OCI Holdings Company Ltd. (010060.KS) Stock Analysis

OCI Holdings is a diversified South Korean green-energy, advanced-materials, chemicals, real-estate, and life-sciences holding company created by a May 2023 spin-off. Its core strategic asset is a 45% stake in OCI Co. and wholly owned OCI TerraSus, a low-cost Malaysian producer of traceable, non-Chinese solar polysilicon. The business is differentiated by Sarawak hydroelectric power, end-to-end compliance with U.S. UFLPA and anticipated Section 232 requirements, and OCI Co.’s position as South Korea’s sole producer of semiconductor-grade polysilicon above 11-Nine purity. **The key investment case is a structurally scarce compliant supply chain with visible volume and downstream growth.** Q1 2026 revenue declined 5.9% year-on-year to 892.4 billion KRW and operating profit fell 77.7% to 10.8 billion KRW because of maintenance and policy-related purchasing delays, but net income returned to 8.8 billion KRW and management expects approximately 127.6 billion KRW of Q2 operating profit. At 203,500 KRW, the shares trade at roughly 12.7x trailing P/E and 0.9x P/B. Catalysts include the 56,600-metric-ton ramp, a potential SpaceX contract, Section 232 implementation in August 2026, OTSM commercialization, and buybacks.