Ask Warren

JONBUR Research · Initiation

Genic · 123330 · Chemicals

Genic: Profit Turnaround Since 2024 as Shares Fall 23.8% in a Month

Why this report

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

Genic, a KOSDAQ-listed chemicals company, has moved from losses in 2021-2023 to profits in 2024-2025, with trailing revenue of ₩114.3B. The share price closed at ₩18,820, down 23.8% over one month and 25.3% over three months, while foreign ownership rose to 7.7%.

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.

XfWATGr/in@

Thesis

The data supports a clear earnings turnaround. Revenue grew 77.8% in 2024 and 56.7% in 2025, and operating margin moved from -14.3% in 2023 to 19.1% in 2025. Trailing figures to H1 2026 show revenue of ₩114.3B and operating income of ₩19.2B.

What the data does not settle is how durable this is. Net income (₩29.6B) is well above operating income (₩19.2B), and the data does not explain the gap. Free cash flow is slightly negative at -₩907M despite the profits. The share price is 51.6% below its 52-week high of ₩38,900, and no news headlines are available to explain the recent drop. Foreign investors have been net buyers over 20 days (₩6.9B) while institutions and retail were net sellers.

Business overview

Genic is a KOSDAQ-listed company in the Chemicals sector, founded on 2001-09-27 and listed on 2011-08-03. Its CEO is 허남. It has 7,968,680 listed shares and a market capitalization of about ₩150.0B. Revenue was ₩38.4B in 2021, fell to ₩28.1B in 2023, then rose to ₩49.9B in 2024 and ₩78.2B in 2025. The data does not describe its products or customers.

Financial analysis

These figures come from filed financial statements. Revenue: ₩38.4B (2021), ₩31.4B (2022), ₩28.1B (2023), ₩49.9B (2024), ₩78.2B (2025). Operating income moved from -₩4.0B in 2023 to ₩6.0B in 2024 and ₩15.0B in 2025. Net income was ₩18.9B in 2025, versus a loss of ₩4.4B in 2023.

Trailing 12 months to H1 2026: revenue ₩114.3B, operating margin 16.8%, net margin 25.9%, ROE 75.9%. Operating margin is slightly below the 2025 level of 19.1%. Liabilities to equity is 63.0%. Cash is ₩3.7B against borrowings of ₩3.0B. A July 2026 filing concerned an increase in short-term borrowings; the amount is not in the data.

Valuation

The shares trade at a P/E of 5.1, P/B of 2.7, P/S of 1.3 and EV/EBITDA of 7.0, with no dividend yield. At the end of 2025 the P/E was 7.0 and P/B 3.2; at the end of 2024 they were 24.2 and 8.3. The multiples are therefore lower than the company's own recent history, though trailing earnings have grown sharply.

Peers in the data (LG Chem, Hanwha Solutions, Hanwha, SKC, KCC) have P/B between 0.3 and 2.3, mostly below Genic's 2.7. Most peers have no meaningful P/E; Hanwha is at 7.2 and KCC at 1.0. These are far larger companies, so comparability is limited. A model estimate of fair value per share is not available because the valuation model could not be worked out, so no comparison with the ₩18,820 share price can be made.

Catalysts

  • The half-year report filed on 2026-08-13 provides the latest trailing figures, and the next periodic filing will show whether margins hold.
  • Foreign ownership rose from 1.7% to 7.7% over 60 days, with ₩6.9B of net foreign buying in the last 20 trading days.
  • The July 2026 filing on higher short-term borrowings may matter for how growth or working capital is financed.
  • Several 5%+ holding reports were filed between March and May 2026, indicating changes in large shareholdings.

Risks

  • The share price fell 23.8% in one month and 25.3% in three months, and no news in the data explains it.
  • Free cash flow is slightly negative (-₩907M) despite reported profits, so earnings are not yet converting into cash.
  • Net income exceeds operating income by a wide margin, and the data does not show whether the gap is recurring.
  • The company had operating losses in 2021-2023, so the profitable period is short.
  • Cash of ₩3.7B is small relative to ₩114.3B of revenue, and short-term borrowings were increased in July 2026.

Closing view

The filings show a sharp improvement in revenue and profit since 2023, and current multiples are below the company's own year-end levels. Against that, cash generation is weak, the profit record is short, the cause of the recent price decline is not in the data, and no model fair value is available. The evidence points to a company in a fast-changing phase, and the next filings on margins and cash flow are the clearest things to watch.

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).

Filings and data used

Report history

  1. Oct 19, 2026InitiationStart of coverage (reader request)Genic: Profit Turnaround Since 2024 as Shares Fall 23.8% in a Month

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