Tongyang동양

Tongyang's H1 2026 trailing results show an operating loss, though the share price has fallen sharply over the past year.

Tongyang, a Korean building materials and construction group, reported a trailing operating loss of about ₩23.5B on ₩582B of revenue for the twelve months to H1 2026, while net income was a small positive ₩11.7B. The share price closed at ₩960 on 2026-10-30, near its 52-week low, after falling 45.8% over one year. The data does not include any news coverage explaining these moves.

What stands out

• Trailing operating margin is -4% and free cash flow is -₩21.8B, so core operations are not yet generating cash.
• Net income of ₩11.7B is positive but is well below the operating loss would suggest, so the profit depends on non-operating items the data does not explain.
• Borrowings of ₩229B exceed cash of ₩96B, and liabilities are 95.3% of equity.
• Revenue has fallen for two years, from ₩866B in 2023 to ₩631B in 2025, and 2025 ended with an operating loss.
• Shares trade at 8.8 times earnings and 0.1 times book value, and the company pays no dividend. The DCF fair value model gives a base of ₩311, well below the current price.

What to watch

• The next filed results and whether operating income returns to profit after several loss-making periods.
• Whether free cash flow turns positive and how borrowings change relative to cash.
• Insider shareholding filings appeared frequently in October 2026; the data does not say why, and no company news was included.