Kyung Dong Navien경동나비엔

Kyung Dong Navien shows solid trailing profit growth in H1 2026, but the share price is down over the past year and sits near its 52-week low.

Kyung Dong Navien makes gas and oil boilers, water heaters and related components, selling in North America, China, Russia, the UK and elsewhere. On trailing twelve months to H1 2026 it reported revenue of ₩1.56T, operating income of ₩201B and net income of ₩159B. The shares closed at ₩59,400, about 17% lower over one year and near the ₩53,000 52-week low.

What stands out

• Trailing net income of ₩159B is well above the ₩90B reported for full-year 2025, with a 10.2% net margin and 20.1% ROE.
• Full-year 2025 revenue grew 11% to ₩1.50T, but operating margin eased to 9.5% from 9.8% in 2024.
• Debt is significant: borrowings of ₩345B against cash of ₩151B, with liabilities at 86.7% of equity; trailing free cash flow is ₩21B.
• The data gives a DCF fair value range of ₩55,578 to ₩240,313 with a base of ₩121,508, but this is a model output, not a forecast, and the stock trades far below its base case.
• Recent headlines focus on product awards, trade-show participation and a planned North American technology and training center; the filings list includes facility investment corrections and a rights offering decision from April 2026.

What to watch

• The next half-year and quarterly results, to see whether trailing profit growth holds given the lower full-year 2025 margin.
• Further corrections or amendments to facility investment filings, and any progress on the North American centre.
• Foreign ownership has been flat at 9.8% over 60 days while institutions and retail sold over the past 20 days; the data does not explain the cause.