JNK Global제이엔케이글로벌

JNK Global is a small, thinly profitable heater maker whose shares have fallen about 40% over the past year.

JNK Global makes industrial fired heaters for refineries and petrochemical plants, and also supplies hydrogen units and refueling stations. In the trailing twelve months to H1 2026 it reported revenue of ₩204.8B, operating income of ₩3.0B and net income of ₩3.1B, with a 1.5% operating margin. The share price closed at ₩2,645 on 2026-10-20, near the lower half of its 52-week range of ₩2,255 to ₩4,670.

What stands out

• Trailing revenue of ₩204.8B is well above 2025's ₩147.3B, but margins are thin, with a 1.5% operating margin against 2.1% for 2025.
• Free cash flow is negative at about -₩13.1B over the trailing period, even though the company reports ₩85.8B of cash and no borrowings.
• Liabilities are 64% of equity, and the company reports a 1.9% dividend yield at the current price.
• 2024 net income of ₩91.5B looks far above operating income, so it likely reflects a one-off item that the data does not explain.
• Recent filings include a major sales or supply contract (August 11, 2026), a trading halt the same day, and a share cancellation decision in July 2026. The data does not say what the contract covers or why the halt was made.

What to watch

• The reason for the 11 August 2026 trading halt and the terms of the supply contract, which are not in the data.
• Whether free cash flow turns positive and whether margins hold above 1.5% in the next reports.
• Foreign ownership has slipped from 2.8% to 2.5% over 60 days, and the data gives no reason for the change.