PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Jungdawn is Korea's second-largest duck processor with a vertically integrated business spanning fresh duck meat, processed products, and feathers; after peak earnings in 2023, revenue and operating profit contracted for two straight years, though quarterly operating margins showed renewed improvement in the first half of 2026.
A vertically integrated company covering duck rearing, slaughter, processing and HMR, ranking second domestically with roughly 20% market share.
After a record 19.3% operating margin in 2023, profitability contracted for two consecutive years, falling to a 4.2% operating margin in 2025.
In the first quarter of 2026 revenue fell 14.3% year over year while operating profit rose 51.2%, and the profit recovery continued into the second quarter.
The feather segment held up relatively well, supported by reduced duck slaughter in China and a favorable exchange rate.
The company expanded into the feed additive business through JD Eco Core, established in 2025.
Jungdawn is a duck-focused processor within the Easy Holdings group, sourcing live ducks through its subsidiary JD Farm and vertically integrating the entire chain from slaughter to fresh meat, processed products, HMR, and feather sales.
Annual slaughter volume is around one million birds, giving the company roughly 20% domestic market share and second place in the industry. Sales are split roughly evenly between large-volume distribution through chains and institutional catering, and wholesale channels reaching consumers directly.
Production facilities are spread across Naju in South Jeolla, Hadong in South Gyeongsang, Iksan in North Jeolla, and Paju in Gyeonggi Province. Core product lines include fresh duck meat, smoked duck and other processed items including HMR, and feathers sold for export.
In 2025 the company established JD Eco Core to expand into the feed additive business. Parent group Easy Holdings also owns livestock affiliates such as Farmstory (feed), Manikor (chicken), and Woorison F&G (pork), with Jungdawn serving as the group's dedicated duck unit.
Given that avian influenza and related quarantine measures can abruptly disrupt duck supply, the degree of vertical integration and distribution network stability are key competitive factors in this industry.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩46B | ₩3B | 6.4% |
| 2025Q3 | ₩42.7B | ₩2.3B | 5.4% |
| 2025Q4 | ₩34.3B | ₩400M | 1.2% |
| 2026Q1 | ₩32.5B | ₩1.6B | 5.0% |
| 2026Q2 | ₩42.1B | ₩2.9B | 6.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩182.6B | ₩18.4B | ₩15.3B | 10.1% | 16.5% | 80.5% |
| 2023 | ₩185.5B | ₩35.8B | ₩32.6B | 19.3% | 26.8% | 59.7% |
| 2024 | ₩182B | ₩14.7B | ₩11.9B | 8.1% | 8.9% | 63.7% |
| 2025 | ₩160.9B | ₩6.8B | ₩6.1B | 4.2% | 4.6% | 63.4% |
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
Consolidated revenue rose modestly from KRW 182.6 billion in 2022 to a peak of KRW 185.5 billion in 2023, then declined for two straight years to KRW 182.0 billion in 2024 and KRW 160.9 billion in 2025.
Operating profit peaked at KRW 35.75 billion (19.3% margin) in 2023 before sharply contracting to KRW 14.70 billion (8.1%) in 2024 and KRW 6.75 billion (4.2%) in 2025.
Net income attributable to owners followed the same pattern, falling from KRW 32.6 billion in 2023 to KRW 11.9 billion in 2024 and KRW 6.07 billion in 2025.
On a quarterly basis, operating profit dropped sharply from KRW 2.30 billion in the third quarter of 2025 to KRW 0.42 billion in the fourth quarter, before recovering to KRW 1.63 billion in the first quarter of 2026 and KRW 2.88 billion in the second quarter.
Notably, according to FnGuide, first-quarter 2026 revenue fell 14.3% year over year while operating profit rose 51.2%, a divergence attributed largely to the feather segment offsetting weakness in fresh meat.
The fresh meat segment saw profitability erode due to weak consumption, rising production costs, and oversupply, while the feather segment held up on demand growth linked to reduced duck slaughter in China and a favorable exchange rate.
Summing the most recent four quarters (third quarter 2025 through second quarter 2026), revenue totals roughly KRW 151.5 billion and operating profit about KRW 7.2 billion, suggesting a slightly improved profit trajectory versus full-year 2025.
Overall, earnings normalized after the exceptional 2023 result and appear to have passed a trough, entering a gradual recovery phase in 2026.
Korea's duck market combines seasonal demand spikes tied to summer health-food consumption with structural supply volatility driven by winter outbreaks of highly pathogenic avian influenza (HPAI).
The Korea Rural Economic Institute forecast in June 2026 that duck farm-gate prices (live weight basis, 3.5kg) would rise roughly 26.1% year over year, while duck slaughter volume over the same period was expected to fall 13.7% from a year earlier.
Analysts attributed the price strength to supply reductions from HPAI over the prior winter coinciding with peak summer demand for health foods. However, expanded imports of breeding stock and other supply-recovery measures are expected to gradually ease price gains in the second half of the year.
Historically, SK Securities has noted a recurring pattern in which quarantine-driven supply restrictions push up duck prices enough to offset volume declines.
The feather segment is more exposed to overseas supply-chain shifts, particularly in China, and to exchange rates than to domestic supply-demand balance, with reduced Chinese duck slaughter recently benefiting the profitability of Korean exporters.
Competitively, Jungdawn maintains its number-two industry position through vertical integration and roughly 20% market share, though the smallholder-farm structure of the broader industry and recurring quarantine risk remain common variables across the sector.
