ISU Chemical이수화학

ISU Chemical's trailing profits have turned positive in 2026 after losses in 2023 to 2025, but its shares have fallen sharply over the past year.

ISU Chemical runs petrochemical, construction and pharmaceutical businesses in Korea. On trailing twelve months to H1 2026 it reported revenue of ₩2.3T, operating income of ₩125B and net income of ₩85B, after net losses in 2024 and 2025. The shares closed at ₩8,810 on 2026-10-26, down 29% over one year and well below the 52-week high of ₩17,990.

What stands out

• Trailing revenue of ₩2.3T is well above the 2025 full-year figure of ₩1.66T, but the data does not show the quarterly split behind this recovery.
• Trailing operating margin is 5.4% and net margin 3.7%, compared with an operating margin of 0.4% in 2025.
• Liabilities are 151% of equity and borrowings are ₩358B against cash of ₩84B, so leverage is a visible feature of the balance sheet.
• Trailing ROE of 58% is high, but it sits on a small equity base after the earlier losses, so it should be read with care.
• Recent filings are mostly 5%+ holding reports, plus a half-year report and an IR event; the news headlines cover a supply contract worth ₩1.16T and a manufacturing implementation deal.

What to watch

• The Q3 2026 and full-year results, which are not in the data yet, will show whether the trailing profit recovery holds.
• Foreign ownership fell from 8.7% to 6.4% over 60 days and institutions were net sellers over the last 20 days, so further shareholding changes in filings are worth tracking.
• Debt levels against a small cash balance are a risk named by the balance sheet figures; the data does not include any dividend or fair value estimate.