Kyung-In Synthetic경인양행

Kyung-In Synthetic's trailing earnings have held up in 2026 after a weak 2023, but the stock is still well below its 52-week high and the balance sheet carries significant borrowings.

Kyung-In Synthetic makes textile dyes and chemicals such as saccharin, with production in Korea. For the twelve months to H1 2026 it reported revenue of ₩406.8B, operating income of ₩25.4B and net income of ₩20.2B, a clear improvement on 2025. At ₩3,015 the shares trade at a P/E of 6.2 and P/B of 0.5, with borrowings of ₩218.8B against cash of ₩56.4B.

What stands out

• Trailing operating margin is 6.2% and net margin is 5.0%, up from 4.3% and a much smaller net profit in 2025.
• 2025 net income was ₩5.6B, down from ₩15.3B in 2024, so the recent recovery is shorter than the multi-year record.
• The discounted cash flow model in the data gives a base value of ₩3,831, which is above the current price, but the bear case is zero and the bull case is ₩13,785, so the range is very wide.
• Shares are down 1.1% over one year and up 4.7% over three months, against a 52-week range of ₩2,565 to ₩6,430.
• Foreign ownership is 6.1%, little changed over 60 days, and there is no dividend yield.

What to watch

• The full-year 2026 results and the next quarterly report, to see whether the H1 margin improvement holds.
• Debt levels: borrowings are about 3.9 times cash, and liabilities are 104% of equity.
• Largest-shareholder holding changes and 5%+ holding reports, which appeared several times in 2026 filings. The data does not explain the reasons for these changes.