Eugene유진기업

Eugene's revenue is roughly flat-to-down, with a trailing net loss and heavy borrowings, though the shares trade well below book-based valuation models.

Eugene, a KOSDAQ-listed maker of ready-mixed concrete and distributor of construction materials, reported trailing twelve-month revenue of ₩1.41T and an operating profit of ₩56B to H1 2026, but a net loss of ₩49B. Borrowings of ₩678B are well above cash of ₩185B, and liabilities are about 1.8 times equity. The shares closed at ₩3,105, down 8.8% over one year, with a market value of about ₩240B.

What stands out

• Revenue fell 4.4% in 2025 and 5.4% in 2024 after rising in 2022 and 2023, and the company has posted net losses in both 2024 and 2025.
• Operating margin has narrowed from 5.7% in 2023 to 2.4% in 2025, and trailing operating margin is about 4%, so the gap between operating profit and the net loss is large.
• Trailing free cash flow is small at about ₩2.8B against ₩678B of borrowings.
• The data shows a 5.8% dividend yield, but the trailing net loss means earnings do not clearly cover that payout.
• Shares trade at about 0.3 times book value, and the company's DCF model gives a base value of ₩19,991 with bear and bull values of ₩13,986 and ₩30,441. These are model outputs, not forecasts.

What to watch

• Filings on the merger decision and amended attachments from September 2026, including any record date, since the terms are not in the data provided.
• The September 2026 disclosure on a subsidiary's dissolution event and the share sale, and how they affect the group's results.
• Upcoming full-year 2026 results, to see whether the trailing net loss narrows and whether borrowings are reduced.