Unid유니드

Unid's trailing profits are thin and its shares have fallen sharply, with a Q3 operating loss reported in October.

Unid is a Korean chemicals maker of products such as caustic potash and potassium carbonate, with operations in China. Trailing twelve-month revenue is ₩1.46T with a 5.2% operating margin, but free cash flow is negative and borrowings (₩330B) are well above cash (₩77B). The shares closed at ₩52,600, near the 52-week low of ₩52,400 and well below the high of ₩101,600.

What stands out

• Revenue rose 20.4% in 2025 to ₩1.34T, but operating income fell from ₩95B in 2024 to ₩88B, and the 2025 margin was 6.6%.
• Trailing operating income is ₩76B and net income is ₩87B, with ROE of 7.8% and liabilities at 42.6% of equity.
• Trailing free cash flow is about -₩41B, and borrowings exceed cash by roughly ₩253B.
• A preliminary consolidated filing on 21 October and a news report say Q3 showed a ₩2.1B operating loss, which the company linked to temporary freight and exchange-rate effects.
• The shares are down 29.8% over one year. Valuation multiples are low (P/E 4.1, P/B 0.3, dividend yield 3.8%), and the data includes a DCF base value of ₩188,970, though that model is not a forecast.
• Foreign ownership fell from 12.2% to 11.2% over about 60 days, and foreign investors were net sellers over the last 20 trading days.

What to watch

• Full third-quarter and nine-month results, and whether the Q3 operating loss reflects temporary freight and currency effects or a longer trend.
• Freight costs and exchange rates, which a broker note on 22 October cited as a burden; the note keeps a ₩85,000 target price, which is that broker's view and not something this summary endorses.
• Debt levels and negative free cash flow, plus any further filings on large-shareholder holdings or business group status.