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JONBUR Research · Initiation

You're reading an earlier report from Oct 20, 2026. See the latest report

Korea Airport Service · 005430 · Transport & Logistics

Korea Airport Service: Profits Recovered Since 2022 and Shares Trade at Low Multiples, but Model Estimate Is Far Above Price

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

Korea Airport Service closed at ₩88,000 on 2026-10-19, up 39.7% over one year, with trailing revenue of ₩697.9B and an operating margin of 7.7%. Its multiples are low (P/E 6.1, P/B 0.7), and a model estimate sits well above the share price, though the range is very wide.

Written Oct 20, 2026 · Data as of Oct 19, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a clear earnings recovery. Operating income moved from a loss of ₩0.9B in 2021 to ₩47.0B in 2025 and ₩53.6B on a trailing basis to H1 2026. Return on equity is 11.5% and leverage is modest, with liabilities at 34.9% of equity.

The shares have risen 10.3% in one month and sit below the 52-week high of ₩102,600. Foreign ownership rose from 11.7% to 13.6% over 60 days, while retail investors were net sellers over the past 20 days. Short balance is just 0.1%.

What the data does not show: the drivers of revenue growth, guidance, or why revenue growth slowed from 36.0% in 2023 to 5.9% in 2025. The recent news headlines concern Korea Airports Corporation, a different entity, and say nothing about this company's results.

Business overview

Korea Airport Service is listed on KOSPI in the Transport & Logistics sector. It was founded in 1968 and listed in 1976, with 3,166,355 listed shares and a market capitalization of about ₩278.6B. The CEO is listed as 이수근.

Revenue grew from ₩345.5B in 2021 to ₩663.2B in 2025. The data does not describe its product lines or customers, so this report does not comment on them.

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Model estimate of fair value

Bear
₩143,071
+64%
Base
₩268,940
+209%
Bull
₩483,520
+456%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 27, 2026Update noteModel fair value changeKorea Airport Service: Model Fair Value Estimate Cut 24% to ₩210,219 Base Case, Still Above Share Price
  2. Oct 20, 2026InitiationStart of coverage (reader request)Korea Airport Service: Profits Recovered Since 2022 and Shares Trade at Low Multiples, but Model Estimate Is Far Above Price

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information