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Chemtros · 220260 · Chemicals

Chemtros: Profit Recovery in H1 2026 After a 2025 Loss, With Shares Well Above a Model Estimate

Why this report

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Chemtros, a KOSDAQ chemicals company, reported trailing revenue of ₩71.2B and net income of ₩2.1B through H1 2026, after a ₩11.8B net loss in 2025. The share price of ₩4,320 sits above the model estimate of ₩1,317 per share, based on the assumptions shown.

Written Oct 24, 2026 · Data as of Oct 23, 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 an operating recovery. Trailing operating margin is 10.5%, up from 1.8% in 2025 and above the 7.2% to 7.9% range of 2021 to 2024. Revenue is also higher, at ₩71.2B versus ₩56.8B in 2025.

The data does not show the same strength further down the income statement. Trailing net margin is only 3.0% and return on equity is 2.6%, so the P/E of 64.5 reflects thin earnings. Free cash flow is negative at -₩4.6B. The shares have risen 34.6% over three months but remain well below the 52-week high of ₩9,570. The data gives no reasons for the price moves, and no news headlines are available.

Business overview

Chemtros is listed on KOSDAQ in the chemicals sector. It was founded in 2015 and listed in July 2015, with 32,072,055 listed shares and a market capitalisation of about ₩138.6B. The CEO is listed as 이동훈. Annual revenue ranged from ₩47.5B to ₩57.0B between 2021 and 2025, with growth of -16.8% in 2023, 6.0% in 2024 and 12.9% in 2025. The data does not describe its products or customers.

Financial analysis

These figures come from filed financial statements. Revenue was ₩56.8B in 2025, up 12.9%, but operating income fell to ₩1.0B (1.8% margin) from ₩3.8B in 2024. Net income was -₩11.8B, and return on equity was -19.5%. In 2024 net income was ₩5.1B and ROE was 8.0%.

For the trailing twelve months to H1 2026, revenue is ₩71.2B, operating income ₩7.5B and net income ₩2.1B. The gap between operating and net income suggests items below the operating line; the data does not explain them.

The balance sheet looks light on debt. Liabilities are 27.2% of equity, cash is ₩13.9B and borrowings are ₩9.1B. Free cash flow of -₩4.6B shows the recovery has not yet turned into cash generation.

Valuation

The current P/E is 64.5, P/B 1.4 and P/S 1.9. EV/EBITDA is not available and the dividend yield is 0.0%. Year-end P/B was 4.4 in 2025, 2.4 in 2024 and 7.4 in 2021, so the P/B is lower than in most past years. Year-end P/E was 30.5 in 2024 and 81.9 in 2023, so the current P/E is within its own range.

Peers in the data are much larger: LG Chem (P/B 0.5), Hanwha Solutions (0.7), Hanwha (P/E 6.2, P/B 0.4), SKC (P/B 2.0) and KCC (P/E 0.9, P/B 0.3). Chemtros trades at higher multiples than most of them, though the size differences are large.

The discounted cash flow model gives a model estimate of ₩1,317 per share, with a bear case of ₩522 and a bull case of ₩2,686, at a 7.6% discount rate on trailing figures to H1 2026. It is a model estimate based on the assumptions shown. The share price of ₩4,320 is above even the bull case.

Catalysts

  • The half-year report filed on 2026-08-13 showed the improved trailing profit, and the next filings will show whether the margin holds.
  • An adjustment of the exercise price of warrants was filed on 2026-07-30, which could affect the share count and dilution.
  • An insider shareholding report was filed on 2026-08-05, and further insider filings may be watched.
  • Retail investors were net buyers of about ₩1.2B over 20 days while foreigners were net sellers of about ₩1.2B, so flows may influence short-term trading.
  • The 2026-04-30 change of department affiliation is a recent corporate event, though the data gives no detail.

Risks

  • Net income was -₩11.8B in 2025, showing earnings can swing sharply.
  • Free cash flow is negative at -₩4.6B, which may strain the ₩13.9B cash balance if it continues.
  • The P/E of 64.5 rests on small trailing net income of ₩2.1B, so a modest earnings change could shift the multiple a lot.
  • The share price is well above the model's bull case of ₩2,686, so the valuation depends on assumptions beyond the model.
  • Foreign ownership slipped to 2.2% from 2.4% and the stock is volatile, with a 52-week range of ₩2,630 to ₩9,570.

Closing view

The data shows a clear improvement in operating profit and revenue after a weak 2025, with a low-debt balance sheet. Against that, net profit and return on equity are small, free cash flow is negative, and the share price is above every case in the model. The evidence supports a recovery story that is still early and not yet visible in cash flow or in the bottom line, and the data cannot say whether it will last.

Model estimate of fair value

Bear
₩522
-88%
Base
₩1,317
-69%
Bull
₩2,686
-36%

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 7.6%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 24, 2026InitiationStart of coverage (reader request)Chemtros: Profit Recovery in H1 2026 After a 2025 Loss, With Shares Well Above a Model Estimate

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