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JONBUR Research · Initiation

STX · 011810 · Retail & Trade

STX: Deepening Losses and Negative Equity as Ownership Changes Hands

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

STX's filed financials show shrinking revenue and widening losses, with H1 2026 trailing net loss of ₩244.4B on revenue of ₩407.4B. Recent filings and news point to a change of largest shareholder, a rights offering and a capital reduction, with details not included in the data.

Written Oct 14, 2026 · Data as of Oct 13, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a company under financial strain. Revenue has fallen from ₩1,188.6B in 2022 to ₩641.3B in 2025, and operating losses have widened from ₩2.0B in 2022 to ₩61.9B in 2025. The trailing operating margin is -18.8%.

The ROE figures (309.1% trailing, 549.2% in 2025) are not signs of strength. The liabilities-to-equity ratio is -354.3%, which indicates negative shareholders' equity, so the positive ROE comes from dividing a loss by a negative number.

On the other side, news headlines say the largest shareholder has changed to Beomhan Industrial, which acquired a 94.9% stake, and describe it as speeding up management normalization. Filings show a rights offering decision and a capital reduction decision, both amended. The data does not give their size, terms or purpose, so their effect on the balance sheet cannot be judged here. Price returns over 1 month, 3 months and 1 year show 0.0%, and 52-week high and low are shown as 0, which suggests the price data may be limited, such as a trading halt or missing history. The data does not confirm which.

Business overview

STX is listed on KOSPI under code 011810 and is classified in Retail & Trade. It was founded on 1976-12-24 and listed on 1990-09-12. The CEO is listed as 박상준. There are 28,621,454 listed shares, and at a close of ₩3,530 on 2026-10-13 the market capitalization is about ₩101.0B. Revenue was ₩925.5B in 2021, rose 28.4% to ₩1,188.6B in 2022, then fell 24.0% in 2023, 8.4% in 2024 and 22.5% in 2025. One headline mentions the company was undergoing corporate rehabilitation; the data gives no further detail.

Financial analysis

These figures come from filed financial statements (DART), consolidated where available.

Revenue: ₩925.5B (2021), ₩1,188.6B (2022), ₩903.8B (2023), ₩827.8B (2024), ₩641.3B (2025). Trailing revenue to H1 2026 is ₩407.4B.

Operating income: ₩9.0B in 2021, then losses of ₩2.0B (2022), ₩15.0B (2023), ₩8.7B (2024) and ₩61.9B (2025). Trailing operating loss is ₩76.6B.

Net income: losses every year shown: ₩15.3B (2021), ₩13.6B (2022), ₩50.5B (2023), ₩44.0B (2024), ₩166.2B (2025). Trailing net loss is ₩244.4B, a net margin of -60.0%.

Balance sheet and cash: cash is ₩27.2B and borrowings are ₩16.6B. Liabilities-to-equity of -354.3% points to negative equity. Trailing free cash flow is about -₩0.2B, near breakeven despite the large accounting losses.

Valuation

P/E, P/B and EV/EBITDA are not available (null) for the current period, consistent with losses and negative equity. The price-to-sales ratio is 0.2 and enterprise value is about ₩90.4B. The dividend yield is shown as 0.6%, though the data does not explain it. Year-end P/B was 1.8 (2021), 3.1 (2022), 4.2 (2023) and 2.3 (2024); no year-end P/E is available.

Peers in the data show P/E of 5.5 to 39.2 and P/B of 0.5 to 5.2 (Samsung C&T, POSCO International, Youngone, ISC, Shinsegae). Because STX has no meaningful P/E or P/B, direct comparison is limited.

The valuation model's fair value estimate is not available (null), as it could not be worked out from the data. No model estimate per share can be compared with the ₩3,530 share price.

Catalysts

  • The change of largest shareholder to Beomhan Industrial, reported in filings on 2026-10-13 and in news on 2026-10-14, may shape management and strategy.
  • Amended rights offering (paid-in capital increase) decisions filed on 2026-09-30, 2026-10-13 and 2026-10-14 could change the capital structure, though terms are not in the data.
  • Amended capital reduction decisions filed on 2026-10-13 could affect the share count and equity, with details not available.
  • A 5%+ holding report filed on 2026-10-14 and a change in the largest shareholder's holdings show ownership is still shifting.
  • The next financial statements will show whether the capital actions and new ownership affect the losses and negative equity.

Risks

  • Revenue has fallen for three straight years and the trailing figure of ₩407.4B for H1 2026 continues the decline in the data.
  • Operating losses are widening, with a trailing operating margin of -18.8% and a net loss of ₩244.4B.
  • Negative equity (liabilities-to-equity of -354.3%) makes standard return and valuation ratios unreliable.
  • Cash of ₩27.2B is small relative to the scale of the losses, and the rights offering terms are not disclosed in the data.
  • Price, flow, foreign ownership and short interest data are missing or flat, which limits visibility into market positioning.

Closing view

The filed numbers show a company with falling sales, widening losses and negative equity, while the ownership change and capital actions point to a significant restructuring phase. Whether the new owner and capital measures stabilize the business cannot be determined from this data, since the offering terms, forward plans and model fair value are not available. The evidence shows high uncertainty rather than a clear direction, and investors would need to read the full filings for details.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 14, 2026InitiationStart of coverage (reader request)STX: Deepening Losses and Negative Equity as Ownership Changes Hands

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information