Xi S&D earns money along two lines: a housing division that directly builds and sells apartments and homes (revenue about ₩131.5 billion), and an HS division that provides home-network and system-fittings installation and, after move-in, A/S and facility management (revenue about ₩322.4 billion), so the equipment and management services that keep following built apartments carry more weight than simple sales alone. The center of the recent flow is a string of supply contracts: in 2026 the company disclosed single-supply contracts of ₩141.1 billion in June, ₩157.5 billion in May and ₩109.1 billion in April, leaving the key clue to its future revenue path. The notable points are that the dividend yield is high in the 4% range, financial stability such as debt and liquidity is sound, and if new orders keep coming in and earnings normalization continues the undervaluation becomes clear, while revenue has been shrinking for several years, so it needs confirming whether this recovery takes hold through new orders and whether the supply contracts are recognized as revenue and profit as planned.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 12.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 13.6% lower than a year earlier.
- ROE is 6.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 0.9%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder GS E&C 39.4% (corporate)
Controlling bloc incl. related parties 39.4%
With the controlling bloc holding 39%, the ownership structure is stable.
🔎 In-depth analysis
- Xi S&D earns money along two broad lines.
- One is the housing division, which raises revenue by directly building and selling apartments and homes.
- The other is the HS division, which provides services such as home-network installation, system-fittings work (system equipment for kitchens, bathrooms and the like) and option work in apartments, plus post-move-in apartment A/S, facility management and infrastructure operations management.
- On a recent basis, housing-division revenue was about ₩131.5 billion and the HS division about ₩322.4 billion, so the service side, such as home networks and facility management, carries more weight than simple sales.
- In other words, it is a structure that generates revenue not only from build-once-and-done sales but also from the equipment and management work that keeps following built apartments.
- Since the market cap is not large, it is worth watching both the flow of the business itself and how each new supply-contract or order disclosure affects revenue and results.
- The recent close is ₩4,525 and the market cap is ₩175.5 billion.
- The price sits above the 20-day line (₩3,995) and above the 60-day line (₩4,165).
- Being above the short- and medium-term moving averages, the trend looks favorable.
- The RSI (a supplementary gauge that weighs recent up-moves against down-moves over the last 14 days on a 0-100 scale) is 60.4, a neutral level.
- The one-month change is +32.3%, the three-month change is +10.4%, and the position versus the 52-week high is -11.8%.
- Relative strength versus the KOSPI is 42 (1-99, converting the past year's return versus the index with more weight on recent performance; higher means stronger than the market).
- That puts it in roughly the top 58% of all stocks by strength.
- Over the last three months it lagged the index by 15.7%.
- Chart reading is best done alongside volume and disclosure dates.
- Recent full-year revenue was about ₩1.4 trillion, with operating profit of ₩12.5 billion and net profit of ₩35.6 billion.
- ROE (how much it earns on equity in a year) is 6.2%, above the average for the same real-estate sector, and with a debt ratio (debt against equity) of 86.5% and a current ratio (assets immediately available against debt due within a year) of 243%, financial stability is fairly sound.
- The operating margin of 0.9% looks low, but that figure largely reflects a sector trait where construction and sales revenue swings depending on whether it is recognized all in one year.
- On valuation, the P/E (the multiple on the past year's earnings) is 3.66x and the P/B (the multiple on book value) is 0.23x.
- A P/B of 0.23x means the stock trades at about a quarter of the company's net assets, so this figure reads not as a 'burden' but rather as a signal that it is priced cheaply against its assets.
- For a company whose earnings swing widely year to year, a forward P/E computed from this year's estimated earnings shows a picture closer to reality than a P/E computed from a single past year's results.
- Revenue itself is on a declining path, from ₩2.37 trillion in 2023 to ₩1.58 trillion in 2024 and ₩1.39 trillion in 2025.
- This largely reflects revenue recognition thinning out after a period when sales and completions were concentrated early.
- Earnings, however, tell a different story.
- Operating profit bottomed at ₩2.38 billion in 2024, then rose sharply again to ₩12.5 billion in 2025, and net profit recovered from ₩1.65 billion in 2024 to ₩35.6 billion in 2025.
- In other words, even as revenue shrinks, the company is at an inflection where earnings revive as low-profitability work drops out and margins normalize.
- This year's estimated earnings come to about ₩1.0 trillion in revenue, ₩30.2 billion in operating profit and ₩18.8 billion in net profit.
- The grounds for this picture are clear.
- In 2026 supply contracts of ₩109.1 billion in April, ₩157.5 billion in May and ₩141.1 billion in June came in one after another, so the base for revenue to be recognized ahead is being filled with actual orders.
- On top of this, unlike build-once-and-done sales, home-network and facility-management revenue that keeps following occupied complexes supports the business structure and firms up the earnings base.
- The forward P/E computed from this estimated earnings is on the low side within the same sector.
- The center of the recent flow is a string of supply contracts.
- The company disclosed single-supply contracts of ₩141.1 billion on June 9, 2026, ₩157.5 billion on May 7 (a correction), and ₩109.1 billion on April 16, one after another.
- Because supply contracts are recognized as revenue over the contract amount and performance period, they are a key clue for gauging the future revenue path.
