PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
Okong, a KOSDAQ-listed adhesive and adhesive-tape maker, saw earnings contract in 2025 amid a domestic construction slowdown, but quarterly results have shown a clear recovery trend through 2026.
2025 consolidated revenue reached KRW 160.1 billion with operating profit of KRW 5.6 billion, both down from the prior year, attributed to a construction downturn and domestic price competition
Revenue and profit improved in both Q1 and Q2 2026, with Q2 operating profit reaching the highest level among the past five quarters
Subsidiaries Okong TS (distribution) and Samsung Tape (adhesive tape) account for a significant portion of group revenue, reflecting a diversified structure
Growth in e-commerce packaging tape demand and new mobility/secondary-battery-related applications are emerging as growth drivers
A stable financial structure with a debt ratio in the low 20% range and a conservative management style that maintains annual cash dividends
Founded in 1962 and listed on KOSDAQ in 2000, Okong is an adhesive and pressure-sensitive materials specialist that operates two subsidiaries, Okong TS and Samsung Tape. Its core products are vinyl acetate resin emulsion adhesives, hot-melt adhesives, and adhesive tapes, which together form the bulk of revenue.
The parent company handles manufacturing and some distribution, and as of the end of 2025 its standalone revenue was about KRW 55.3 billion with net income of roughly KRW 2.2 billion.
Distribution subsidiary Okong TS operates a wholesale and retail network through nationwide sales offices and a large client base, posting revenue of about KRW 108.9 billion and net income of roughly KRW 1.8 billion over the same period.
Samsung Tape, the adhesive-tape subsidiary acquired in 2014, recorded revenue of about KRW 23.7 billion and net income of roughly KRW 1.6 billion.
A distinctive feature is the group's multi-channel structure, combining Okong's B2B manufacturing sales with Okong TS's nationwide wholesale and retail distribution, with the extensive sales and logistics network acting as a barrier to new entrants.
End markets are diversified across construction, automotive/mobility, tobacco, and home appliances/electronics, and company IR materials describe a shift in growth focus toward mobility and secondary-battery-related materials following earlier moves into eco-friendly and high-function products. In 2019 the company expanded its hot-melt adhesive production line at its Chungju plant.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩40.6B | ₩1.4B | 3.4% |
| 2025Q3 | ₩39.9B | ₩1.8B | 4.4% |
| 2025Q4 | ₩41.2B | ₩1.7B | 4.1% |
| 2026Q1 | ₩42.5B | ₩1.6B | 3.8% |
| 2026Q2 | ₩45.3B | ₩4.9B | 10.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩170.4B | ₩8.6B | ₩7.5B | 5.1% | 7.3% | 31.8% |
| 2023 | ₩158.4B | ₩10.2B | ₩8.9B | 6.4% | 8.0% | 25.3% |
| 2024 | ₩163B | ₩8.6B | ₩7.9B | 5.3% | 6.8% | 22.2% |
| 2025 | ₩160.1B | ₩5.6B | ₩5.6B | 3.5% | 4.6% | 20.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated 2025 revenue was KRW 160.07 billion, slightly down from KRW 163.01 billion in 2024, while operating profit fell sharply to KRW 5.62 billion from KRW 8.64 billion. Net income also declined to KRW 5.62 billion from KRW 8.00 billion the prior year.
The company attributed this profit contraction to a slump in construction-related demand and price volatility from overheated domestic supply-side competition. Operating margin declined for three consecutive years, from 6.4% in 2023 to 5.3% in 2024 and 3.5% in 2025.
On a quarterly basis, however, results began recovering from a trough through Q3 2025 (operating profit of KRW 1.76 billion) and Q4 2025 (KRW 1.69 billion), and Q1 2026 posted revenue of KRW 42.5 billion, operating profit of KRW 1.63 billion, and owner net income of KRW 1.42 billion.
In Q2 2026, revenue rose to KRW 45.3 billion while operating profit expanded markedly to KRW 4.94 billion and owner net income to KRW 4.04 billion, the highest level among the past five quarters.
Operating cash flow moved in a similar pattern to earnings, rising from KRW 7.82 billion in 2022 to KRW 13.76 billion in 2023 before declining to KRW 11.14 billion in 2024 and KRW 7.70 billion in 2025.
Total equity, meanwhile, grew steadily each year from KRW 103.8 billion in 2022 to KRW 123.0 billion in 2025, accumulating gradually even as profit fluctuated.
The domestic adhesive and pressure-sensitive materials industry depends on demand from diverse end markets including construction, automotive, electronics, and tobacco, and the recent construction slowdown in Korea has weighed directly on industry conditions.
The weak Q1 2025 results were attributed in part to the continuation of the Russia-Ukraine war, rising construction costs, high interest rates, and foreign-exchange volatility.
By contrast, the Q1 2026 improvement was linked to rising demand for packaging adhesive tape driven by e-commerce growth and increased DIY adhesive demand from an expanding interior/renovation market.
The domestic adhesive market features competition among numerous small and mid-sized producers, which tends to intensify price competition during periods of oversupply, while reliance on petrochemical-based synthetic resin inputs makes the industry sensitive to global oil prices and exchange rates.
Okong is responding by diversifying its product mix across water-based adhesives, hot melts, and adhesive tapes while expanding into mobility and secondary-battery-related materials.
Within the competitive landscape, Okong is noted for its long operating history and brand recognition built on a nationwide distribution network.
