TK Chemical티케이케미칼

TK Chemical's trailing profit is well above its operating income, and its recent results rest on a thin operating margin.

TK Chemical is a small Korean chemicals company, with PET-chip making up most sales alongside a construction arm and touchscreen panels. Trailing results to H1 2026 show revenue of ₩401.0B and operating income of ₩30.6B, but net income of ₩109.5B is far higher, and the data does not explain the gap. The shares closed at ₩1,768 on 2026-10-23, against a 52-week range of ₩1,358 to ₩2,915.

What stands out

• Trailing operating margin is 7.6%, but net margin is 27.3%, so most of the profit does not come from core operations according to the figures given; the reason is not stated in the data.
• Operating income was only ₩2.4B in 2025 and negative in 2023 and 2024, so the business has swung between losses and small profits.
• Borrowings of ₩108.5B exceed cash of ₩28.5B, although liabilities to equity is a moderate 20.4%.
• Recent filings are mostly 5%+ holding reports (several since May 2026), plus the half-year report published on 2026-08-13.
• No recent news headlines were available, and the company pays no dividend.

What to watch

• The next periodic filings, to check whether the gap between operating income and net income persists and what drives it.
• Further 5%+ holding reports, given the frequency of these filings in 2026.
• Borrowings relative to cash and free cash flow, since debt is well above cash on the figures given.