Kukdo Chemical국도화학

Kukdo Chemical's trailing profits are thin and its shares have fallen sharply, with a large new acquisition in the latest news.

Kukdo Chemical makes epoxy and polyol resins, with about 80% of sales from overseas. On trailing twelve months to H1 2026 it reported revenue of ₩1.68T, operating income of ₩82B and net income of ₩53B, well below its 2021 peak. The shares closed at ₩30,300 on 2026-10-22, down 19.2% over one month and 16.1% over one year, near the bottom of their 52-week range.

What stands out

• Operating margin fell from 13.0% in 2021 to 3.8% in 2025, and is 4.9% on a trailing basis to H1 2026.
• Trailing free cash flow is negative at about -₩107B, while borrowings of ₩139B exceed cash of ₩278B and liabilities are 125.2% of equity.
• Trailing ROE is 6%, and the price-to-book ratio of 0.3 and P/E of 5.3 sit well below most listed peers in the data.
• The data shows a 4.3% dividend yield, and the 2026 DCF base value is ₩88,143, though the bear case is ₩41,829 and the bull case ₩172,203.
• Foreign ownership edged up to 19.4%, while the 20-day flows show net foreign selling of about ₩0.7B.

What to watch

• Latest news reports LG Chem has completed the sale of its Daesan BPA business to Kukdo Chemical; the price, funding and effect on earnings are not in the data.
• The preliminary and half-year results are already filed, so the next scheduled results and full-year outlook are not in the data.
• Free cash flow and debt levels on a trailing basis, which the data shows as negative and elevated respectively.