Company IR materials describe a restructuring of the product portfolio in which growth in mobility and secondary-battery-related demand is offsetting the construction slowdown, with the center of gravity shifting from traditional manufacturing through eco-friendly and high-function products toward mobility and secondary-battery materials.
The revenue and profit improvement seen in both Q1 and Q2 2026 has been linked to rising packaging tape demand from e-commerce expansion and increased DIY adhesive demand from a growing interior/renovation market.
However, because the scale of the Q2 2026 operating profit increase was large relative to the prior quarter, whether this trend continues in subsequent quarters will require confirmation through upcoming earnings disclosures.
Okong TS's nationwide sales and logistics network and Samsung Tape's adhesive-tape production capacity are cited as the foundation for meeting new demand. The 2019 expansion of the hot-melt adhesive production line at the Chungju plant is mentioned as supporting capability for high-function products.
On dividend policy, a cash dividend of KRW 50 per share for fiscal 2025 was approved at the shareholders' meeting, maintaining a pattern of dividends scaled to profit levels.
The current share price sits below per-share net asset value, placing the stock in a discount range relative to book value.
Given its earnings scale relative to market capitalization, the stock exhibits characteristics typical of a small-cap KOSDAQ name, where thin trading volume can lead to relatively larger price swings.
The company paid a per-share cash dividend for fiscal 2025 and has continued dividend payments even in years when profit declined, which stands out as a notable feature.
That said, the dividend yield itself should be assessed from the standpoint of monitoring stable earnings generation rather than expecting significant capital gains.
Following the 2025 profit contraction, quarterly results have shown a recovery trend through 2026, and whether this trend persists is likely to be a key variable in any valuation assessment going forward.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
After the 2025 profit contraction, revenue and operating profit improved in both Q1 and Q2 2026. Q2 2026 operating profit in particular reached KRW 4.94 billion, the highest level among the past five quarters.
This improvement has been linked to rising packaging tape demand from e-commerce expansion and increased DIY adhesive demand from a growing interior/renovation market.
Okong TS's nationwide distribution network and Samsung Tape's adhesive-tape production, combined with parent Okong's adhesive business, spread revenue sources across multiple channels. The extensive nationwide sales and logistics network, difficult for new entrants to replicate quickly, acts as a barrier to entry. The company is also seen expanding into mobility and secondary-battery-related materials.
The debt ratio declined steadily from 31.8% in 2022 to 20.3% in 2025. Total equity grew consistently from KRW 103.8 billion in 2022 to KRW 123.0 billion in 2025. Even in 2025, when profit declined, the company maintained dividend continuity by paying a cash dividend of KRW 50 per share.
Consolidated revenue actually declined from KRW 170.4 billion in 2022 to KRW 160.1 billion in 2025, fluctuating without clear growth over the period. Operating margin fell for three consecutive years, from 6.4% in 2023 to 3.5% in 2025. Price competition in the domestic supply market has been cited as a margin pressure factor.
Demand for the company's core adhesive products is closely tied to the construction and interior/renovation cycle, meaning a prolonged domestic construction downturn could continue to weigh on demand. The 2025 profit decline was primarily attributed to the construction downturn. Whether construction-related demand recovers remains a variable for future results.
As a small-cap KOSDAQ stock with market capitalization modest relative to its earnings scale, limited trading volume can amplify price volatility.
While the sharp expansion in Q2 2026 operating profit versus the prior quarter is a positive, wider quarter-to-quarter variance can also increase uncertainty in forecasting future results.
Synthetic resin, the main raw material for adhesives, is a petrochemical product, so cost burdens can shift with changes in global oil prices and exchange rates.
Given the industry's high reliance on imported raw materials, the company is exposed to overseas supply-chain variables, which can act as an ongoing variable for margin stability.
A prolonged construction downturn could weaken demand for the company's core adhesive products. Overheated competition in the domestic supply market can translate into downward pricing pressure. This risk materialized in the 2025 earnings contraction.
The two subsidiaries, Okong TS and Samsung Tape, account for a substantial share of revenue and profit within the consolidated results. A downturn or impairment issue at either subsidiary could be directly reflected in the consolidated financial statements.
Given a past goodwill impairment case related to Samsung Tape, subsidiary management issues warrant continued monitoring.
Check the Q3 2026 quarterly report to see whether the operating-profit expansion seen in Q2 continues
Monitor how trends in global oil prices, exchange rates, and domestic construction indicators affect costs and demand
Watch for further IR disclosures on the concrete progress of mobility and secondary-battery-related materials business, including orders and revenue contribution
Check the preliminary full-year 2026 earnings disclosure to confirm whether the quarterly recovery trend holds on an annual basis
Okong is a small-cap KOSDAQ chemical company centered on adhesives and adhesive tape, with its business diversified through two subsidiaries, Okong TS (distribution) and Samsung Tape (adhesive tape).
In 2025, both revenue and operating profit declined amid a domestic construction downturn and price competition in the supply market, but results showed signs of recovery with improvement in both Q1 and Q2 2026.
Q2 2026 operating profit in particular reached the highest level among the past five quarters, marking a notable shift. The balance sheet remains relatively stable, with the debt ratio declining each year and equity growing steadily, and the company has continued paying dividends even in years of lower profit.
That said, revenue has fluctuated without clear growth in recent years, and risks tied to construction-cycle dependence, raw material/FX variables, and subsidiary earnings linkage remain in place.
Whether the recent recovery trend continues into the second half of 2026 and beyond will be the key point to watch going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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