Changhae Ethanol창해에탄올

Changhae Ethanol remains profitable on trailing figures, but revenue has been shrinking and the shares sit near the low end of their 52-week range.

Changhae Ethanol makes fermented and refined alcohol, mainly for soju and other liquor, and also runs energy, engineering and trading operations in Korea, Vietnam and Indonesia. On trailing twelve months to H1 2026 it reported revenue of ₩119.8B, operating income of ₩15.2B and net income of ₩12.6B. The share price was ₩9,280 on 2026-10-26, down 6.8% over one year and well below its 52-week high of ₩13,460.

What stands out

• Trailing operating margin is 12.7% and net margin 10.5%, broadly in line with 2024 and 2025 levels.
• 2025 revenue fell 11% to ₩122.3B, after an 18.1% rise in 2024, while 2025 net income was ₩13.3B.
• 2023 was a loss year with net income of -₩3.8B, and 2022 net income was close to zero, so earnings have been uneven.
• The stock trades at a trailing P/E of 6.8 and P/B of 0.6, with a 6.5% dividend yield in the data; a DCF-based fair value model gives a base of ₩23,827, though this is a model output, not a forecast.
• Borrowings of ₩31.9B exceed cash of ₩14.5B, and liabilities are 32.9% of equity; trailing free cash flow was ₩21.4B.
• Foreign ownership fell from 2.1% to 1.9% over 60 days, and 20-day flows were net positive for institutions and foreigners but negative for retail.
• Recent filings include a change of largest shareholder (30 Sep 2026), 5%+ holding reports and insider shareholding reports (2 Oct 2026), and amended annual report filings.

What to watch

• The next quarterly and annual results, to see whether revenue decline continues after 2025's drop.
• Details of the largest shareholder change and 5%+ holding reports, which the data does not explain.
• Debt levels relative to cash, and whether free cash flow stays positive; no news headlines were available in the data.