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Kyung-In Synthetic · 012610 · Chemicals
Kyung-In Synthetic: Profits Recovering From a 2025 Dip While Shares Trade Below Book Value
Why this report
Start of coverage: written when a reader opened this company and there was no report yet.
Kyung-In Synthetic, a KOSPI-listed chemicals company with a market cap of ₩131.7B, posted trailing revenue of ₩406.8B and net income of ₩20.2B through H1 2026, recovering from a weak 2025. The shares closed at ₩3,165, trading at 0.5x book value and well below the model's base estimate.
Written Oct 19, 2026 · Data as of Oct 16, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a recovery story in earnings. Operating margin rose from 4.3% in 2025 to 6.2% on a trailing basis, and net income rose from ₩5.6B to ₩20.2B. Trailing ROE is 8.2%, up from 2.3%.
The data does not show whether this recovery will last. Earnings have swung widely over five years, including a loss in 2023. Revenue growth has been modest, and no dividend yield is shown (0.0%). The share price is 50.8% below its 52-week high of ₩6,430 but 23.4% above the low of ₩2,565. No news headlines are available, so the reasons behind the moves are not visible in the data.
Business overview
Kyung-In Synthetic is a chemicals company founded in 1977 and listed on KOSPI in 1995. It has 41,616,365 listed shares and is led by co-CEOs Kim Heung-jun and Cho Seong-yong. Revenue has stayed in a range of roughly ₩345B to ₩403B over 2021-2025, so the company's size has been fairly stable. Foreign ownership is 6.0%, down from 6.3% sixty days ago, and short balance is 0.5%.
Every earlier JONBUR Research report and update note on Kyung-In Synthetic, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩7,074
- +136%
- Base
- ₩11,771
- +293%
- Bull
- ₩19,532
- +552%
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.
Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions
Filings and data used
- Added attachment: Half-year report (Jun 2026)Aug 14, 2026
- Change in largest shareholder's holdingsJun 2, 2026
- 5%+ holding reportJun 2, 2026
- Disclosure of Corporate Governance ReportMay 29, 2026
- Change in largest shareholder's holdingsMay 21, 2026
- 5%+ holding reportMay 21, 2026
- Quarterly report (Mar 2026)May 15, 2026
- Change in largest shareholder's holdingsApr 21, 2026
- 5%+ holding reportApr 21, 2026
- 5%+ holding reportMar 31, 2026
- Annual general meeting resultsMar 27, 2026
- Report on Appointment, Dismissal, or Mid-Term Resignation of Independent DirectorsMar 27, 2026
- Daily prices up to 2026-10-16
- Financial statements, trailing 12 months as of H1 2026
- Our fair value model, statements as of TTM to H1 2026
Report history
Source: KRX statistical information