In Korea, the market is watching the roadmap that aims to require SAF blending for international flights departing from domestic airports from 2027. That makes 2026 a period when investors may separate companies with real supply capacity from names that only move on theme expectations.

Why SAF is attracting attention

• Policy visibility is improving ahead of the 2027 blending roadmap.
• Airlines and refiners have already tested or started limited commercial SAF use on selected routes.
• The real question is which companies can produce, certify, supply, or secure feedstock at scale.

Large-cap refinery names

S-Oil, GS through GS Caltex, and SK Innovation through SK Energy are often discussed as large-cap names linked to SAF production, certification, export experience, or refining infrastructure. Their potential advantage is execution capability rather than short-term theme volatility.

Biofuel and feedstock names

JC Chemical, DS Dansuk, and Aekyung Chemical are often grouped with biofuel, biodiesel, waste cooking oil, or feedstock themes. These names may show stronger price elasticity, but investors should check whether actual supply contracts, facilities, and earnings visibility support the move.

How to approach the theme

• Check policy announcements and detailed implementation rules.
• Look for commercial production, CORSIA certification, airline supply, and export news.
• Separate large-cap execution names from smaller high-volatility feedstock names.
• Do not chase a short spike without checking fundamentals and disclosures.

Bottom line

The SAF theme is moving from policy expectation to execution. Refiners may sit closer to the supply center, while biofuel and feedstock names may carry stronger theme momentum. The key is not just whether a company is mentioned with SAF, but whether it can produce, supply, certify, or secure the raw materials needed for the value chain.

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