HeunguOil흥구석유

HeunguOil is a small Daegu-area fuel distributor with shrinking revenue, a near-zero operating result in the first half of 2026, and a share price down sharply over the past year.

The company distributes gasoline, kerosene and diesel bought from GS Caltex, selling through its own stations and to independent gas stations and direct customers in Daegu and Gyeongbuk. Trailing revenue to H1 2026 is about ₩106.5B, with an operating loss of about ₩146M, though a small net profit of about ₩165M. Revenue has fallen in each of the last three full years, and the shares trade at ₩11,640, roughly 68% below the 52-week high of ₩36,200.

What stands out

• Revenue has declined from about ₩146.7B in 2022 to about ₩107.9B in 2025, with 2025 growth of -7.7%.
• Operating income was negative in 2025 (about -₩995M) and is negative on a trailing basis to H1 2026, while net income stayed positive, so the profit comes from items other than core operations.
• The trailing P/E of about 1,057 reflects very low reported earnings rather than a cheap valuation; the P/B of about 2.1 and P/S of about 1.6 are the other headline multiples.
• Balance sheet figures look moderate: liabilities to equity about 21.7%, cash about ₩4.9B against borrowings of ₩8.0B, and trailing free cash flow about ₩4.9B.
• Foreign ownership rose from 0% to 3.3% over 60 days, while retail and institutional investors were net sellers over the last 20 days; the data gives no news headlines to explain these moves.

What to watch

• Q3 2026 quarterly report and full-year 2026 results, to see whether operating income turns positive and revenue stabilises.
• Follow-up on the corporate value-up plan announced 2026-04-20, which the data does not describe in detail.
• Competition and changing fuel demand, which the company profile names as the main business pressures; the data does not quantify these.