Ask Warren

JONBUR Research · Initiation

You're reading an earlier report from Oct 19, 2026. See the latest report

Almac · 354320 · Steel & Materials

Almac: Share Price Surges While Earnings Remain Thin and Cash Flow Negative

Why this report

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

Almac's shares closed at ₩51,800 on 2026-10-16, up 136.5% over one year, with a market value of about ₩331.1B. Filed financials show thin margins, a small trailing profit and negative free cash flow, and the data includes no model estimate of fair value.

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 picture of strong price momentum: returns of 48.4% over one month, 83.4% over three months and 136.5% over one year. The price is still well below its 52-week high of ₩104,000 and far above its low of ₩18,900, so the range has been very wide.

The operating results do not obviously match that move. Trailing operating margin is 3.6%, net margin 1.7% and ROE 2.2%. Revenue recovered in 2025 after a drop in 2024, but net income was negative in 2025.

Ownership data shows a shift. Foreign ownership fell from 12.7% to 1.3% over 60 days, and foreigners were net sellers of about ₩13.6B over 20 days while institutions bought about ₩12.8B. Several 5%+ holding reports were filed recently, but the data does not say what they contain. No news headlines are available, so the data does not explain the price rise.

Business overview

Almac is listed on KOSDAQ in the Steel & Materials sector. It was founded on 2001-11-01 and listed on 2023-06-30, with 6,391,381 listed shares. Its CEOs are listed as 신상호 and 박준표, and a change of CEO was filed on 2026-03-26.

Revenue was ₩216.0B in 2023, ₩156.9B in 2024 (down 27.4%) and ₩187.8B in 2025 (up 19.7%). Trailing revenue to H1 2026 is ₩194.6B. The data gives no product or segment detail.

Every earlier JONBUR Research report and update note on Almac, with Pro.

Unlock with Pro

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 29, 2026Update noteBig price moveAlmac: Shares Fall 18.7% in Five Days on Heavy Volume; Model Now Gives a Fair Value Range
  2. Oct 19, 2026InitiationStart of coverage (reader request)Almac: Share Price Surges While Earnings Remain Thin and Cash Flow Negative

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