Jinheung Enterprise is a general construction company founded in 1959 that takes on work across three areas — civil engineering, building and housing, and plant — from both public and private clients; because it wins contracts, builds, and recognizes revenue and profit in step with how far the work has progressed, new contracts and the pace of that construction drive results. Between May and June 2026 single sale and supply contracts of ₩74.6 billion, ₩68.5 billion and ₩62.6 billion were disclosed one after another, stacking three multi-tens-of-billions contracts in little more than a month, which can be read as securing the workload that supports the first-quarter swing to profit. The notable point recently is that a P/B of 0.43x and a forward P/E below peers (Hanshin Engineering & Construction, Dongbu Corporation, Kumho E&C) combine with the first-quarter swing to profit and recent orders to make the price appeal clear; still, since last year was a full-year loss, one must check whether the profit persists beyond a single quarter and watch the funding burden implied by a 233.7% debt ratio.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 233.7%).
- The most recent full-year net result was a loss.
- Revenue fell 20.6% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 92.5% higher than a year earlier.
- ROE is -11.8% (total-net basis). It is below the sector average.
- Operating margin is -4.0%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Hyosung Heavy Industries 48.19% (corporate)
Controlling bloc incl. related parties 48.19%
With the controlling bloc holding 48%, the ownership structure is stable.
🔎 In-depth analysis
- Jinheung Enterprise is a general construction company founded in 1959.
- Its business splits broadly into three areas — civil engineering, building and housing, and plant — and it takes on work from both public and private clients depending on the ordering party.
- Its main earnings come from civil-engineering work on social overhead capital (SOC) such as roads and environmental facilities, housing construction and sales such as apartments, redevelopment and reconstruction, and the building of office and commercial facilities.
- In other words, it is a structure in which the company wins a contract, builds, and recognizes revenue and profit in step with how far the work has progressed, so incoming new contracts and the pace at which those contracts turn into actual construction drive results.
- Because its market cap is not large, a single big order or one sales result has a relatively large effect on the overall figures.
- The recent close is ₩831 and the market cap is ₩120.9 billion.
- The price sits below the 20-day line (₩877) and the 60-day line (₩1,030).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that weighs upward versus downward strength over the last 14 days on a 0–100 scale) is 45.4, a neutral level.
- The one-month change is -6.1%, the three-month change is -12.6%, and the position versus the 52-week high is -43.0%.
- Relative strength versus the KOSPI is 36 (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).
- That places it in roughly the top 64% by strength among all stocks.
- Over the past three months it lagged the index by 34.6%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Last year (2025), on a full-year basis, the company posted a loss with revenue of ₩576.4 billion, operating profit of -₩23.0 billion and net profit of -₩28.4 billion.
- As a result, ROE (how much is earned on equity in a year) came in at -11.8% and the operating margin at -4.0%.
- The debt ratio (debt relative to equity) of 233.7% is not low, as is typical of construction, but the current ratio — which weighs short-term assets held against debt due soon — is 204%, so short-term payment capacity is in place.
- The key point here is that these figures are a mirror reflecting 'last year, which was a loss.' Because of last year's loss, the trailing P/E (the multiple based on last year's confirmed earnings) cannot be calculated, but the P/B (how many times book value the share price is) of 0.50x prices the stock at less than half of the company's net assets.
- At an inflection where earnings turn to profit, the forward P/E — which reflects future earnings — is closer to the real picture than metrics based on last year, and that forward P/E is on the low side among comparable builders, so it reads as an undervaluation signal.
- Looking across several years, revenue shrank from ₩759.4 billion in 2023 to ₩726.2 billion in 2024 and ₩576.4 billion in 2025, and operating profit fell from a 2023 profit to a 2025 loss.
- However, the mood shifted markedly in the most recent quarter, the first quarter of 2026.
- Quarterly revenue of ₩183.6 billion rose 92.5% from the same period a year earlier, operating profit was ₩11.1 billion (+835.7% year on year) and net profit swung to a profit of ₩9.5 billion.
- In a single quarter it exceeded the profit it failed to make across all of last year, an earnings inflection from loss to profit confirmed in actual figures.
- The full-year outlook this year is roughly ₩915.5 billion in revenue, about ₩50.7 billion in operating profit and about ₩43.5 billion in net profit, reflecting a flow in which the first-quarter profit already in hand is joined by the recent string of multi-tens-of-billions new orders (₩74.6 billion, ₩68.5 billion, ₩62.6 billion and so on) progressing into construction and being recognized as revenue and profit.
- In a structure where profit fills in as the order backlog provides support and housing and SOC work progresses, this year's swing to profit can be seen not as a vague assumption but as a result pulled up by sales and contracted volume.
- Recent disclosures center on new orders.
- On 2026-06-19 a single sale and supply contract of ₩74.6 billion was signed, on 2026-06-05 an amended single sale and supply contract of ₩68.5 billion, and on 2026-05-18 a single sale and supply contract of ₩62.6 billion were disclosed in succession.
- Because contracts are recognized as revenue over time according to their amount and construction period, the key to reading medium-term results is whether these contracts are one-off or a repeating flow, and over what period they feed into revenue.
