Air Busan Co., Ltd. (298690) AI Stock Analysis

Air Busan Co., Ltd.

(Korea Exchange:298690)

Select Model

Rating:41Neutral

Price Target:KRW 1,408.00▼(-3.36% Downside)

Action:initiatedcoverage

Date:10/28/26

The score is held down primarily by weakened profitability (operating losses and a large net loss), elevated leverage (high debt-to-equity on a thin equity base), and negative free cash flow. Technicals add further pressure with the price below key moving averages and negative MACD. Valuation provides limited offset because the negative P/E reflects losses and dividend yield is unavailable.

Positive Factors

Low-cost airline modelAir Busan’s budget, point-to-point model is aligned with price-sensitive travel demand and can support efficient route economics. Its scheduled domestic and international network provides multiple demand channels, giving the company a durable operating framework if cost discipline is maintained.

Negative Factors

Severe profitability deteriorationThe shift from profitable operations in 2023–2024 to operating losses and a deeply negative net margin signals that current revenue is not covering the company’s full cost base. Persistent losses would weaken equity, restrict reinvestment, and make earnings recovery more dependent on external conditions.

Air Busan Co., Ltd. (298690) vs. SPDR S&P 500 ETF (SPY)

Market Cap: KRW 166.83B
Dividend Yield: ―
Average Volume (3M): 88.36K
Price to Earnings (P/E): -1.2
Beta (1Y): 0.19
Revenue Growth: -1.67%
EPS Growth: -371.63%
Country: KR
Employees: 1,266
Sector: General
Sector Strength: 55
Industry: Airlines, Airports & Air Services

Air Busan Co., Ltd. Business Overview & Revenue Model

Company Description

Air Busan Co., Ltd. specializes in providing air travel services for passengers, operating both national and international flights. Founded in 2007, its primary corporate office is located in Busan, South Korea.

Air Busan Co., Ltd. Financial Statement Overview

Summary

Financial performance is weak. Despite 7.6% TTM revenue growth and positive EBITDA/operating cash flow, profitability deteriorated sharply to operating losses and a large net loss (net margin ~-17.7%). Leverage is a major risk with very high debt-to-equity (~9.7x) on a shrinking equity base, and free cash flow is negative in TTM (about -30.3B), increasing sensitivity to shocks and funding needs.

Income Statement

38Negative

Balance Sheet

27Negative

Cash Flow

43Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	904.65B	832.59B	1.01T	890.44B	404.99B	176.50B
Gross Profit	25.29B	54.09B	210.02B	213.88B	-40.51B	-175.24B
EBITDA	105.57B	155.96B	212.64B	285.63B	19.31B	-168.47B
Net Income	-160.52B	-22.69B	2.42B	104.15B	-150.40B	-265.96B
Balance Sheet
Total Assets	1.42T	1.48T	1.42T	1.36T	1.23T	1.01T
Cash, Cash Equivalents and Short-Term Investments	69.85B	129.95B	198.68B	190.18B	159.43B	47.70B
Total Debt	787.34B	760.73B	728.38B	632.39B	617.41B	533.84B
Total Liabilities	1.34T	1.32T	1.28T	1.17T	1.10T	879.21B
Stockholders Equity	81.25B	160.58B	139.10B	186.81B	126.66B	130.53B
Cash Flow
Free Cash Flow	-30.30B	-88.91B	162.71B	196.76B	76.74B	-151.77B
Operating Cash Flow	130.37B	63.88B	289.19B	281.76B	113.03B	-69.06B
Investing Cash Flow	-96.11B	-92.63B	-59.31B	-239.76B	11.06B	-126.90B
Financing Cash Flow	-50.26B	14.62B	-159.51B	-167.79B	31.94B	152.90B

Air Busan Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price1457.00

Price Trends

50DMA1507.12Negative

100DMA1526.72Negative

200DMA1706.82Negative

Market Momentum

MACD-16.35Positive

RSI32.13Neutral

STOCH7.71Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KR:298690, the sentiment is Negative. The current price of 1457.00 is below the 20-day moving average (MA) of 1487.90, below the 50-day MA of 1507.12, and below the 200-day MA of 1706.82, indicating a bearish trend. The MACD of -16.35 indicates Positive momentum. The RSI at 32.13 is Neutral, neither overbought nor oversold. The STOCH value of 7.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KR:298690.

Air Busan Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

KR:298690 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
KR:000650	49Neutral	KRW 260.87B	-34.56	―	―	3.82%	-140.26%
KR:089590	49Neutral	KRW 435.08B	-4.06	―	―	11.71%	-104.91%
KR:003490	47Neutral	KRW 9.80T	-39.20	―	2.82%	20.71%	-118.52%
KR:091810	43Neutral	KRW 204.82B	-0.27	―	―	27.47%	-49.90%
KR:272450	42Neutral	KRW 274.16B	-3.23	―	―	-0.43%	-235.28%
KR:298690	41Neutral	KRW 233.05B	-1.17	―	―	-1.67%	-371.63%

* General Sector Average

Performance Comparison

KR:298690 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
KR:298690	Air Busan Co., Ltd.	1431.00	-372.00	-20.63%
KR:000650	Chunil Express Co., Ltd	182800.00	145900.00	395.39%
KR:003490	Korean Air Lines Co., Ltd.	26550.00	5008.10	23.25%
KR:089590	JEJUAIR CO., LTD.	5400.00	-160.00	-2.88%
KR:091810	Trinity Airways	2010.00	-6567.07	-76.57%
KR:272450	JIN AIR Co., Ltd.	5320.00	-1680.00	-24.00%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 28, 2026

Air Busan Co., Ltd. AI Stock Analysis