SM Kukil에스엠국일

SM Kukil is loss-making on a trailing basis, with a merger, CEO change and short-term borrowing decisions filed in recent months.

Kukil is a Korean specialty paper maker, mainly for tobacco-related and interlining paper, with an early-stage graphene subsidiary that has no product sales yet. Over the last twelve months to H1 2026 it reported revenue of about ₩62.7B, an operating loss of ₩1.3B and a net loss of ₩3.9B. The share price closed at ₩3,515 on 2026-10-23, down 18.1% over one year and about 41% below the 52-week high.

What stands out

• Trailing revenue of ₩62.7B is below 2025's ₩67.8B, and the trailing net margin is -6.2%.
• Losses have narrowed from 2023 and 2024, when operating margins were -9.2% and -2.3%, but the company has not been profitable in the years shown.
• Cash of ₩16.0B is reported, the liabilities-to-equity ratio is 9.8%, and no borrowings figure is given in the data.
• Price-to-book is 3.3, while P/E is not meaningful because earnings are negative; the company pays no dividend.
• Foreign ownership is 0%, and 20-day flows were net retail selling of about ₩1.8B, with institutions net buying about ₩1.2B.

What to watch

• Filings show a merger decision (September 2026), an amended merger attachment, a shareholders' meeting and a record date, so the terms and timing of the merger matter.
• An October 2026 decision on increasing short-term borrowings and a 'major management matter' filing are not explained in the data and should be checked in the full filings.
• Whether graphene development reaches commercial sales, since none is recorded yet; no news headlines were available in the data.