Aekyung Industrial애경산업

Aekyung Industrial's profits have shrunk sharply since 2023, and the shares are down about 26% over the past year.

Aekyung Industrial, a Korean cosmetics and household products maker, reported trailing revenue of about ₩685B to H1 2026, but operating margin is only about 1% and net margin about 2.5%. Revenue has been roughly flat to slightly down since 2024, while profit has fallen well below its 2023 level. The stock trades near ₩11,120, close to its 52-week low of ₩10,120.

What stands out

• Trailing operating income is about ₩6.9B versus ₩61.9B in 2023, and 2025 operating margin fell to 3.2%.
• Trailing net income of about ₩17.4B is above operating income, so non-operating items may have helped; the data does not explain why.
• Cash of about ₩116B against borrowings of ₩2.3B suggests low debt, with liabilities at 29.3% of equity.
• The P/E of about 16.9 and P/B of 0.7 compare with peers such as Kolmar Korea (P/E 15.9) and Cosmax (P/E 16.8), while the internal DCF base value is ₩19,118, above the current price.
• Recent headlines cover an ISO 37301 compliance certification, a trademark dispute over 'Madeca' with Dongkook Pharmaceutical, and a beauty business push led by a K-pop idol.

What to watch

• Next quarterly results and whether operating margin recovers from about 1%.
• Outcome of the 'Madeca' trademark dispute and any further filings on it.
• Filings on largest shareholder holdings, given the low free float implied by foreign ownership of 1.8%.