Busan Industrial부산산업

Busan Industrial has swung into losses over the past year, with shares down sharply and the business shrinking.

Busan Industrial makes ready-mixed concrete, railway sleepers, tunnel segments and precast components, mostly for construction and rail projects. Trailing twelve-month revenue is about ₩99B with an operating loss and a net loss of about ₩2.0B, and revenue has fallen for three straight years. The share price is ₩41,400, down 55.8% over one year, with a market cap of about ₩44B.

What stands out

• Revenue fell from ₩152.6B in 2022 to ₩107.5B in 2025, and trailing twelve-month revenue to H1 2026 is ₩99.1B.
• Operating income turned negative in 2025 (-₩2.8B) after a ₩3.4B profit in 2024, and the trailing period shows an operating loss of ₩0.2B.
• Net income was negative in 2024 and 2025 and in the trailing period, and free cash flow is -₩5.5B.
• Borrowings are ₩106.1B against cash of ₩4.9B, and liabilities are 97.6% of equity.
• Foreign ownership fell from 3.1% to 2.1% over about 60 days, while retail investors were net sellers of about ₩267M over 20 days.
• Price-to-book is 0.3 and dividend yield is 0.6%, but the data gives no fair value estimate or analyst views.

What to watch

• The Q3 2026 quarterly report, due in the usual filing cycle, to see whether losses narrow and revenue stabilises.
• Whether borrowings of ₩106B can be serviced given negative free cash flow and negative operating income.
• The recent change of representative director, filed in May 2026, and any further governance or shareholder meeting filings; the news feed for this period is empty.