Kyung-In Synthetic (012610) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Kyung-In Synthetic is a chemical company that, on a fine-chemicals base, makes dyes, pigments, and industrial chemical materials and supplies them to textile and industrial customers at home and abroad. Its 2025 full-year results were revenue of ₩379.7 billion, operating profit of ₩16.3 billion, and net profit of ₩5.6 billion, and in Q1 2026 net profit doubled year on year, so earnings are reviving, with dividend (a 36.2% payout ratio) and treasury-share trust termination disclosures following. What stands out lately is that if the earnings recovery that began in Q1 continues through the full year, the low valuation — a forward P/E of 5.32x, a P/B of 0.58x, and a price down 45% from its 52-week high — gains support, but with a 219.2% debt ratio and 2.4% ROE, if the recovery wobbles the high debt and low profitability could come back to the fore.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Chemicals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Chemicals is a cyclical business where profits swing with feedstock prices and product spreads, ballooning in upturns and often slipping into losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the value of the company's heavy asset base — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 1.5% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 8.5% higher than a year earlier.
- ROE is 3.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 4.5%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2021-12-31
Largest shareholder Kim Heung-jun 20.46% (individual)
Controlling bloc incl. related parties 24.07%
With the controlling bloc holding 24%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Kyung-In Synthetic is a company in the chemicals sector, with its head office in Seo-gu, Incheon. Its business structure is to make dyes, pigments, and industrial chemical materials on a fine-chemicals base and supply them to textile and industrial customers at home and abroad. As a small-to-mid-cap stock with a market cap of ₩139.2 billion, each capital-related disclosure — such as results, treasury shares, or dividends — as well as the business flow tends to have a relatively large impact on the balance sheet and share count.
The latest close is ₩3,080 and the market capitalization is ₩128.2 billion. The price sits above its 20-day moving average (₩2,890) and below its 60-day moving average (₩3,862). 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 -1.8%, the three-month change is -42.2%, and the position relative to the 52-week high is -49.4%. Relative strength versus the KOSPI is 19 (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 18% of all stocks. Over the past three months it lagged the index by 27.5%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The most recent full-year (2025) revenue was ₩379.7 billion, operating profit ₩16.3 billion, and net profit ₩5.6 billion. The operating margin is 4.3%, ROE (how much the company earns in a year on its equity) is 2.4%, and the debt ratio (debt relative to equity) is 219.2%. The current P/E ratio (how many times one year's earnings the price represents) is 22.73x, high at face value, but that is because it is computed off a year in which net profit temporarily shrank. For a stock like this, whose earnings hit bottom and are turning up, the picture based on this year's expected earnings is closer to the essence than past results. On this year's expected earnings the P/E is 5.32x, low relative to peers, and the P/B (how many times book value the price represents) is 0.53x, meaning the price is about half the company's net assets. In other words, on both the asset and this-year-earnings yardsticks it has entered a cheap zone.
Revenue rose steadily from ₩345.4 billion in 2023 to ₩374.2 billion in 2024 to ₩379.7 billion in 2025. The change on the earnings side is bigger: operating profit swung from a ₩2.2 billion loss in 2023 to a ₩24.2 billion profit in 2024, then ₩16.3 billion in 2025. And in Q1 this year the trend strengthened again. Revenue rose 8.5% from the same period a year earlier, operating profit was up 22.6%, and net profit surged 106%. This is a recovery phase in which a business that had been loss-making has settled into profit and is again building up the scale of earnings. This year's expected revenue is ₩423.0 billion, operating profit ₩24.2 billion, and net profit ₩26.3 billion — a picture in which the earnings recovery confirmed in Q1 carries through to the full-year results. This kind of earnings increase feeds into the low figure of a 5.32x expected P/E.
Recent disclosures cluster around results and shareholder returns. A January 28, 2026 results-change disclosure confirmed full-year revenue of ₩379.7 billion, operating profit of ₩16.3 billion, and net profit of ₩5.6 billion, and a cash and in-kind dividend was decided the same day. On January 9 there was a disclosure terminating the treasury-share acquisition trust contract. Dividend and treasury-share disclosures connect directly to cash returns or share-count changes, so it is worth checking together with whether earnings and cash flow support them. The payout ratio is 36.2%, returning part of what it earns to shareholders.
The strengths are clear. Last year's earnings fell, making the P/E look high, but with Q1 net profit this year doubling year on year, earnings are reviving, and this year's expected-earnings P/E of 5.32x is lower than peers (Genic at 9.7x, Purit at 8.9x). At half of book value (a P/B of 0.58x) the stock is also supported on the asset-value side. On the chart, too, it is down 45% from its 52-week high with the RSI in a depressed zone, so valuation and price position have fallen together. The cautions are that the debt ratio is somewhat high at 219.2% and ROE is still low at 2.4%, and that the earnings recovery has only been confirmed once, in Q1. In short, if the earnings recovery that began in Q1 continues through the full year, the low expected P/E gains support directly; if the recovery wobbles, the high debt and low ROE could come back to the fore.
