National PlasticNPC

National Plastic's shares have fallen sharply over the past year, though its half-year profitability has held up.

National Plastic makes industrial plastic products such as pallets, containers and molds, and rents out logistics equipment. Based on the half-year 2026 figures, trailing revenue is about ₩463B with operating income of about ₩24B and net income of about ₩16B. The share price is ₩2,685, down 38.6% over one year and near the lower half of its 52-week range.

What stands out

• Trailing operating margin is 5.2% and net margin is 3.4%, roughly in line with 2025 full-year levels.
• Revenue fell 1.7% in 2025 after a 9.9% drop in 2024, so top-line momentum has been weak.
• Trailing free cash flow is negative at about ₩-28B, while borrowings are about ₩134B against ₩40B of cash.
• Valuation metrics are low: P/E of 6.3, P/B of 0.2 and a 3.9% dividend yield, though the data gives no reason for the discount.
• Foreign ownership fell from 1.6% to 1.2% over 60 days, and the data shows no news headlines for the period.

What to watch

• The next quarterly report and any changes to the half-year figures, since the half-year report was amended in August.
• Whether free cash flow turns positive given the trailing negative figure and debt of about ₩134B.
• The 5%+ holding and largest-shareholder filings, which the recent filing list shows as frequent; the data does not explain their purpose.