KSS LineKSS해운

KSS Line's trailing earnings have held up well, with strong margins, but the shares trade at a low multiple and the balance sheet carries heavy debt.

KSS Line is a Korean shipping company that carries LPG, ammonia, refined products and chemicals on oceangoing vessels. For the twelve months to H1 2026 it reported revenue of ₩590B, operating income of ₩112B and net income of ₩111B, with an operating margin of 19% and an ROE of 18.8%. The share price closed at ₩11,750 on 27 October 2026, about 22% higher over three months and 25.7% higher over one year, though it is still well below its 52-week high of ₩14,400.

What stands out

• Trailing net income of ₩111B is far above the ₩36.6B reported for 2025, although 2025 full-year net income was lower than in 2024 (₩57.4B).
• Revenue grew 8.4% in 2025 and 9.6% in 2024, and operating margin has stayed in a roughly 18–20% range in recent years.
• Borrowings of ₩1.41T against cash of ₩166B give a liabilities-to-equity ratio of 230%, so leverage is a key feature of the balance sheet.
• At ₩11,750 the stock trades at about 2.4 times earnings and 0.4 times book value, with a 3.8% dividend yield, well below the peer group shown in the data.
• The DCF fair value model gives a base value of ₩106,106 per share, but the bear and bull cases range widely from ₩42,928 to ₩255,634, so the output is highly sensitive to assumptions.
• Filings in recent months include a share buyback decision (22 September), an amended major sales or supply contract (23 October), and several insider shareholding reports; foreign ownership rose from 7.4% to 7.9% over 60 days, while retail and institutional investors were net sellers over the last 20 days.

What to watch

• The next half-year or annual results, to see whether earnings hold at the trailing level or fall back toward the 2025 figure.
• Progress of the share buyback and the details of the amended supply contract filed on 23 October.
• Debt levels and interest costs, given borrowings of ₩1.41T and a 230% liabilities-to-equity ratio. The data contains no news headlines, so no recent press coverage is available to review.