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JONBUR Research · Initiation

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

LS Marine Solution · 060370 · Construction

LS Marine Solution: Rapid Revenue Growth, Thin Margins and a High Earnings Multiple

Why this report

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

LS Marine Solution (KOSDAQ: 060370) has grown revenue from ₩29.9B in 2021 to ₩244.2B in 2025, but operating margin fell from 18.5% in 2023 to 2.9% in 2025. The shares closed at ₩29,550 on 2026-10-12, with a market cap of ₩965.4B and a trailing P/E of 86.2.

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 clear growth story: revenue rose every year shown, and the company moved from losses in 2021 and 2022 to profits in 2023 and 2024. Trailing twelve-month revenue to H1 2026 is ₩281.0B.

The data does not show that growth is turning into stronger profitability. Operating margin was 3.9% over the trailing period, and ROE was 2.7%, well below the 9.9% of 2023. Free cash flow was negative at -₩43.4B. The P/E of 86.2 reflects low earnings against a market value of ₩965.4B. Investor flow, foreign ownership and short balance data are not available, and no news headlines were provided, so we cannot say how the market is positioning.

Business overview

LS Marine Solution is listed on KOSDAQ and classified in the Construction sector in the data. It was founded on 1995-04-17 and listed on 2002-02-15, with 32,668,854 listed shares. The CEO is listed as 김병옥. Revenue growth was 43.2% in 2022, 65.4% in 2023, 84.1% in 2024 and 87.4% in 2025. The data does not describe the company's products or contracts in detail, although recent filings include a major sales or supply contract report on 2026-09-18 and an amended one on 2026-08-31.

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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 21, 2026Update noteEarningsLS Marine Solution: Q3 2026 Preliminary Operating Profit Rises 234.6% on Lower Revenue
  2. Oct 13, 2026InitiationStart of coverage (300 largest)LS Marine Solution: Rapid Revenue Growth, Thin Margins and a High Earnings Multiple

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