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Shinwon Construction is the English name used by Shinwon Comprehensive Development Co., Ltd. Before considering an investment, verify the KOSDAQ listing, read the latest Korean filings, reconcile profit with operating cash flow, and test project-finance and presale risk. The issuer trades under code 017000; valuation figures alone are not enough to establish that it is undervalued.
Confirm you have the right Shinwon security
Shinwon Construction Company Ltd. is the English name used for Shinwon Comprehensive Development Co., Ltd. (신원종합개발). The company says it was founded on 30 May 1983 and listed on the KOSDAQ market in November 1994. Its exchange code is 017000 and its ISIN is KR7017000001. The 2025 half-year filing identifies Kim Seong-min as representative director and gives the headquarters in Hwaseong, Gyeonggi, South Korea.
| Item | Verified detail |
|---|---|
| Issuer | Shinwon Comprehensive Development Co., Ltd. (신원종합개발) |
| English name used in filings | Shinwon Construction Company Ltd. |
| Market | KOSDAQ, Korea Exchange |
| Exchange code | 017000 |
| ISIN | KR7017000001 |
| Founded | 30 May 1983 |
| Listed | November 1994 |
| Representative director in the 2025 half-year report | Kim Seong-min |
| Headquarters in the 2025 half-year report | Hwaseong, Gyeonggi, South Korea |
| Company website stated in the filing | www.swc.co.kr |
Use the ISIN when a broker, data terminal or foreign-market search produces similarly named companies. A name search by itself can return unrelated construction businesses or securities. Check that the exchange, legal name and ISIN agree before downloading financial data or submitting an order.
Understand what the company actually does
Shinwon is not a pure general-contractor story. The issuer describes activities that include private apartment development, its own premium-villa brand, plant work, public civil engineering and other building activities. That mix matters because development revenue, construction contracts and civil-engineering work carry different timing, margin, capital and cancellation risks.
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The company’s 2024 business table reported domestic contract-building revenue of KRW 16.188 billion from public work and KRW 198.216 billion from private work. Public civil engineering contributed KRW 30.773 billion, presales KRW 7.131 billion and other activities KRW 7.502 billion. The reported total was KRW 259.810 billion.
| 2024 activity reported by the issuer | Amount (KRW billion) | Why it matters |
|---|---|---|
| Domestic contract building — public | 16.188 | Public-client work; assess award terms, execution and payment timing. |
| Domestic contract building — private | 198.216 | The largest category; examine developer exposure, presales and project finance. |
| Public civil engineering | 30.773 | Different bidding, margin and working-capital profile from private development. |
| Presales | 7.131 | Check whether sales are recognized, collected and refundable under project terms. |
| Other | 7.502 | Read the filing definition rather than assuming recurring operating revenue. |
| Total | 259.810 | Reported 2024 total for the categories above. |
Private-building exposure is the first analytical warning flag, not a conclusion. A private project can produce attractive returns when land, construction costs, sales and financing line up, but a delay in approvals, sales or funding can leave cash tied up in inventory and receivables. Separate the accounting line that records revenue from the cash that has actually been collected.
Collect the primary documents before calculating ratios
Start with the Korea Exchange and Financial Services Commission filings rather than a summary page. The issuer’s 2024 business report is the foundation for its history, business segments and contract information. The 2025 half-year report is the interim checkpoint for the latest disclosed balance sheet, project developments and management information. Then obtain the 2025 annual report filed on 23 March 2026 and use it to replace interim estimates.
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- Search the filing system for the legal issuer. Use Shinwon Comprehensive Development Co., Ltd. and confirm exchange code 017000. Check the cover page for the reporting period and whether the document is a business report, half-year report or audited annual report.
- Save the income statement, balance sheet and cash-flow statement. Record the exact period, consolidated or separate basis, and unit (usually KRW million or KRW billion). Do not mix separate-company figures with consolidated figures in a trend line.
- Read the notes on contracts and development projects. Look for contract assets, contract liabilities, progress measurement, remaining performance obligations, presales, unsold units, land held for development and guarantees.
- Review debt and project-finance disclosures. Identify borrowings by maturity, secured assets, guarantees, contingent liabilities, special-purpose entities and refinancing dates. A headline debt total can understate obligations if guarantees sit in the notes.
- Compare the annual and half-year reports. Investigate any sharp change in revenue, inventory, receivables, provisions, borrowing or cash. A change in accounting classification or project completion percentage can make a simple year-to-year comparison misleading.
FinancialFilings’ FY2025 snapshot, attributed to the annual report filed on 23 March 2026, is useful for an initial checklist but should be treated as a secondary transcription until checked against the primary report. NICE CompanySearch’s valuation data are also date-specific; refresh market-linked figures immediately before making a decision.
Build a reliable FY2025 financial picture
The FY2025 figures available in the FinancialFilings snapshot are revenue of KRW 211.31 billion, net income of KRW 4.86 billion, total assets of KRW 222.11 billion, total equity of KRW 112.10 billion and cash from operations of KRW 3.41 billion. These numbers are attributed to the 2025 annual report, but the primary filing should control your model.
