Fact Summary
Founded in 1971 and listed on the KOSPI (Korea Exchange), Byucksan is a building materials company operating an insulation-centered building materials division, a paints division (Byucksan Paint), and a kitchen equipment/ventilation division (subsidiary HAT'S, 46.33% stake). For fiscal year 2025, consolidated revenue was KRW 610.6 billion (-5.04% YoY), operating profit was KRW 23.3 billion (operating margin 3.81%), and net income was KRW 27.4 billion. In May 2025, the company acquired a 100% stake in fastener specialist Youngwoo Fastener for KRW 34.0 billion, and as of end-June 2026, the largest shareholder Byucksan LTC Enterprise and its affiliates held a combined 28.91% stake.
Change Context Note
Consolidated operating margin for H1 2026 improved to 4.80% from 3.81% in 2025, while the debt-to-equity ratio over the same period rose slightly to 79.22% from 76.30% at end-2025. Mixed signals emerged as the Bank of Korea raised its base rate from 2.50% to 2.75% in July 2026 and domestic private construction orders fell 41.5% YoY in June of the same year, even as nationwide housing starts in H1 2026 rose 14.4% YoY.
Business Overview
Byucksan operates three business divisions on a consolidated basis: building materials (insulation, exterior/interior finishing materials), paints (subsidiary Byucksan Paint), and kitchen equipment/ventilation (subsidiary HAT'S, 46.33% stake). Its flagship insulation products are Isopink (polystyrene-based XPS/EPS), mineral wool, and glass wool; gypsum board is not self-manufactured but is a resold merchandise item purchased from KCC (Shinyoung Securities Research, 2022-04-12 — most recent breakdown not available). Detailed revenue mix by segment could not be obtained due to restricted access to original disclosure filings.
5-Year Financial Trend (Consolidated)
| Period | Revenue (KRW bn) | Operating Margin | Net Margin | Debt-to-Equity Ratio | ROE |
|---|---|---|---|---|---|
| 2021 | 471.4 | 1.81% | -0.32% | 74.11% | -0.51% |
| 2022 | 519.9 | 3.62% | 2.25% | 99.09% | 3.87% |
| 2023 | 620.7 | 7.21% | 5.87% | 87.29% | 11.00% |
| 2024 | 643.1 | 4.00% | 3.20% | 84.16% | 5.91% |
| 2025 | 610.7 | 3.81% | 4.48% | 76.30% | 7.31% |
| H1 2026 (cumulative) | 301.8 | 4.80% | 3.04% | 79.22% | Not calculated (cumulative) |
Net income for 2025 (KRW 27.4 billion) exceeded operating profit (KRW 23.3 billion), but a detailed breakdown of non-operating items is not available. The renewed rise in the debt-to-equity ratio in H1 2026 (76.30%→79.22%) may be related to funding needs from the 2025-05-20 acquisition of Youngwoo Fastener (KRW 34.0 billion), but causality is not confirmed.
Peer Comparison
| Item | Byucksan (FY2025) | KCC (FY2025) | Igeon Industrial/Igeon Holdings (FY2025E) |
|---|---|---|---|
| Revenue | KRW 610.7 billion | KRW 6,483.8 billion | KRW 44.7 billion |
| Operating Profit | KRW 23.3 billion | KRW 427.6 billion | KRW -1.4 billion |
| Operating Margin | 3.81% | 6.60% | -3.14% |
By revenue, Byucksan is roughly one-tenth the size of industry leader KCC, while its revenue is about 13.7 times larger than that of Igeon Industrial/Igeon Holdings (wood-based building materials). Its operating margin is lower than KCC's but higher than the loss-making Igeon Industrial/Igeon Holdings. The KCC and Igeon Industrial/Igeon Holdings figures are reference-only comparisons and are not as rigorously sourced as Byucksan's primary data.
Valuation (Factual Multiples)
EV/EBITDA could not be calculated due to unavailable depreciation and net debt detail. The finalized FY2025 year-end dividend amount is also not available.
Governance and Capital Structure
| Date | Event |
|---|---|
| 2025-05-20 | Completed acquisition of 100% stake in Youngwoo Fastener (acquisition amount KRW 34.0 billion) |
| 2025-05-26 | Substantial shareholding change report — Byucksan LTC Enterprise 28.25% |
| 2025-10-15 | Substantial shareholding change report — Byucksan LTC Enterprise 28.26% |
| 2026-05-22 | Substantial shareholding change report — Byucksan LTC Enterprise 28.91% |
| 2026-06-30 | Per semiannual report, combined largest shareholder + related-party stake of 28.91% (largest shareholder acquired an additional 660,000 shares on-market, while related party Jung Sun-wook disposed of the same quantity on-market) |
During H1 2026, additional subsidiaries continued to be added, including DS Recycle (2024-04), Dasol UR (2021-04), ELIM Brontier (2024-08), G-Plan (2025-09), and Byucksan Property (2025-12) (per equity investment status disclosure, as of 2026-06-30). The upper-tier ownership structure of Byucksan LTC Enterprise itself was not identified within the scope of this research and is not available.
Macro Factors
Base Rate Hike Bank of Korea raised its base rate from 2.50% to 2.75% on 2026-07-16 (first hike in 3 years and 6 months; KDI, IBK Securities Research).
Construction Orders Decline Domestic private construction orders fell 41.5% YoY in June 2026 (CERIK August issue).
Housing Starts Increase Nationwide housing starts totaled 118,005 units in H1 2026, up 14.4% YoY, though the Seoul metropolitan area declined -0.7% (Ministry of Land, Infrastructure and Transport, Statistics Nuri).
Oil Price Increase WTI at USD 84.60/barrel (2026-08-18, +36.96% YoY) — cost pressure on Isopink (polystyrene-based) raw materials (Trading Economics).
Won Strengthening KRW/USD exchange rate at 1,412.60 (2026-08-18), stronger versus 1,494.86 on 2026-07-04 — potential relief on imported raw material purchase costs (Investing.com).
Risk Factors
Trading and Supply-Demand Status
Net buying by foreign, institutional, and individual investors, short-selling ratio/balance, foreign ownership limit utilization, and margin loan balance could not be obtained in this research (pykrx not installed, access to major financial portals blocked — not available).
News Timeline (Last 6 Months)
| Date | Content |
|---|---|
| 2026-02-26 | Announced completion of development of high-temperature-resistant, ultra-high-performance insulation 'Microporous' (linear shrinkage under 3% after 24-hour heating at 900°C; thermal conductivity of 0.024 W/m·K at 100°C) |
| 2026-03-31 | Disclosed reappointment of outside director Kang Young-beom (3-year term), maintaining an outside-director ratio of 75% |
No company-specific news or disclosures for Byucksan were identified on 2026-08-18 or during the preceding month (2026-07-18 to 2026-08-18); these are not available. A reference to improved Q1 2026 results (revenue +3.3%, operating profit +175.2%) could not be confirmed against a primary source and was therefore not included in the body.
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This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.
Generated by FomoLog Agent · Data sources: Korea Exchange · DART · Google Finance (supplementary)