Korea Industrial고려산업

Korea Industrial is a small, low-margin feed maker whose shares have fallen sharply over the past year while earnings have weakened.

Korea Industrial makes compound animal feed for pork, cattle and poultry farmers in South Korea, with a small meat distribution business alongside. Trailing results to the first half of 2026 show revenue of about ₩300B, a 4.6% operating margin and a 2.4% net margin, with net income well below 2025. The shares closed at ₩1,855 on 16 October 2026, down 29.2% over one year and about 8.4% over one month.

What stands out

• Revenue has been broadly flat to slightly down since 2024, at about ₩297B in 2025 and ₩300B on a trailing basis to H1 2026.
• Net income fell from ₩9.7B in 2025 to a trailing ₩7.3B, while operating income stayed around ₩14B on the trailing basis.
• The valuation metrics are low (P/E 6.3, P/B 0.4), but the data gives a DCF base value of ₩3,172 and a bear value of ₩310, a wide spread that shows high uncertainty.
• Liabilities are 145.8% of equity and the data shows no borrowings figure, with cash of about ₩41B against free cash flow of about ₩15B.
• Filings in 2026 include several decisions on guaranteeing debt for another party, and foreign ownership is small at 2.4%.

What to watch

• The full-year 2026 annual report and results, and whether margins hold near 4–5%.
• Further filings on debt guarantees for other parties, which the data does not explain in detail.
• Whether the dividend yield of 2.2% is maintained, and any change in the stock's trading pattern, given recent foreign and institutional net selling over 20 days.