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JONBUR Research · Update note

Graphy · 318060 · Chemicals

Graphy shares fall 17.4% in five trading days on heavy volume

Why this report

Written after:

  • Big price moveShares down 17.4% over 5 trading days on 2.1× normal volumeOct 20, 2026

Graphy's shares dropped 17.4% over five trading days to 2026-10-20 on 2.1× normal volume, extending the slide described in our initiation report. The move deepens the market's caution, but the data gives no cause and does not change the fundamental picture.

Written Oct 25, 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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What happened

Between 2026-10-14 and 2026-10-20, the shares fell 17.4% on trading volume 2.1 times normal. No filing excerpts or other events in the data explain the move. The latest news headline in the data, dated 2026-10-15, is about an optical holography product at a trade show and does not address the share price. As of 2026-10-23 the shares closed at ₩11,050, for a market cap of about ₩123.7B. That is down 30.9% over one month and 33.9% over three months, though still up 24.0% over one year. The 52-week range is ₩8,710 to ₩69,000. The previous report cited a close of ₩11,950 on 2026-10-16.

What it changes for the thesis

The previous report described a young company growing revenue but burning cash, with an operating loss of ₩11.8B on ₩23.5B of trailing revenue, and flagged heavy financing in July 2026 and falling foreign ownership. Nothing new in the data changes that. Foreign ownership has fallen further, to 4.0% from 7.4% 60 days ago, against 3.3% from 6.6% in the earlier report, so that comparison is not like-for-like. Over the last 20 days foreigners were net buyers of about ₩486M, institutions net sellers of about ₩818M and retail net buyers of about ₩186M, a mix that differs from the earlier report's picture of foreign selling. Short balance is 1.7% of shares. The cause of the drop is not in the data, and the company's plans for the funds raised remain unclear. The cash-burn and dilution concerns stand: cash is ₩631M against trailing free cash flow of -₩24.7B.

What it changes for the valuation

The model has no estimate for this company, and the previous report had none either, so there is no model fair value range to compare with the ₩11,050 price. At that price, price-to-book is 8.2 (8.9 in the previous report) and price-to-sales is 5.3 (5.7). Enterprise value is about ₩123.7B. Price-to-earnings and EV/EBITDA cannot be calculated because earnings are negative. The lower multiples come only from the lower share price, not from any improvement in the financials. Peers such as LG Chem (0.5) and SKC (2.0) trade at much lower book multiples, but they are far larger companies.

Closing view

The evidence shows a sharp, high-volume decline with no identified trigger, set against a loss-making company with thin cash and recent external financing. The drop makes the stock less richly priced on book and sales multiples than a week earlier, but those multiples remain high for a business with an operating margin of -50.1%. Without a model estimate or an explanation for the move, the data can only confirm the earlier caution. Further filings, particularly on how the raised funds are used and on the August share acquisition, would help fill the gaps.

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 25, 2026Update noteBig price moveGraphy shares fall 17.4% in five trading days on heavy volume
  2. Oct 18, 2026InitiationStart of coverage (reader request)Graphy: Loss-Making Chemicals Firm Sees Sharp Share Price Drop Amid Heavy Financing Activity

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