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Unid · 014830 · Chemicals

Unid: Shares Near 52-Week Low as Earnings Soften and Q3 Posts an Operating Loss

Why this report

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Unid's shares closed at ₩51,300 on 2026-10-26, down 31.6% over one year and close to the 52-week low of ₩50,900. Trailing earnings remain profitable, but a Q3 operating loss of ₩2.1B was reported and a model estimate sits well above the share price.

Written Oct 27, 2026 · Data as of Oct 26, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a low-multiple chemicals company whose profitability has slipped from its 2021 peak. Operating margin fell from 15.3% in 2021 to 5.2% on a trailing basis, and the shares have dropped 14.6% in one month and 17.8% in three months.

On the positive side, trailing net income of ₩87.1B exceeds trailing operating income of ₩76.2B, the price-to-earnings ratio is 4.0, price-to-book is 0.3, and the dividend yield is 3.9%. Debt is moderate at 42.6% of equity.

What the data does not support is a clear view of recovery. Free cash flow is negative, Q3 showed an operating loss that the company attributed to freight rates and exchange rates, and foreign investors have been net sellers. Whether those pressures are temporary is not something the data can confirm.

Business overview

Unid is a KOSPI-listed chemicals company, founded in 1980 and listed in December 2004, with 6,767,600 listed shares and a market capitalization of about ₩347.2B. It is led by co-CEOs 이우일 and 김상배.

Revenue has ranged between ₩1.10T and ₩1.40T over the last five years: ₩1.10T in 2021, ₩1.40T in 2022, ₩1.13T in 2023, ₩1.11T in 2024 and ₩1.34T in 2025. Trailing revenue to H1 2026 is ₩1.46T. The data does not break revenue down by product or region.

Financial analysis

These figures come from filed financial statements. Revenue grew 20.4% in 2025 to ₩1.34T, but operating income fell to ₩87.9B from ₩95.4B in 2024, taking operating margin to 6.6% from 8.6%. Net income was ₩65.3B in 2025 versus ₩76.2B in 2024.

For the trailing period to H1 2026, revenue was ₩1.46T, operating income ₩76.2B (5.2% margin) and net income ₩87.1B (6.0% margin). Return on equity was 7.8%, compared with 6.2% in 2025, 8.0% in 2024, 1.8% in 2023 and 18.3% in 2021.

The balance sheet shows cash of ₩77.3B against borrowings of ₩330.0B, with liabilities at 42.6% of equity. Free cash flow on a trailing basis was negative ₩40.8B. Preliminary Q3 results were filed on 2026-10-21 and news reports describe a ₩2.1B operating loss; full Q3 figures are not in the data.

Valuation

At the current price the trailing price-to-earnings ratio is 4.0, price-to-book 0.3 and price-to-sales 0.2. Year-end price-to-earnings was 3.7 in 2021, 4.4 in 2022, 28.2 in 2023, 6.4 in 2024 and 7.0 in 2025, while year-end price-to-book ranged from 0.4 to 0.7. Current multiples are therefore at the low end of the company's own five-year range. Enterprise value is ₩460.4B; EV/EBITDA is not available.

Among listed peers, price-to-book is 0.4 for LG Chem, 0.6 for Hanwha Solutions, 0.4 for Hanwha, 2.0 for SKC and 0.3 for KCC. Peer price-to-earnings is available only for Hanwha (6.1) and KCC (0.9).

The valuation model, a 5-year discounted cash flow at a 6.5% rate based on trailing results to H1 2026, gives a base estimate of ₩190,664 per share, with a bear case of ₩92,143 and a bull case of ₩376,263. This is a model estimate based on the assumptions shown, not a target or a reason to buy or sell. Even the bear case is above the ₩51,300 share price, which shows how sensitive the result is to the assumptions. News also notes a broker target of ₩85,000 from iM Securities, which is a third-party view.

Catalysts

  • Full Q3 results will show how much the reported operating loss reflected freight rates and exchange rates, which the company called temporary.
  • Investor relations events on 2026-09-09 and 2026-10-21 give management a channel to explain the earnings trend.
  • The iM Securities note on 2026-10-22 said fundamentals were solid despite a heavy marine freight burden, and the stock appeared in securities-call lists the same day.
  • Institutions (+₩2.4B) and retail investors (+₩1.7B) were net buyers over the last 20 days, partly offsetting foreign selling.
  • Two 5%+ holding reports were filed on 2026-07-01 and 2026-08-25, indicating changes in large shareholdings.

Risks

  • Operating margin has fallen from 15.3% in 2021 to 5.2% on a trailing basis, and Q3 showed an operating loss.
  • Trailing free cash flow is negative ₩40.8B while borrowings of ₩330.0B exceed cash of ₩77.3B.
  • Foreign investors sold a net ₩4.0B over 20 days and foreign ownership fell to 11.1% from 12.2% sixty days ago.
  • Freight rate and exchange rate swings were cited as drivers of the Q3 loss and may not prove temporary.
  • The model estimate is highly sensitive to assumptions, as shown by the range from ₩92,143 to ₩376,263, and may not reflect the recent earnings weakness.

Closing view

The data shows a company trading at low multiples, with a price-to-book of 0.3, a 3.9% dividend yield and a model estimate well above the market price. It also shows falling margins, negative free cash flow, a Q3 operating loss and a share price down 31.6% over a year. Low valuation and weak momentum both appear in the evidence, and the next full set of results will be important for judging which is more persuasive. This report is informational and offers no recommendation.

Model estimate of fair value

Bear
₩92,143
+75%
Base
₩190,664
+261%
Bull
₩376,263
+613%

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 6.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 27, 2026InitiationStart of coverage (reader request)Unid: Shares Near 52-Week Low as Earnings Soften and Q3 Posts an Operating Loss

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information