- Reading whether such contracts are one-off deals or a flow of similar orders makes the medium-term picture clearer.
- The disclosures can be confirmed directly through the company's IR and official source materials.
- The strengths are fairly clear.
- Dividends are steady, so the dividend yield is high in the 4% range, and financial stability on the debt and liquidity side is also sound.
- The point to watch is that revenue has been on a declining path for several years.
- So it is worth confirming whether the earnings recovery takes hold through new orders rather than a one-off settlement, and whether the supply contracts are recognized as revenue and profit as planned.
- In short, this is a stock whose undervaluation becomes clear when new orders keep coming in and earnings normalization continues, and, conversely, one where the revenue decline can come to the fore if new orders cool and sales revenue recognition is slow.
🔎 Valuation vs peers Undervalued
Peers nearby in market cap within the real-estate sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SK D&D | 29.49x | 0.37x | 1.24% |
We looked first at public-data peers nearby in market cap within real estate. The current P/E (the multiple on the past year's earnings) is 4.92x and the P/B (the multiple on book value) is 0.31x. That said, because lower-market-cap names are more affected by earnings swings and financing disclosures, we did not settle the case on last year's confirmed results 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 | ₩1.0 trillion | ₩30.2 billion | ₩18.8 billion |
| Next quarter | Q2 2026 | ₩260.3 billion | ₩9.0 billion | ₩5.4 billion |
Price history Close · MA20 · MA60
The latest close is ₩4,525 and the market capitalization is ₩175.5 billion. The price sits above its 20-day moving average (₩3,995) and above its 60-day moving average (₩4,165). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 60.4, a neutral level. The one-month change is +32.3%, the three-month change is +10.4%, and the position relative to the 52-week high is -11.8%. Relative strength versus the KOSPI is 43 (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 42% of all stocks. Over the past three months it lagged the index by 15.7%. 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 -15.74% / 6M -33.22% / 12M -47.16%
Key metrics vs whole-market median
Valuation
The P/E of 4.92x is below the whole-market median (13.81x). The P/B of 0.31x is below the whole-market median (1.15x). Both metrics are low versus peers, so the price is not expensive relative to earnings and assets.
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 6.2%, above the whole-market average (5.0%). The operating margin is 0.9%. The debt ratio is 86.5%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.6B | $1.0B | $919.7M | -12.08% ↑ faster |
| Operating profit | $83.9M | $1.6M | $8.3M | +426.28% ↑ faster |
| Net profit | $27.0M | $1.1M | $23.6M | +2058.21% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $288.8M | $1.6B | $1.6B | $1.0B | $919.7M |
| Operating profit | $33.7M | $131.8M | $83.9M | $1.6M | $8.3M |
| Net profit | $24.2M | $63.7M | $27.0M | $1.1M | $23.6M |
| Revenue CAGR | 4-yr avg 33.59% | ||||
Revenue fell 12.1% year over year (2023 ₩2.4 trillion → 2024 ₩1.6 trillion → 2025 ₩1.4 trillion), and the three-year trend is 'falling'. That said, the rate of decline narrowed from the prior year. Operating profit rose 426.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 33.6%. The two-year revenue CAGR is -23.6%. In the most recent quarter (Q1 2026), revenue was 13.6% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- The dividend yield, at 3.3%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 12.1% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-09ContractSingle-supply contract signed: contract amount ₩141.1 billionThe contract amount and period are the key to future revenue recognition. Whether it is a one-off or a repeatable deal shapes the medium-term reading. Source
- 2026-05-07Contract[Correction] Single-supply contract signed: contract amount ₩157.5 billionThe contract amount and period are the key to future revenue recognition. Whether it is a one-off or a repeatable deal shapes the medium-term reading. Source
- 2026-04-16ContractSingle-supply contract signed: contract amount ₩109.1 billionThe contract amount and period are the key to future revenue recognition. Whether it is a one-off or a repeatable deal shapes the medium-term reading. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩4,525 | ₩4,525 | Confirmed | link |
| Latest quarterly results | revenue ₩270.3 billion, operating profit ₩11.3 billion | revenue ₩270.3 billion, operating profit ₩11.3 billion | Confirmed | link |
| Annual results | revenue ₩1.4 trillion, operating profit ₩12.5 billion | revenue ₩1.4 trillion, operating profit ₩12.5 billion | Confirmed | link |
| Contract disclosure text | ㆍapprox. : approx. ₩141.1 billion | ㆍapprox. : approx. ₩141.1 billion | Confirmed | link |
| Contract disclosure text | []ㆍapprox. : approx. ₩157.5 billion | []ㆍapprox. : approx. ₩157.5 billion | Confirmed | link |
| Contract disclosure text | ㆍapprox. : approx. ₩109.1 billion | ㆍapprox. : approx. ₩109.1 billion | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings
- 2026-06-09Single supply/sales contract
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure (amended)
- 2026-06-01Large-business-group status disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-07Single supply/sales contract (amended)
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-24EarningsEarnings disclosure
- 2026-04-16Single supply/sales contract
- 2026-04-10Single supply/sales contract
- 2026-04-03Single supply/sales contract
- 2026-03-24Shareholders' meeting notice
📖 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.