Seobu T&D서부T&D

Seobu T&D shows strong recent profits and a higher share price, but its valuation and debt levels deserve attention.

Seobu T&D runs the Seoul Dragon City hotel complex, a shopping mall in Incheon, and logistics and leasing properties. On a trailing basis to H1 2026 it reported revenue of ₩301B, operating income of ₩82B and net income of ₩98B, with borrowings of ₩467B against cash of ₩145B. The share price is ₩12,130, up 33.3% over the past year, but still well below its 52-week high of ₩20,450.

What stands out

• Trailing net income of ₩98B is well above trailing operating income of ₩82B, so non-operating or one-off items may have contributed; the data does not break this down.
• 2025 revenue rose 32.5% to ₩248B, and the oil sales business was discontinued on September 30, 2025, while the tableware subsidiary Corelle Brands Asia Holdings was consolidated in 2025.
• Valuation metrics are modest: P/E of 7.9, P/B of 0.7 and a dividend yield of 0.8%, with the DCF base fair value at ₩17,319 and bear and bull cases at ₩8,103 and ₩33,212.
• Liabilities are 131% of equity and borrowings are large relative to cash, which is a point of financial risk in the data.
• Recent filings are mostly insider shareholding and 5%+ holding reports, and a Yuanta Securities note in October 2026 discussed the development business getting underway.

What to watch

• Upcoming results and whether operating income holds near the trailing ₩82B level.
• Progress of the development business and the sales revenue it generates, as flagged in October 2026 press coverage.
• Changes to borrowings, the debt-to-equity ratio and any new facility investment filings.