Taeyoung E&C (009410) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Taeyoung E&C is a general construction company that earns its revenue by building apartments and housing, civil-engineering works such as roads and railways, and public projects ordered by government bodies. A crisis in real-estate project financing (PF) pushed it into a creditor-led workout in early 2024, but through repeated debt-to-equity swaps and asset sales it climbed out of capital impairment and restored a profitable footing, posting consolidated 2025 revenue of ₩2.17 trillion and operating profit of ₩52.8 billion. The key point to note recently is that while it has shifted its focus toward public works and returned to profit at the operating level, its debt-to-equity ratio remains high at 573% and its operating profit is barely enough to cover interest, so the direction of the share price hinges on how quickly its financial structure improves.
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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 “General Construction” (Construction & Building Materials · Construction & Real Estate), a type typically read first through P/B.
General construction recognizes profits unevenly depending on order intake and project timing, and it rides project cycles hard, so a single year's earnings is a shaky basis for value. Price-to-book (P/B) — the share price against net assets such as land and construction holdings — is steadier and less whipsawed by that swing.
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 far exceeds equity (debt ratio 513.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 73.7%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 19.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 44.1% lower than a year earlier.
- ROE is 10.5% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.9%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder TY Holdings 58.22% (corporate)
Controlling bloc incl. related parties 58.69%
With the controlling bloc holding 59%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Taeyoung E&C makes money along three main lines. The first is housing and building construction, such as apartments and mixed-use residential complexes. The second is civil-engineering (SOC) work, including roads, railways, bridges and environmental facilities. The third is public projects ordered by the central government, local authorities and state-owned enterprises. In the past, private real-estate development made up a large share, but after a funding crisis in that segment the company is now shifting its weight toward lower-risk public works. The company has stated that in 2025 it secured the largest volume of new public-sector orders among construction firms.
The latest close is ₩1,647 and the market capitalization is ₩490.1 billion. The price sits above its 20-day moving average (₩1,624) and below its 60-day moving average (₩1,681). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.4, a neutral level. The one-month change is -0.7%, the three-month change is -13.2%, and the position relative to the 52-week high is -27.8%. Relative strength versus the KOSPI is 25 (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 24% of all stocks. Over the past three months it lagged the index by 2.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation metrics look different on the surface than they are in reality. The P/E ratio (how many times a year's earnings the price represents) is 7.68x and the P/B (how many times the book net asset value the price represents) is 0.80x, both of which look low. But this low P/E is largely an illusion, because 2025 net profit of ₩63.8 billion includes one-off gains from asset sales and debt restructuring. In fact, in the first quarter of 2026, even though operating profit was positive, net profit swung back to a loss of about ₩3 billion. The picture is only accurate when the financial burden is viewed alongside it. The debt-to-equity ratio (debt relative to equity) is very high at 573%. The current ratio (assets that can be turned into cash immediately versus debt due within a year) is 67.5%, below 100%. The interest coverage ratio (how many times operating profit covers interest) is below 1x, meaning operating profit alone does not fully cover interest. Net debt (total borrowings less cash) is about ₩1.14 trillion. So when debt is factored into enterprise value, the EV/EBIT (a P/E-like multiple that also reflects debt, dividing enterprise value by operating profit) comes out at 31x, far higher than the 7.5x P/E. The FCF yield (actual cash generated relative to market cap) is high at 22%, but much of it stems from temporary cash from asset sales and is unlikely to continue at that pace.
Revenue is shrinking while earnings are rising off the bottom. Revenue fell from ₩3.35 trillion in 2023 to ₩2.17 trillion in 2025 (-19% year on year), the result of the company deliberately downsizing by winding down risky private-development projects. Earnings, by contrast, are on a recovery path. Operating profit rose from a loss of ₩404.5 billion in 2023 to a profit of ₩20.6 billion in 2024 and ₩52.8 billion in 2025. Net profit also turned from a loss of ₩1.40 trillion in 2023 to a profit of ₩63.8 billion in 2025. That said, first-quarter 2026 revenue plunged 44% year on year to ₩354.9 billion. Operating profit actually rose 14% to ₩17.7 billion, but net profit was a loss of about ₩3 billion. Future earnings are hard to forecast, because net profit is heavily swayed by interest costs and non-operating items such as asset sales and debt restructuring. So rather than pin this year's net profit to a specific number, it is more accurate to separate out whether the operating profit trend holds and how much the interest burden eases.
Recent disclosures fall into two broad streams. The first is order intake. Between March and June 2026, several disclosures of single-sale and supply contracts appeared, part of the process of filling the order book with public works. The second concerns financial and governance structure. An April 2026 disclosure of major management matters relevant to investment judgment was followed by a May corporate governance report and a large-scale enterprise group status disclosure. These show the company is pursuing financial improvement and governance restructuring under a creditor-led workout. The backdrop is the creditor-led workout it entered in early 2024 amid the real-estate PF crisis. Since then, through repeated debt-to-equity swaps and asset sales including its headquarters and land, it has climbed out of capital impairment, and the compliance-agreement period is ongoing.
