The update hub for The Accidental Order’s nine tracked companies in the 2026 Q2 earnings season: each company’s core scenario, the numbers to check, and the filing calendar from last year’s dates.
SCD holds KRW 73.7bn of cash against a KRW 63.1bn market cap with zero debt, and has raised its dividend three years running. But operating profit has thinned for five straight quarters, to KRW 510m.
Korea’s number one psychiatric drug maker saw its operating margin erode from 17.6% to 5.1% over five years, then posted a sharp rebound in Q1 2026. Two scenarios, with thresholds set in advance.
The same method we use on overlooked small caps, applied to Korea’s most heavily covered stock. A core scenario on whether the KRW 40tn raised comes back as profit, plus two watch points checked every quarter.
Revenue up 40% and operating profit up 75% in 2024, at a PBR of 0.36x. The questions are whether that surge is structural, and whether the record of rights issues and CBs keeps diluting shareholders.
Recurring rental revenue passed KRW 1tn in 2024 with operating profit of KRW 164.8bn, yet the shares trade at a PER of 3.9x. The pressure points: dealings with parent Cuckoo Holdings, and the substance of Malaysia.
Net cash-like assets of about KRW 374.5bn against a market capitalisation of KRW 214.9bn. But much of that cash sits in marketable financial assets, which is what makes net profit swing so widely.
A ‘patriotic company’ story lifted the shares past the KRW 30bn delisting threshold to about KRW 52.5bn. Behind the premium sit a 1.8% operating margin, falling revenue and a net loss.
Monami’s price is being set by the KOSPI delisting market-cap threshold and a wave of retail solidarity buying, not by earnings — and the KRW 50bn bar arrives in 2027.
In 2025 overseas cigarette revenue overtook domestic for the first time at KT&G. What that shift means for a company long treated as a defensive domestic-demand dividend stock.