JIN Air진에어

JIN Air is loss-making on a trailing basis and is in the middle of a merger with sister low-cost carriers.

JIN Air reported a trailing operating loss of ₩-50.6B on ₩1.44T of revenue for the period to H1 2026, after profits in 2023 and 2024. Its shares closed at ₩5,350 on 26 October 2026, down 27% over one year and about 36% below the 52-week high of ₩8,380. Recent filings and news centre on a merger decision and the integration of three low-cost carriers, including Air Busan and Air Seoul.

What stands out

• Trailing operating margin is -3.5% and net margin is -4.3%, compared with an operating margin of 11.2% in 2024.
• Liabilities are 635.7% of equity, and trailing return on equity is -30.1%.
• Cash of ₩45.0B against borrowings of ₩1.0B; trailing free cash flow is ₩67.8B according to the filed figures.
• Price-to-book is 1.6 and there is no dividend yield; the price-to-earnings ratio is not meaningful because earnings are negative.
• Recent news focuses on new routes from Busan, including Incheon to Ho Chi Minh City from 24 December, with 5 new routes and 58 weekly flights reported.

What to watch

• Progress and terms of the merger, including the shareholders' meeting and the trading halt disclosed on 21 August 2026; the data does not give the completion date.
• Next filed results and whether losses narrow after the new routes start.
• Foreign ownership is only 1.4% and retail investors have been net sellers over the last 20 days, so price moves may stay volatile.