Okong오공

Okong's trailing profits are thin but positive and the shares sit near the bottom of their 52-week range, with the filings showing a steady but low-growth chemicals business.

Okong, a KOSDAQ-listed chemicals company, reported trailing revenue of about ₩169B and operating income of about ₩10B for the twelve months to H1 2026, with a net margin of 5.2%. Its balance sheet looks conservative, with cash of about ₩9.5B against borrowings of ₩1B and liabilities at 19.1% of equity. The shares closed at ₩2,050, down 14.9% over one year and close to the 52-week low of ₩1,951.

What stands out

• Trailing operating margin is 5.9% and net margin 5.2%, but both have eased from 2023 and 2021 levels; full-year 2025 revenue fell 1.8% and operating margin was 3.5%.
• Valuation metrics are low: P/E of 3.9, P/B of 0.3 and a 2.4% dividend yield, while the internal DCF model gives a base value of ₩6,103 against the ₩2,050 close, with bear and bull values of ₩3,035 and ₩11,636.
• Trailing free cash flow is about ₩0.6B, which is small relative to the market value of about ₩34.7B.
• Recent filings include a cash dividend decision in February 2026, a notice of a 30%-or-more change in revenue or profit structure in February, and a half-year report in August 2026.
• Foreign ownership slipped to 3.5% from 3.7% over 60 days, and 20-day flows show net retail selling of about ₩76B against net institutional buying of about ₩40B.
• No news headlines were in the data, and no company profile was provided.

What to watch

• Next quarterly or half-year results, to see whether revenue and operating margin keep falling after 2025.
• Follow-up to the February 2026 filing on a large change in revenue or profit structure, since its details are not in the data.
• The dividend policy and any further capital-return filings, given the 2.4% yield and the thin trailing free cash flow.