Shinsung E&G (011930) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Shinsung E&G earns money through a 'clean-environment' segment that designs and builds cleanrooms and supplies clean equipment such as FFU/EFU for semiconductor, display, secondary-battery, and data-center plants, and a renewable-energy segment making solar cells and modules, with results tracking the capital-investment flow of front-end industries. It secured work with a ₩5.07 billion cleanroom order for a Samsung Electronics subsidiary on May 7 and a ₩10.05 billion order for Wavice on June 5, and Q1 revenue grew more than 30% while the loss narrowed by more than half, while a 10-for-1 stock consolidation, treasury-share cancellation, and a pre-announced value-up plan for August also showed shareholder-return intent. The point to watch: if front-end CAPEX revives and a swing to profit is confirmed from Q2 onward, the recovery momentum works strongly, whereas the swing to profit was not complete as of Q1 and, with a debt ratio of 157% and a current ratio of 98.5%, financial capacity is tight.
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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 “Semiconductors” (Semiconductors & IT Components), a type typically read first through P/B.
Chipmakers ride sharp swings in chip prices and demand, so profits balloon in upturns and can flip to losses in downturns. That makes earnings-based multiples unreliable, so price-to-book (P/B) — the share price against the company's asset value — is the first lens.
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
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 98.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue fell 2.5% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 32.1% higher than a year earlier.
- ROE is -3.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 0.2%.
- 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 Lee Ji-seon 8.11% (individual)
Controlling bloc incl. related parties 20.76%
With the controlling bloc holding 21%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Shinsung E&G earns money through two businesses. The first is the 'clean-environment' segment, which designs and builds cleanrooms (highly filtered clean workspaces) for semiconductor, display, secondary-battery, and data-center plants, and supplies the FFU/EFU (blower equipment that filters and circulates air) and constant-temperature-and-humidity equipment that go inside them. The second is the renewable-energy segment, which makes and installs solar cells, modules, and generation systems. In short, the company is not a place that makes semiconductor chips directly but one that lays the 'clean infrastructure' so chip plants can run. Because revenue builds up as order backlog when a plant-expansion order comes in and is recognized as construction proceeds, results track the capital-investment (CAPEX) flow of front-end industries. Recently, demand for AI data-center cooling and clean environments has been added as a new end-market.
The latest close is ₩15,990 and the market capitalization is ₩324.7 billion. The price sits above its 20-day moving average (₩15,224) and below its 60-day moving average (₩19,106). 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 50.3, a neutral level. The one-month change is -6.7%, the three-month change is +300.2%, and the position relative to the 52-week high is -60.0%. Relative strength versus the KOSPI is 96 (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 97% of all stocks. Over the past three months it outpaced the index by 376.1%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On a confirmed annual basis (2025), net profit was a loss, so a P/E ratio (the price divided by net profit per share) cannot be derived. That said, entering 2026 the company is at an inflection where the loss is narrowing quickly and profit is turning, and a forward P/E reflecting this flow is derivable. For a stock whose profit is recovering, it is future profit — not a single past year's number — that is the real picture, so it is hard to conclude 'expensive or cheap' from last year's loss-making number alone. The P/B (how many times its asset value the price is) is 1.43x, or 1.56x on a forward basis, so relative to asset value the level is not greatly burdensome. Profitability is mid-recovery. 2025 ROE (return earned on equity in a year) was -3.0% and the operating margin 0.2%, both low, but in Q1 2026 both operating and net losses narrowed sharply. The financial structure needs attention. With a debt ratio (debt to equity) of 257.3% and a current ratio of 98.5%, debt due within a year slightly exceeds assets that can be turned into cash right away, and with a low interest-coverage ratio, covering interest from operating profit is tight. Given the nature of the construction business, debt can swing with construction progress, but this burden should ease as the profit recovery takes hold.
