KPX Holdings (092230) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
KPX Holdings is the holding company of the KPX chemical group, owning KPX Chemical (a polyol maker) along with Green Chemical and the Jinyang affiliates; the essence of what it earns is subsidiary dividends, 'KPX' trademark royalties and rental income from property. On March 23 it confirmed a corporate value-up plan and a cash dividend (₩5,250 per share, payout ratio 26.1%), sustaining a high dividend yield in the 6% range on the current price, and on May 15 its Q1 revenue and profit both turned back up; strengths include a share price at just 0.3x net assets and a low valuation of about 3.7x on this year's earnings. The point worth watching is that the discount has ample room to narrow if the subsidiary earnings recovery continues as in Q1 and the value-up plan translates into real returns, while against that the top line is in a long stretch of stagnation - so the durability of this rebound needs confirming - and there is volatility from the holding-company discount and thin trading.
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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 “Holding Companies”, a type typically read first through discount to NAV.
A holding company is less a maker of products than a vessel that holds stakes in several subsidiaries. So rather than an earnings multiple, the first lens is the discount to NAV — the market value against the summed worth of everything it owns.
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
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 4.9% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 5.2% higher than a year earlier.
- ROE is 7.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 3.6%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Yang Jun-young 12.19% (individual)
Controlling bloc incl. related parties 48.44%
With the controlling bloc holding 48%, the ownership structure is stable.
Net asset value (NAV) assessment
💡 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
| Jinyang Holdings | 67.12% |
| KPX Chemical | 52.28% |
🔎 In-depth analysis Reading
KPX Holdings does not sell products directly; it is the holding company of the KPX chemical group. The essence of what this company earns is dividends from the profit its subsidiaries generate, royalties for lending the 'KPX' trademark to those subsidiaries, and rental income from the property it holds. The group's key subsidiary is the listed KPX Chemical (which makes polyol and propylene glycol, the base feedstocks for polyurethane), and it also holds Green Chemical, which makes surfactants and fine chemicals, and the Jinyang affiliates, which handle polyurethane foam and foamed products. So on a consolidated basis most revenue is the share of these chemical subsidiaries, while the holding company on its own draws its core income from dividends and trademark royalties.
The latest close is ₩86,700 and the market capitalization is ₩366.3 billion. The price sits above its 20-day moving average (₩84,660) and above its 60-day moving average (₩83,450). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.4, a neutral level. The one-month change is -0.9%, the three-month change is -3.8%, and the position relative to the 52-week high is -5.0%. Relative strength versus the KOSPI is 48 (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 48% of all stocks. Over the past three months it outpaced the index by 14.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's (2025) confirmed results the P/E (how many times one year's profit the price is) is 4.62x and the P/B (how many times net assets the price is) is 0.33x. A P/B of 0.3x means the price is about a third of book net assets, reflecting the discount to the value of subsidiary stakes commonly seen at holding companies. ROE (how much is earned in a year on equity) is 7.2%, above the chemical-sector average (4.0%), and with a debt ratio (debt against equity) of 48.4% and a current ratio of 248%, the balance sheet is solid, with little debt and ample short-term coverage. One point to note is that the trailing P/E of 4.2x is a lagging figure calculated on last year's already-past earnings. The forward P/E on this year's earnings is lower still, clearly below the chemical-sector median (about 15x) and even below comparable peer chemical names. In other words, this is not a place to read a low trailing figure as a burden; on this year's earnings the stock actually gets cheaper - that is the closer read of the facts.
Five-year revenue eased from ₩1.24 trillion in 2021 to ₩1.16 trillion in 2025, a low-growth-to-stagnant trend averaging -1.6% a year. Consolidated operating profit also fell over two years, from ₩65.4 billion in 2023 to ₩51.1 billion in 2024 to ₩43.0 billion in 2025. But in the most recent quarter, Q1 2026, the flow changed. Consolidated revenue rose 5.2% year on year to ₩311.0 billion, and operating profit, which had fallen for two years, steadied at ₩13.3 billion and edged back into positive territory (+0.1%). Net profit had already turned first, rising 2.0% year on year in 2025. The valuation on this year's earnings coming in at about 3.7x, below the trailing 4.2x, reflects exactly this - a revenue that is growing again and a halt to the profit decline, an inflection phase. If a recovery in the chemical cycle and demand for polyol and fine chemicals hold the Q1 direction, this year's earnings can step up a level from last year's trough. That said, this is a one-quarter rebound, so whether the recovery carries into the next quarter is something to keep confirming.
Recent disclosures run along two lines. The first is a signal of stronger shareholder returns: on March 23, 2026 the company voluntarily disclosed a 'corporate value-up plan,' and in the same month confirmed a cash dividend (₩5,250 per share, payout ratio 26.1%). This dovetails with a high dividend yield in the 6% range on the current price. The second is governance and ownership disclosures: reports of changes in the largest shareholder's holdings continued through April and May, and a corporate-governance report was disclosed on May 29. The Q1 2026 quarterly report filed on May 15 is the source material for the revenue and profit rebound cited above. Even from the primary disclosures alone, rather than general news, the broad threads of 'shareholder-return intent plus governance tidying' come through.
