Added to YB: 2026-08-26
Pitch date: 2026-08-24
017000.KQ [neutral]
SHINWON CONSTRUCTION COMPANY Ltd
+1.04%
current return
Author Info
Sung Capital is an alternative asset management firm run by Oliver Sung. We invest capital for families, registered investment advisors, and accredited investors through a private investment fund. We pick underpriced stocks, usually in pockets of the market where large pools of capital (funds and institutions) can’t or won’t invest, but we flip every stone. We pick stocks only, use no leverage, and require a significant margin of safety in every investment. Sign up for the newsletter.
Company Info
SHINWON CONSTRUCTION COMPANY Ltd engages in the general construction businesses. It provides civil engineering projects such as roads, tunnels, bridges, subways, railways, airports, and ports.
Market Cap
KRW 26.3B
Pitch Price
KRW 2.4K
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
2.40
EV/Sales
N/A
Sector
Construction and Engineering
Category
value
All Korean net nets #1: how much hair is too much? - Shinwon Construction
017000.KQ (pass): Screens as a deep net-net (0.4x NCAV, 0.2x book, KRW26bn cap) but author's variant view is that the discount is a value trap, not mispricing. Of KRW190bn current assets, only KRW16bn is cash (vs KRW29bn bank debt due <1yr); KRW117bn is receivables and KRW38bn unsold land/apartments. Red flags: KRW24.6bn bad-debt expense over FY24-25 (~= market cap), KRW6.5bn loans written off, 'sundry loss' jumping to KRW4.3bn, and two subcontractors filing (dismissed) bankruptcy petitions. Governance poor—no value-up plan, no dividend, absentee auditor (3/15 meetings), CEO owns no shares—and cap sits near the KRW30bn delisting threshold. Cheap because the assets are likely shaky claims; author passes.
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