Dongbang Transport & Logistics동방

Dongbang Transport & Logistics is still generating revenue, but profits have shrunk sharply and the share price has fallen about half over the past year.

The company runs port handling, heavy-cargo transport, third-party logistics and container terminal operations in Korea. Trailing twelve-month revenue is about ₩973B with operating income of ₩28B and net income of ₩7B as of H1 2026, down from ₩20.5B net income in 2024. The balance sheet carries heavy borrowings of ₩316B against ₩16B of cash, and trailing free cash flow is negative at about -₩36B.

What stands out

• Profitability has weakened: operating margin is 2.9% trailing, versus 4.5% in 2024, and net margin is only 0.7%.
• Revenue has grown over the years, reaching ₩915B in 2025 and ₩973B on a trailing basis, but growth has not turned into stronger earnings.
• Leverage is high, with liabilities at 289.5% of equity and borrowings far above cash.
• The stock trades at 10.5x trailing earnings and 0.4x book value, with a 1.9% dividend yield, but the 52-week return is -49.7%.
• Recent filings include a convertible bond issue decision in August 2026 and a decision on providing collateral for third parties, amended in October 2026. Foreign ownership rose slightly to 5.1% from 4.8% over 60 days.

What to watch

• Details and terms of the convertible bond and the third-party collateral decision, which could affect dilution and debt risk.
• Whether free cash flow turns positive and whether operating margins recover from current levels in the next results.
• The data includes no news headlines, so company-specific developments beyond the filings listed are not visible here.