Koas코아스

Koas shares have fallen sharply over the past year amid losses, heavy borrowings and a regulatory investment caution notice.

Koas, a Korean office furniture maker, reported trailing twelve-month revenue of ₩68.2B and an operating loss of ₩2.4B as of H1 2026, with a net loss of ₩25.1B. Its shares closed at ₩1,433 on 23 October 2026, down 61.9% over one year and well below the 52-week high of ₩6,900. Borrowings of ₩20.9B are large relative to its ₩0.1B of cash.

What stands out

• Revenue has declined from ₩110.8B in 2021 to ₩62.2B in 2025, and the company has made operating losses in every year shown, widest at ₩7.2B in 2024 and ₩5.7B in 2025.
• Liabilities are 117.3% of equity and return on equity is -142.8%, so the balance sheet is under strain.
• On 22 October 2026 an Investment Caution Notice was filed, a advance notice of risk of designation as an administrative issue, which is a regulatory warning signal.
• Recent filings also include a convertible bond decision (amended), a suspension of transactions with a business partner (corrected), and an amended half-year report.
• Shares trade at 0.6 times book value, but the P/E is not meaningful because earnings are negative, and no dividend is paid. Foreign ownership rose from 0.8% to 1.4% over the past 60 days, while retail investors were net sellers over the last 20 days. No recent news headlines were provided.

What to watch

• The outcome of the Investment Caution Notice and whether the company is designated as an administrative issue.
• Terms and dilution effects of the convertible bond issue and the disposal of equity-linked bonds, which are not fully detailed in the data provided.
• The next periodic results and whether losses narrow, since the data does not include forecasts.