AK HoldingsAK홀딩스

AK Holdings is loss-making on an operating basis, with revenue down sharply in 2025 and high leverage, though the shares trade at a low multiple of book value.

AK Holdings is a pure holding company whose group spans chemicals, household goods, airline services through Jeju Air, department stores and real estate. Over the last twelve months to H1 2026 it reported revenue of ₩3.3T and a small operating loss of ₩30B, with a net profit of ₩17B. The shares closed at ₩6,630 on 2026-10-22, about 34% lower over one year, and the data shows a price-to-book ratio of 0.2 and no dividend.

What stands out

• Revenue fell 27.9% in 2025 to ₩3.2T, and the group recorded an operating loss of ₩148B that year, after a profit of ₩279B in 2023.
• Trailing net income is positive at ₩17B, but operating income is negative, so the profit is not coming from core operations as shown in the data.
• Borrowings of ₩1.9T against cash of ₩365B, a liabilities-to-equity ratio of 474%, and negative free cash flow of ₩235B on a trailing basis stand out.
• The share price is well below its 52-week high of ₩10,350 and near its low of ₩5,440, and the price-to-book ratio of 0.2 is far below the peers listed.
• Recent filings are dominated by subsidiary facility investments, share sales and acquisitions, a rights offering decision and several related-party transactions; the news list is empty in the data.

What to watch

• Whether the filed rights offering and capital reduction decisions go ahead and how they affect the share count and balance sheet.
• Next periodic results, to see if operating income turns sustainably positive and whether free cash flow improves from negative.
• Related-party transactions and the group's debt levels, which the data flags as high.