OCI Holdings is a holding company created in a 2023 spin-off, and essentially all of its earnings come from its wholly owned operating subsidiary OCI. The core business is polysilicon for solar cells and semiconductors, supplemented by carbon chemicals, basic chemicals, a combined heat-and-power plant in Saemangeum, and solar power generation in the United States, with a vertically integrated chain running from Malaysian polysilicon to Vietnamese wafers that targets a US market shutting out Chinese-made supply. Recent filings have centered on group restructuring and investor relations: an IR briefing was announced for July 2, and late-June disclosures on subsidiary-related share acquisitions and debt guarantees show continued support for vertical integration. The May 14 first-quarter report officially confirmed a second straight quarter of profit, though there was also a June 8 disclosure of a serious workplace accident at a subsidiary. What stands out is that in a market where China controls more than 90% of supply, OCI is one of very few large non-Chinese producers, so it earns a structural premium as US restrictions on China tighten and it has passed the downcycle trough; the caution is that its earnings swing heavily with polysilicon prices, so recovery could be slow if the China-driven oversupply persists.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- Revenue fell 5.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 5.9% lower than a year earlier.
- ROE is -2.3% (controlling-interest basis). It is below the sector average.
- Operating margin is -1.7%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2019-12-31
Largest shareholder Lee Hwa-young 5.43% (individual)
Controlling bloc incl. related parties 5.43%
With the controlling bloc holding 5%, ownership is dispersed, leaving room for control-related or activist dynamics.
Net asset value (NAV) assessment Fairly valued
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| OCI | 44.97% |
| Bukwang Pharmaceutical | 17.11% |
🔎 In-depth analysis
- OCI Holdings became a holding company through a spin-off in 2023, and the group's real earnings come from its wholly owned operating subsidiary OCI.
- OCI's core is polysilicon for solar and semiconductor use (high-purity silicon that serves as the raw material for solar cells and semiconductor wafers), alongside carbon chemicals such as carbon black and pitch, basic chemicals including hydrogen peroxide and TDI, and its Saemangeum combined heat-and-power plant (OCI SE) and US solar power generation business (OCI Enterprises and OCI Energy).
- More recently it has been building out a vertically integrated chain running from Malaysian polysilicon to Vietnamese wafers, aiming at a US market that excludes Chinese-made supply.
- Among its listed subsidiaries is the pharmaceutical company Bukwang Pharmaceutical (a stake of about 17%), but that holding is a small piece of the whole group, and most of the value sits in the unlisted operating company OCI.
- The latest close is ₩183,200 and the market cap is ₩3.4 trillion.
- The price sits below its 20-day line (₩233,540) and below its 60-day line (₩286,683).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- RSI (an auxiliary gauge that scores the up-move versus down-move over the last 14 days on a 0-100 scale) is 35.3, a neutral level.
- The one-month change is -30.5%, the three-month change is -8.3%, and the position relative to the 52-week high is -52.8%.
- Relative strength against the KOSPI is 70 (1-99, a conversion of return versus the index over the past year weighted toward the recent period; higher means stronger than the market).
- That places it in roughly the top 30% of all stocks by strength.
- Over the past three months it lagged the index by 25.2%.
- Chart readings are best viewed together with volume and disclosure dates.
- As a holding company, its earnings swing directly with the business conditions of its subsidiary.
- Full-year 2025 consolidated results showed revenue of ₩3.38 trillion with an operating loss of ₩57.6 billion and a net loss of ₩89.9 billion, marking the trough of the solar-materials downcycle.
- Because of the loss, the P/E ratio (how many times one year's earnings the price is) cannot be calculated and EPS is negative.
- The P/B (how many times per-share net asset value the price is) is 0.87x, but a holding company's book equity typically records subsidiary stakes at low acquisition cost, so it tends to look conservative relative to real value, and P/B alone is a weak basis for calling the stock cheap or expensive.
- The current ratio is 2.94x, so near-term liquidity is ample, and the debt ratio (the size of debt relative to equity) is 79.8%, not excessive for a holding and heavy-chemical company.
