케이씨씨

Business Composition

KCC is a materials company built around four pillars: paints, glass (via affiliate KCC Glass), silicones (Momentive), and building materials. In 2020, the glass business was spun off via physical division into a separately listed entity, KCC Glass, and KCC (002380) is an affiliated company holding a 2.99% stake in KCC Glass (DART Status of Equity Investments in Other Companies, receipt no. 20260814001150, as of 2026-06-30).

2025 revenue mix by business segment (estimated) · Source: media compilation (secondary, C) · Not cross-checked against original segment revenue in the semiannual report — reference figures only; remaining share is other

5-Year Financial Trend

Valuation (Factual Multiples)

EV/EBITDA could not be calculated due to unavailable confirmed depreciation & amortization (D&A) data (unavailable)

Competitor Comparison

The domestic paint market is an oligopoly with KCC, Noroo Paint, and Samhwa Paint & Coatings jointly holding over 70% share; KCC ranks first with approximately 40% market share (secondary source). The global silicone market is an oligopoly in which the top five players — Wacker Chemie, Shin-Etsu, Dow, Elkem, and Momentive (a KCC subsidiary) — hold roughly 70-75% combined share (secondary source). The glass business is handled by separately listed KCC Glass, which holds a lead over LX Glass with 40% share in architectural coated glass and over 70% share in automotive safety glass (secondary source).

Governance & Capital Structure

The board of directors comprises 3 inside directors and 4 outside directors (57.1% outside directors), and external auditor Hanyoung Accounting Corporation issued an unqualified opinion for fiscal year 2025 (consolidated and separate) (DART semiannual report and audit report, receipt nos. 20260814001150 and 20260309001896, A). KCC Glass, which handles the glass business, and construction affiliate KCC Construction are not consolidated subsidiaries of KCC (002380) but separately listed affiliates each headed by their own CEO — owner brothers Chung Mong-ik and Chung Mong-yeol, respectively — with KCC holding only minority stakes of 2.99% and 36.03% in each, respectively (DART Status of Equity Investments in Other Companies, receipt no. 20260814001150, A).

Macro Environment

• Cost Pressure WTI at $84.42/barrel (+2.19%), Brent in the $91 range (2026-08-18) — naphtha-linked cost pressure continues (fxdailyreport et al., 2026-08-18)
• Mixed FX USD/KRW at 1,413.0 (2026-08-18), a stronger won versus 1,446.7 at end-July — this eases imported raw material costs but reduces the KRW-translated revenue of the overseas subsidiary (Momentive) (KB's Think, 2026-08-18)
• Weakening Construction Demand Domestic private construction orders fell -41.5% YoY in June 2026, and the Construction BSI (CBSI) stood at 72.8 in July, below the baseline of 100 (Korea Construction Contractors Association, Korea Construction Industry Research Institute)
• Partial Offset Increased demand for insulation materials in high-tech industrial facilities serving semiconductor clusters, along with expanded public-sector orders, is partially offsetting the weakness in construction demand (Electronic Times, 2026-08-06)
• Mixed US Indicators US industrial production expanded +0.2% MoM in July 2026, while housing starts plunged to an annualized 1.24 million units (-12.4% MoM) and permits rebounded +5.0% (Federal Reserve G.17, US Census Bureau, 2026-08-18)

Risk Factors

• Net Income Structure Risk — The surge in net income in 2025 and H1 2026 was largely attributable to fair-value valuation gains on the Samsung C&T stake, meaning these gains could shrink if Samsung C&T or Samsung Electronics share prices turn downward.
• Raw Material Risk — In H1 2026, the Strait of Hormuz blockade issue drove up prices of naphtha and other base materials, cited as a factor in the Q2 operating profit decline (Etoday et al., 2026-08-05 to 08-06).
• Construction Cycle Risk — The sharp drop in domestic private construction orders is acting as a leading indicator for demand in architectural paints, glass, and building materials (Korea Construction Contractors Association, as of 2026-06).
• Intensifying Competition — Low-priced Chinese imports led to the suspension of operations at the Sejong glass fiber plant in April 2026, and the share price fell -3.39% on the day of the announcement (Jaekyung Ilbo, 2026-04-17).
• Safety & Regulatory Risk — On May 18, 2026, a fatal accident involving a subcontractor worker occurred at the KCC Yeocheon plant in Yeosu, and an investigation is underway into possible violations of the Occupational Safety and Health Act and the Serious Accidents Punishment Act (as reported on 2026-05-22).
• Affiliate-Linked Risk — Risks related to KCC Construction's real estate project financing (PF) contingent liabilities continue to be raised, but whether KCC (002380) itself provides direct debt guarantees remains unconfirmed.

Supply-Demand Status

For the period 2026-07-19 to 08-18, confirmed figures for net buying by investor type (foreign, institutional, retail), foreign ownership ratio, and short-selling ratio/balance could not be obtained due to research tool constraints (pykrx not installed, access to major quote sites blocked) (unavailable). The following qualitative context is available for reference.

• Cumulative net institutional selling of 65,329 shares and net foreign buying of 68,708 shares from June 1-22, 2026 (Etoday, 2026-06-23, secondary source)
• On August 18, 2026, the KOSPI fell -1.55% and the KOSDAQ fell -3.52% versus the previous day — KCC's decline coincided with a market-wide correction led by institutional net selling of 1.1927 trillion KRW, centered on funds and financial investment firms (News1, Business Korea, 2026-08-18)

Recent Disclosures & News Timeline