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| FY2025 measure | Reported amount | First question to ask |
|---|---|---|
| Revenue | KRW 211.31 billion | Which projects and contract types generated it, and how did recognition change from 2024? |
| Net income | KRW 4.86 billion | How much came from recurring construction activity versus disposals, fair-value movements or tax effects? |
| Total assets | KRW 222.11 billion | What proportion is cash, receivables, inventory, contract assets and development land? |
| Total equity | KRW 112.10 billion | How much equity supports projects and how has it changed after dividends, losses or revaluations? |
| Cash from operations | KRW 3.41 billion | Did customer collections cover construction outflows, interest and overhead? |
Reconcile earnings with cash
Net income of KRW 4.86 billion and operating cash flow of KRW 3.41 billion are not interchangeable. Calculate the conversion ratio, then explain the difference using the cash-flow statement and working-capital notes. In a development business, revenue can be recognized as work progresses while cash is delayed by billing schedules, retention, presales collections or disputes. Conversely, a temporary release of working capital can make cash flow look stronger than sustainable profit.
- Bridge net income to operating cash flow line by line.
- Check whether receivables or contract assets rose faster than revenue.
- Check inventory and development land for projects that are taking longer to sell.
- Separate non-cash depreciation, provisions, fair-value changes and gains on asset sales.
- Review interest paid and whether financing costs are capitalized into projects.
Test the balance sheet
With assets of KRW 222.11 billion and equity of KRW 112.10 billion in the secondary FY2025 snapshot, the implied difference is funded by liabilities. Do not infer safety from the equity figure alone. Read the liability notes for short-term borrowings, long-term debt, lease liabilities, trade payables, customer advances and guarantees. Match each borrowing to the project or asset it finances and to its maturity date.
Receivables deserve a project-by-project aging review. Ask whether balances are due from financially strong public clients, private developers, related parties or buyers in a presale project. Look for overdue amounts, provisions, litigation and subsequent cash receipts after year-end. Inventory should be split between completed units, work in progress, land and materials; a large balance can be economically sound or a sign that sales have stalled.
Investigate contracts, backlog and presales
Backlog is valuable only when it is executable and profitable. For each material contract disclosed in the filings, record the customer, contract value, start and expected completion dates, recognized revenue, remaining amount, change orders, retention, penalties and cancellation terms. Compare the remaining backlog with the company’s available labor, subcontracting capacity and financing.
Private apartment and villa developments require a different checklist from public civil engineering:
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- Land and approvals: confirm ownership, permits, zoning and any conditions that could delay construction.
- Sales velocity: examine presale rates, unsold inventory, cancellations and buyer payment schedules.
- Cost-to-complete: compare the original budget with updated estimates for labor, materials, interest and contingencies.
- Funding: identify project-finance lenders, guarantees, maturity dates, covenants and required presale thresholds.
- Cash waterfall: determine whether customer deposits are restricted, pledged or available for general corporate use.
For public work, inspect award competitiveness, claims, liquidated damages, subcontractor exposure and the timing of government payments. Public contracts can reduce sales risk but still carry execution and margin risk. A backlog table should distinguish signed contracts from memorandums, options or estimated future work.
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Use the June 2026 valuation figures correctly
NICE CompanySearch reported a PER of 5.67, PBR of 0.31, EPS of KRW 494 and BPS of KRW 9,170.16, with the figures dated June 2026. They are a starting point, not a live valuation. Share price, trailing earnings and market capitalization move, so refresh every market-dependent input before acting.
| Metric | June 2026 figure | How to interpret it |
|---|---|---|
| PER | 5.67 | Price divided by trailing earnings; test whether earnings are recurring and whether the denominator is temporarily high. |
| PBR | 0.31 | Price relative to reported book value; investigate asset quality, project write-down risk and the return earned on equity. |
| EPS | KRW 494 | Per-share earnings used in the reported PER; verify the share count and reporting period. |
| BPS | KRW 9,170.16 | Per-share book value used in the reported PBR; verify whether it is consolidated and how assets are valued. |
A low PER can reflect cyclical peak earnings, one-off gains or a market discount for leverage and liquidity. A PBR below one can indicate pessimism, but it can also signal that reported asset values will not be realized at book value. Before calling the shares undervalued, test whether normalized earnings cover the cost of capital, whether book assets can be sold or completed without losses, and whether debt and guarantees leave equity exposed.
Compare Shinwon with Korean construction peers without cherry-picking
Choose comparable Korean listed construction and development companies with similar revenue mix, project scale and accounting treatment. A large diversified contractor is not a clean peer for a company with substantial private-building exposure. Use the same fiscal period and consolidated basis for every company.
| Comparison axis | Data to collect | Decision use |
|---|---|---|
| Earnings quality | Gross margin, operating margin, net margin, one-off gains and loss provisions | Shows whether reported profit is repeatable. |
| Cash conversion | Operating cash flow, cash conversion ratio, receivable and inventory growth | Separates accounting profit from collected cash. |
| Leverage and guarantees | Net debt, interest coverage, project-finance guarantees and maturities | Measures downside in a construction slowdown. |
| Backlog quality | Remaining order value, customer mix, margin and cancellation terms | Tests visibility and execution risk. |
| Valuation | PER, PBR, EV-to-operating measures and dividend policy | Explains whether a discount is justified by risk. |
Do not rank companies on PER alone. A peer with a higher multiple may have stronger cash generation, lower guarantees and more predictable public contracts. Conversely, a low multiple can be attractive if balance-sheet stress is temporary and projects are well funded. Document why Shinwon deserves a premium, parity or discount on each axis.
