Tongyang동양

Tongyang's trailing results are near break-even, with an operating loss and a share price down about half over the past year.

Tongyang, a Korean building materials and construction group, reported an operating loss of about ₩23.5B over the twelve months to H1 2026 on revenue of about ₩582B, though it posted a small net profit of about ₩11.7B. Revenue has fallen for two straight years, from ₩866B in 2023 to ₩631B in 2025. The shares closed at ₩1,009 on 2026-10-23, down 49.9% over one year, and the company pays no dividend.

What stands out

• Trailing operating margin is -4% and net margin is 2%, so the small profit is not coming from core operations; the data does not explain the gap.
• Free cash flow is negative at about ₩-21.8B, and borrowings of ₩229B exceed cash of ₩96B.
• Liabilities are 95.3% of equity, and return on equity is 1.6%.
• The valuation looks low on trailing figures, with a P/E of 9.3 and P/B of 0.2, but the data's DCF base value of ₩328 sits well below the share price and the bull value is far above it, so the model gives a very wide range.
• Foreign ownership fell from 2.8% to 2.3% over 60 days, and 20-day foreign net flows were positive while retail flows were negative. Recent filings are mostly insider shareholding reports, and no news headlines were provided.

What to watch

• Upcoming full-year results and whether operating income returns to a profit, since the data does not give a forecast.
• Debt levels and cash generation, given negative free cash flow and borrowings above cash.
• Any further insider shareholding reports or corporate filings, as the data includes no details on their content.