Asia Cement아세아시멘트

Asia Cement's profits have shrunk sharply since 2023 as revenue and margins fell, though the share price is still well below its 52-week high.

Asia Cement sells cement, ready-mixed concrete and aggregates in Korea, with some smaller businesses in venture investing, farming and real estate including the Gyeongju World theme park. On trailing figures to H1 2026, revenue is about ₩1.04T with an operating margin of 5.9% and a net margin of 1.1%, both well below 2023 levels. The shares closed at ₩9,380, down 24.9% over one year and about 34% below the 52-week high of ₩14,170.

What stands out

• Operating income fell from ₩146.9B in 2023 to ₩61.5B on a trailing basis to H1 2026, and net income from ₩89.6B to ₩11.8B.
• Annual revenue dropped 7.9% in 2025 after a 7.5% fall in 2024, with the 2025 operating margin at 7.5%.
• Liabilities are 93.6% of equity, and borrowings of ₩441B exceed cash of ₩97B; trailing free cash flow is negative at about -₩10.4B.
• The company's valuation looks low on the book basis (P/B 0.3) but the trailing P/E of 28.6 is high because earnings are small; the DCF base value in the data is ₩42,524, well above the current price, while the bear case is ₩18,909.
• Filings include a value-up plan (March 2026), a share cancellation decision (June 2026), a dividend record date decision (October 2026) and a 2.7% dividend yield. No news headlines were provided.

What to watch

• The dividend record date and payout details announced in the October 2026 filing.
• Next quarterly and annual results, given the falling margins and negative free cash flow on trailing figures.
• Foreign ownership is 4.4%, down slightly over 60 days, and institutions and foreigners were net sellers over the last 20 days while retail buyers were net buyers; the data does not explain these flows.