New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Reported Earnings • Mar 24
Full year 2025 earnings released: ₩1,279 loss per share (vs ₩2,148 loss in FY 2024) Full year 2025 results: ₩1,279 loss per share (improved from ₩2,148 loss in FY 2024). Revenue: ₩1.66t (down 13% from FY 2024). Net loss: ₩31.1b (loss narrowed 35% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 50% per year, which means it is performing significantly worse than earnings. Announcement • Mar 04
ISU Chemical Co., Ltd, Annual General Meeting, Mar 27, 2026 ISU Chemical Co., Ltd, Annual General Meeting, Mar 27, 2026, at 09:00 Tokyo Standard Time. Location: auditorium, 84, sapyeong-daero, seocho-gu, seoul South Korea New Risk • Oct 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩160b free cash flow). Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Sep 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩140.1b (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩160b free cash flow). Earnings have declined by 24% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Market cap is less than US$100m (₩140.1b market cap, or US$99.2m). Reported Earnings • Aug 20
Second quarter 2025 earnings released: ₩463 loss per share (vs ₩605 loss in 2Q 2024) Second quarter 2025 results: ₩463 loss per share (improved from ₩605 loss in 2Q 2024). Revenue: ₩339.9b (down 29% from 2Q 2024). Net loss: ₩10.9b (loss narrowed 18% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • May 15
ISU Chemical Co., Ltd announced that it expects to receive KRW 20.000008 billion in funding from Isu Corp. ISU Chemical Co., Ltd announced a private placement to issue 3,571,430 shares at an issue price of KRW 5,600 per share for gross proceeds of KRW 20,000,008,000 on May 14, 2025. The transaction will include returning investor Isu Corp. The transaction has been approved by shareholders, restricted to a hold period, expected to close on may 22, 2025. New Risk • Mar 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₩105b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₩105b free cash flow). Earnings have declined by 17% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩130.3b market cap, or US$88.6m). Announcement • Mar 06
ISU Chemical Co., Ltd, Annual General Meeting, Mar 28, 2025 ISU Chemical Co., Ltd, Annual General Meeting, Mar 28, 2025, at 09:00 Tokyo Standard Time. Location: auditorium, 84, sapyeong-daero, seocho-gu, seoul South Korea New Risk • Dec 07
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2013. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported September 2013 fiscal period end). Minor Risk Market cap is less than US$100m (₩132.3b market cap, or US$93.0m). New Risk • Dec 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₩140.4b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₩140.4b market cap, or US$99.1m). Reported Earnings • Nov 20
Third quarter 2024 earnings released: ₩1,220 loss per share (vs ₩225 loss in 3Q 2023) Third quarter 2024 results: ₩1,220 loss per share (further deteriorated from ₩225 loss in 3Q 2023). Revenue: ₩476.7b (down 7.6% from 3Q 2023). Net loss: ₩26.9b (loss widened 443% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 20
Upcoming dividend of ₩500 per share at 4.5% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 29 April 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.5%. Within top quartile of South Korean dividend payers (3.5%). Higher than average of industry peers (1.8%). New Risk • Nov 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 301% Paying a dividend despite having no free cash flows. High level of non-cash earnings (20% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (0.2% net profit margin). Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩15,340, the stock trades at a trailing P/E ratio of 69.1x. Average trailing P/E is 16x in the Chemicals industry in South Korea. Total returns to shareholders of 67% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₩225 loss per share (vs ₩27.02 loss in 3Q 2022) Third quarter 2023 results: ₩225 loss per share (further deteriorated from ₩27.02 loss in 3Q 2022). Revenue: ₩515.9b (flat on 3Q 2022). Net loss: ₩4.96b (loss widened ₩4.22b from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩15,030, the stock trades at a trailing P/E ratio of 36.4x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 62% over the past three years. Board Change • May 31
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Ki Jung Kim was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩55,800, the stock trades at a trailing P/E ratio of 54.8x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 595% over the past three years. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: ₩1,019 (vs ₩3,584 in FY 2021) Full year 2022 results: EPS: ₩1,019 (down from ₩3,584 in FY 2021). Revenue: ₩2.21t (up 30% from FY 2021). Net income: ₩27.7b (down 71% from FY 2021). Profit margin: 1.3% (down from 5.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has increased by 104% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩39,100, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 778% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩24,400, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 257% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩500 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 02 May 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of South Korean dividend payers (3.3%). In line with average of industry peers (2.4%). Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ₩406 (vs ₩685 in 3Q 2021) Third quarter 2022 results: EPS: ₩406 (down from ₩685 in 3Q 2021). Revenue: ₩565.3b (up 32% from 3Q 2021). Net income: ₩11.0b (down 40% from 3Q 2021). Profit margin: 2.0% (down from 4.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Chemicals industry in South Korea. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent Outside Director Kun Soo Huh was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩19,050, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Chemicals industry in South Korea. Total returns to shareholders of 112% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 26% share price gain to ₩32,550, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Chemicals industry in South Korea. Total returns to shareholders of 293% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 15% share price gain to ₩19,500, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 14x in the Chemicals industry in South Korea. Total returns to shareholders of 147% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 1 independent director (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 25 April 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.1%. Lower than top quartile of South Korean dividend payers (2.4%). Higher than average of industry peers (1.5%). Announcement • Feb 27
ISU Chemical Co., Ltd, Annual General Meeting, Mar 26, 2021 ISU Chemical Co., Ltd, Annual General Meeting, Mar 26, 2021, at 09:00 Korea Standard Time. Is New 90 Day High Low • Feb 26
New 90-day low: ₩12,300 The company is down 14% from its price of ₩14,350 on 27 November 2020. The South Korean market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ₩16,750 The company is up 42% from its price of ₩11,800 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 21% share price gain to ₩16,000, the stock is trading at a trailing P/E ratio of 23.7x, up from the previous P/E ratio of 19.5x. This compares to an average P/E of 16x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 28%. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 16% share price gain to ₩15,100, the stock is trading at a trailing P/E ratio of 72.9x, up from the previous P/E ratio of 63x. This compares to an average P/E of 13x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 24%. Is New 90 Day High Low • Nov 09
New 90-day high: ₩13,350 The company is up 47% from its price of ₩9,100 on 11 August 2020. The South Korean market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 20% share price gain to ₩13,350, the stock is trading at a trailing P/E ratio of 64.4x, up from the previous P/E ratio of 53.8x. This compares to an average P/E of 13x in the Chemicals industry in South Korea. Total returns to shareholders over the past three years are 2.5%. Is New 90 Day High Low • Oct 06
New 90-day high: ₩11,500 The company is up 36% from its price of ₩8,430 on 08 July 2020. The South Korean market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 30% over the same period. Announcement • Aug 06
ISU Chemical Co., Ltd has completed a Follow-on Equity Offering in the amount of KRW 55.60503 billion. ISU Chemical Co., Ltd has completed a Follow-on Equity Offering in the amount of KRW 55.60503 billion.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 7,798,742
Price\Range: KRW 7130
Transaction Features: Rights Offering