- That three multi-tens-of-billions contracts stacked up in little more than a month can be read as securing the workload that supports the first-quarter swing to profit.
- In assessing this company, the strengths and the points to check split relatively clearly.
- The strength is price.
- The stock sits at a P/B of 0.43x, less than half of net assets, and the forward P/E based on this year's earnings outlook is on the low end among peers such as Hanshin Engineering & Construction (1.79x), Dongbu Corporation (2.7x) and Kumho E&C (3.86x), so if profit settles into place, the price appeal is clear.
- On top of that, the first-quarter swing to profit and recent orders back that earnings recovery with actual figures and workload.
- The point to check is the durability of the recovery.
- Since last year was a full-year loss, it is reasonable to check whether the first quarter's profit persists beyond a single quarter and whether the funding burden grows under a 233.7% debt ratio.
- In short, this is a stock whose undervaluation appeal revives the more new orders feed steadily into revenue and profit and the profit flow is sustained quarter after quarter; conversely, if orders prove one-off or the earnings recovery stops in the first quarter, attention could shift back to a loss stretch like last year's.
🔎 Valuation vs peers Undervalued
Peers with adjacent market caps within construction.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanshin Engineering & Construction | 2.16x | 0.15x | 7.15% |
| Dongbu Construction | 3.11x | 0.29x | 9.31% |
| Kumho E&C | 10.09x | 2.60x | 25.79% |
The primary reference was a public-data peer set with nearby market caps within construction. The current P/E (how many times a year's earnings the share price is) is not available, and the P/B (how many times book value the share price is) is 0.50x. That said, because smaller-cap names are heavily affected by earnings swings and financing disclosures, no firm conclusion was drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩915.5 billion | ₩50.7 billion | ₩43.5 billion |
| Next quarter | Q2 2026 | ₩221.2 billion | ₩14.0 billion | ₩11.7 billion |
Price history Close · MA20 · MA60
The latest close is ₩831 and the market capitalization is ₩120.9 billion. The price sits below its 20-day moving average (₩877) and below its 60-day moving average (₩1,030). 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 45.4, a neutral level. The one-month change is -6.1%, the three-month change is -12.6%, and the position relative to the 52-week high is -43.0%. Relative strength versus the KOSPI is 36 (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 36% of all stocks. Over the past three months it lagged the index by 34.6%. 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 -34.58% / 6M -29.25% / 12M -54.82%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B is 0.50x.
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.
Profitability & financials
Return on equity (ROE) is -11.8%, below the sector average (7.0%). The operating margin is -4.0%. The debt ratio is 233.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $503.3M | $481.3M | $382.0M | -20.63% ↓ slower |
| Operating profit | $34.3M | -$3.1M | -$15.2M | — |
| Net profit | $30.0M | $1.4M | -$18.8M | -1402.06% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $294.4M | $416.8M | $503.3M | $481.3M | $382.0M |
| Operating profit | $28.7M | $33.6M | $34.3M | -$3.1M | -$15.2M |
| Net profit | $35.4M | $32.8M | $30.0M | $1.4M | -$18.8M |
| Revenue CAGR | 4-yr avg 6.73% | ||||
Revenue fell 20.6% year over year (2023 ₩759.4 billion → 2024 ₩726.2 billion → 2025 ₩576.4 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 6.7%. The two-year revenue CAGR is -12.9%. In the most recent quarter (Q1 2026), revenue was 92.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 20.6% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-19ContractSingle sale and supply contract signed: contract amount ₩74.6 billionThe contract amount and period are key to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term reading. Source
- 2026-06-05Contract[Amended] Single sale and supply contract signed: contract amount ₩68.5 billionThe contract amount and period are key to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term reading. Source
- 2026-05-18ContractSingle sale and supply contract signed: contract amount ₩62.6 billionThe contract amount and period are key to future revenue recognition. Whether the deal is one-off or repeatable shapes the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩831 | ₩831 | Confirmed | link |
| Latest quarterly results | revenue ₩183.6 billion, operating profit ₩11.1 billion | revenue ₩183.6 billion, operating profit ₩11.1 billion | Confirmed | link |
| Annual results | revenue ₩576.4 billion, operating profit -₩23.0 billion | revenue ₩576.4 billion, operating profit -₩23.0 billion | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩74.6 billion | ㆍapprox. : approx. ₩74.6 billion | Confirmed | link |
| Contract disclosure source text | []ㆍapprox. : approx. ₩68.5 billion | []ㆍapprox. : approx. ₩68.5 billion | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩62.6 billion | ㆍapprox. : approx. ₩62.6 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-05Single supply/sales contract (amended)
- 2026-06-01Large-business-group status disclosure
- 2026-06-01Corporate governance report
- 2026-05-18Single supply/sales contract
- 2026-05-14PeriodicQuarterly report
- 2026-05-06Single supply/sales contract
- 2026-04-28Single supply/sales contract
- 2026-04-21EarningsFair-disclosure notice
- 2026-04-14Disclosure
- 2026-04-06Disclosure
- 2026-03-31Disclosure
- 2026-03-20Disclosure
📖 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.