Tokai Carbon Korea: High Margins and Strong Share Price Run, With Multiples Well Above Recent Year-End Levels

Thesis

The data supports a profitable, low-debt company. Trailing operating margin is 28.3%, ROE is 14.5% and liabilities are 9.7% of equity. Revenue has recovered from the 2023 drop, and the trailing figure of ₩340.6B is above the 2022 level of ₩319.6B.

The data does not support a claim that profitability is back to its peak. Operating margin was 38.2% to 39.8% in 2021 and 2022 and has been 27.8% to 29.4% since 2023. ROE has also stayed in a range of 13.5% to 14.8% since 2023, compared with about 24% to 25% earlier.

The share price has risen 12.6% in one month, 26.6% in three months and 55.7% in one year. The multiples have expanded alongside it. Investor flow, foreign ownership and short balance data are not available, so we cannot say who has been buying. No recent news headlines are provided.

Business overview

The company is listed on KOSDAQ and classified in the data under Building materials. It was founded in 1996 and listed in 2003. It has 11,675,000 listed shares and a market capitalisation of about ₩3.39T at a close of ₩290,500 on 2026-10-12. The 52-week range is ₩137,000 to ₩348,500, so the price is below the high and well above the low. The company has two co-CEOs. Product and customer details are not in the data, so we do not describe them.

Revenue history from filings: ₩270.8B in 2021, ₩319.6B in 2022, ₩226.7B in 2023 (down 29.1%), ₩275.7B in 2024 (up 21.7%) and ₩301.3B in 2025 (up 9.3%).

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 29, 2026Update noteEarningsTokai Carbon Korea Q3 2026 Preliminary Earnings: Operating Profit Up 35.0% Year on Year
2. Oct 13, 2026InitiationTokai Carbon Korea: High Margins and Strong Share Price Run, With Multiples Well Above Recent Year-End Levels