This company can be summed up as "operations have revived, but the balance sheet is still heavy." The strengths are clear. Operations have returned to profit at the operating level. It has reduced high-risk private development and reshaped itself toward stable public works. The debt-to-equity ratio is also trending down from the 720% range in 2024. If this improvement continues and the interest burden eases, there is room for the currently low-looking P/B to be justified. The cautions are just as clear. The 573% debt-to-equity ratio is still very high. Operating profit does not fully cover interest. The 2025 net profit was flattered by one-off gains, so it looked better than the underlying strength, and the first quarter swung back to a net loss. In other words, this is a stretch where it is hard to declare the stock undervalued based on a "cheap-looking P/E" alone. It is strong if the creditor-led workout wraps up smoothly and the financial structure improves faster, and weak if the construction cycle or unsold-inventory conditions worsen, which could again enlarge the interest and funding burden.
🔎 Valuation vs peers Inconclusive
Compared against domestic general and civil-engineering construction firms, using large builders that differ in scale and financial structure as a reference set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Engineering & Construction | 33.60x | 1.37x | 4.52% |
| DL E&C | 7.54x | 0.52x | 9.35% |
| GS E&C | 29.83x | 0.58x | 1.87% |
| Samsung E&A | 15.70x | 2.02x | 12.98% |
On a trailing P/E of 7.5x alone, it looks low alongside DL E&C (6.5x) and far cheaper than Hyundai E&C (29.5x) and GS E&C (26.8x). But this low P/E is hard to trust, because 2025 net profit of ₩63.8 billion includes one-off gains from asset sales and debt restructuring, and the first quarter of 2026 swung back to a net loss. Because earnings are at an inflection point, the informational value of a P/E based on last year's earnings is low. The EV/EBIT, which reflects net debt of about ₩1.14 trillion, is 31x, so once debt is taken into account it is hard to declare the stock undervalued. The 0.79x P/B is below book, but that book equity itself was reset by debt-to-equity swaps during the workout. Taking the financial risk (573% debt-to-equity, interest coverage below 1x) together with the lack of earnings stability, at this stage it is better to view this as a stretch to watch for the end of the workout and the pace of financial improvement rather than to declare it undervalued or overvalued.
Price history Close · MA20 · MA60
The latest close is ₩1,647 and the market capitalization is ₩490.1 billion. The price sits above its 20-day moving average (₩1,624) and below its 60-day moving average (₩1,681). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.4, a neutral level. The one-month change is -0.7%, the three-month change is -13.2%, and the position relative to the 52-week high is -27.8%. Relative strength versus the KOSPI is 25 (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 24% of all stocks. Over the past three months it lagged the index by 2.8%. 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 -2.77% / 6M -16.25% / 12M -62.66%
Key metrics Computed vs sector median
Valuation
The P/E of 7.68x is in line with the sector median (6.86x). The P/B of 0.80x is above the sector median (0.47x).
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 10.5%, above the sector average (5.0%). The operating margin is 2.9%. The debt ratio is 513.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.4B | $1.9B | $1.5B | -19.05% ↑ faster |
| Operating profit | -$284.2M | $14.5M | $37.1M | +155.73% |
| Net profit | -$983.9M | $24.6M | $44.8M | +82.46% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $1.8B | $2.4B | $1.9B | $1.5B |
| Operating profit | $122.6M | $64.3M | -$284.2M | $14.5M | $37.1M |
| Net profit | $52.8M | $44.1M | -$983.9M | $24.6M | $44.8M |
| Revenue CAGR | 4-yr avg -5.72% | ||||
Revenue fell 19.1% year over year (2023 ₩3.4 trillion → 2024 ₩2.7 trillion → 2025 ₩2.2 trillion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit rose 155.7% year over year. Over the 5 years on record, revenue compound annual growth (CAGR) is -5.7%. The two-year revenue CAGR is -19.5%. In the most recent quarter (Q1 2026), revenue was 44.1% 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 10.5% points to solid profitability.
Points to watch
- Debt far exceeds equity (debt ratio 513.7%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 73.7%).
- Revenue fell 19.1% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-05UpdateDisclosure of a single-sale and supply contract. A new order continuing work in the public and building segments.Short term: secures a revenue base. Medium term: supports the shift in business mix from private development toward public works. Source
- 2026-05-29FilingCorporate governance report and large-scale enterprise group status disclosure, covering governance and group-status restructuring under the creditor-led workout.Medium term: a review of financial and governance transparency, and a basis for checking the progress of the workout's compliance. Source
- 2026-05-15EarningsFirst-quarter 2026 quarterly report. Consolidated revenue of ₩354.9 billion (-44% year on year), operating profit of ₩17.7 billion (+14%), and a net loss of about ₩3 billion.Short term: confirms operating profit was maintained despite a sharp revenue drop. Medium term: the recurrence of a net loss reveals that earnings stability is still low. Source
- 2026-04-01FilingDisclosure of major management matters relevant to investment judgment. Items related to financial-structure improvement under the creditor-led workout.Medium term: a basis for checking progress on financial improvement, and a variable at the point the workout ends. Source
- 2026-03-30UpdateDisclosure of a single-sale and supply contract. A new order secured in the first quarter.Short term: reinforces the order backlog. Medium term: part of the recovery in public-works-centered order intake. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-05Single supply/sales contract
- 2026-05-29Large-business-group status disclosure
- 2026-05-29Corporate governance report
- 2026-05-27Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-16Single supply/sales contract (amended)
- 2026-04-01Disclosure
- 2026-03-30Single supply/sales contract
- 2026-03-30Disclosure
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-26Single supply/sales contract (amended)
📖 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.