Over five years, revenue jumped from ₩454.5 billion in 2021 to ₩664.1 billion in 2022, then moved within the ₩500-billion range at ₩576.5 billion in 2023, ₩582.3 billion in 2024, and ₩567.5 billion in 2025 (a two-year average of -0.8%). Operating profit thinned from ₩21.0 billion in 2022 to ₩1.3 billion in 2025, and net profit posted a loss in 2024 and 2025. But in the most recent quarter the flow clearly changed. Q1 2026 revenue was ₩153.7 billion, up 32.1% from the same period a year earlier; the operating loss of -₩2.2 billion narrowed 57% from -₩5.2 billion a year earlier; and the net loss of -₩3.8 billion improved 59% from -₩7.0 billion a year earlier (per the 2026-05-07 quarterly report). Revenue rising double digits while the loss narrows quickly reads as a signal that front-end cleanroom-equipment orders are reviving and that orders are starting to be recognized as revenue. This year's forward P/E reflects the profit that will recover in this very process of turning from loss to surplus. That is, it is a value based on this year's turning profit rather than last year's weak numbers, meaning the scale and speed of the recovery are that much anticipated. That said, as of Q1 operating and net profit had not yet fully swung to surplus, so whether a swing to profit is actually confirmed from Q2 onward is the key checkpoint.
Recent disclosures split two ways. First, cleanroom orders in the core business continue. It secured new work with a ₩5.07 billion cleanroom construction order for a Samsung Electronics subsidiary on 2026-05-07 and a ₩10.05 billion cleanroom and utility-equipment order for Wavice on 2026-06-05 (1.77% of 2025 revenue). Second, shareholder-return and capital policy. A 10-for-1 stock consolidation on 2026-02-20 changed the trading unit from ₩5,000 to ₩500, and on 2026-05-18 it cancelled a total of about 279,000 treasury shares (a step that improves the quality of capital). It also pre-announced on 2026-04-01 that it would disclose a 'shareholder-value enhancement plan' during August 2026. The orders show core-business recovery, the capital policy shows shareholder-return intent, and the concrete content of the value-up plan due in August is the next checkpoint.
The key to this stock is that it is 'at the outset of a results turnaround.' The strengths are clear. With cleanroom orders continuing, Q1 2026 revenue grew more than 30% and the loss narrowed by more than half, heading toward a swing to profit; the value reflecting forward profit is not excessive relative to asset value (forward P/B 1.56x); and shareholder-return intent is showing through the stock consolidation, treasury-share cancellation, and pre-announced value-up plan. If capital investment in the core cleanroom end-markets (semiconductors, displays, secondary batteries, data centers) is reviving, the recovery pace can quicken. The cautions are also distinct. As of Q1 the swing to profit was not yet complete, and with a debt ratio of 157% and a current ratio of 98.5%, financial capacity is tight; after a steep short-term rise, volatility is high. In sum, on conditions where front-end CAPEX revives, a swing to profit is confirmed from Q2 onward, and the financial burden eases, the recovery momentum works strongly; conversely, if the swing to profit is delayed or front-end orders cool again, the financial burden can come into focus.
🔎 Valuation vs peers Inconclusive
Because the core business is building cleanrooms and equipment for semiconductor, display, and secondary-battery plants, a simple comparison with chip makers is difficult; similar-scale stocks within the semiconductor supply chain with confirmed data on the site were used as a supplementary peer set, on the premise that the true peers (cleanroom and equipment builders) may lie outside the sample.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SFA Semicon | — | 1.75x | -4.05% |
| Hana Materials | 28.40x | 2.25x | 10.28% |
| Mecaro | 29.78x | 1.80x | 6.47% |
(a) Position versus peers: Shinsung E&G's P/B of 1.78x is lower than SFA Semicon (2.4), Hana Materials (2.89), and Mecaro (1.99). (b) The nature of the discount: however, this low P/B is less 'cheap' than a reflection of the loss (ROE -3.0%), the thin operating margin (0.2%), and the high debt ratio (157%). Unlike the profit-making Hana Materials and Mecaro, profitability does not yet provide support. (c) Limits of trailing and the forward basis: because net profit is a loss, last year's confirmed P/E cannot be calculated at all, so a P/E comparison is of limited meaning. Instead, there is an inflection signal in this year's Q1 revenue +32.1% and a 57% narrower loss, so it is hard to conclude from the trailing alone. The company's official forward figures (the value-up plan) are due only in August 2026, so for now only a seasonality approximation of DART confirmed quarterly results can be used as a supplement. All told, it is too early to call it undervalued because a profitability recovery is not confirmed, and it is not overvalued because the price is not heavy relative to assets, so Inconclusive is appropriate.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩182.9 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩15,990 and the market capitalization is ₩324.7 billion. The price sits above its 20-day moving average (₩15,224) and below its 60-day moving average (₩19,106). 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 50.3, a neutral level. The one-month change is -6.7%, the three-month change is +300.2%, and the position relative to the 52-week high is -60.0%. Relative strength versus the KOSPI is 96 (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 97% of all stocks. Over the past three months it outpaced the index by 376.1%. 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 +376.13% / 6M +617.46% / 12M +440.19%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.43x is in line with the sector median (1.63x).
