PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
DYD, which runs both proprietary cosmetics brands and a construction business, posted operating profit for four consecutive quarters, yet annual net losses, repeated changes in controlling shareholder, and litigation risk remain unresolved.
The company posted operating profit in all four quarters from 2025Q3 to 2026Q2, a contrast to annual operating losses recorded in 2023-2025.
Revenue rose for four straight years, from KRW 20.8 billion in 2022 to KRW 44.9 billion in 2025, while net income has been in the red in most years since 2022.
Control of the company has repeatedly changed hands through third-party share placements, first to Reverse Aging Holdings in November 2024 and then to OULANGETRADE LIMITED in January 2026.
A former executive was indicted for alleged violations of the Capital Markets Act, with prosecution filed in December 2025 and the indictment received by the company in January 2026.
The debt ratio surged from 5.7% in 2022 to 195.9% in 2025, and operating cash flow has been negative in all four reported years.
Established in December 2000, DYD is a KOSDAQ-listed company operating both cosmetics manufacturing/distribution and construction businesses. Most of its revenue comes from cosmetics sales, and its main subsidiary is IDND Co., Ltd.
Leveraging its know-how in distributing and marketing imported brands, the company previously handled OEM sales under the 'Elizabeth' brand and now runs a portfolio of proprietary brands including HATHERINE, lilybyred, Dear.own, and the vegan lifestyle brand Slow Humming.
Cosmetics production is entirely outsourced, as the company holds no manufacturing facilities of its own.
In April 2022 it obtained a general construction business license and began pursuing revenue growth through construction contracts, and on September 8, 2023 it signed a land acquisition contract for golf course construction, further expanding its business scope.
This combination of two disparate businesses, cosmetics and construction, has underpinned the company's revenue growth, though it has not yet translated clearly into improved profitability or evident synergy.
Recent shareholding data show Regtech In holding 17,271,158 shares (13.84%) and Sangsangin Securities In holding 13,800,000 shares (11.06%), indicating an ownership structure spread across several affiliated and financial investors.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | — | — | — |
| 2025Q3 | ₩12.2B | ₩16,218,686 | 0.1% |
| 2025Q4 | ₩13.1B | ₩400M | 3.4% |
| 2026Q1 | ₩15.6B | ₩1.1B | 7.0% |
| 2026Q2 | ₩13.9B | ₩200M | 1.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩20.8B | ₩500M | ₩900M | 2.5% | 2.0% | 5.7% |
| 2023 | ₩28.5B | -₩3.3B | -₩19.1B | −11.7% | −48.9% | 95.6% |
| 2024 | ₩37.4B | -₩49,609,839 | -₩59.1B | −0.1% | −590.2% | 200.2% |
| 2025 | ₩44.9B | -₩500M | -₩13.7B | −1.1% | −135.6% | 195.9% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-05
Consolidated revenue grew for four consecutive years, from KRW 20.8 billion in 2022 to KRW 28.5 billion in 2023, KRW 37.4 billion in 2024, and KRW 44.9 billion in 2025.
Operating profit, however, swung from a KRW 512 million surplus (2.5% margin) in 2022 to losses of KRW 3.32 billion (-11.7%) in 2023, KRW 50 million (-0.1%) in 2024, and KRW 490 million (-1.1%) in 2025, hovering mostly around breakeven.
Net income attributable to owners was a KRW 902 million surplus in 2022 before widening to losses of KRW 19.1 billion in 2023 and KRW 59.1 billion in 2024, then narrowing to a KRW 13.7 billion loss in 2025.
Owners' equity fell sharply from KRW 44.7 billion in 2022 to KRW 39.0 billion in 2023 and KRW 10.0 billion in 2024, before stabilizing around KRW 10.1 billion in 2025, during which the debt ratio jumped from 5.7% in 2022 to 195.9% in 2025.
Operating cash flow was negative in every year from 2022 to 2025 (-KRW 4.69 billion, -KRW 5.44 billion, -KRW 6.18 billion, -KRW 1.64 billion respectively), indicating continuous cash outflow from operations.
