Purit: Rising Margins and Low Leverage, Alongside Governance Filings and a Model Estimate Above the Share Price

Thesis

The data supports a picture of steady operating improvement. Revenue rose from ₩120.5B in 2023 to ₩142.5B in 2025, and operating margin moved from 10.7% to 12.1% over the same period. Trailing figures to H1 2026 show revenue of ₩155.9B and an operating margin of 14.2%, with ROE of 16.0%.

The data is less clear on the durability of this trend. Only three annual periods and one trailing figure are available, and no news headlines were provided to explain the drivers. A filing titled Progress Update on Embezzlement and Breach of Trust Allegations (2026-08-31) is a governance item, and the data gives no detail on its substance or outcome.

The model estimate sits well above the current price, but it depends heavily on the assumptions behind it, and the bear-to-bull range is wide.

Business overview

Purit is a chemicals company listed on KOSDAQ since 2023-10-18, founded in 2010, with 17,189,188 listed shares. Market capitalization is about ₩148.2B and enterprise value is about ₩119.5B. The CEO is listed as 김정수.

Revenue growth was 1.7% in 2024 and 16.3% in 2025. Filings from April 2026 include a New Facility Investment item, but the data gives no size or details. The data does not describe products or customers.

Model estimate of fair value

Bear

₩14,500

+81%

Base

₩21,323

+167%

Bull

₩32,117

+301%

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 8%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• Insider shareholding reportOct 7, 2026
• 5%+ holding reportOct 7, 2026
• Disclosure Related to Sustainability Management Report, etc. (Voluntary Disclosure)Sep 30, 2026
• 5%+ holding reportSep 1, 2026
• Progress Update on Embezzlement and Breach of Trust AllegationsAug 31, 2026
• Insider shareholding reportAug 26, 2026
• Investor relations (IR) eventAug 13, 2026
• Half-year report (Jun 2026)Aug 13, 2026
• Investor relations (IR) eventMay 14, 2026
• Quarterly report (Mar 2026)May 14, 2026
• Change of Department AffiliationApr 30, 2026
• New Facility Investment, etc.Apr 20, 2026
• Daily prices up to 2026-10-16
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 25, 2026Update noteModel fair value changePurit: Model Fair Value Estimate Cut by About 25% With No New Filing Behind It
2. Oct 18, 2026InitiationStart of coverage (reader request)Purit: Rising Margins and Low Leverage, Alongside Governance Filings and a Model Estimate Above the Share Price