Kumyang금양

Kumyang is loss-making with heavy debt, and its filings are dominated by a company split and a rights offering.

Kumyang, a Korean chemicals maker of foaming agents, reported trailing twelve-month revenue of ₩85B with an operating loss of ₩39B and a net loss of ₩63B as of Q1 2026. Revenue has fallen for several years, from ₩218B in 2021 to ₩103B in 2025, and borrowings of ₩252B are large relative to cash of ₩9B. The share price is ₩9,900 with a market value of about ₩633B, and the company pays no dividend.

What stands out

• Revenue fell 33.1% in 2025 to ₩103B, and the operating margin was -43.5%, so losses are deep relative to sales.
• Liabilities are 173% of equity and borrowings total ₩252B against ₩9B of cash, so the balance sheet is stretched.
• Free cash flow was negative ₩19B over the trailing twelve months.
• Recent filings are mostly amendments to a company split decision, plus a rights offering (paid-in capital increase) and a shareholders' meeting notice.
• A filing titled measures including prosecution referral for accounting standard violations was amended on 7 October 2026; the data does not give details of the violations.

What to watch

• Details of the proposed company split and the rights offering, including terms, timing and how the cash raised would be used.
• Outcome of the shareholders' meeting and the proxy voting materials, as the filings indicate votes on corporate actions.
• Any further developments on the accounting standard violation referral, which the data does not explain further; the news list is empty, and foreign ownership and valuation multiples such as P/E are not available in the data.