JC Chemical제이씨케미칼

JC Chemical's profits have shrunk sharply from 2021-2023 levels, and it carries heavy debt, though the trailing numbers are now a small profit.

JC Chemical makes biodiesel and bio heavy fuel oil in Ulsan, sells mostly to domestic refiners and power generators, and runs a palm plantation in Indonesia. Trailing twelve-month revenue to H1 2026 is ₩461B with operating income of ₩14.5B and net income of ₩7.0B, after a net loss of ₩4.0B in 2025. Borrowings of ₩218B are large against ₩23B of cash, and free cash flow over the period was negative at -₩8.2B.

What stands out

• Revenue has been broadly flat to down since 2022, and operating margin has fallen from 10.1% in 2021 to 3.1% on a trailing basis.
• Liabilities are about 179.5% of equity, and borrowings are roughly nine times cash, so debt is a central feature of the balance sheet.
• The stock is ₩3,350, down 9.6% over one month but up 14.7% over three months, and sits well below its 52-week high of ₩6,480.
• The data shows a DCF-based fair value estimate of ₩8,636 at the base case, a wide bear-to-bull range, and a 5.1% discount rate; this is a model output, not a forecast.
• Filings in 2026 include several amendments to a third-party debt guarantee decision, a loan extension, and a treasury share sale, while the news list is empty.

What to watch

• The full half-year report (filed 2026-08-14) and the corrected new facility investment filing, to see margins and capital spending.
• Further amendments or details on the third-party debt guarantee decisions, which relate to the company's obligations.
• Whether free cash flow turns positive given the negative trailing figure and high borrowings.