Korea Airport Service한국공항

Korea Airport Service shows solid profit growth and a low valuation, with its share price up sharply over the past year.

The company runs aviation ground handling, which makes up about 90% of revenue, and has been expanding into related services. On a trailing twelve-month basis to H1 2026 it reported revenue of ₩698B, operating income of ₩54B and net income of ₩46B, with a net margin of 6.6%. The shares closed at ₩86,400 on 2026-10-20, up 39.6% over one year but still below the 52-week high of ₩102,600.

What stands out

• Annual operating income rose from ₩2.6B in 2022 to ₩47B in 2025, while revenue grew about 5.9% in 2025 after 15% in 2024.
• Trailing P/E of about 6 and P/B of 0.6 sit below most listed peers shown, such as HMM at 15.4 and Hyundai Glovis at 8.9.
• The balance sheet looks light: liabilities are 34.9% of equity, borrowings are only about ₩1.2B against roughly ₩94B of cash, and trailing free cash flow is about ₩17B.
• Foreign ownership rose from 11.8% to 13.7% over about 60 days, while retail investors were net sellers of about ₩4.0B over the last 20 days.
• Recent headlines are mostly about safety management, drone coordination and AI ethics compliance, with no earnings or deal news in the list.

What to watch

• The full-year 2026 results and the next quarterly report, which the data does not yet include.
• The company's Japan ground handling joint venture and any effect on earnings, which the data does not quantify.
• The DCF fair value model gives a base case of ₩205,086, a bear case of ₩89,109 and a bull case of ₩406,313; these are model outputs, not forecasts, and the wide range reflects sensitivity to assumptions.