On a quarterly basis, operating profit stayed positive across all four quarters, revenue of KRW 12.21 billion with operating profit of KRW 16 million and a net loss of KRW 732 million in 2025Q3, revenue of KRW 13.08 billion with operating profit of KRW 447 million and net income of KRW 1.31 billion in 2025Q4, revenue of KRW 15.56 billion with operating profit of KRW 1.08 billion and net income of KRW 277 million in 2026Q1, and revenue of KRW 13.90 billion with operating profit of KRW 215 million and a net loss of KRW 170 million in 2026Q2, though net income swung between profit and loss each quarter.
This suggests volatility in non-operating items, such as financial costs, is driving much of the swing in net income. The sum of owner net income across the trailing four quarters (2025Q3-2026Q2) came to roughly KRW 688 million, a modest surplus, even as the full-year 2025 figure remained a net loss.
In the cosmetics segment, DYD competes in a market crowded with numerous indie brands and large distribution networks, and as an OEM-dependent player without its own manufacturing facilities, it faces structural challenges in achieving scale advantages in brand power and channel access.
In the construction and leisure segment, industry observers note that Korea's golf course industry has already entered a mature phase. As of the end of January 2026, a total of 530 golf courses (610 in 18-hole equivalent terms), including special-purpose courses, were operating nationwide.
Industry experts expect little new golf course development beyond currently ongoing projects for the foreseeable future, citing difficulties in land acquisition and securing project feasibility as key reasons.
Indeed, analysts point out that an 18-hole course typically requires roughly KRW 20 billion in clubhouse construction costs and KRW 50 billion in civil works, with financing costs exceeding 10%, making profitability difficult to secure for new golf course projects.
Against this backdrop, whether the golf course site DYD acquired in 2023 will actually progress to development and operation, and how the company manages the associated funding burden, remains a key point to watch.
The post-pandemic shift, marked by golfer attrition and rising costs following the earlier COVID-era boom, is also cited as a headwind for the broader industry.
The company has shown four consecutive quarters of operating profit from 2025Q3 through 2026Q2, signaling some improvement in operational execution, though whether this trend continues will require confirmation in upcoming quarterly results.
On the governance front, the recurring change-of-control events, from Reverse Aging Holdings in November 2024 to the planned KRW 4 billion third-party placement to OULANGETRADE LIMITED in January 2026, make it an important variable how the business direction will be reshaped under the new controlling shareholder.
Regarding the golf course site, confirmation through disclosures of further groundbreaking or permitting progress will be needed to gauge concrete advancement of the project.
While the company has indicated intentions to grow sales through expanded marketing and channels for its proprietary cosmetics brands, specific new product or overseas expansion timelines have not yet been confirmed.
The criminal trial of the former executive indicted for alleged Capital Markets Act violations remains ongoing, and its outcome could affect the company's credibility and governance risk profile.
Given the history of repeated third-party placements increasing share count, the potential for further dilution from future capital raises also warrants monitoring.
Because the company's net asset base has shrunk considerably since 2024, the current market price appears to trade at a substantial premium relative to book net assets.
Given that the trailing four-quarter net income has only recently turned into a modest surplus, the price level relative to the size of earnings sits at a comparatively high multiple. The company currently pays no cash dividend, limiting the appeal of shareholder returns through distributions.
Looking at the multi-year earnings trend, the annual figures have remained in the red even as recent quarters have shown a run of operating profit, an early signal of earnings recovery whose eventual reflection in valuation remains to be seen.
The repeated changes in controlling shareholder and history of share dilution are also factors that complicate straightforward valuation comparisons.
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 2026-09-05
The company recorded operating profit in all four quarters from 2025Q3 to 2026Q2, a departure from the annual operating losses seen in 2023-2025. Revenue expansion (from KRW 20.8 billion in 2022 to KRW 44.9 billion in 2025) may have contributed to fixed-cost dilution. If this trend continues, it could be read as a signal of improving profit structure.
