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There is no usable published 2026E or 2027E sell-side consensus for Sangji Construction. WiseReport lists actual results through fiscal 2025 but leaves its 2026E and 2027E rows blank, while Fintel reports no known earnings estimates. The defensible outlook therefore starts with reported results and clearly labeled scenarios rather than a fabricated “street” number.
The latest figures point to a high-risk, loss-making KOSDAQ construction and development issuer: S&P Global Market Intelligence reports a KRW 18.612 billion 2025 revenue, a KRW 4.092 billion operating loss and a KRW 13.495 billion net loss. Through June 2026, it reports KRW 19.42 billion of trailing revenue, a KRW 2.33 billion operating loss and a KRW 15.75 billion net loss, alongside heavy cash burn and substantial debt.
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What estimates are actually available for Sangji Construction?
No reliable forward consensus is available to quote. WiseReport shows reported actuals through FY2025 but no 2026E or 2027E values, and Fintel lists no known earnings estimates. Any 2026–2027 number published as a consensus figure would therefore overstate what the cited databases establish.
| Period and source | Revenue | Operating income | Net income |
|---|---|---|---|
| FY2023, S&P Global Market Intelligence | KRW 173.869 billion | Not stated in the cited summary | Not stated in the cited summary |
| FY2024, S&P Global Market Intelligence | KRW 20.428 billion | Not stated in the cited summary | Not stated in the cited summary |
| FY2025, S&P Global Market Intelligence | KRW 18.612 billion | −KRW 4.092 billion | −KRW 13.495 billion |
| TTM through June 2026, S&P Global Market Intelligence | KRW 19.42 billion | −KRW 2.33 billion | −KRW 15.75 billion |
| First half of 2026, DART filing reproduced by Today Stock | About KRW 5.8 billion | About −KRW 3.5 billion | About −KRW 4.6 billion |
The DART-derived summaries sometimes round the 2025 figures to KRW 186 hundred million of revenue, negative KRW 68 hundred million of operating income and negative KRW 135 hundred million of net income. The unrounded S&P Global Market Intelligence figures above are preferable when building a model.
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Why did Sangji’s reported performance deteriorate after 2023?
Revenue fell from KRW 173.869 billion in FY2023 to KRW 20.428 billion in FY2024 and KRW 18.612 billion in FY2025. That change makes the unusually strong 2023 year a poor standalone base for extrapolation. The TTM and first-half 2026 data still show losses, so a forecast needs evidence of new project recognition or a cost and financing reset before assuming a return to 2023-scale activity.
What the 2026 interim numbers add
The first half of 2026 generated only about KRW 5.8 billion of revenue while recording operating and net losses of about KRW 3.5 billion and KRW 4.6 billion, respectively. These figures come from a 2026 half-year filing submitted to South Korea’s Financial Supervisory Service and reproduced by Today Stock; they are not a forward estimate.
How do cash, debt and dilution change the outlook?
Liquidity is a central estimate sensitivity, not a footnote. S&P Global Market Intelligence reports KRW 6.02 billion of cash against KRW 100.47 billion of debt as of the June 2026 TTM/current balance-sheet snapshot, leaving net debt of about KRW 94.45 billion. Operating cash flow was negative KRW 25.46 billion and free cash flow negative KRW 37.71 billion over the same TTM period.
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- Debt-to-equity was 1.06, and interest coverage was negative, so higher borrowing costs or refinancing friction can reduce equity value even if reported revenue improves.
- Construction and development projects can require cash before revenue is recognized. A revenue forecast that omits deposits, land costs, work-in-progress and financing needs can look profitable while cash continues to leave the business.
- A shareholder-priority offering of 2.2 million shares was listed for September 21, 2026, following a 446,898-share offering in May 2025. A 2024 three-for-one capital reduction also appears in the DART-derived corporate-action history. The final terms, subscription price and post-issue share count should be confirmed in the latest DART filing before calculating per-share outcomes.
What does Sangji Construction do, and which operating drivers matter?
Sangji Construction is a South Korean KOSDAQ-listed company founded on June 21, 1979; the company identifies Kim Young-shin as CEO. Its stated activities include construction, electrical, communications and firefighting work, real-estate development, feasibility review, construction management and interior design.
The company describes land-development and landowner-partnership projects and says it has more than 20 years of premium-residential experience, more than 1,000 high-end villa units supplied, and the Ritzville and Caelum brands. Those are company descriptions, not independent measures of backlog or future earnings. For an estimate, the useful questions are which projects are contracted, when they can be recognized under accounting rules, what margin remains after land and construction costs, and how much funding each project requires.
