Kolmar Holdings콜마홀딩스

Kolmar Holdings is profitable again on a trailing basis, but the share price is down 27.9% over the past year and trades at a low multiple.

Kolmar Holdings is a Korean holding company whose subsidiaries make health functional foods, cosmetics and pharmaceuticals on an ODM/OEM basis. For the twelve months to H1 2026 it reported revenue of ₩596B, operating income of ₩74B and net income of ₩47B, with a 7.8% net margin and ₩115B of cash. At ₩8,720 the shares sit near the middle-lower part of their 52-week range of ₩7,200 to ₩12,250.

What stands out

• Trailing revenue of ₩596B is below 2025's ₩630B, while trailing operating margin of 12.4% is well above 2025's 7.6%.
• 2025 net income was ₩23B, and 2023 and 2022 were losses, so the recent profit recovery is still short-lived in the data.
• Valuation is low on the given figures: P/E 6.4, P/B 0.4, dividend yield 3.1%, against a NAV-based base value of ₩15,010 in the data.
• Liabilities to equity is 47.1% and no borrowings are listed, with free cash flow of ₩24B on a trailing basis.
• Recent filings include a corporate value-up plan (Aug 18), H1 2026 half-year report, and several 5%+ holding reports, plus a debt guarantee decision by a subsidiary (Oct 1).

What to watch

• The next quarterly results and whether margins hold near the trailing 12.4% level.
• The subsidiary debt guarantee decision and any further subsidiary dividend or record-date filings.
• Price performance: the shares are down 7.5% over one month and 27.9% over one year, and the data does not explain the cause; foreign ownership and investor flow data are not available in this pack.