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JONBUR Research · Initiation

Jeio · 418550 · Engineering services

Jeio: Revenue Decline and Operating Losses Continue as Shares Trade Below Book Value

Why this report

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

Jeio, a KOSDAQ-listed engineering services company, closed at ₩4,185 on 2026-10-26, down 55.0% over one year and 12.9% over the past month. Filed figures show revenue falling since 2023 and operating losses in the trailing twelve months, while the price-to-book ratio is 0.8.

Written Oct 27, 2026 · Data as of Oct 26, 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 whose earnings have deteriorated sharply from the 2023 peak. Revenue fell from ₩114.5B in 2023 to ₩55.2B in 2025, and operating income has been negative since 2024. The shares are down 55.0% over a year and sit well below the 52-week high of ₩15,840, near the lower half of the range (low ₩3,205). On the other side, the price-to-book ratio of 0.8 is below the 1.3 seen at end-2025 and 6.5 at end-2023, and debt relative to equity is a modest 21.2%. Foreign ownership edged up to 2.4% from 2.2% sixty days ago and short balance is low at 0.2%. The data does not show why revenue fell or what the outlook is, and no news headlines are available.

Business overview

Jeio is listed on KOSDAQ (listed 2023-02-16) and is classed in the data as engineering services. It was founded on 1994-11-28, and the CEO is listed as 강득주. Market capitalisation is about ₩134.0B across 32,017,673 listed shares. Filings in 2026 include a company name change notice (2026-03-31), major sales or supply contract filings (2026-04-08, with an amendment on 2026-04-20) and a market notice on a drug name and English company name. The data does not give contract sizes or product details.

Financial analysis

These figures come from filed financial statements. Revenue was ₩67.7B in 2022, ₩114.5B in 2023 (+69.2%), ₩82.9B in 2024 (-27.6%) and ₩55.2B in 2025 (-33.4%). Operating income was ₩12.0B in 2023 (10.5% margin), then -₩5.5B in 2024 (-6.6%) and -₩4.2B in 2025 (-7.7%). Net income was ₩17.4B in 2023, then -₩8.9B in 2024 and -₩7.4B in 2025. For the twelve months to H1 2026, revenue was ₩41.3B, operating income -₩8.0B (-19.3% margin), net income -₩6.2B (-15.0%) and ROE -3.6%. Cash was ₩7.2B against borrowings of ₩27.2B, and free cash flow was -₩3.8B. Liabilities to equity were 21.2%.

Valuation

The price-to-book ratio is 0.8 and price-to-sales is 3.2; P/E and EV/EBITDA cannot be calculated because earnings are negative. Enterprise value is about ₩154.0B and the dividend yield is 0.0%. Year-end P/B was 6.5 in 2023, 2.5 in 2024 and 1.3 in 2025, so the current level is the lowest in the data. Among the listed peers, P/B ranges from 0.7 (Hanyang ENG) to 8.5 (HD Hyundai Marine Solution), with Samsung E&A at 2.3; those peers have positive P/E ratios of 7.3 to 96.9 while Jeio has none. The valuation model estimate is not available, as the model could not be worked out from the data, so there is no per-share estimate to compare with the ₩4,185 price.

Catalysts

  • The next periodic filing after the H1 2026 half-year report (2026-08-14) will show whether the trailing losses are narrowing.
  • The major sales or supply contract filing of 2026-04-08 and its amendment of 2026-04-20 may contribute to future revenue, though the data does not give amounts.
  • The March 2026 company name change and the April market notice on drug and English names point to a possible change in business focus that later filings may clarify.
  • Over the last 20 days foreign investors were net buyers of about ₩218M and institutions of about ₩62M, while retail investors were net sellers of about ₩301M.

Risks

  • Revenue has fallen for two straight years and the trailing twelve-month operating margin of -19.3% is the weakest in the data.
  • Free cash flow is negative at -₩3.8B and cash of ₩7.2B is well below borrowings of ₩27.2B.
  • The share price is down 55.0% over one year and 12.9% over one month, showing high volatility.
  • Earnings-based multiples cannot be calculated and no valuation model estimate is available, which limits how the price can be assessed.
  • No recent news headlines are available, and the data does not explain the cause of the revenue decline.

Closing view

The filed numbers show a clear deterioration from a strong 2023 to a loss-making position, with falling sales, negative free cash flow and borrowings above cash. Against that, the price-to-book ratio of 0.8 is low relative to the company's own history, leverage measured by liabilities to equity is moderate, and recent contract filings and a name change suggest the business may be changing. The data is not enough to judge whether earnings will recover, so the evidence is mixed and the next filings will matter most.

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 27, 2026InitiationStart of coverage (reader request)Jeio: Revenue Decline and Operating Losses Continue as Shares Trade Below Book Value

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