Fact Summary
HL D&I (014790), founded in 1980, is a general construction company and an HL Group affiliate. In 2025 (consolidated), 68.65% of revenue came from the Development & Construction segment and 16.01% from the Civil Engineering segment (2025, consolidated; media report 2026-04-24). In Q2 2026, consolidated revenue was KRW 445.5 billion (+9.5% YoY) and operating income was KRW 25.6 billion (+34.1% YoY); cumulative H1 revenue was KRW 830.2 billion (+13.5%) with an operating margin of 5.5% (Newspim, 2026-08-14). For fiscal year 2025, consolidated revenue was KRW 1.7419 trillion (+10.3% YoY) and operating income was KRW 79.8 billion (+37.8% YoY) — the highest revenue and operating margin (4.58%) of the past five years (Annual Report, Filing No. 20260317000824). As of Q1 2026, the order backlog stood at a record KRW 6.2287 trillion, while new orders in the same period fell 55% YoY to KRW 113.5 billion (from KRW 251.6 billion) (Newsis 2026-06-01, Newsway 2026-06-08).
Price-Change Context Note
The debt ratio rose from 239.6% at end-2025 to 260% at end-Q1 2026, and real estate project-financing (PF) contingent liabilities grew 32.5% from the prior year-end to KRW 321.7 billion at end-H1 2026; however, bridge loans for other businesses were fully repaid by end-2025 and many projects converted to main PF (Bloter 2026-04-24, Media Pen). During this period, the Bank of Korea raised its base rate from 2.50% to 2.75% on 2026-07-16, and on 2026-08-13 the government announced measures to expand real estate PF guarantees and funding from KRW 26.3 trillion to KRW 47.8 trillion+α (Financial News, EToday). The closing price on 2026-08-18 was KRW 2,505, down KRW 70 (-2.72%) from the previous session (2026-08-14, KRW 2,575).
5-Year Financial Trend
Unit: KRW billion
| Period | Revenue | Operating Income | Net Income | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|---|---|
| FY2021 Annual Report | 1,475.299 | 78.587 | 99.926 | 1,521.352 | 1,104.826 | 416.526 |
| FY2022 Annual Report | 1,472.088 | 52.621 | 25.100 | 1,667.422 | 1,240.232 | 427.190 |
| FY2023 Annual Report | 1,571.978 | 50.664 | 30.678 | 1,724.301 | 1,268.703 | 455.598 |
| FY2024 Annual Report | 1,578.827 | 57.892 | 21.400 | 1,702.996 | 1,228.285 | 474.711 |
| FY2025 Annual Report | 1,741.924 | 79.792 | 15.193 | 1,943.236 | 1,370.957 | 572.278 |
| H1 2026 Semiannual Report (cumulative) | 830.210 | 45.501 | 17.098 | 2,045.643 | 1,461.477 | 584.167 |
Financial Structure Trend
| Period | Debt Ratio | Equity Ratio |
|---|---|---|
| 2021 | 265.3% | 27.4% |
| 2022 | 290.3% | 25.6% |
| 2023 | 278.5% | 26.4% |
| 2024 | 258.8% | 27.9% |
| 2025 | 239.6% | 29.5% |
| H1 2026 | 250.2% | 28.6% |
FY2025 revenue reached KRW 1.7419 trillion, the highest of the five-year period, and the operating margin recovered to 4.58%, the best level since 2021 (5.33%). The net margin narrowed from 6.77% in 2021 to a range of 0.87%–1.95% in 2022–2025 and has remained there since. The debt ratio improved gradually from 265.3% in 2021 to 239.6% in 2025, before edging back up to 250.2% at end-H1 2026.
2026 Quarterly Results (Preliminary)
Quarterly figures are preliminary and have not been audited by an external auditor; they are subject to change (per company disclosure).
Business Segment Composition (2025, Consolidated)
The remaining approx. 5.41% (Plant, Environment, and other items) has no detailed breakdown available. As of FY2025 (consolidated, fiscal year-end); Source: cited from media report (2026-04-24).
Peer Comparison
| Company | Revenue (Q1 2026) | Revenue YoY | Operating Income | Operating Income YoY | Operating Margin | Debt Ratio |
|---|---|---|---|---|---|---|
| HL D&I (014790) | KRW 384.616 billion | +18.4% | KRW 18.984 billion | +34.0% | 4.94% | 260% (2026-03) |
| Kolon Global (003070) | KRW 631.2 billion | -2.0% | KRW 22.0 billion | +129.35% | 3.49% | N/A |
| Hanshin E&C (004960) | KRW 252.4 billion | -17.1% | KRW 19.3 billion | +17.5% | 7.66% | 162% |
| Kyeryong Construction (013580) | N/A | +0.3% | N/A | +31.1% | N/A | 219.75% |
| Kumho E&C (002990) | KRW 453.4 billion | N/A | KRW 12.1 billion | +112% | 2.67% | 551.07% |
HL D&I's Q1 2026 revenue and net income growth rates were relatively high within the peer group, but its operating margin (4.94%) was lower than Hanshin E&C's (7.66%) and higher than Kolon Global's (3.49%) and Kumho E&C's (2.67%). Its debt ratio of 260% (end-March 2026) was mid-range — higher than Hanshin E&C's (162%) and lower than Kumho E&C's (551.07%).
Investor Trading Flows
| Category | Individual | Institutional | Foreign |
|---|---|---|---|
| 1-Month Cumulative (2026-07-18–08-18) | -854 shares | -3,861 shares | +9,766 shares |
| 1-Week Cumulative (2026-08-11–08-18) | +45,792 shares | +571 shares | -40,499 shares |
Foreign ownership was 2.99% as of 2026-08-18 (web-source snapshot, not cross-checked against official KRX data). The short-selling ratio peaked at 8.94% on 2026-08-03, the highest in the survey period, before declining to a 0–0.6% range thereafter; short-selling balance within the survey period was listed as 0 shares, but this is a web-source estimate not cross-checked against the KRX Information Data System.
Note: These trading-flow figures are estimates from an alternative web source (alphasquare.co.kr), used because the pykrx script failed to run (not installed), and have not been cross-checked against official KRX data.
Governance & Capital Structure
As of 2024-03-20 (WiseReport shareholding status, retrieved 2026-08-18) — details of subsequent individual large-holding changes are not available.
Outside directors: 50% (4 of 8)| Position | Name | Appointment Date | Term Expiry |
|---|---|---|---|
| Representative Director (Inside Director) | Hong Seok-hwa | 2023-03 (reappointed 2026-03-26) | 2029-03 |
| Inside Director (COO) | Kim Sun-jun | 2024-03 | 2027-03 |
| Inside Director (CFO) | