Aekyung Chemical애경케미칼

Aekyung Chemical's shares have risen sharply over the past year, but trailing profits are thin and the company carries substantial debt.

Aekyung Chemical, a KOSPI-listed chemicals company, reported trailing twelve-month revenue of about ₩1.58T and a small operating profit of about ₩36B for the period to H1 2026, after a loss-making 2025. The share price closed at ₩13,400 on 2026-10-19, with a market cap of about ₩652B, and the company's own filings and news point to expansion in hard carbon capacity for sodium-ion batteries. The company profile was not included in the data, so details of its business mix are limited.

What stands out

• Revenue fell 11.6% in 2025 and the company posted an operating loss of about ₩10B and a net loss of about ₩3B that year.
• Trailing results to H1 2026 show a return to a small profit, with an operating margin of 2.3% and a net margin of 1.3%.
• Borrowings of about ₩239B exceed cash of about ₩63B, and liabilities are 111.8% of equity; trailing free cash flow was negative at about -₩84B.
• The share price is up 56.7% over three months and 23.3% over one year, trading well above its 52-week low of ₩7,000 but below its high of ₩19,960.
• A 3.7x expansion in hard carbon production capacity for sodium-ion batteries was reported in the news on 2026-10-19, and the filings list a rights offering decision and an acquisition of shares in another company, with amendments.

What to watch

• Whether the planned capacity expansion and the new facility investment disclosed in late September are funded in a way that adds to borrowings or uses the rights offering.
• Details of the rights offering and the share acquisition, which the data shows only as titles and amendments.
• Next results, since trailing free cash flow is negative and the valuation model's base-case value of ₩8,508 is well below the current price; the data does not explain the gap.