Kangnam Jevisco is a chemical company that makes and sells architectural and industrial paints (coatings), with a real manufacturing base that steadily generates about ₩600 billion in revenue a year. A February 2026 disclosure confirmed full-year revenue of ₩598.6 billion, operating profit of ₩8.3 billion and net profit of -₩2.7 billion, and a dividend decision followed on the same day, while Q1 brought signs of profit reviving with revenue +4.2% and operating profit +23.3%. The key point now is that if paint demand and cost margins improve along the Q1 path, a sound balance sheet with a 42.8% debt ratio, a low P/B of 0.25x, and the profit recovery can all come to the fore together; but if cost pressure builds again or demand turns down, the pace of climbing out of last year's net loss could slow.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 6.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 4.2% higher than a year earlier.
- ROE is -0.4% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.4%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Lim Ye-jeong 23.95% (individual)
Controlling bloc incl. related parties 50.64%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Kangnam Jevisco is a chemical company that makes and sells paints (coatings).
- Centered on architectural and industrial coatings, it steadily generates about ₩600 billion in revenue a year, and because it is a real manufacturing business that makes and sells products, the revenue scale itself is relatively stable.
- That said, with a market cap of ₩157.3 billion that is not large, a single item — a raw-material price move, or a quarterly-results or shareholder-return disclosure — reflects relatively heavily in the metrics.
- The latest close is ₩12,760 and the market cap is ₩165.9 billion.
- The price sits above the 20-day line (₩12,574) and below the 60-day line (₩14,076).
- With the short- and medium-term trends diverging, the direction has to be read separately.
- The RSI (a supplementary gauge that weighs upward versus downward force over the last 14 days on a 0-100 scale) is 49.4, a neutral level.
- The one-month change is -0.3%, the three-month change is -6.3%, and the position versus the 52-week high is -32.1%.
- Relative strength versus the KOSPI is 30 (on a 1-99 scale, computed from returns against the index over the past year with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 70% of all stocks by strength.
- Over the last three months it lagged the index by 27.8%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Most recent annual revenue is ₩598.6 billion, with operating profit of ₩8.3 billion and net profit of -₩2.7 billion.
- The operating margin was 1.4% and ROE (how much it earns in a year on equity) was -0.4%, so last year profitability was weak.
- The balance sheet itself, on the other hand, is sturdy.
- The debt ratio (debt versus equity) is low at 42.8%, the current ratio is 151%, and shareholders' equity reaches ₩619.6 billion.
- The crux is that the P/B (how many times book value the price is) is 0.25x.
- That means a market cap of ₩157.3 billion is about a quarter of the ₩619.6 billion in net assets on the books — lower even than peers Kyung In Synthetic (0.58x) and SP Chemicals (0.48x).
- Because of last year's loss the P/E cannot be calculated, but it would be a mistake to mark the company down on that one year's profit-and-loss alone: against the assets it holds, the price is clearly at a cheap spot.
- Annual revenue was ₩638.8 billion in 2023, ₩643.1 billion in 2024 and ₩598.6 billion in 2025, down -6.9% last year, with operating profit slowing too.
- But the direction has been changing this year.
- Q1 2026 revenue rose +4.2% year over year to ₩146.9 billion, and operating profit rose +23.3% to ₩900 million.
- This is an early inflection signal for profit: as revenue rises again, profit recovers faster than it.
- In paints, margins move up and down with construction and industrial demand and raw-material prices, and the Q1 flow is closer to a phase where margins pass a trough and improve.
- Whether the recovery continues each quarter, and whether costs stay stable, is the key to this year's results.
- On February 12, 2026, a disclosure of changes in revenue and profit-and-loss structure confirmed and revealed the full-year results (revenue ₩598.6 billion, operating profit ₩8.3 billion, net profit -₩2.7 billion).
- On the same day, a decision on a cash/in-kind dividend and a disclosure of the dividend record date (shareholder-register closing) also came out.
- That the company continued with dividend-related decisions even in a loss-making year can be read as a signal that its assets and cash strength provide support, so it is worth checking together whether the return terms and the actual profit recovery move in the same direction.
- Kangnam Jevisco's strengths are clear.
- It has a real manufacturing base of about ₩600 billion in revenue paired with a sound balance sheet at a 42.8% debt ratio, and the price is at a 0.25x P/B — the deepest asset discount even among peers.
