Unid is a potassium-chemicals company that uses potassium chloride as a feedstock to make and sell caustic potash (KOH) and potassium carbonate (K2CO3); it holds the world's number-one production capacity in both products and supplies a wide range of industries including fertilizer, glass, detergents, and battery materials, while also running a boards business for furniture and building materials. Q1 2026 revenue and net profit both grew (net profit +11.5%), confirmed by the April preliminary results and the May quarterly report, and shareholder returns are steady with a 3.2% dividend yield and a 20% payout ratio. What stands out lately is a two-sided picture: if potassium selling prices and the feedstock spread recover so that operating-stage margins catch up with revenue growth, the compressed valuation - last year's P/E of 6.5x and P/B of 0.39x (a forward P/E of 4.1x for this year) - becomes a strength alongside the world-leading position; on the other hand, as the one-off drop in Q1 operating profit shows, a prolonged period of weak pricing could slow the pace of the earnings recovery.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 20.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 19.2% higher than a year earlier.
- ROE is 6.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Unid Global Trading 25.06% (corporate)
Controlling bloc incl. related parties 45.56%
With the controlling bloc holding 46%, the ownership structure is stable.
🔎 In-depth analysis
- Unid makes its money in potassium (K) chemistry.
- Using potassium chloride (KCl) as a feedstock, it makes and sells caustic potash (KOH) and potassium carbonate (K2CO3), and it holds the world's number-one production capacity in both products.
- Potassium-based products serve as basic inputs across a wide range of industries - fertilizer, glass, detergents, pharmaceutical and food additives, and battery and semiconductor process materials - so demand is not concentrated in any single sector.
- On top of this it runs a boards business (MDF and particleboard) used in furniture and building materials, so the business structure divides broadly into two axes, 'potassium chemistry' and 'boards.' The center of revenue is potassium chemistry, and beyond its domestic plants it also runs production bases in China and supplies globally.
- The latest close is 62,200 won and the market cap is 420.9 billion won.
- The price sits below the 20-day line (65,470 won) and below the 60-day line (75,198 won).
- Trading below both the short-term and medium-term moving averages, the trend is on the depressed side.
- The RSI (a supplementary gauge that compares upward and downward force over the past 14 days on a 0-100 scale) is 36.9, a neutral level.
- The one-month change is -6.9%, the three-month change is -23.1%, and the position relative to the 52-week high is -36.5%.
- Relative strength versus the KOSPI is 15 (on a 1-99 scale, converted from returns against the index over the past year with heavier weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 86% by strength among all stocks.
- Over the past three months it lagged the index by 38.5%.
- It is best to read the chart alongside trading volume and disclosure dates.
- On last year's confirmed annual (2025) basis, the P/E (how many times the price is versus one year of earnings) is 6.45x and the P/B (how many times the price is versus net assets) is 0.39x, both below the chemicals-sector medians (P/E 14.7x and P/B 1.16x).
- More notable is that the forward P/E based on this year's earnings comes down.
- That means this year's earnings are expected to grow versus last year, and for a stock at an inflection where earnings are just improving, this forward multiple is closer to the real picture than a trailing multiple calculated on 'last year's earnings.' Given that peers carry double-digit P/E ratios, 4.1x can be seen as an undervaluation signal.
- On profitability, ROE (how much is earned in a year on equity) is 6.0%, above the sector average (4.0%), and the operating margin is 6.6%.
- Financially, the debt ratio (debt versus equity) of 140.9% is not excessive for capital-intensive chemicals, and with a current ratio of 218% and an interest coverage ratio of 4.66x there is ample capacity to service debt.
- Five-year revenue moved from 877.1 billion won in 2021 to 1.40 trillion won in 2022, 1.13 trillion won in 2023, 1.11 trillion won in 2024, and 1.34 trillion won in 2025, rebounding +20.4% last year to return to growth.
- In Q1 2026, top-line growth continued with revenue of 384.4 billion won (+19.2%), and net profit grew to 24.9 billion won (+11.5%).
- Q1 operating profit was depressed once, at 25.5 billion won (-11.0%), but the bottom-line net profit rose instead, showing a phase in which earnings power is recovering.
- Reflecting this trend, the forward P/E on this year's earnings is notably lower than last year's confirmed 6.5x.
- Double-digit revenue growth continuing and net profit turning back to growth, together with a world number-one position in potassium chemistry that carries pricing and volume bargaining power, are the grounds for this year's earnings improving over last year's.
- As long as potassium-product pricing and demand hold up, there is room for the structure in which top-line growth flows through to earnings to be maintained.
- Recent activity has centered on regular, results, and governance disclosures.
- On April 22, the Q1 preliminary results (fair disclosure) first showed revenue growth and net-profit growth, and these were confirmed by the quarterly report on May 14.
- Two investor-relations (IR) event disclosures in April and May set up occasions for the company to explain the Q1 results and the state of the potassium business directly to the market.
- In May, regular disclosures such as the corporate-governance report and large-business-group status, plus reports on major shareholders' stake changes, followed in sequence.
- Rather than short-term momentum disclosures such as new orders or large investments, this was a stretch dominated by disclosures aimed at confirming results and governance.