- The metrics from a loss-making year look burdensome, but for a company at an earnings inflection point the recovery now underway matters more than results already past.
- Over five years the swings in earnings are very large.
- In 2022, at the peak of the polysilicon boom, operating profit was ₩976.7 billion and net profit ₩880.3 billion, and net profit was still ₩713.5 billion in 2023; then, as China-driven oversupply collapsed prices, net profit plunged to ₩97.7 billion in 2024 and turned to a loss in 2025.
- The bottom was the second and third quarters of 2025 (operating losses of ₩80.3 billion and ₩53.3 billion respectively), and after returning to profit in the fourth quarter of 2025 with operating profit of ₩27.3 billion and net profit of ₩25.4 billion, it kept a second straight profitable quarter in the first quarter of 2026 with operating profit of ₩10.8 billion and net profit of ₩8.9 billion.
- The scale of profit is still a tiny fraction of the boom years, but the direction is recovery.
- Three forces are lifting that recovery.
- First, as the US tightens non-Chinese sourcing requirements and a security probe into polysilicon in the second half of 2026, a premium is forming for supply chains that exclude China, and OCI is a leading non-Chinese supplier based in Malaysia and the US.
- Second, carbon chemicals have seen spreads widen on expanded pitch sales and firm product prices, along with rising semiconductor-materials sales.
- Third, US solar power assets support top-line growth.
- For these reasons, metrics based on last year's loss understate the company's current earnings power.
- Recent filings center on the holding company's group restructuring and IR activity.
- On July 2, 2026 it announced an investor briefing (IR), and from June 25-29 it disclosed decisions on acquiring shares and equity securities of other entities related to subsidiaries and on debt guarantees, showing that solar vertical integration and group support continue.
- On June 8 there was a disclosure of a serious accident at a subsidiary, an item to watch for safety and operational risk.
- The corporate governance report was filed on June 1 and the first-quarter 2026 report on May 14 as regular disclosures, with the first-quarter report being the key document officially confirming a second straight quarter of profit.
- The strengths are clear.
- In a market where China controls more than 90% of polysilicon supply, OCI is one of very few large non-Chinese suppliers and is positioned to earn a structural premium as US restrictions on China tighten.
- It has already passed the downcycle trough with two consecutive profitable quarters, and margin improvement in carbon chemicals and semiconductor materials supports the recovery.
- As a holding company, viewed through net asset value (NAV), the operating value of the unlisted operating company OCI accounts for most of the market cap, and because book equity records subsidiary stakes at low acquisition cost, P/B can look higher than reality.
- The cautions must be weighed too.
- Earnings swing heavily with polysilicon prices, so volatility is high, and if China-driven oversupply is not resolved the recovery pace could be slow.
- Company-specific risks also remain, including the obligation to secure a 30% stake in Bukwang Pharmaceutical (deferred to September 2027), the profitability of the pharmaceutical arm, and subsidiary safety incidents.
- In sum, this is a stock with large earnings leverage when solar-materials prices recover and the non-Chinese premium is realized, and a delayed profit recovery if oversupply drags on.
🔎 Valuation vs peers Inconclusive
As a holding company, it is better viewed by the net asset value (NAV) of its businesses and stakes than by consolidated P/E; peers were chosen based on the solar-materials and chemicals businesses at the core of group value and the listed subsidiary Bukwang Pharmaceutical, with figures from the site's internal calculation at the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanwha Solutions | — | 0.58x | -7.15% |
| Lotte Chemical | — | 0.21x | -16.19% |
| Bukwang Pharmaceutical | 30.56x | 1.13x | 3.69% |
(a) Peer positioning: as a holding company its consolidated P/E cannot be calculated because of the loss, and its P/B of 1.14x is higher than pure-chemical peers Hanwha Solutions (0.68x) and Lotte Chemical (0.22x). However, those figures fully reflect the chemical downcycle, whereas OCI Holdings mixes the distinctive position of non-Chinese polysilicon with US solar power and materials, so it does not compare directly with plain chemical names. (b) Premium/discount: because a holding company's book records subsidiary stakes at low acquisition cost, its P/B can reflect real value conservatively, so it is hard to read straight as overvalued. The listed subsidiary Bukwang Pharmaceutical trades at a P/E of 33.5x reflecting pharmaceutical expectations, but its weight in group NAV is small. (c) Limits of trailing figures and the forward basis: metrics based on last year's loss understate the earnings power at the start of a recovery, but the company's value ultimately rests on the operating value of the unlisted operating company OCI, which is tied to the pace of recovery in solar-materials prices. Because that pace is not yet settled, rather than declaring it undervalued or overvalued in one direction, judgment is withheld from a NAV perspective.