- Added to that, Q1 revenue +4.2% and operating profit +23.3% bring signs of profit reviving, making it a spot where asset value and a results recovery support each other.
- The point to watch is that last year was a full-year net loss, so it needs confirming whether the quarterly recovery carries through to a full-year profit.
- In sum, if paint demand and cost margins improve along the Q1 path, the low P/B and the profit recovery can come to the fore together; conversely, if cost pressure builds again or demand turns down, the pace of recovery could slow.
🔎 Valuation vs peers Undervalued
Peers of comparable market cap within chemicals.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Kyung-In Synthetic | 21.59x | 0.51x | 2.35% |
| Samhwa Paints Industrial | 20.84x | 0.47x | 2.26% |
| Genic | 11.77x | 5.42x | 46.01% |
We first looked at a public-data peer set of comparable market cap within chemicals. The current P/E (how many times a year's profit the price is) cannot be confirmed, and the P/B (how many times book value the price is) is 0.27x. That said, for smaller-cap names, profit swings and financing disclosures carry a large effect, so we did not draw firm conclusions from metrics based on last year's confirmed results alone. The outlook box is based on a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩628.8 billion | ₩3.8 billion | — |
| Next quarter | Q2 2026 | ₩170.5 billion | ₩2.2 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩12,760 and the market capitalization is ₩165.9 billion. The price sits above its 20-day moving average (₩12,574) and below its 60-day moving average (₩14,076). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 49.4, a neutral level. The one-month change is -0.3%, the three-month change is -6.3%, and the position relative to the 52-week high is -32.1%. Relative strength versus the KOSPI is 30 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 30% of all stocks. Over the past three months it lagged the index by 27.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -27.84% / 6M -39.32% / 12M -56.79%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.27x is below the sector median (0.97x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.8%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is -0.4%, below the sector average (4.0%). The operating margin is 1.4%. The debt ratio is 42.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $423.4M | $426.3M | $396.7M | -6.93% ↓ slower |
| Operating profit | $15.4M | $13.6M | $5.5M | -59.60% ↓ slower |
| Net profit | $10.9M | $8.8M | -$1.8M | -120.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $391.7M | $446.2M | $423.4M | $426.3M | $396.7M |
| Operating profit | -$8.4M | $2.9M | $15.4M | $13.6M | $5.5M |
| Net profit | $29.9M | $4.1M | $10.9M | $8.8M | -$1.8M |
| Revenue CAGR | 4-yr avg 0.32% | ||||
Revenue fell 6.9% year over year (2023 ₩638.8 billion → 2024 ₩643.1 billion → 2025 ₩598.6 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 59.6% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 0.3%. The two-year revenue CAGR is -3.2%. In the most recent quarter (Q1 2026), revenue was 4.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 6.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-02-12EarningsChange of 30% or more (15% for large corporations) in revenue or profit-and-loss structure: full-year revenue ₩598.6 billion, operating profit ₩8.3 billion, net profit -₩2.7 billionThe most recent confirmed or preliminary results. Check whether they run the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-02-12UpdateCash/in-kind dividend decision: review the return termsA disclosure related to cash returns or a change in share count. Check whether earnings strength and cash flow support it. Source
- 2026-02-12UpdateDecision on the record date (shareholder-register closing) for the cash/in-kind dividend: review the return termsA disclosure related to cash returns or a change in share count. Check whether earnings strength and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩12,760 | ₩12,760 | Confirmed | link |
| Latest quarterly results | revenue ₩146.9 billion, operating profit ₩0.9 billion | revenue ₩146.9 billion, operating profit ₩0.9 billion | Confirmed | link |
| Annual results | revenue ₩598.6 billion, operating profit ₩8.3 billion | revenue ₩598.6 billion, operating profit ₩8.3 billion | Confirmed | link |
| Results disclosure text | revenue30%: revenue ₩598.6 billion · operating profit ₩8.3 billion · net profit -₩2.7 billion | revenue30%: revenue ₩598.6 billion · operating profit ₩8.3 billion · net profit -₩2.7 billion | Confirmed | link |
| Shareholder-return disclosure text | ㆍ: | ㆍ: | Confirmed | link |
| Shareholder-return disclosure text | ㆍ: | ㆍ: | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-25Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-06Disclosure
- 2026-03-06Shareholders' meeting notice
- 2026-03-04Shareholders' meeting notice
- 2026-02-12DividendCash/stock dividend decision
- 2026-02-12DividendCash/stock dividend decision
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.