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KBG's profits have fallen sharply from 2023 peaks, though the shares remain well below their 52-week high and trade at a low book multiple.

KBG is a Korean silicon materials maker with a small silica aerogel insulation unit acquired in 2024. Trailing results to H1 2026 show revenue of about ₩23.3T, an operating margin of 4.8% and a net margin of 6.9%, down from 20% operating margin in 2023. The share price closed at ₩2,605 on 19 October 2026, roughly half its level a year earlier.

What stands out

• Revenue has been broadly flat to down since 2021, with 2025 at ₩23.9T, down 4% year on year.
• Operating margin has compressed from 21.7% in 2021 and 20% in 2023 to 9.7% in 2025 and 4.8% on a trailing basis.
• Trailing net income of ₩1.6T is above operating income, and trailing free cash flow is about ₩7.0T, though the data does not explain the drivers of either figure.
• Cash of ₩3.8T is reported with no borrowings and liabilities at 13% of equity, a conservative balance sheet on these figures.
• Shares trade at a P/E of 14.3, P/B of 0.5 and a 2.3% dividend yield; the DCF model gives a base value of ₩2,929, bear ₩1,774 and bull ₩4,883, with the model's assumptions not detailed in the data.

What to watch

• The full-year 2026 results and the next filings, since the H1 2026 half-year report was filed on 14 August and the data gives no forward guidance.
• Whether margins stabilise after the steep decline, and how the Aspen Aerogels distribution business and new EV and battery materials contribute.
• Foreign ownership has edged up to 4% and insider shareholding reports have been frequent; the data gives no news headlines to explain the price fall of 49% over one year.