Panstar Enterprise팬스타엔터프라이즈

Panstar Enterprise is loss-making on a trailing basis, with its shares down sharply over the past year and a share consolidation now proposed.

Panstar makes automotive maintenance equipment such as vehicle lifts and also runs a cruise and shipping food-supply and vessel-leasing business. On trailing twelve-month figures to H1 2026 it posted revenue of ₩66.7B, an operating loss of ₩2.5B and a net loss of ₩1.9B, with borrowings of ₩44.6B against cash of ₩1.7B. The shares closed at ₩870, down 54.3% over one year.

What stands out

• Trailing revenue of ₩66.7B is roughly flat with 2025's ₩67.2B, but operating margin has moved from 0.5% in 2024 to a loss of 3.7% on a trailing basis.
• 2025 was a loss year, with an operating loss of ₩2.8B and net loss of ₩1.6B, after a net profit of ₩3.6B in 2024.
• Free cash flow on a trailing basis was negative at ₩4.0B, and liabilities equal 66.5% of equity.
• Filings in the last few months include a conversion-price adjustment, a conversion-rights exercise, a debt guarantee to a third party and a half-year report.
• Valuation markers in the data are price-to-book of 0.6 and price-to-sales of 0.8, with no trailing P/E because earnings are negative and no dividend yield.

What to watch

• Board and shareholder approvals for the share consolidation decision and the shareholders' meeting, along with the record date, which the filings list but the data does not detail.
• Whether operating losses narrow in the next annual or quarterly results, given the trailing loss and negative free cash flow.
• Debt levels versus cash, and the terms of the debt guarantee and any further conversion-related share issuance named in the filings.