Revenue: KRW 11,442,042,000 in Q2 2025, YoY growth +1.11%, QoQ +0.00%. Gross Profit: KRW 8,989,253,000, gross margin 78.56%, YoY margin +1.79pp, QoQ 0.00pp. Operating Income: KRW 8,923,328,000, operating margin 77.99% (+0.0pp QoQ, +1.81% YoY). EBITDA: KRW 11,073,803,000, EBITDA margin 96.78% (proxy versus gross profit). Net Income: KRW 3,534,021,000, net margin 30.89% (+0.00pp QoQ, +43.48% YoY). EPS: KRW 55.79, diluted KRW 55.79, YoY EPS growth +43.05%. Revenue growth drivers appear to be volume stability and favorable margin mix, while cost discipline supported EBITDA expansion.
Balance Sheet and Leverage:
- Total assets: KRW 672,586,668,000
- Cash and cash equivalents: KRW 20,270,974,000; cash ratio ~3.23x
- Long-term debt: KRW 426,266,205,000; total debt: KRW 426,266,205,000; net debt: KRW 405,995,231,000
- Total liabilities: KRW 453,588,270,000; stockholders’ equity: KRW 218,998,398,000
- Debt-to-capitalization: 0.661; Debt ratio: 0.634; Interest coverage: not disclosed
- Equity multiplier: ~3.07; ROE: ~1.61%; ROA: ~0.53%; Asset turnover: ~0.0170
- Dividend payout ratio: ~3.33%; Dividend yield: ~4.19%
Valuation (vs. peers and benchmarks): P/B ~1.28, P/S ~24.55, P/E ~19.87, dividend yield ~4.19%. Relative to Korean REIT peers, E Kocref CrReit sits mid-range on price-to-book and dividend yield, but exhibits a comparatively higher leverage footprint. Peer comparatives show a wide dispersion in valuation metrics (e.g., P/B from ~0.63–2.23; dividend yields from 0%–4%+), underscoring sector-specific risk and company-specific capital structures. The company’s high asset base paired with modest asset turnover suggests limited operating leverage and a potential reliance on stable rental income rather than aggressive value-add investments.