyond petrochemical-centric operations into ISO tanks (liquid and gas), air logistics, and CIS/e-commerce logistics to offset weakness in the domestic petrochemical sector.

The actual pace of execution on new initiatives such as the Uzbekistan warehouse expansion and new gas ISO tank contracts is likely to be a key variable determining the scale and speed of any future earnings recovery.

The situation appears balanced between bullish factors of potential industry recovery and new business traction, and bearish factors of core end-market weakness and execution risk on new investments.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.