Kencoa Aerospace켄코아에어로스페이스

Kencoa Aerospace is loss-making on a trailing basis and its shares have fallen sharply over the past month, despite a strong three-month rise.

Kencoa Aerospace is an aerospace company doing aircraft conversion, military aircraft maintenance, structure production and component machining, with sites in South Korea and the USA. For the trailing twelve months to H1 2026 it reported revenue of ₩95.6B, an operating loss of ₩6.1B and a net loss of ₩11.3B, with revenue and profit both weaker than in its 2022 peak. The share price closed at ₩9,950 on 27 October 2026, down 23% over one month but up 18.7% over three months.

What stands out

• Trailing revenue of ₩95.6B is above the 2025 full-year figure of ₩76.4B, but operating margin is still negative at -6.4%.
• Annual revenue fell in 2024 and 2025, and the company has posted operating losses in 2021, 2024 and 2025 with a small profit only in 2022 and 2023.
• Borrowings of ₩34.6B exceed cash of ₩23.3B, and trailing free cash flow was negative at -₩6.2B.
• Shares trade at 0.8 times book value and 1.4 times sales, with no earnings-based P/E because of losses; no dividend is paid.
• Foreign ownership fell from 9% to 0.3% over about 60 days, while foreign investors were net sellers over the last 20 days.

What to watch

• The Q3 2026 quarterly report, as the filings list shows only the half-year report so far, will show whether losses are narrowing.
• Any new major sales or supply contract filings, since one was amended in January 2026 and contract news is limited in the data.
• Ongoing foreign selling and the high short balance of 3.8%, which may add to share price swings.