SK D&DSK디앤디

SK D&D's shares have fallen sharply over the past year, while a completed rights offering has eased a major governance overhang but the company remains loss-making on a trailing basis.

SK D&D is a Korean real estate developer and operator with offices, residential, hotels, commercial and logistics assets, plus a furniture import business and REIT asset management. On a trailing twelve-month basis to H1 2026 it reported revenue of ₩372B, an operating loss of ₩55B and a net loss of ₩85B, with borrowings of ₩573B against cash of ₩45B. Its share price closed at ₩2,895 on 2026-10-21, down 66.5% over one year.

What stands out

• Trailing results turned negative: operating margin is -14.8% and net margin -22.8%, versus a positive operating margin of 8.5% in 2025 and 6.2% in 2024.
• Revenue fell from ₩871B in 2024 to ₩446B in 2025, and the trailing figure of ₩372B is lower again.
• Free cash flow over the trailing period was -₩236B, and liabilities are 219.7% of equity.
• Recent filings and headlines centre on a rights offering that reportedly was fully subscribed at 115%, with the largest shareholder Hahn & Co selling its entire stake, which news outlets describe as removing governance risk.
• The data shows a dividend yield of 6.9% and a price-to-book ratio of 0.1, but P/E is not meaningful because earnings are negative on a trailing basis.
• The DCF fair value model gives a base value of ₩45,061, with a bear case of ₩22,665 and a bull case of ₩104,903; these are model outputs, not forecasts.

What to watch

• Whether the company returns to operating profit in its next filed results, given the trailing losses and negative cash flow.
• Details of the pending related-party transaction, debt guarantee and loan extension filings, including amendments filed in October 2026.
• Foreign ownership, which fell from 1.4% to 0.6% over 60 days, and any further changes in major shareholder holdings.