🔎 Valuation vs peers Undervalued
Peers close in market cap within the chemicals sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Kangnam Jevisco | — | 0.26x | -0.43% |
| Genic | 12.11x | 5.13x | 42.30% |
| Purit | 8.35x | 1.15x | 15.23% |
Within the chemicals sector, peers close in market cap from public data were viewed first. The current P/E ratio (how many times one year's earnings the price represents) is 22.73x and the P/B (how many times book value the price represents) is 0.53x. That said, smaller-cap stocks are heavily affected by earnings swings and financing disclosures, so no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩423.0 billion | ₩24.2 billion | ₩26.3 billion |
| Next quarter | Q2 2026 | ₩111.6 billion | ₩7.8 billion | ₩11.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩3,080 and the market capitalization is ₩128.2 billion. The price sits above its 20-day moving average (₩2,890) and below its 60-day moving average (₩3,862). 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 -1.8%, the three-month change is -42.2%, and the position relative to the 52-week high is -49.4%. Relative strength versus the KOSPI is 19 (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 18% of all stocks. Over the past three months it lagged the index by 27.5%. 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 -27.45% / 6M -48.48% / 12M -54.06%
Key metrics Computed vs sector median
Valuation
The P/E of 22.73x is above the sector median (14.15x). The P/B of 0.53x is below the sector median (0.90x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
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 3.5%, in line with the sector average (4.0%). The operating margin is 4.5%. The debt ratio is 116.3%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $242.7M | $262.9M | $266.7M | +1.46% ↓ slower |
| Operating profit | -$1.6M | $17.0M | $11.4M | -32.86% |
| Net profit | -$7.5M | $10.8M | $4.0M | -63.21% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $283.3M | $282.9M | $242.7M | $262.9M | $266.7M |
| Operating profit | $19.9M | $19.7M | -$1.6M | $17.0M | $11.4M |
| Net profit | $17.1M | $10.1M | -$7.5M | $10.8M | $4.0M |
| Revenue CAGR | 4-yr avg -1.50% | ||||
Revenue rose 1.5% year over year (2023 ₩345.4 billion → 2024 ₩374.2 billion → 2025 ₩379.7 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit fell 32.9% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.5%. The two-year revenue CAGR is 4.9%. In the most recent quarter (Q1 2026), revenue was 8.5% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue rose 1.5% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-01-28EarningsChange in revenue or profit-and-loss structure of 30% or more (15% for large corporations): full-year revenue ₩379.7 billion, operating profit ₩16.3 billion, net profit ₩5.6 billionRecent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
- 2026-01-09UpdateMaterial-event report (decision to terminate the treasury-share acquisition trust contract): confirm the return termsA disclosure related to cash returns or share-count changes. Check whether earnings power and cash flow support it. Source
- 2026-01-28UpdateCash and in-kind dividend decision: confirm the return termsA disclosure related to cash returns or share-count changes. Check whether earnings power and cash flow support it. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩3,080 | ₩3,080 | Confirmed | link |
| Latest quarterly results | revenue ₩107.9 billion, operating profit ₩6.5 billion | revenue ₩107.9 billion, operating profit ₩6.5 billion | Confirmed | link |
| Annual results | revenue ₩379.7 billion, operating profit ₩16.3 billion | revenue ₩379.7 billion, operating profit ₩16.3 billion | Confirmed | link |
| Original text of the results disclosure | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩379.7 billion · operating profit ₩16.3 billion · net profit ₩5.6 billion | revenue or profit structure changed by 30% or more (15% for large companies): revenue ₩379.7 billion · operating profit ₩16.3 billion · net profit ₩5.6 billion | Confirmed | link |
| Original text of the shareholder-return disclosure | check the payout terms | check the payout terms | Confirmed | link |
| Original text of the shareholder-return disclosure | cash/stock dividend declared: check the payout terms | cash/stock dividend declared: check the payout terms | Confirmed | link |
| Basis of the outlook box | DART | DART | Confirmed | link |
Recent filings Source
- 2026-06-02OwnershipOwnership-change filing
- 2026-06-02OwnershipLargest-shareholder ownership change report
- 2026-05-29Corporate governance report
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-21OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-04-21OwnershipLargest-shareholder ownership change report
- 2026-04-21OwnershipOwnership-change filing
- 2026-03-31OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business 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.