Seohan서한

Seohan's share price has fallen sharply over the past year, and its latest filings show weaker revenue alongside heavy debt and a trading designation concern.

Seohan is a Korean construction firm with trailing revenue of about ₩546.7B and net income of about ₩19.1B for the twelve months to H1 2026. Revenue and profit have fallen from 2025 levels, while borrowings of ₩411.0B are well above cash of ₩163.5B. The shares closed at ₩3,725 on 16 October 2026, down 20.1% over one year.

What stands out

• Trailing operating margin is 7.5% and net margin is 3.5%, compared with 9.7% operating margin for full-year 2025.
• Liabilities are 127.1% of equity, and borrowings of ₩411.0B exceed cash of ₩163.5B.
• The company's data shows a fair value model base case of ₩29,573 and a bear case of ₩6,882, well above the current price; the model is a DCF output, not a forecast.
• Recent filings include several major sales or supply contracts and amendments, plus a trading halt on 31 August and a 5%+ holding report.
• A KOSDAQ notice on designation concern under management, citing a share price below ₩1,000, appears in the filings, but the current price is ₩3,725, and the data does not explain this notice's status. No news headlines are in the data.

What to watch

• The next results release and whether revenue and margins recover from the H1 2026 trailing figures.
• Follow-up filings on the trading halts, the designation notice, and the bond with warrants issue.
• Debt levels, since borrowings exceed cash and liabilities are high relative to equity.