Corporate Logo(source: cjnews.cj.net)
Hana Securities said on November 20 that CJ(001040) maintained solid performance in the third quarter despite weakness among its listed subsidiaries, supported by strong growth at non-listed units such as Olive Young and CJ Foodville. The brokerage maintained its Buy rating and target price of 210,000 won.
As of 10:23 a.m. on November 20, CJ was trading at 189,100 won, up 14,300 won (8.18%) from the previous session.
Choi Jung-wook, an analyst at Hana Securities, noted, “CJ’s consolidated revenue for the third quarter rose 5.4% year-on-year to 11.1 trillion won, while operating profit fell 0.7% year-on-year to 665.7 billion won. Operating profit at its listed subsidiaries was generally subdued, but non-listed units Olive Young and Foodville delivered stronger-than-expected growth.”
Among major listed subsidiaries, CJ CheilJedang’s operating profit came in at 346.5 billion won, down 16.7% from a year earlier. CJ Logistics posted a 4.4% rise in operating profit from parcel delivery and CL revenue growth. CJ ENM recorded revenue of 1.3 trillion won, up 10.8% year-on-year, and operating profit of 17.6 billion won, up 11.4%, but results fell short of market expectations.
In contrast, Olive Young recorded double-digit growth in both revenue and operating profit. Although foreign inbound sales rose only 3% quarter-on-quarter, below expectations, strong online demand and robust domestic offline traffic drove a sharp increase in total revenue.
Third-quarter revenue reached 1.56 trillion won, up 26.2% year-on-year. Online sales—centered on the “Today’s Delivery” service—jumped 37% year-on-year to 467.8 billion won, while offline sales rose 22% to 1.0892 trillion won.
Choi said, “The fourth quarter includes major events such as the Olive Young Sale, Black Friday, and Christmas, and Korea is likely to benefit from increased Chinese tourist inflows due to recent China-Japan tensions, making strong revenue growth highly probable. Although concerns remain about revenue growth in 2026, Olive Young continues to deliver remarkable online expansion. If inbound Chinese demand picks up and U.S. online and offline expansion begins to show tangible results, revenue growth could exceed market expectations.”
CJ Foodville is also estimated to have posted a 22.5% increase in revenue and a 5% rise in operating profit from a year earlier.
Choi added that the Commercial Act amendment currently under review would meaningfully benefit CJ. “CJ holds treasury shares equivalent to 7.3% of its common shares, and Olive Young holds 22.6% in treasury stock. If these are retired, the value-per-share impact would be substantial,” he said. “In particular, the retirement of Olive Young’s treasury shares could heighten expectations for a governance restructuring.”
*[KOSPI] CJ(001040) is a lifestyle and culture group that holds stakes in 9 subsidiaries including CJ CheilJedang, CJ ENM, and a total of 76 affiliate companies. It operates across four major business sectors: Food & Food service, Biotechnology, Logistics & New Distribution, and Entertainment & Media. The market capitalization is 5.065 trillion won (as of November 19, 2025, closing price).
Corporate Logo(source: cjnews.cj.net)
Hana Securities said on November 20 that CJ(001040) maintained solid performance in the third quarter despite weakness among its listed subsidiaries, supported by strong growth at non-listed units such as Olive Young and CJ Foodville. The brokerage maintained its Buy rating and target price of 210,000 won.
As of 10:23 a.m. on November 20, CJ was trading at 189,100 won, up 14,300 won (8.18%) from the previous session.
Choi Jung-wook, an analyst at Hana Securities, noted, “CJ’s consolidated revenue for the third quarter rose 5.4% year-on-year to 11.1 trillion won, while operating profit fell 0.7% year-on-year to 665.7 billion won. Operating profit at its listed subsidiaries was generally subdued, but non-listed units Olive Young and Foodville delivered stronger-than-expected growth.”
Among major listed subsidiaries, CJ CheilJedang’s operating profit came in at 346.5 billion won, down 16.7% from a year earlier. CJ Logistics posted a 4.4% rise in operating profit from parcel delivery and CL revenue growth. CJ ENM recorded revenue of 1.3 trillion won, up 10.8% year-on-year, and operating profit of 17.6 billion won, up 11.4%, but results fell short of market expectations.
In contrast, Olive Young recorded double-digit growth in both revenue and operating profit. Although foreign inbound sales rose only 3% quarter-on-quarter, below expectations, strong online demand and robust domestic offline traffic drove a sharp increase in total revenue.
Third-quarter revenue reached 1.56 trillion won, up 26.2% year-on-year. Online sales—centered on the “Today’s Delivery” service—jumped 37% year-on-year to 467.8 billion won, while offline sales rose 22% to 1.0892 trillion won.
Choi said, “The fourth quarter includes major events such as the Olive Young Sale, Black Friday, and Christmas, and Korea is likely to benefit from increased Chinese tourist inflows due to recent China-Japan tensions, making strong revenue growth highly probable. Although concerns remain about revenue growth in 2026, Olive Young continues to deliver remarkable online expansion. If inbound Chinese demand picks up and U.S. online and offline expansion begins to show tangible results, revenue growth could exceed market expectations.”
CJ Foodville is also estimated to have posted a 22.5% increase in revenue and a 5% rise in operating profit from a year earlier.
Choi added that the Commercial Act amendment currently under review would meaningfully benefit CJ. “CJ holds treasury shares equivalent to 7.3% of its common shares, and Olive Young holds 22.6% in treasury stock. If these are retired, the value-per-share impact would be substantial,” he said. “In particular, the retirement of Olive Young’s treasury shares could heighten expectations for a governance restructuring.”
*[KOSPI] CJ(001040) is a lifestyle and culture group that holds stakes in 9 subsidiaries including CJ CheilJedang, CJ ENM, and a total of 76 affiliate companies. It operates across four major business sectors: Food & Food service, Biotechnology, Logistics & New Distribution, and Entertainment & Media. The market capitalization is 5.065 trillion won (as of November 19, 2025, closing price).