Taeyoung Engineering & Construction태영건설

Taeyoung Engineering & Construction is still loss-recovering after a deep 2023 loss, with heavy debt and recent rights-offering and contract filings.

Trailing twelve-month revenue to H1 2026 is about ₩1.65T with a 3.8% operating margin and a ₩167.7B net income, which the data shows as well above the operating result, so one-off items may be involved. Borrowings of about ₩1.33T against ₩367B cash leave liabilities at 510% of equity, and the stock trades near ₩1,552, about 32% above its 52-week low of ₩1,510 and well below its ₩2,275 high. Annual revenue has fallen for two years running, from ₩3.35T in 2023 to ₩2.17T in 2025.

What stands out

• Revenue fell 19% in 2025 to ₩2.17T, and 2024 also declined 19.9%, after a 28.7% jump in 2023.
• 2023 showed a large loss (net loss about ₩1.40T), while 2025 returned to a profit of ₩63.8B; the TTM net income is much higher than its operating income, which the data does not explain.
• Valuation is low on paper: P/E about 3 and P/B about 0.8, with no dividend. The DCF base value in the data is ₩158, far below the share price, and the bull case is ₩5,066, so the model range is very wide.
• Recent filings are mostly contract and rights-offering items, including a rights offering decision on 2026-09-30 and a major management matter on 2026-10-19. The news in the data covers one 888-unit apartment launch in Gochang in November.
• Foreign ownership fell from 0.4% to 0.3% over 60 days, while retail investors were net buyers over the last 20 days.

What to watch

• The rights offering (paid-in capital increase) from the 2026-09-30 filing: size, price and timing are not in the data.
• The 2026-10-19 management matter, whose details are not in the data.
• Debt levels: borrowings of about ₩1.33T against ₩367B cash, and the ratio of liabilities to equity at 510%.