Coloray International Investment컬러레이

Coloray's shares have fallen sharply over the past year while the business has shrunk and swung to a small loss on a trailing basis.

Coloray International Investment is a KOSDAQ-listed holding company whose subsidiaries make pearlescent pigments and mica for cosmetics and coatings, sell cat litter mainly in China, and distribute cosmetic ingredients in Korea. Trailing twelve-month revenue to H1 2026 is ₩212B with a small operating profit of ₩5.3B but a net loss of ₩4.9B. The share price is ₩1,845, down 43.9% over one year, giving a market cap of about ₩23.6B.

What stands out

• Revenue has declined in each of the last two full years, from ₩317.9B in 2021 to ₩220.6B in 2025, and is ₩212B on a trailing basis to H1 2026.
• Operating margin has compressed sharply from 51.9% in 2021 to 2.5% trailing, and the company posted a net loss in 2025 and on a trailing basis.
• Balance sheet looks modest: trailing cash of ₩972B against borrowings of ₩146B and liabilities at 13.7% of equity. Units are as stated in the data, so check the scale before relying on these figures.
• Valuation multiples are very high relative to earnings: price-to-book is 17.2 and there is no meaningful trailing P/E, against peers in securities and cards trading at roughly 0.5 to 0.8 times book.
• Foreign ownership rose slightly to 67.7% over the last 60 days, while 20-day foreign flows were net negative and no dividend is paid.
• Recent filings include a half-year report, a shareholders' meeting notice and two trading halts earlier in 2026; the data contains no news headlines.

What to watch

• The shareholders' meeting called in October 2026 and the agenda in the notice, which the data does not detail.
• Next periodic results and whether revenue and operating margin stabilise after several years of decline.
• The reasons for the two 2026 trading halts, which the data does not explain.