KPX ChemicalKPX케미칼

KPX Chemical's shares have risen sharply over the past year, but its trailing profit is driven by a net income well above operating income, and free cash flow is negative.

KPX Chemical makes polypropylene glycol, a raw material for polyurethane products, with plants in Ulsan and overseas in China, Vietnam and Thailand. On trailing twelve-month figures to H1 2026, revenue was about ₩817B with an operating margin of 4.4% and a net margin of 12.6%. Shares closed at ₩64,600 on 2026-10-20, up 33.5% over one year.

What stands out

• Trailing net income of ₩103B is roughly three times operating income of ₩36B, so the filings' non-operating items matter to the headline profit; the data does not explain the source.
• 2025 revenue fell 11.5% to ₩808B and operating margin was 3.4%, down from 5.0% in 2024 and 6.4% in 2023.
• Trailing free cash flow is negative at about -₩30B, while borrowings of ₩138B exceed cash of ₩69B.
• The stock trades at a P/E of 2.6 and P/B of 0.4, with a 5.8% dividend yield; the company's own DCF base value is ₩156,469, well above the share price, but this is a model output and not a forecast.
• Recent filings include a share cancellation decision, a cash dividend decision and several largest-shareholder holding changes; no recent news headlines were provided.

What to watch

• Next quarterly and annual results, to see whether operating margin recovers from the 2025 low and whether free cash flow turns positive.
• The share cancellation and dividend filings, including payment details and any further largest-shareholder holding changes.
• Foreign ownership rose from 29.3% to 31.5% over 60 days while institutions and retail were net sellers over 20 days; the data does not show the reasons.