Noroo Paint & Coatings노루페인트

Noroo Paint & Coatings shows a profitable trailing half-year, though its sales have been flat-to-down and the share price is well below its 52-week high.

Noroo Paint & Coatings makes paints, synthetic resins and coatings for construction, automotive refinish, industrial and steel-sheet uses. On trailing figures to H1 2026 it reported revenue of ₩781B, operating income of ₩44B and net income of ₩33B, a step up from 2025. The shares closed at ₩8,030 on 22 October 2026, about 23% below the 52-week high of ₩10,570.

What stands out

• Trailing operating margin is 5.6% and net margin 4.2%, versus 3.9% operating margin for full-year 2025, though 2024 operating margin was 5.5%.
• Annual revenue fell 2.9% in 2025 after rising in 2022 to 2024; trailing revenue of ₩781B is roughly flat on 2024's ₩794B.
• Cash of ₩105B is above borrowings of ₩95B, and trailing free cash flow is ₩35B; liabilities are 78.7% of equity.
• The filings include a corporate value-up plan (April 2026), a major sales or supply contract (May 2026) and a half-year report (August 2026), but the data gives no details of their contents.
• Valuation metrics are low (P/E 4.9, P/B 0.4) and the dividend yield is shown as 5%, while the DCF base fair value is ₩23,550 with a bear case of ₩10,624 and a bull case of ₩46,398; these are model outputs, not forecasts.

What to watch

• Largest shareholder holding changes were filed several times between June and July 2026; the data does not say what drove them.
• Full-year 2026 results, as the data contains no guidance or consensus estimates.
• Whether the trailing profit recovery holds, given 2025 net income of ₩16B was well below 2024's ₩35B.