SGC EnergySGC에너지

SGC Energy's operating profit is recovering on a strong Q3, but the company still posted a trailing net loss and carries heavy debt.

SGC Energy runs combined heat and power plants, plant construction and glass operations. Its trailing twelve months to H1 2026 show revenue of about ₩2.41T and operating income of about ₩125B, but a net loss of about ₩48B. The share price has fallen about 29% over the past month, though it is still up 49% over one year.

What stands out

• Preliminary consolidated Q3 operating profit was reported at ₩39.9B, up 57.1% year on year, mainly from the power generation segment.
• Trailing net income is negative at about -₩48B, and ROE is -6.6%, while 2025 was also a net loss of about -₩61B.
• Liabilities are about 337% of equity, with borrowings of about ₩1.91T against cash of about ₩175B.
• Valuation is low on price-to-book (0.7) and price-to-sales (0.2), but earnings-based ratios are not available because earnings are negative; the DCF fair value model gives a base of ₩88,518, well above the ₩34,500 close, though it is a model output and not a forecast.
• Recent filings include a debt guarantee for another party, a capital reduction decision and a share acquisition in another company, and news reports that the company expects full-year operating profit to rise about 79%.

What to watch

• Full-year results and whether the net loss narrows after the Q3 operating profit rebound.
• Debt levels and any further guarantees for other parties, given the high liabilities-to-equity ratio.
• Progress of the AI data center push and the capital reduction and share acquisition filings, which the data does not explain in detail.