- The strengths are the world number-one position in potassium chemistry, a low P/E of 6.5x and P/B of 0.39x even on a confirmed last-year basis, and a forward P/E that comes down to 4.1x when viewed on this year's earnings.
- Revenue grew double-digits both last year and in Q1 this year, and net profit turned back to growth at +11.5% in Q1.
- Shareholder returns are steady too, with a 3.2% dividend yield and a 20% payout ratio.
- In short, compared with peers (double-digit P/E), this is a stock whose price is clearly depressed relative to earnings and assets.
- What to weigh alongside is that Q1 operating profit fell once: if the potassium selling price and the feedstock (potassium chloride) spread recover so that operating-stage margins catch up with revenue growth, it is stronger; conversely, if weak pricing drags on, the pace of the earnings recovery could slow.
🔎 Valuation vs peers Undervalued
The peer set consists of basic and fine chemicals names including potassium-based inorganic chemistry that share a similar business character and asset structure and for which figures are available on the site.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Lotte Fine Chemical | 10.44x | 0.45x | 4.36% |
| Namhae Chemical | 9.58x | 0.51x | 5.31% |
Against basic and fine chemicals peers Lotte Fine Chemical (P/E 11.88, P/B 0.52) and Namhae Chemical (P/E 10.62, P/B 0.56), Unid sits in a lower zone at P/E 7.57 and P/B 0.46. Its ROE of 6.0% is similar to or slightly above the peers, so the multiple is even more depressed relative to return on equity. Given the top-line number-one position and low P/B, this position can be read as a discount, but the caution is that this P/E is a trailing figure calculated on 'last year's confirmed earnings.' In an earnings-inflection zone where revenue rises but operating profit falls, on a forward (this-year) basis there is no official company outlook, so only a DART quarterly-seasonality approximation (operating profit of about 115.2 billion won) can be referenced. It is therefore appropriate to read this not as 'cheap no matter what' but as a structure where the degree of undervaluation depends on whether this year's earnings hold last year's level.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩393.2 billion | approx. ₩38.3 billion | approx. ₩28.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩62,200 and the market capitalization is ₩420.9 billion. The price sits below its 20-day moving average (₩65,470) and below its 60-day moving average (₩75,198). 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 36.9, a neutral level. The one-month change is -6.9%, the three-month change is -23.1%, and the position relative to the 52-week high is -36.5%. Relative strength versus the KOSPI is 15 (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 14% of all stocks. Over the past three months it lagged the index by 38.5%. 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 -38.46% / 6M -42.04% / 12M -71.90%
Key metrics vs sector median
Valuation
The P/E of 6.45x is below the sector median (14.79x). The P/B of 0.39x is below the sector median (0.97x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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.
Profitability & financials
Return on equity (ROE) is 6.0%, above the sector average (4.0%). The operating margin is 6.6%. The debt ratio is 140.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $751.4M | $736.8M | $887.3M | +20.43% ↑ faster |
| Operating profit | $21.3M | $63.3M | $58.3M | -7.90% ↓ slower |
| Net profit | $10.8M | $50.5M | $43.3M | -14.40% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $581.3M | $931.1M | $751.4M | $736.8M | $887.3M |
| Operating profit | $98.7M | $98.0M | $21.3M | $63.3M | $58.3M |
| Net profit | $121.0M | $82.4M | $10.8M | $50.5M | $43.3M |
| Revenue CAGR | 4-yr avg 11.15% | ||||
Revenue rose 20.4% year over year (2023 ₩1.1 trillion → 2024 ₩1.1 trillion → 2025 ₩1.3 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 7.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 11.2%. The two-year revenue CAGR is 8.7%. In the most recent quarter (Q1 2026), revenue was 19.2% 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.
- The dividend yield, at 3.2%, is on the high side.
- Revenue grew 20.4% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-14UpdateFiling of the Q1 2026 quarterly report - revenue of 384.4 billion won (+19.2%) and operating profit of 25.5 billion won (-11.0%) confirmedA quarter in which top-line growth and an earnings decline were confirmed together. Whether margins recover remains the key variable for this year's earnings. Source
- 2026-04-22EarningsFair disclosure of consolidated preliminary operating results - Q1 revenue growth and an operating-profit decline pre-announcedA disclosure that signaled the direction of results ahead of the confirmed quarterly report, serving as the first driver of short-term price moves. Source
- 2026-05-06IRNotice of an investor-relations (IR) event - the company sets up an occasion to explain Q1 results and the state of the business directly to the marketStrengthened communication through an official channel. It offers a route to confirm the state of the business, such as potassium pricing and capacity expansion. Source
- 2026-05-29FilingDisclosure of the corporate-governance report - regular disclosure of governance status such as the board and shareholder returnsA regular disclosure unrelated to short-term results, but useful material for checking the consistency of dividends and governance. Source
- 2026-05-27UpdateFiling of a large-holding report - notification of a change in a major shareholder's stakeChanges in the ownership structure can affect short-term supply and demand, so the trend should be watched together. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-22OwnershipLargest-shareholder ownership change report
- 2026-05-14PeriodicQuarterly report
- 2026-05-06Disclosure
- 2026-04-22Disclosure
- 2026-04-22EarningsFair-disclosure notice
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-21OwnershipOfficers'/major-shareholders' holdings 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.