SJG SejongSJG세종

SJG Sejong is a small exhaust-parts maker with thin margins, a rising profit trend, and a pending merger and value-up plan to track.

The company makes mufflers and catalytic converters, mainly for Hyundai and Kia, and has overseas subsidiaries in China, the US, Mexico and the Czech Republic. Over the trailing twelve months to H1 2026 it reported about ₩1.97T in revenue, a 4.9% operating margin and about ₩96B in net income, a clear step up from 2023 and 2024. Free cash flow was negative at about -₩22B and liabilities were 141% of equity.

What stands out

• Net income rose from about ₩4B in 2023 to ₩69B in 2025, and the TTM figure is about ₩96B, though margins remain under 5%.
• Balance sheet shows cash of about ₩217B against borrowings of about ₩40B, but liabilities are high relative to equity.
• Free cash flow over the trailing period was negative, so reported profit is not yet turning into cash in the data provided.
• Shares are at ₩6,320, down 7.2% over one month but up 9.5% over one year, with a 52-week range of ₩5,240 to ₩12,640.
• Recent filings include a merger decision, a corporate value-up plan, a debt guarantee to a third party and insider shareholding reports; the data gives no news headlines.

What to watch

• The merger decision and its amended attachment, including terms and timing, which are not detailed in the data.
• Whether free cash flow turns positive in the next reported period, given recent negative figures.
• The company's next annual or quarterly results and how margins and borrowings change, as the data does not include forward forecasts.