Sajo Industries사조산업

Sajo Industries is loss-making on a trailing basis, with heavy borrowings and a share price down about 10% over the past year.

Sajo Industries, a Korean seafood, food, livestock and golf business, reported trailing revenue of about ₩705B to H1 2026 but a net loss of about ₩103B, with a 3.8% operating margin. Borrowings of about ₩405B are well above cash of about ₩58B, and free cash flow was negative about ₩42B. The shares closed at ₩43,700 on 23 October 2026, near the lower end of their 52-week range of ₩39,150 to ₩72,800.

What stands out

• Revenue grew 11.2% in 2025 to about ₩706B, but 2025 net income swung to a loss of about ₩29B after a profit in 2024 and 2023 was not repeated.
• Operating income is positive on a trailing basis (about ₩27B) but net income is deeply negative, which suggests large non-operating costs or financing charges; the data does not explain the cause.
• Liabilities are 111.5% of equity and ROE is -19.7%, so balance sheet leverage is a visible concern.
• The company's DCF-based fair value model gives a base of ₩89,702 against the current ₩43,700, but the bear case is ₩9,161 and the bull case ₩267,275, a very wide range that reflects high uncertainty rather than a clear signal.
• Foreign ownership rose from 0.9% to 1.3% over about 60 days, while institutions and retail were net sellers over the last 20 days; the data gives no reason for these flows.
• Filings in October 2026 were mainly shareholder-holding reports and largest-shareholder changes; no news headlines were included in the data.

What to watch

• The next quarterly results and whether operating profit converts into net profit, given the gap between the two in the trailing figures.
• Debt levels and refinancing: borrowings of about ₩405B against cash of about ₩58B, with negative free cash flow.
• Further largest-shareholder or insider filings, which may signal ownership changes; the data does not say what, if anything, is planned.