Kwangjin Ind광진실업

Kwangjin Ind is loss-making on a trailing basis, carries heavy debt, and its recent filings point to a pending rights offering and a change of CEO.

Kwangjin Industrial, a Busan-based steel and motorcycle holding, reported a trailing twelve-month operating loss of ₩2.0B on ₩58.9B of revenue through H1 2026, with borrowings of ₩59.2B against cash of ₩6.3B. The share price is ₩3,090, up 21.7% over one month but down 38.7% over three months and well below its 52-week high of ₩6,800.

What stands out

• Revenue has been roughly flat at ₩53B to ₩59B across 2021 to 2025, but operating income was negative in 2023, 2024 and 2025 after a small profit in 2021 and 2022.
• Trailing net loss is ₩3.9B and liabilities are 360.9% of equity, so balance sheet leverage is high.
• Free cash flow is positive at ₩543M on a trailing basis, while the company reports no dividend yield.
• Recent filings are dominated by rights offering and small-scale public offering documents, with amendments filed in late September and October 2026.
• Foreign ownership rose from 0.8% to 2.7% over about 60 days, while retail investors accounted for most of the 20-day net flow in the data.

What to watch

• Terms and completion of the rights offering and the small-scale public offering, including the dilution they could bring to existing shareholders.
• Whether the new co-CEO arrangement and the change of largest shareholder lead to a shift in strategy or financing.
• Next periodic results, since the data does not include forecasts and the trailing figures show continuing operating losses.