Price history Close · MA20 · MA60
The latest close is ₩183,200 and the market capitalization is ₩3.4 trillion. The price sits below its 20-day moving average (₩233,540) and below its 60-day moving average (₩286,683). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 35.3, a neutral level. The one-month change is -30.5%, the three-month change is -8.3%, and the position relative to the 52-week high is -52.8%. Relative strength versus the KOSPI is 70 (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 70% of all stocks. Over the past three months it lagged the index by 25.2%. 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 -25.19% / 6M +6.56% / 12M -7.78%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.87x is above the sector median (0.49x).
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 8.6%, 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 -2.3%, below the sector average (5.0%). The operating margin is -1.7%. The debt ratio is 79.8%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.8B | $2.4B | $2.2B | -5.52% ↓ slower |
| Operating profit | $352.1M | $67.3M | -$38.2M | -156.76% ↓ slower |
| Net profit | $472.9M | $64.7M | -$59.6M | -192.02% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.2B | $3.1B | $1.8B | $2.4B | $2.2B |
| Operating profit | $414.9M | $647.3M | $352.1M | $67.3M | -$38.2M |
| Net profit | $429.2M | $583.4M | $472.9M | $64.7M | -$59.6M |
| Revenue CAGR | 4-yr avg 1.03% | ||||
Revenue fell 5.5% year over year (2023 ₩2.6 trillion → 2024 ₩3.6 trillion → 2025 ₩3.4 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 156.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.0%. The two-year revenue CAGR is 12.9%. In the most recent quarter (Q1 2026), revenue was 5.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- The most recent full-year net result was a loss.
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 5.5% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-07-02IRDisclosure announcing an investor briefing (IR)A venue to explain business conditions and direction in the recovery phase directly to investors, and an occasion to confirm group strategy. Source
- 2026-06-25FilingDecision to acquire shares and equity securities of another entity related to a major subsidiary matterContinued investment for solar vertical integration and group restructuring, a signal of medium-term business expansion. Source
- 2026-06-08UpdateDisclosure of a serious accident at a subsidiary siteA safety and operational risk factor requiring a near-term check on operations and costs. Source
- 2026-06-01FilingDisclosure of the corporate governance reportMaterial for reviewing the holding company's governance and shareholder-return policy (neutral). Source
- 2026-05-14EarningsFirst-quarter 2026 report filed (revenue ₩892.4 billion, operating profit ₩10.8 billion, net profit ₩8.9 billion)Confirms a second straight quarter of operating profit, supporting the view that the downcycle trough has passed. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated net profit | -₩89.9 billion | -₩89.9 billion | Confirmed | link |
| Q1 2026 consolidated operating profit | ₩10.8 billion | ₩10.8 billion | Confirmed | link |
| Bukwang Pharmaceutical stake held | approx. 9% | approx. approx. 17% | Unverified | link |
| 2026 full-year net profit (company official outlook) | — | — | Unverified | link |
Recent filings
- 2026-06-09OwnershipLargest-shareholder ownership change report
- 2026-06-08Disclosure
- 2026-06-01Corporate governance report
- 2026-05-29Disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Large-business-group status disclosure
- 2026-05-29OwnershipOwnership-change filing
- 2026-05-22OwnershipLargest-shareholder ownership change report
- 2026-05-20Amended filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-13Disclosure
- 2026-05-11OwnershipLargest-shareholder ownership change report
📖 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.