Dongkuk Structures & Construction동국S&C

Dongkuk Structures & Construction remains loss-making on a trailing basis, with revenue down sharply and the share price down about 42% over the year.

The company makes wind-tower structures and builds wind power complexes, and it deconsolidated its steel unit after selling DK Donsin in December 2024. Over the trailing twelve months to H1 2026 it reported revenue of ₩63B, an operating loss of ₩7.5B and a net loss of ₩17.8B, after a small profit in 2025 at the operating line. At ₩1,405 the market value is about ₩80B, and the model's base fair value of ₩176 sits well below the current price.

What stands out

• Trailing revenue of ₩63B is far below ₩120B in 2025 and ₩398B in 2023, reflecting a steep multi-year decline.
• Operating margin is -11.8% and net margin -28.3% on a trailing basis, against a 5.8% operating margin in 2025.
• Cash of ₩40B exceeds borrowings of ₩31B, and trailing free cash flow is positive at about ₩40B.
• Price-to-book is 0.5 and price-to-sales 1.3, while P/E is not meaningful because earnings are negative and no dividend is paid.
• Foreign ownership fell slightly to 2% and foreign investors were net sellers over the last 20 days, while retail investors were net buyers.
• Filings include a major sales or supply contract dated June 2026, but the data gives no contract value or counterparty details.

What to watch

• The next quarterly or annual filings, to see whether the operating loss narrows and whether revenue stabilises after the steep fall.
• Whether further major contracts are disclosed, since the data names only one in June 2026.
• The gap between the market price and the DCF range of ₩112 to ₩339 per share, which depends on assumptions the data does not detail. No news headlines were available in the data.