Seo San서산

Seo San's shares have risen sharply over the past year, but the business is still loss-making at the operating line.

Seo San makes concrete products such as ready-mixed concrete and utility poles, mainly in the Gwangju area, and has a small energy solutions unit that has not yet produced meaningful results. On a trailing twelve-month basis to H1 2026 it had revenue of about ₩50.7B, an operating loss of about ₩0.7B and a net loss of about ₩0.4B, although it holds about ₩17.5B in cash against ₩0.2B in borrowings. The share price is up 308% over one year, while the filed numbers show losses in 2024 and 2025.

What stands out

• Revenue rose 26% in 2025 to about ₩45.1B, but operating losses widened to about ₩3.3B that year, a margin of -7.4%.
• Trailing twelve-month operating margin improved to -1.5% and the net loss narrowed to about ₩0.4B, though the business has not returned to profit.
• Cash of about ₩17.5B is well above borrowings of about ₩0.2B, and trailing free cash flow was about ₩1.0B.
• The stock trades at about 2x book value and 2.7x sales, with no earnings-based valuation because earnings are negative; the data gives no fair value estimate.
• Foreign ownership fell slightly to 1.5% over the last 60 days, and the data shows no news headlines for the period.

What to watch

• The full-year 2026 results, which the data does not yet include, will show whether the trailing losses continue to narrow.
• Two exchange inquiries about news reports or price moves in June 2026 were filed; the data does not say what they concerned.
• The energy solutions unit has been scaled back and has not shown significant results, so further changes to that division could matter.