Sungshin Cement성신양회

Sungshin Cement's profits have shrunk sharply since 2023 even as revenue has held up, and the shares are down over the past year.

Sungshin Cement, a Korean cement and ready-mixed concrete group, reported trailing twelve-month revenue of ₩1.44T and operating income of ₩47B to H1 2026, both below its 2023 peak. The shares closed at ₩7,570 on 23 October 2026, down 22.4% over one year and near the lower end of their 52-week range. The data includes no news headlines for the period, so the drivers of the decline are not explained here.

What stands out

• Revenue has grown each year since 2022, reaching ₩1.44T on a trailing basis, but operating margin fell from 6.6% in 2023 to 3.3% trailing.
• Net income was ₩31B trailing, versus ₩67B in 2023, and trailing ROE is 5.4%.
• Borrowings of ₩481B exceed cash of ₩57B, and liabilities are 122.7% of equity.
• Trailing free cash flow was ₩75B, and the data shows a 4.6% dividend yield.
• Valuation looks low on the numbers given (P/E 5.9, P/B 0.3), but the fair value model's bear case is ₩0 and its base case is ₩35,572 against a ₩7,570 price, so the model output is highly sensitive and should not be read as a target.
• Foreign ownership rose from 3.6% to 4.6% over 60 days, while retail investors were net sellers of about ₩1.1B over 20 days.

What to watch

• The full-year 2026 results and the Q3 report, which are not yet in the data, will show whether margins are recovering from the 2025 and H1 2026 levels.
• Further 5%+ holding reports have been filed frequently in 2026; ownership changes may matter for the share register.
• The data does not mention specific risks such as cement demand, energy costs or debt repayment, so check the filings for these before drawing conclusions.