KSS Line is a shipping company that operates Very Large Gas Carriers (VLGCs), which haul LPG and ammonia, alongside product tankers. Its core business is long-term chartering: it leases entire vessels to cargo owners on multi-year terms and collects a fixed monthly charter fee, so revenue is locked in ahead of time and is less exposed to freight-rate swings. In April 2026 the company ordered three eco-friendly VLGCs for ₩504.8 billion and signed a new ₩185.2 billion long-term charter with GYXIS, and it posted first-quarter 2026 revenue of ₩139.8 billion (+1.6%) with net profit of ₩63.5 billion. What stands out lately is the high revenue visibility that comes with multi-year fixed charter fees, together with an operating margin of about 19.7% and a 4.6% dividend yield. On the other side, a debt-to-equity ratio of 255% and a current ratio of 21.8%, combined with the newbuild investment that will lift borrowing until the vessels are delivered, mean the balance sheet could be tested if interest rates and exchange rates move unfavorably.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 255.3%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 21.8%).
- Revenue rose 8.4% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 1.6% higher than a year earlier.
- ROE is 6.7% (controlling-interest basis). It is below the sector average.
- Operating margin is 19.7%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Park Jong-kyu 15.53% (individual)
Controlling bloc incl. related parties 30.2%
With the controlling bloc holding 30%, the ownership structure is stable.
🔎 In-depth analysis
- KSS Line is a shipping company that operates Very Large Gas Carriers (VLGCs), which transport LPG (liquefied petroleum gas) and ammonia, along with product tankers that carry refined petroleum products.
- Its core business is long-term chartering: it leases an entire vessel to a cargo owner for several years (typically five or more) and collects a fixed monthly charter fee.
- That structure leaves it less exposed to freight-rate swings and locks in revenue ahead of time.
- Public filings show that it holds long-term charter contracts equivalent to 30-87% of revenue with overseas gas traders such as BW LPG and GYXIS, so each individual vessel translates into several years of contracted revenue.
- An operating margin of about 19.7%, high for the shipping industry, also owes to this fixed-contract earnings structure.
- The latest close is ₩9,290 and market capitalization is ₩214.5 billion.
- The price sits below the 20-day line (₩9,492) and below the 60-day line (₩10,761).
- Trading below both its short- and mid-term moving averages, the trend looks subdued.
- RSI (a supplementary gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 41.8, a neutral reading.
- The price is -3.2% over one month, -18.6% over three months, and -31.9% from its 52-week high.
- Relative strength versus the KOSPI is 30 (on a 1-99 scale that weights recent one-year returns against the index more heavily toward the recent period; higher means stronger than the market).
- That places it in roughly the top 71% of all stocks by strength.
- Over the past three months it lagged the index by 34.0%.
- Chart readings are best viewed alongside trading volume and disclosure dates.
- The P/E ratio (how many times one year of profit the share price represents) is 5.87x and P/B (how many times net assets) is 0.39x, so the share price is low relative to both earnings and assets, while the dividend yield is a high 4.6% (₩450 per share).
- In particular, the forward P/B based on this year's expected profit is 0.39x, clearly a low position even against peers in the same industry.
- ROE (how much is earned on equity in a year) is a steady 6.7%, and the debt-to-equity ratio of 255.3% is somewhat high because ship financing is booked as debt, an inherent feature of a shipping business that requires large amounts of capital to buy vessels.
- The current ratio (assets that can be turned into cash quickly against debt due within a year) is a low 21.8% and the interest coverage ratio (how many times operating profit covers interest) is 1.46x, so the tight financial cushion against interest-rate and exchange-rate moves is worth watching alongside.
- That said, the low P/E and P/B are less a burden than a signal that the share price is cheaply valued relative to its stable contracted revenue.
- Revenue rose steadily from ₩472.6 billion in 2023 to ₩561.4 billion in 2025, and operating profit also climbed from ₩88.4 billion to ₩110.3 billion.