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A practical research workflow for a prospective investor
- Verify the instrument. Match the legal name, KOSDAQ code 017000 and ISIN KR7017000001 in your broker and market-data source.
- Set the information date. Record the latest annual and half-year filing dates and the timestamp of your share-price data. Do not combine June 2026 ratios with a later or earlier price without recalculating.
- Map the business mix. Enter the 2024 public building, private building, civil-engineering, presales and other amounts into a worksheet.
- Rebuild the financial statements. Tie revenue, operating profit, net income, assets, liabilities, equity and cash flow to the primary report.
- Analyze working capital. Calculate receivable days, inventory days and payable days, then read the notes for project-specific explanations.
- List every financing exposure. Include borrowings, guarantees, collateral, special-purpose entities, refinancing dates and interest-rate sensitivity.
- Review project economics. For each major development, compare presales, remaining costs, expected completion, funding and potential penalties.
- Refresh valuation. Recalculate market capitalization, PER and PBR from current price and the verified share count and earnings.
- Write a bear case. Model delayed sales, cost overruns, receivable collection problems and refinancing pressure without assuming a recovery.
- Set monitoring triggers. Define the filing, cash-flow, debt, presale or backlog changes that would make you reduce or reject the position.
Risks that deserve explicit checks
Project-finance and refinancing risk
Construction projects often depend on loans, guarantees and milestone funding. A maturity wall or covenant breach can force asset sales or equity dilution even when the income statement still shows profit. Match debt maturities to expected project cash inflows and identify facilities that require additional presales.
Receivable and contract-asset risk
Revenue recognized before collection increases the need for a detailed aging analysis. Look for overdue balances, disputed invoices, retention and counterparties whose own financing is weak. Subsequent receipts disclosed after year-end are useful evidence, but they do not replace a complete aging schedule.
Inventory and unsold-development risk
Land, work in progress and finished units can remain on the balance sheet while interest and maintenance costs accumulate. Compare carrying values with realistic selling prices and completion costs. Watch for provisions, write-downs or unusually slow inventory turnover.
Construction-cost and execution risk
Labor, materials, subcontractor failures, weather, safety incidents and design changes can reduce margins. Check whether contracts pass cost inflation to customers or leave Shinwon responsible for overruns. Backlog growth is not positive if new work is priced below its cost to complete.
Disclosure and liquidity risk
No timestamp-matched current share price, trading volume or liquidity figure was established in the available company information. Obtain live KRX-connected market data before trading. Thin liquidity can widen spreads and make a position difficult to exit, especially during a project or credit shock.
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When could the stock be considered undervalued?
Only after the primary annual report confirms the numbers and the risk-adjusted comparison supports a discount. A credible undervaluation case would require several pieces of evidence together: recurring earnings, operating cash flow that broadly follows profit, receivables and inventory that are controlled, project-finance obligations that are serviceable, and a valuation discount that remains after comparing like-for-like Korean peers.
Write the conclusion as a testable thesis rather than a label. For example, state which projects should convert to cash, which debt must be refinanced, what presale or backlog milestone is expected, and by when. Then list the evidence that would falsify the thesis, such as rising overdue receivables, a material cost-to-complete increase, missed presale targets or a new guarantee. If those checks cannot be completed from the filings, the appropriate conclusion is that the company is not yet research-ready—not that a low ratio proves a bargain.
Questions investors commonly ask
Frequently Asked Questions
What is an ISIN, and why should I use it when searching for this company?
An ISIN is a standardized 12-character security identifier. KR7017000001 helps distinguish Shinwon Comprehensive Development from similarly named companies across brokers and international data services; confirm that the exchange and legal issuer also match.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsWhere can I verify the company’s own description of its history and activities?
Use the Korea Exchange and Financial Services Commission business report and the issuer’s filings. The company website identified in the filing is www.swc.co.kr, but the regulatory document should be the controlling source for financial and legal details.
Why might revenue fall while a construction company’s project activity appears busy?
Construction revenue is recognized under contract-progress and completion rules, not simply when work is visible. Delayed approvals, changed estimates, cancellations or a shift from completed projects to early-stage developments can reduce recognized revenue even when crews remain active.
What evidence would make operating cash flow more reassuring?
Look for collections from customers and project counterparties that recur across periods, rather than a one-time reduction in receivables or inventory. Also check that cash generation remains after interest, taxes and necessary project spending.
Should I use the June 2026 PER and PBR for a trade today?
No. Those figures are dated June 2026. Recalculate them with a current price, verified share count and the latest primary financial statements, then reassess whether earnings and book value are sustainable.
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