The company appears to be pursuing production cost reductions in the fresh meat segment while seeking profitability gains in processed meat through expanded B2C channels and new product launches. It is also diversifying into the feed additive business through JD Eco Core, established in 2025.
On the industry side, expanded imports of breeding stock and related supply-recovery measures are expected to gradually ease price gains for poultry meat, including duck, in the second half of the year, making it worth monitoring how the cost and pricing environment evolves for the fresh meat segment.
Weather variables such as heat waves are also cited as a potential additional drag on rearing productivity. The feather segment could continue to benefit from reduced Chinese supply for as long as that trend persists, though it remains sensitive to exchange-rate swings.
Whether the profit recovery seen in the first and second quarters of 2026 reflects structural improvement in fresh meat or a temporary boost from feathers will need to be distinguished in coming quarterly results.
The feed additive business is at an early stage, and the timing and scale of its revenue contribution have not yet been confirmed.
The current share price trades at a discount to net asset value, placing it in a relatively low range on a book-value basis.
On an earnings-multiple basis, the valuation sits above the low levels seen during the exceptional 2023 peak year, though that earlier compression largely reflected an unusually large profit base rather than a persistent trend.
On the dividend side, the shrinking profit base means the recent cash dividend yield may be lower than in the high-payout years of the past, though the underlying cash-return policy continues given the company's position within the Easy Holdings group.
Over the multi-year arc, profits contracted after the 2023 peak before showing signs of recovery in the first half of 2026, and valuation should be considered alongside this earnings-normalization path.
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
In the first quarter of 2026 revenue fell 14.3% year over year yet operating profit rose 51.2%, and second-quarter operating profit expanded further to KRW 2.88 billion, suggesting the company may have passed a trough.
This marks a clear improvement versus the weak fourth quarter of 2025 (operating profit of KRW 0.42 billion). Should the cost structure in the fresh meat segment stabilize, this recovery could continue.
The feather segment maintained performance on demand growth linked to reduced duck slaughter in China and a favorable exchange rate, partially offsetting weakness in fresh meat.
Improved export profitability from overseas supply-chain shifts represents a revenue source that operates somewhat independently of domestic supply-demand conditions, adding a diversification benefit.
The 2025 move into the feed additive business through JD Eco Core represents an attempt to build a new revenue stream beyond the core duck business. There is also potential for linkage with other feed and livestock affiliates within the Easy Holdings group.
That said, the business is still at an early stage, with the timing and scale of its revenue contribution yet to be confirmed.
Consolidated revenue declined for two straight years, from KRW 185.5 billion in 2023 to KRW 182.0 billion in 2024 and KRW 160.9 billion in 2025. The fresh meat segment has seen profitability erode amid weak consumption, rising production costs, and oversupply.
If profit improves without a corresponding revenue recovery, questions remain about the sustainability of that trend.
Operating margin swung sharply from 19.3% in 2023 to 4.2% in 2025, reflecting a business structure highly sensitive to external variables such as duck prices and avian-influenza quarantine conditions. Similar-magnitude swings cannot be ruled out going forward.
As a small-cap stock with a market capitalization of roughly KRW 0.1 trillion, the company may face constraints related to institutional demand and trading liquidity. As is typical of small caps, the share price could react relatively strongly to earnings releases or industry news.
An outbreak of highly pathogenic avian influenza in winter could sharply reduce output through culling and quarantine measures. While supply restrictions have at times worked favorably by lifting prices, larger-scale culling could also directly hurt revenue. Whether and how severely AI occurs is a recurring variable each winter.
Fluctuations in grain-based feed costs and the won-dollar exchange rate directly affect production costs and feather export profitability. A favorable exchange rate has recently benefited the feather segment, but the effect could reverse if the currency moves the other way. The actual impact of cost-reduction efforts will need to be confirmed in future quarterly results.
Feather segment performance is influenced by duck slaughter trends in countries such as China, meaning demand and pricing can shift with quarantine and policy changes abroad.
Exposure to overseas variables unrelated to domestic supply-demand conditions is an area requiring ongoing risk management for business stability.
Check the third-quarter 2026 preliminary earnings release to see whether the operating-profit recovery seen in the first and second quarters continues and whether fresh meat segment margins improve.
Monitor whether the deceleration in duck farm-gate price growth forecast by the Korea Rural Economic Institute actually materializes and how it affects fresh meat segment costs and pricing.
Monitor the occurrence and scale of highly pathogenic avian influenza during the winter season. Larger-scale culling could affect supply and pricing in early 2027.
Check the fourth-quarter and full-year 2026 earnings release along with any related dividend decisions.
Continue to track when and how much the feed additive business through JD Eco Core contributes to revenue, along with the progress of B2C channel expansion and new product performance in the processed meat segment.
Jungdawn is Korea's second-largest vertically integrated duck processor, having gone through an earnings-normalization process with revenue and operating profit contracting for two straight years following an exceptional 2023 result.
In the first half of 2026, operating profit improved even as revenue declined, suggesting the company may have passed a trough, though whether this reflects structural recovery in fresh meat or a temporary boost from the feather segment requires confirmation in coming quarters.
On the industry side, recurring seasonal and structural volatility persists from summer health-food demand and winter avian-influenza risk, and how government import-expansion measures affect price stability in the second half remains a key point to watch.
The newly launched feed additive business is a meaningful diversification effort but remains at an early stage with no confirmed material contribution yet.
Valuation should be considered alongside the discount to net asset value and the earnings-normalization path, and this report does not include a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
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