OCI HoldingsOCI홀딩스

OCI Holdings shows a thin trailing profit after losses in 2025, with its shares far off their 52-week high.

OCI Holdings is a Korean holding company whose subsidiaries cover polysilicon and solar products, energy, basic chemicals and urban development. On trailing twelve-month figures to H1 2026 it reports revenue of about ₩3.57T, operating income of about ₩93B and net income of about ₩37B, after a loss-making 2025. The share price is ₩182,700, down 11.3% over one month and three months but up 69.2% over one year.

What stands out

• Trailing operating margin is 2.6% and net margin is 1.0%, with ROE of 0.9%, a thin return compared with 2021 to 2023 when margins were around 19% to 21%.
• Full-year 2025 showed revenue of about ₩3.38T, an operating loss of about ₩58B and a net loss of about ₩90B.
• Borrowings are about ₩2.10T against cash of about ₩0.89T, and liabilities are 71.4% of equity; trailing free cash flow is negative at about -₩104B.
• The DCF-based fair value model gives a base of ₩158,164, below the current price, with a bear case of ₩72,964 and a bull case of ₩315,002; these are model outputs, not forecasts.
• Over the last 20 days, institutions were net buyers (about ₩93B) while foreign and retail investors were net sellers; foreign ownership fell from 16.0% to 14.7%.
• Recent news centred on US curbs on Chinese solar imports, which lifted the shares about 7% to 8% on 21 October 2026.

What to watch

• The next results release, since the trailing profit is small and the 2025 figures were loss-making.
• Follow-up on the September 2026 business suspension report at a subsidiary and the August 2026 treasury-stock trust termination.
• Whether the US solar trade measures continue to support the polysilicon business, which the news flow ties to the share price.