Korea District Heating지역난방공사

Korea District Heating's trailing profits have recovered strongly from the 2022 loss, yet the shares are down 10.5% over the past year.

Korea District Heating supplies district heating and cooling and runs electricity generation and renewable energy projects. Trailing twelve-month revenue is about ₩3.9T with operating income near ₩569B and net income near ₩354B as of H1 2026. The stock closed at ₩76,900, well below its 52-week high of ₩116,700 but above its low of ₩60,400.

What stands out

• Operating margin rose from 1.6% in 2021 and a loss in 2022 to 13.2% in 2025 and 14.6% on a trailing basis.
• Trailing free cash flow is about ₩481B, and the filings show cash of about ₩57B against no reported borrowings.
• The data lists a P/E of 2.5, P/B of 0.4 and dividend yield of 8%, which are low multiples relative to the company's own earnings history.
• Liabilities are 219.1% of equity, a high leverage level that the data does not explain further.
• Recent filings include preliminary earnings for H1 2026, a half-year report and an extraordinary shareholders' meeting result dated 30 September 2026.

What to watch

• Full-year 2026 results and any change in the earnings trend versus the 2025 operating income of about ₩530B.
• Outcomes and any follow-up from the extraordinary shareholders' meeting and related filings, since the data does not say what was voted on.
• The data does not include foreign ownership, investor flow or short-selling figures, so these cannot be assessed.