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JONBUR Research · Initiation

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KPX Holdings · 092230 · Chemicals

KPX Holdings: Profit Surge Driven by Non-Operating Items as Shares Trade Near Book Value Discount

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

KPX Holdings shares closed at ₩97,000 on 2026-10-16, up 40.4% over one year, with a market cap of ₩383.0B. Trailing net income of ₩302.3B far exceeds operating income of ₩61.3B, so the earnings jump appears to come from items outside core operations.

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.

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Thesis

The data supports a picture of a low-multiple company: trailing P/E is 1.3, P/B is 0.3 and the dividend yield is 5.4%. Trailing net income of ₩302.3B is about 4.9 times operating income of ₩61.3B, and the filings list a property, plant and equipment sale and several dividend decisions in July 2026. The data does not itemize what drove the profit, so we cannot say if it will repeat. Free cash flow is negative at -₩86.2B, which tempers the headline profit. The model estimate is far below the share price, which shows how sensitive the result is to the cash flow assumptions. Foreign ownership rose from 28.4% to 30.5% over 60 days, and two share cancellation decisions were filed on 2026-08-28.

Business overview

KPX Holdings is a KOSPI-listed chemicals sector holding company, founded in 2006 and listed on 2006-10-12, with 3,948,809 listed shares. Revenue has been steady for five years, between ₩1.16T and ₩1.24T. Revenue was ₩1.24T in 2021 and ₩1.16T in 2025, a 4.9% decline in 2025. The filings mention a subsidiary-related record date matter, but the data gives no further detail on business lines.

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Model estimate of fair value

Bear
₩0
-100%
Base
₩7,636
-92%
Bull
₩102,095
+11%

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 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeKPX Holdings: Model Fair Value Estimate Rises Sharply to ₩212,981 per Share
  2. Oct 19, 2026InitiationStart of coverage (reader request)KPX Holdings: Profit Surge Driven by Non-Operating Items as Shares Trade Near Book Value Discount

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