Revenue grew for four consecutive years from 2022 to 2025. With both cosmetics and construction contributing to sales, there is room for weakness in one segment to be offset by the other, though this growth has not yet clearly translated into improved profitability.
Fresh capital entered through two rounds of third-party share placements in 2024 and 2026. There is a possibility of business restructuring or new strategic direction under the new controlling shareholders, though this comes alongside share dilution, making it a double-edged development.
Net income attributable to owners posted large losses in three of the past four years: -KRW 19.1 billion in 2023, -KRW 59.1 billion in 2024, and -KRW 13.7 billion in 2025.
Despite recent quarterly operating profit, net income swung between profit and loss each quarter due to volatility in non-operating items, and operating cash flow was negative for four straight years, reflecting weak underlying cash generation.
Control of the company changed hands twice within a short span, first to Reverse Aging Holdings in November 2024, then with OULANGETRADE LIMITED slated to become the new controlling shareholder in January 2026.
During the earlier control change, allegations arose regarding preferential benefit allocation tied to the resale of convertible bonds. Such frequent shifts in control raise concerns over strategic consistency and minority shareholder protection.
A former executive was indicted on December 24, 2025 on charges of violating the Capital Markets and Financial Investment Business Act, and the company received the indictment on January 2, 2026. Whether the allegations hold will be determined through trial, leaving the outcome unresolved.
The company also has a history of being designated an investment-caution or investment-alert issue tied to prior audit opinion concerns, leaving compliance-related uncertainty in place.
The debt ratio rose sharply from 5.7% in 2022 to 195.9% in 2025. Operating cash flow was negative for four consecutive years from 2022 to 2025, reflecting weak cash generation from core operations.
Total equity plunged from KRW 39.0 billion in 2023 to KRW 10.0 billion in 2024 and has remained at a low level since, leaving limited capital buffer against further losses.
Controlling shareholders changed twice within a short period, in 2024 and 2026, with the process repeatedly involving third-party share placements and the issuance and resale of convertible bonds.
Past placements were priced at a substantial discount to the closing price, resulting in dilution for existing shareholders. Similar dilution risk could recur if further capital raises or ownership changes occur.
The trial of the former executive indicted for alleged Capital Markets Act violations is ongoing, with the outcome yet to be determined.
The company's history of being designated an investment-caution or investment-alert issue in connection with past audit opinion concerns has kept the market watchful of accounting and disclosure reliability.
The possibility of legal disputes related to permitting or contracts arising from business diversification into construction and golf course development also cannot be ruled out.
The 2026Q3 report disclosure will be worth checking to see whether the four-quarter streak of operating profit extends into a fifth consecutive quarter.
Progress and any ruling in the criminal trial of the former executive indicted for Capital Markets Act violations should be monitored for its impact on governance and credibility risk.
Watch for further disclosures on groundbreaking or permitting for the golf course site acquired in 2023 to assess actual project progress.
Ongoing disclosures on shareholding changes involving OULANGETRADE LIMITED and any further third-party placements or convertible bond issuances should be tracked to assess potential dilution risk.
DYD is a KOSDAQ-listed company running proprietary cosmetics brands alongside a construction business that includes golf course development. Revenue has grown for four consecutive years, and the company has posted operating profit in each of the last four quarters, signaling some improvement in its profit structure.
However, on an annual basis, large net losses occurred in three of the past three years shown, and a sharply rising debt ratio combined with four straight years of negative operating cash flow warrant attention to financial soundness.
On the governance front, control changed hands twice, in 2024 and 2026, with the process accompanied by dilution and controversy over benefit allocation to related parties, leaving uncertainty about future business direction and shareholder protection.
The criminal indictment of a former executive for alleged Capital Markets Act violations also remains unresolved as the trial proceeds.
Whether new ventures like the golf course project show concrete progress, whether the recent streak of quarterly operating profit persists, and whether governance stabilizes are likely to be the key points to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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