Sajo Sea Food사조씨푸드

Sajo Sea Food is back in the red on a trailing twelve-month basis, with heavy borrowing and negative free cash flow, though operating profit remains positive.

Sajo Sea Food, a Korean seafood company focused on bluefin tuna sashimi, seaweed products and tuna fishing, reported trailing twelve-month revenue of ₩285B to the half-year of 2026 but a net loss of ₩32B. Operating income is still positive at ₩18B, yet borrowings of ₩168B exceed cash of ₩21B and free cash flow is negative at ₩15B. The share price closed at ₩9,480 on 2026-10-23, about 47% above its 52-week low and roughly 16% below its 52-week high.

What stands out

• Revenue rose 26.4% in 2025 to ₩238B, but 2025 net income was a loss of ₩28B after a profit of ₩12B in 2024.
• Trailing operating margin is 6.2%, while the net margin is -11.4%, suggesting large non-operating or financing costs are not explained in the data.
• Liabilities are 106.1% of equity and borrowings are ₩168B against ₩21B of cash.
• The discounted cash flow fair value model gives a base of ₩18,738, a bear of ₩7,326 and a bull of ₩41,309; these are model outputs, not forecasts or price targets.
• Recent filings include an asset acquisition decision in August 2026 and a half-year report, and the 15 October news item covers an MOU with Gangwon Province on bluefin tuna cooperation.
• Foreign ownership is 4.4%, down slightly from 4.5% sixty days earlier, and the 20-day investor flow data shows retail and institutional net selling.

What to watch

• The full-year 2026 results and whether the trailing net loss narrows or widens.
• Progress on the borrowing load and free cash flow, which the data shows as negative.
• Follow-up filings on the tangible asset acquisition and any further related-party transaction disclosures.