Heung-A Shipping (003280) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Heung-A Shipping is a carrier that mainly operates stainless-steel tankers hauling chemicals, transporting liquid petrochemical cargo on intra-Asia routes linking Korea, Japan, China, and Southeast Asia; most of its revenue comes from sea freight, so results move with freight-rate conditions, fleet size, and bunker-fuel prices - a cyclical industry. The biggest change is a new order for three 26K DWT stainless-steel chemical tankers disclosed on June 1 (about 205.2 billion won, 78.95% of equity, delivery by June 2029), a springboard for fleet expansion whose full benefit depends on rates holding up at the delivery point. What stands out lately is that a higher ROE than peers (12%), a stable balance sheet (76% debt ratio, 240% current ratio), and a clear intent to expand the fleet are strengths, while core-business profit has fallen for consecutive years amid weak rates, placing it in a cycle trough; this year's earnings-based multiple is therefore set high, and a freight-rate recovery plus contribution from the new vessels are the premises of normalization.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Shipping” (Transportation), a type typically read first through P/B.
Shipping is a textbook cyclical industry where profits balloon and then swing to losses as freight rates rise and fall. When earnings gyrate like that, current-year earnings multiples get distorted, so price-to-book (P/B) — the price against asset value such as the fleet of vessels — is a steadier gauge.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 3.8% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 12.6% lower than a year earlier.
- ROE is 10.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.4%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Sinokor Merchant Marine 70.71% (corporate)
Controlling bloc incl. related parties 70.71%
With the controlling bloc holding 71%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Heung-A Shipping is a carrier that mainly operates stainless-steel tankers hauling chemicals. Rather than an ordinary container carrier, its core business is transporting liquid petrochemical cargo on intra-Asia routes linking Korea, Japan, China, and Southeast Asia. Most revenue comes from this sea freight, and results move with freight-rate conditions, the size of the operating fleet, and bunker-fuel prices - a textbook cyclical industry. In June 2026 it placed a new order for three 26K DWT stainless-steel chemical tankers (about 205.2 billion won), moving to replace aging vessels and expand carrying capacity. Because it handles a specialized vessel type, its freight trend moves differently from ordinary bulk and container shipping - a distinctive feature.
The latest close is ₩1,668 and the market capitalization is ₩401.0 billion. The price sits below its 20-day moving average (₩1,737) and below its 60-day moving average (₩1,924). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.8, a neutral level. The one-month change is +1.1%, the three-month change is -40.3%, and the position relative to the 52-week high is -62.7%. Relative strength versus the KOSPI is 21 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 21% of all stocks. Over the past three months it lagged the index by 27.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On last year's (2025) confirmed results, the P/E (how many times one year's profit the price represents) is about 13x and the P/B (how many times net assets the price represents) is 1.49x. Both are levels commonly seen in the market and hard to call expensive in themselves. ROE (how much is earned in a year on shareholders' equity) is 12.0%, above the peer average (around 7.0%), pointing to fairly efficient use of capital, and the operating margin is 6.2%. The debt ratio (debt against equity) is 75.6% and the current ratio is 240%, so the balance sheet is stable. However, last year's net margin (16.9%) was higher than the operating margin (6.2%), the effect of non-core items lifting net profit; on the core business alone, earning power is thinner than that. So in a year like this one, when core-business profit has shrunk, the multiple on this year's earnings is set higher than the trailing (past one year) figure. This is better read not as the stock having become expensive but as the result of earnings falling to a cycle trough and shrinking the denominator.
Over five years, revenue jumped from 81.7 billion won in 2021 to 177.9 billion won in 2022, then moved within a 160-190 billion won band at 164.8 billion won in 2023, 188.0 billion won in 2024, and 180.8 billion won in 2025. Last year's revenue fell 3.8% year over year, and operating profit dropped 59.1% from 27.5 billion won to 11.3 billion won. In first-quarter 2026, revenue of 40.0 billion won (-12.6%) and operating profit of 1.1 billion won (-76.3%) showed the core-business profit decline steepening further. Chemical tankers are a cyclical industry where profit swings widely up and down with freight rates, fuel costs, and cargo volumes, and rates are now near the lower part of a down-cycle. The high multiple on this year's earnings arises not because revenue collapsed but because core-business profit is pressed to a trough, shrinking the denominator. The revenue base (around 160 billion won a year) is holding within its band, and as the three ordered vessels join the fleet, carrying capacity rises - so even if rates merely return to the cycle's average level, there is room for profit to come in thicker than the first-quarter trend.
The biggest change is the new vessel order disclosed on June 1, 2026. It ordered three 26K DWT stainless-steel chemical tankers for about 205.2 billion won (78.95% of equity), with delivery by June 2029. As a large investment reaching roughly 80% of equity, it is a growth springboard through fleet expansion while also being a structure whose full benefit only shows if freight conditions hold up at the delivery point. Beyond this, the May quarterly report officially confirmed the first-quarter weakness, the March business report confirmed last year's profit slowdown, and the March annual general meeting and governance-related disclosures followed.