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
The operating margin is 0.2%. The debt ratio is 187.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $405.0M | $409.1M | $398.6M | -2.55% ↓ slower |
| Operating profit | $5.2M | $3.5M | $900,127 | -74.33% ↓ slower |
| Net profit | $11.4M | -$9.9M | -$4.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $319.3M | $466.6M | $405.0M | $409.1M | $398.6M |
| Operating profit | $1.7M | $14.8M | $5.2M | $3.5M | $900,127 |
| Net profit | -$11.2M | $24.0M | $11.4M | -$9.9M | -$4.9M |
| Revenue CAGR | 4-yr avg 5.70% | ||||
Revenue fell 2.5% year over year (2023 ₩576.5 billion → 2024 ₩582.3 billion → 2025 ₩567.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 74.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.7%. The two-year revenue CAGR is -0.8%. In the most recent quarter (Q1 2026), revenue was 32.1% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 98.4%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 2.5% year over year (3-year trend: mixed).
Recent news & events searched · sourced
- 2026-06-05Update₩10.05 billion cleanroom and utility-facility construction order for Wavice (1.77% of 2025 revenue, construction period 2026-10-01 to 2027-03-31, Cheonan)A signal that orders for the core clean-environment equipment continue. With the construction period in Q4 2026 to Q1 2027, whether revenue recognition is reflected at that time needs confirmation. Source
- 2026-05-18FilingDecision to cancel a total of about 279,000 shares, including 50,418 fractional shares from the stock consolidation and previously acquired treasury shares (no reduction in capital stock)A shareholder-return step reducing the number of shares outstanding. With capital stock unchanged, it is slightly favorable to per-share value, but the scale is limited. Source
- 2026-05-07EarningsQ1 2026 preliminary results (fair disclosure): revenue of ₩153.7 billion (+32.1%), operating loss of -₩2.2 billion (narrowed 57% from -₩5.2 billion a year earlier), controlling-interest net loss of -₩2.9 billion (improved 59% from -₩7.0 billion a year earlier)A quarter in which top-line growth and a narrower loss appeared together. That said, it is not yet a swing to profit, so whether a swing to profit occurs from Q2 onward is the crux. Source
- 2026-05-07Update₩5.07 billion cleanroom expansion construction order for SEMCNS (0.89% of 2025 revenue, construction period 2026-05-07 to 2026-07-31, Cheongju)A cleanroom-expansion order from a semiconductor-component customer, in a stretch recognized as revenue in the short term over June-July. Source
- 2026-04-01IRPre-announced (board resolution) that a value-up plan would be disclosed during August 2026Concrete plans related to shareholder return and capital efficiency are due in August. With no quantitative targets at present, confirming that content is a future point. Source
- 2026-02-20Filing10-for-1 stock consolidation decision (par value ₩500 → ₩5,000, shares outstanding 206 million → 20.58 million, trading suspension 2026-04-09 to 04-30, new-share listing 2026-05-01)A consolidation to maintain an appropriate number of floating shares (not a capital reduction). Because the price notation changes tenfold, price and return metrics before and after the consolidation should not be compared directly. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Q1 2026 revenue | ₩153.7 billion | 153,688 | Confirmed | link |
| Q1 2026 operating profit/loss | -₩2.2 billion | -2,234 | Confirmed | link |
| Stock-consolidation ratio and shares outstanding | 20,584,815 | 20,584,815 | Confirmed | link |
| This year's annual revenue (seasonality approximation) | approx. ₩714.1 billion | — | Unverified | link |
Recent filings Source
- 2026-06-05Single supply/sales contract
- 2026-05-28Corporate governance report
- 2026-05-26OwnershipOwnership-change filing
- 2026-05-19OwnershipLargest-shareholder ownership change report
- 2026-05-18Disclosure
- 2026-05-18Amended filing
- 2026-05-14Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-07Single supply/sales contract
- 2026-05-07EarningsFair-disclosure notice
- 2026-05-06Disclosure
- 2026-05-06Disclosure
📖 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.