Asia Holdings아세아

Asia Holdings is profitable but thin-margin, with earnings and revenue shrinking and the shares down 46% over the past year.

The group runs cement and paper businesses and reported trailing revenue of ₩1.9T with operating income of ₩94B and net income of ₩28B for the twelve months to H1 2026. Revenue fell in 2024 and 2025, and operating income has dropped from ₩240B in 2023 to ₩111B in 2025. Borrowings of ₩693B far exceed cash of ₩167B, and free cash flow was slightly negative at -₩5.1B.

What stands out

• Operating margin has narrowed from 11.4% in 2023 to 4.9% on a trailing basis, and return on equity is 2.4%.
• The stock closed at ₩188,600, about 52% below its 52-week high of ₩402,000 and near its low of ₩157,800, with a 1-year return of -46.2%.
• The company listed a 3% dividend yield, and a filing on 2026-10-22 announced a shareholder register closure for a cash or stock dividend record date.
• Recent news reports that construction of the Yongsan Asia Apartments has been halted indefinitely, with this year's sales likely delayed. The data does not say how large this project is relative to the group.
• Foreign ownership slipped from 5.5% to 5.2% over 60 days, while institutions were net buyers and retail investors were net sellers over the last 20 days.

What to watch

• Terms of the dividend once the record date and payment details are filed, and whether the stock or cash mix changes.
• Any update on the halted Yongsan apartment construction, including the timing of sales and any cost or impairment impact disclosed in filings.
• The next quarterly or annual results, to see whether margins stabilise given high borrowings and negative free cash flow.