The strengths are a higher ROE than peers (12%), a stable balance sheet (76% debt ratio, 240% current ratio), and the intent to expand the fleet shown by a new-build order equal to 79% of equity. Last year's trailing valuation of a 13x P/E and 1.56x P/B is not burdensome in itself. Meanwhile, core-business profit has fallen for consecutive years - last year and this - amid weak rates, so it is now in a cycle trough, and the multiple on this year's earnings is therefore set high. In sum, it strengthens as core-business profit normalizes when rates recover to their average level and the new-builds add to revenue, and it weakens if rate weakness runs long or conditions are poor at the delivery point. The stock's fall of 63% from its high, placing it in short-term oversold territory, is also a signal that expectations have already come out considerably. Ultimately, whether quarterly operating profit recovers and the direction of the freight-rate cycle are the points to watch.
🔎 Valuation vs peers Overvalued
The comparison covers domestic listed carriers generating revenue from liquid or dry-bulk sea transport, such as chemicals and bulk, among those whose market cap and data can be verified.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| HMM | 10.75x | 0.73x | 5.37% |
| Pan Ocean | 10.38x | 0.52x | 5.35% |
| Korea Line | 3.59x | 0.28x | 7.77% |
Peer carriers' P/E runs 3.5-9.5x and P/B 0.3-0.7x, whereas Heung-A Shipping's P/E of 14.6x and P/B of 1.74x carry a clear premium at the top of the group. That said, this P/E is on last year's (trailing) confirmed results, and since last year's net profit (30.6 billion won) exceeded operating profit (11.3 billion won), the figure likely mixes in non-operating gains. Looking at core operating profit alone, this year's first quarter fell 76% year over year, an earnings inflection zone; setting this year's operating profit at about 4.0 billion won on a seasonality approximation makes the felt valuation far pricier than the trailing figure. Weighing the position versus peers together with the earnings inflection, the current price reads as an overvalued zone where expectations run ahead of core results - though the reading could change if a rate rebound and the new-build effect are confirmed.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩41.4 billion | approx. ₩1.1 billion | approx. ₩0.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩1,668 and the market capitalization is ₩401.0 billion. The price sits below its 20-day moving average (₩1,737) and below its 60-day moving average (₩1,924). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 45.8, a neutral level. The one-month change is +1.1%, the three-month change is -40.3%, and the position relative to the 52-week high is -62.7%. Relative strength versus the KOSPI is 21 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 21% of all stocks. Over the past three months it lagged the index by 27.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -27.72% / 6M -22.18% / 12M -50.51%
Key metrics Computed vs sector median
Valuation
The P/E of 13.11x is above the sector median (10.38x). The P/B of 1.49x is above the sector median (0.54x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 10.4%, above the sector average (7.0%). The operating margin is 4.4%. The debt ratio is 75.0%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $115.8M | $132.1M | $127.0M | -3.82% ↓ slower |
| Operating profit | $17.3M | $19.3M | $7.9M | -59.06% ↓ slower |
| Net profit | $24.0M | $27.8M | $21.5M | -22.72% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $57.4M | $124.9M | $115.8M | $132.1M | $127.0M |
| Operating profit | -$1.3M | $20.8M | $17.3M | $19.3M | $7.9M |
| Net profit | $11.5M | $15.9M | $24.0M | $27.8M | $21.5M |
| Revenue CAGR | 4-yr avg 21.96% | ||||
Revenue fell 3.8% year over year (2023 ₩164.8 billion → 2024 ₩188.0 billion → 2025 ₩180.8 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 59.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 22.0%. The two-year revenue CAGR is 4.7%. In the most recent quarter (Q1 2026), revenue was 12.6% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 10.4% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 3.8% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-06-01FilingNew order for three 26K DWT stainless-steel chemical tankers (about 205.2 billion won, 78.95% of equity). USD 45,500,000 per vessel, delivery scheduled by 2029-06-30.Medium term: fleet expansion and replacement of aging vessels raise expected carrying capacity. At the same time, a funding burden equal to 80% of equity and freight-condition risk at the delivery point remain present. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report. Revenue 40.0 billion won (-12.6% YoY), operating profit 1.1 billion won (-76.3%), net profit 0.6 billion won (-82.3%), confirming a profit slowdown.Short term: officially confirms weakening core profitability. A factor deepening doubts about the durability of full-year profit. Source
- 2026-03-18Earnings2025 business report (consolidated). Revenue 180.8 billion won (-3.8%), operating profit 11.3 billion won (-59.1%), a sharp drop in core profit. Net profit of 30.6 billion won exceeded operating profit.Medium term: suggests last year's profit leaned on non-operating items. Care is needed in interpreting the trailing P/E. Source
- 2026-03-26FilingAnnual general meeting results and outside-director appointment filing. Completes routine governance procedures such as board composition changes.Direct impact on results is limited, but noted as a board-composition change ahead of a large investment decision. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Latest close | ₩1,668 | — | Unverified | link |
| First-quarter 2026 operating profit | ₩1.1 billion(approx. ₩1.1 billion) | ₩1.1 billion | Confirmed | link |
| New vessel investment scale | 3 / approx. ₩205.2 billion / 78.95% | ₩205,186,800,000, ₩259,908,884,187 78.95%, 26K DWT 3 | Confirmed | link |
| This year's seasonality-approximated operating profit | approx. ₩4.0 billion | — | Unverified | link |
Recent filings Source
- 2026-06-01Disclosure
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-03-26Shareholders' meeting notice
- 2026-03-26Disclosure
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-17Amended filing
- 2026-03-17Amended filing
- 2026-02-26Large-business-group status disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.