Heung-A Shipping흥아해운

Heung-A Shipping's trailing profit is well below its 2024 peak, while the shares have fallen over the past year and trade near the low end of their 52-week range.

Heung-A Shipping is a Korean shipping company, mainly general cargo shipping on tanker vessels, with some income from real estate leasing and subsidiaries. Trailing revenue to H1 2026 is about ₩176.3B, with operating margin of 2.8%, well down from 14.6% in 2024. The share price is ₩1,675, roughly 65% below its 52-week high of ₩4,795 but well above the 52-week low of ₩1,524.

What stands out

• Operating income fell from ₩27.5B in 2024 to ₩11.3B in 2025, and trailing operating income to H1 2026 is ₩5.0B, while reported net income (₩23.5B trailing) is much higher than operating income, so non-operating items matter to the bottom line.
• Balance sheet shows cash of ₩104.0B against borrowings of ₩150.9B, with liabilities at 70.8% of equity; trailing free cash flow is ₩28.6B.
• On valuation, the company trades at a P/E of 17.1 and P/B of 1.5 with no dividend, while its discounted cash flow model gives a base value of ₩996 (bear ₩596, bull ₩1,672), a model output rather than a forecast.
• Compared with listed Korean shipping and logistics peers, Heung-A's P/E is higher than Pan Ocean, Hyundai Glovis and Korea Line, but its P/B is above most of them.
• Recent filings include a debt guarantee decision for another party, a half-year report, a shareholders' meeting, and a new facility investment; the only news headline in the data is a 13 October 2026 report of President Lee thanking the company for choosing Busan.

What to watch

• Next results releases and whether operating margin recovers from the trailing 2.8% level.
• Follow-up on the debt guarantee for another party and the new facility investment, including any effect on borrowings.
• Foreign ownership has risen from 1.3% to 3.4% over 60 days while retail investors have been net sellers; the data does not explain the cause.