Chinyang Holdings진양홀딩스

Chinyang Holdings trades at a low valuation, but its trailing net profit is far above its small operating profit, and the data doesn't explain why.

Chinyang Holdings is a Korean holding company whose subsidiaries make plastic products such as synthetic resins, polyurethane foam and automotive interior parts, and which also leases commercial property in Seoul and Busan. Over the trailing twelve months to H1 2026 it reported revenue of ₩283.8B and operating income of only ₩4.9B (1.7% margin), while net income was ₩117.4B. The shares closed at ₩3,130 on 2026-10-23, a market cap of ₩200.0B, with a 1-year return of -4%.

What stands out

• Trailing net income of ₩117.4B is about 24 times operating income of ₩4.9B, so non-operating or one-off items likely drove most of the profit; the data does not break this down.
• Free cash flow was negative ₩62.9B on a trailing basis, and borrowings of ₩150.1B exceed cash of ₩94.3B.
• Full-year 2025 revenue fell 2.5% to ₩279.8B with a 2.1% operating margin and net income of ₩18.2B, compared with ₩36.1B in 2023.
• Valuation metrics are low: P/E 1.7, P/B 0.4, P/S 0.7 and a 6.4% dividend yield, while the fair value model field is empty.
• Foreign ownership was unchanged at 2.1% over the last 60 days, and over the last 20 days foreign investors were net sellers of about ₩0.9B while retail investors were net buyers of about ₩1.1B.

What to watch

• Details of the trailing net income gap and the amended filing on the sale of property, plant and equipment (July 2026), which the data does not explain.
• Cash dividend record date and payment, following the July 2026 dividend decisions, given the 6.4% yield shown.
• Free cash flow and borrowing levels in the next quarterly or annual report, since cash flow was negative on a trailing basis.