- Revenue growth of +8.4% was slightly slower than the prior year's +9.6%, but the near-double-digit pace continues.
- The basis for a solid expected profit this year is clear.
- First, in April the company signed a new long-term charter with GYXIS worth 33% of revenue (about ₩37 billion a year), and in June it extended its contract with BW LPG to 86.6% of revenue, locking in several years of charter income in advance.
- Second, having ordered three eco-friendly LPG dual-fuel vessels, it will add a new fleet earning higher freight rates from the delivery date onward.
- Third, with LPG and ammonia transport demand and gas-carrier freight rates providing support, the revenue filled by fixed contracts is realized in a stable fashion.
- This contract-locked revenue and high operating margin underpin the expected profit for this year (on a forward basis).
- Disclosures that shape the direction of future results clustered between April and June this year.
- On April 30, the company ordered three eco-friendly LPG dual-fuel VLGC newbuilds for ₩504.8 billion, equivalent to 92.7% of shareholders' equity (delivery by 2029), embarking on a mid- to long-term fleet expansion, and on the same day it signed a new ₩185.2 billion long-term charter with GYXIS (33% of revenue).
- On June 4, it enlarged its existing long-term charter with BW LPG to ₩175.4 billion (86.6% of revenue) by exercising an extension option.
- The first-quarter report on May 15 confirmed revenue of ₩139.8 billion (+1.6% year on year) and net profit of ₩63.5 billion; the net profit includes one-off items such as gains on ship disposals, so it needs to be separated from the underlying business results.
- The biggest strength of this stock is its high revenue visibility, since the long-term charter structure earns multi-year fixed charter fees.
- Newbuild orders and contract extensions have filled several years of revenue in advance, an operating margin of about 19.7% and a 4.6% dividend provide support, and the share price sits low relative to earnings and assets versus peers.
- Ammonia transport capability, rare in Korea, is an option that could be added over the medium to long term.
- What to watch is the balance sheet: with a debt-to-equity ratio of 255%, a current ratio of 21.8%, and interest coverage of 1.46x, interest and foreign-exchange burdens can grow when rates rise and the won weakens, and the ₩504.8 billion newbuild investment may increase borrowing until the ships are delivered.
- In short, this is a stock where fixed contracted revenue and a low valuation shine together when freight rates are stable and exchange rates and interest rates are favorable, while its balance sheet is tested when rates and exchange rates move unfavorably and newbuild-delivery borrowing overlaps.
🔎 Valuation vs peers Fairly valued
Compared against domestically listed maritime shippers whose business and finances allow comparison (dedicated gas carriers are rare, so it is set against the shipping industry broadly).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Pan Ocean | 8.87x | 0.47x | 5.27% |
| Korea Line | 3.30x | 0.28x | 8.35% |
| HMM | 9.70x | 0.69x | 7.07% |
The trailing P/E of 6.17x is lower than shipping peers (Pan Ocean 9.1x, HMM 10.3x) and higher than Korea Line (3.69x), a middle position, and the P/B of 0.41x is also in undervalued territory relative to assets. That said, the trailing P/E is based on last year's confirmed profit, which has limits for this company since net profit swings heavily on one-off items. This year, a first-quarter gain on ship disposals is included in reported earnings, so the forward multiple looks even lower on the surface; because that profit does not recur, normalizing it makes a 'fairly valued' reading relative to peers reasonable. The stability of long-term fixed contracts is a premium factor, but high debt and low liquidity are discount factors, so the two offset each other.