How can an investor build a 2026–2027 estimate without consensus?
A scenario model can be useful if every assumption is visible and none is presented as a market forecast. Use the following sequence:
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- Set the starting point. Use the TTM-through-June-2026 revenue, operating loss, net loss, cash and debt as the opening period, and keep the FY2023 spike separate from the recent run rate.
- Map project timing. List contracted developments, expected completion or sales milestones, and the accounting period in which revenue could be recognized. Do not count an announced opportunity as revenue.
- Enter operating assumptions. Model construction and development revenue separately where the filings permit, then apply project-level cost assumptions. Show how much operating income changes if projects are delayed, canceled or delivered at lower margin.
- Model financing explicitly. Include interest expense, refinancing dates, required working capital and any equity issuance. Recalculate per-share figures using the post-issuance share count rather than the historical count.
- Stress-test cash. Track operating cash flow, capital spending, land or project advances and debt maturities. A scenario that reaches accounting profit but still requires emergency funding is not an equity-friendly outcome.
- Label the result. Call the outputs bear, base and upside scenarios, or another clear designation. They are author-built sensitivities, not published estimates.
A simple income bridge is net income = operating income − financing costs − taxes ± other items. For Sangji, the financing and working-capital lines deserve as much attention as the revenue line because the latest cash-flow figures are substantially negative.
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How should the 042940 valuation snapshot be interpreted?
StockAnalysis reported a delayed close of KRW 4,970 on October 20, 2026. Its separate October 2 snapshot showed a market capitalization of KRW 36.29 billion. These are dated observations, not a timeless current quote, and should be refreshed before any trade or model is published.
Price-to-earnings analysis is not meaningful while net income is negative. StockAnalysis showed price-to-sales of about 1.75 on its financials page and 1.87 on its statistics snapshot; the differing dates and page methodologies matter. Sales multiples should be paired with project visibility, sustainable margins, net debt and dilution rather than used as a standalone target-price tool.
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What are the main risks and potential catalysts?
Risks that can invalidate an optimistic case
- Further project delays or weak sales that postpone revenue recognition.
- Construction-cost inflation or land costs that widen already negative margins.
- Refinancing pressure caused by roughly KRW 100.47 billion of debt and negative interest coverage.
- Additional share issuance that reduces existing holders’ percentage ownership.
- Reliance on a single unusually strong historical year when the recent revenue base is much smaller.
Evidence that could improve the outlook
- Filings showing signed projects with visible completion schedules and funding plans.
- Several consecutive periods of positive operating cash flow, not just a one-quarter accounting profit.
- Lower net debt or refinancing on materially better terms.
- Operating margins that remain positive after interest, land and construction costs.
What should be checked before relying on any Sangji forecast?
- Read the newest DART quarterly or half-year filing and reconcile revenue, contract assets, debt and cash with the model.
- Confirm the final terms and completed share count for the September 2026 and May 2025 offerings.
- Check for filing corrections, trading-status changes or additional financing announced after the dates used in the market snapshots.
- Keep South Korean won, South Korean KOSDAQ listing conventions and each measurement date visible in every table or chart.
- Separate company claims about brands, villa deliveries and experience from audited financial statements and third-party market data.
What is the practical outlook for Sangji Construction?
The evidence supports a cautious, scenario-based outlook rather than a single target estimate. Sangji combines construction and development capabilities with a recent history of losses, deeply negative cash flow, high debt and potential dilution. A credible improvement case requires demonstrable project recognition, positive operating cash generation and a financing plan that does not continually expand the share count.
Frequently Asked Questions
How do Sangji share offerings affect a per-share forecast?
A forecast must divide projected equity value by the fully diluted post-issue share count, not by an older historical count. The subscription price, rights allocation, completion date and any unsubscribed shares can materially change that denominator, so use the final DART terms.
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No ordinary cash dividend was reported for 2021 through 2025. Investors seeking an income component should therefore treat any return case as dependent on share-price appreciation or corporate actions rather than an established dividend stream.
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Why might two websites show different 042940 price-to-sales ratios?
The reported ratios were about 1.75 on one StockAnalysis financials page and 1.87 on a separate statistics snapshot. Different observation dates, share counts or revenue periods can produce both figures, so the date and denominator must accompany the multiple.
Which filing is most useful for updating a Sangji model?
Start with the newest Financial Supervisory Service DART filing because it contains the current balance sheet, cash flow, project disclosures and capital-action terms. Then reconcile its share count and debt with the dated market snapshot before changing a per-share assumption.
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