Sangji Construction상지건설

Sangji Construction is loss-making on a trailing basis, with heavy borrowings and a rights offering in progress.

Sangji Construction reported trailing twelve-month revenue of about ₩19.4B to H1 2026 but an operating loss of ₩5.6B and a net loss of ₩15.8B, with borrowings of ₩84.8B against cash of ₩4.4B. The share price is ₩4,780, down 41.7% over one year and near its 52-week low of ₩4,710, and the data shows no dividend.

What stands out

• Trailing operating margin is -28.9% and net margin is -81.1%, following losses in 2024 and 2025 after a profitable 2023.
• Revenue fell 8.9% in 2025 to about ₩18.6B, down from ₩173.9B in 2023.
• Liabilities are 123.5% of equity and trailing free cash flow is about -₩25.5B.
• Recent filings include a rights offering with an ex-rights date on 2026-09-21, a lawsuit filed or ruled on 2026-09-28, and an amended major sales or supply contract on 2026-09-30.
• Price-to-book is 0.3 and price-to-sales is 1.7, while earnings-based valuation is not meaningful because earnings are negative; no news headlines were in the data.

What to watch

• Details and outcome of the rights offering, including dilution to existing shareholders.
• Terms and outcome of the lawsuit and the amended supply contract, which the data does not describe.
• Ability to cover ₩84.8B of borrowings and return to positive operating cash flow in upcoming filings.