Price history Close · MA20 · MA60
The latest close is ₩9,290 and the market capitalization is ₩214.5 billion. The price sits below its 20-day moving average (₩9,492) and below its 60-day moving average (₩10,761). 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 41.8, a neutral level. The one-month change is -3.2%, the three-month change is -18.6%, and the position relative to the 52-week high is -31.9%. Relative strength versus the KOSPI is 30 (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 30% of all stocks. Over the past three months it lagged the index by 34.0%. 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 -33.97% / 6M -34.56% / 12M -59.94%
Key metrics vs sector median
Valuation
The P/E of 5.87x is below the sector median (8.87x). The P/B of 0.39x is below the sector median (0.47x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets. That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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)
DCF (discounted cash flow) estimate — discount rate 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 6.7%, in line with the sector average (7.0%). The operating margin is 19.7%. The debt ratio is 255.3%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $313.2M | $343.3M | $372.1M | +8.39% ↓ slower |
| Operating profit | $58.6M | $69.0M | $73.1M | +6.00% ↓ slower |
| Net profit | $11.3M | $38.1M | $24.2M | -36.32% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $214.7M | $295.2M | $313.2M | $343.3M | $372.1M |
| Operating profit | $38.5M | $46.1M | $58.6M | $69.0M | $73.1M |
| Net profit | $37.2M | $30.1M | $11.3M | $38.1M | $24.2M |
| Revenue CAGR | 4-yr avg 14.73% | ||||
Revenue rose 8.4% year over year (2023 ₩472.6 billion → 2024 ₩517.9 billion → 2025 ₩561.4 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 6.0% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 14.7%. The two-year revenue CAGR is 9.0%. In the most recent quarter (Q1 2026), revenue was 1.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 4.8%, is on the high side.
Points to watch
- Revenue rose 8.4% year over year, and the pace is slowing (3-year trend: rising).
Recent news & events searched · sourced
- 2026-04-30FilingOrdered three eco-friendly LPG dual-fuel VLGC (90,000 CBM Old-Panamax) newbuilds; investment of ₩504.8 billion (92.7% of shareholders' equity), delivery by 2029Mid- to long-term fleet expansion that secures a future revenue base. In the short term, it may increase borrowing and interest burdens tied to large-scale ship financing. Source
- 2026-04-30UpdateSigned a new long-term charter with GYXIS CORPORATION; contract value ₩185.2 billion (33.0% of recent revenue), term 2029-05-31 to 2034-05-31, roughly ₩37 billion a yearSecures multi-year revenue for the period after the newbuilds are delivered, raising revenue visibility (positive over the medium term). Source
- 2026-06-04UpdateExpanded the long-term charter with BW LPG PRODUCT SERVICES to a contract value of ₩175.4 billion (86.6% of recent revenue) by exercising an extension option, term through 2028-02-25Extends a contract with a key existing cargo owner to sustain freight income (positive over the medium term, reinforcing stability). Source
- 2026-05-15EarningsFirst-quarter 2026 report: revenue ₩139.8 billion (+1.6% year on year), operating profit ₩21.6 billion (-27.3%), net profit ₩63.5 billion (+448%). Net profit includes many one-off and non-cash items, such as a ₩46.2 billion gain on disposal of tangible assets and a ₩14.4 billion foreign-currency translation gainThe surface surge in net profit reflects one-off effects such as gains on ship disposals, while underlying operating profit actually declined. A key variable for interpreting this year's reported earnings (short-term caution). Source
- 2026-06-01UpdateCorporate governance report disclosure (a regular once-a-year filing)Material for reviewing governance and shareholder-return policy. Direct impact on results is limited. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 operating profit | ₩21.6 billion | ₩21,607,358,069 | Confirmed | link |
| Composition of first-quarter 2026 net profit (one-off items) | net profit 635 | 462.2, 143.7, net profit 639.8 | Confirmed | link |
| Newbuild investment amount | VLGC 3 | ₩504,798,301,710 | Confirmed | link |
| 2026 estimated net profit (internal estimate) | approx. ₩81.0 billion | — | Unverified | link |
Recent filings
- 2026-06-08OwnershipOwnership-change filing
- 2026-06-08OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-04Single supply/sales contract (amended)
- 2026-06-01Corporate governance report
- 2026-05-21OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-05-06OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-30Single supply/sales contract
- 2026-04-30Single supply/sales contract
- 2026-04-30Single supply/sales contract
- 2026-04-30Disclosure
- 2026-04-23OwnershipOwnership-change filing
📖 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.