In sum, KPX Holdings is a chemical-group holding company with little debt and a thick dividend, and its strengths are a share price at just 0.3x net assets and a low valuation of about 3.7x on this year's earnings. ROE runs above the sector average, and its multiple is on the low side even against comparable peer chemical names and other industrial-type holding companies, so the group as a whole clearly carries an undervalued character against net assets and earnings. Added to that are the Q1 2026 revenue and profit both turning up and a dividend yield in the 6% range that cushions the downside. The cautions are equally clear. The top line is still in a long stretch of stagnation, so whether this rebound stops at one quarter or extends into a trend needs confirming; as a holding company, the holding-company discount - where the price does not immediately follow the value of subsidiary stakes - can persist for a long time; and thin trading brings large volatility. In the end this stock leans toward 'ample room for the discount to narrow if the subsidiary earnings recovery continues as in Q1 and the value-up plan translates into real returns'; conversely, if the recovery stops at one quarter, the solid floor of undervaluation and high dividend remains, but the re-valuation point is pushed out.
🔎 Valuation vs peers Undervalued
In keeping with its reality as a chemical-group holding company rather than a plain chemical maker, it was compared together with a fellow industrial-type holding company (SeAH Steel Holdings) and its key subsidiary and comparable large chemical names (KCC, KPX Chemical). Multiples on the current price are base-calculated values.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SeAH Steel Holdings | 7.39x | 0.22x | 0.55% |
| KCC | 2.40x | 0.46x | 21.13% |
| KPX Chemical | 4.27x | 0.33x | 8.73% |
(a) Against the fellow industrial-type holding company SeAH Steel Holdings (P/B 0.28x, P/E 9.0x), the P/B is a similar discount band and the P/E is lower. Against the key subsidiary KPX Chemical (P/B 0.34x, P/E 4.4x) it sits at almost the same multiple band, revealing the group-wide undervalued character in which both holding company and subsidiary trade at a large discount to net assets. (b) Against the chemical-sector median (P/E 14.9x, P/B 1.19x) it is a wide discount, but this reflects both core-business stagnation and the holding-company discount, so it cannot simply be called cheap. (c) The P/E of 4.4x is a trailing value on last year's confirmed net profit, and given that operating profit fell for two years, at an earnings inflection it has the limitation of being a lagging indicator.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩320.1 billion | approx. ₩12.6 billion | approx. ₩36.6 billion |
Price history Close · MA20 · MA60
The latest close is ₩86,700 and the market capitalization is ₩366.3 billion. The price sits above its 20-day moving average (₩84,660) and above its 60-day moving average (₩83,450). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 61.4, a neutral level. The one-month change is -0.9%, the three-month change is -3.8%, and the position relative to the 52-week high is -5.0%. Relative strength versus the KOSPI is 48 (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 48% of all stocks. Over the past three months it outpaced the index by 14.0%. 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 +13.96% / 6M -8.52% / 12M -35.24%
Key metrics Computed vs sector median
Valuation
The P/E of 4.62x is below the sector median (14.15x). The P/B of 0.33x is below the sector median (0.90x). 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.
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 7.2%, above the sector average (4.0%). The operating margin is 3.6%. The debt ratio is 55.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $847.9M | $859.8M | $817.5M | -4.92% ↓ slower |
| Operating profit | $45.9M | $35.9M | $30.2M | -15.98% ↑ faster |
| Net profit | $59.0M | $54.6M | $55.7M | +1.98% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $870.2M | $871.4M | $847.9M | $859.8M | $817.5M |
| Operating profit | $38.0M | $39.0M | $45.9M | $35.9M | $30.2M |
| Net profit | $32.4M | $6.3M | $59.0M | $54.6M | $55.7M |
| Revenue CAGR | 4-yr avg -1.55% | ||||
Revenue fell 4.9% year over year (2023 ₩1.2 trillion → 2024 ₩1.2 trillion → 2025 ₩1.2 trillion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 16.0% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.6%. The two-year revenue CAGR is -1.8%. In the most recent quarter (Q1 2026), revenue was 5.2% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
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 6.1%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 4.9% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-03-23FilingCorporate value-up plan voluntarily disclosed - the company itself set out a direction for shareholder returns and capital-efficiency improvement.Over the medium term it becomes a gauge of dividend and capital-allocation policy. As the key variable that will determine whether the low-P/B holding company's discount narrows, follow-through on execution needs checking. Source
- 2026-03-20DividendCash/in-kind dividend decision (amended filing) - ₩5,250 per share, payout ratio about 26%.At about a 6.3% dividend yield on the current price, it underpins the high-dividend appeal. It matters more from a cash-flow-if-held standpoint than for the short-term share price. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed - consolidated revenue of ₩311.0 billion (+5.2%) and operating profit of ₩13.3 billion.Material for checking whether revenue and profit rose together short term after operating profit had fallen for two years. The durability of the recovery needs confirming in the next quarter. Source
- 2026-05-29FilingCorporate-governance report disclosed - status of the board and shareholder-rights operations made public.Together with the value-up plan, material showing governance transparency, tied to medium- to long-term confidence in shareholder returns. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 consolidated revenue | 1 ₩163.7 billion | 1 ₩163.7 billion | Confirmed | link |
| Q1 2026 consolidated operating profit | ₩13.3 billion | ₩13.3 billion | Confirmed | link |
| Cash dividend per share | ₩5,250 | ₩5,250 | Confirmed | link |
| 2026 annual operating profit (seasonal approximation) | approx. ₩44.9 billion | — | Unverified | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-28OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-04-29OwnershipLargest-shareholder ownership change report
- 2026-04-15OwnershipLargest-shareholder ownership change report
- 2026-03-23Disclosure
- 2026-03-20PeriodicAnnual business report (amended)
- 2026-03-20Disclosure
- 2026-03-20Shareholders' meeting notice
- 2026-03-20DividendCash/stock dividend decision (amended)
- 2026-03-12Audit report
- 2026-03-12PeriodicAnnual 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.