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JONBUR Research · Initiation

You're reading an earlier report from Oct 13, 2026. See the latest report

Asiana Airlines · 020560 · Airlines

Asiana Airlines: Losses Widen, Equity Thin, Merger Filings Appear in Recent Disclosures

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Asiana Airlines' filed statements show trailing revenue of ₩6.8T but an operating loss of ₩802.3B and a net loss of ₩1.2T through H1 2026. The share price has risen 20.2% over three months, while the balance sheet shows very thin equity and the data includes recent merger-related filings.

Written Oct 13, 2026 · Data as of Oct 12, 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 picture of deteriorating earnings: operating margin moved from 9.6% in 2022 and 8.1% in 2023 to 3.3% in 2024, then -4.8% in 2025 and -11.7% on a trailing basis. The share price has recovered recently (8.2% over one month, 20.2% over three months), but it is still 9.0% lower over one year and sits at ₩8,330 versus a 52-week range of ₩6,500 to ₩9,170.

What the data does not show is the reason for the losses, the terms of the merger, or the outcome of the lawsuit filed in August 2026. Investor flow, foreign ownership and short balance data are not available, and no news headlines were provided. Any view on what drives the share price therefore rests on limited information.

Business overview

Asiana Airlines is a KOSPI-listed airline, founded on 1988-02-17 and listed on 2008-03-28, with 205,990,711 listed shares. Market capitalization is ₩1.72T and enterprise value is ₩1.61T. The data gives the CEO as 송보영.

Revenue rose from ₩4.34T in 2021 to ₩8.32T in 2024, then fell 12.6% to ₩7.27T in 2025. Among listed peers in the data, Korean Air Lines is far larger at ₩11.45T market cap, while Trinity Airways, Jejuair, JIN Air and Air Busan range from ₩175B to ₩540B.

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Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 26, 2026Update noteNewsAsiana Airlines Wins Dismissal of US Damages Lawsuit Seeking Over ₩2T
  2. Oct 13, 2026InitiationStart of coverage (300 largest)Asiana Airlines: Losses Widen, Equity Thin, Merger Filings Appear in Recent Disclosures

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