Kangnam Jevisco강남제비스코

Kangnam Jevisco is back to thin profit at the operating line, but it posted a trailing net loss through mid-2026.

The Korean paint and resin maker reported trailing twelve-month revenue of ₩621B to mid-2026, with a 2.3% operating margin but a small net loss of ₩2.4B. Revenue fell 6.9% in 2025 and the company still shows a net loss for that year. The share price is ₩12,170, near the lower part of its 52-week range of ₩11,110 to ₩18,880.

What stands out

• Trailing operating income is about ₩14.4B, but net income is negative at about -₩2.4B, so below-the-line costs or other items are weighing on earnings.
• Annual results have swung sharply: operating income was ₩23.2B in 2023, ₩20.5B in 2024 and ₩8.3B in 2025, with a 2025 net loss of about ₩2.7B.
• The balance sheet shows cash of about ₩56.6B against borrowings of about ₩130.8B, with liabilities at 44% of equity.
• Valuation metrics are low: price-to-book is 0.3 and the dividend yield is 2.1%, while P/E is not meaningful because earnings are negative.
• Foreign ownership slipped from 5.4% to 4.9% over 60 days, and the latest 20-day flows show foreign and institutional net selling with retail net buying.
• The latest news item is a product launch, a 'Dream Coat Easy Peel' paint, which the data does not show as having a financial effect yet.

What to watch

• The next quarterly or annual filings, to see whether the trailing net loss narrows or turns positive.
• Whether margins hold, given the low trailing operating margin of 2.3%.
• The fair value model output in the data ranges from ₩0 to ₩23,569 with a base of ₩4,890, well below the current price; the data does not explain the assumptions behind this, so treat it with caution.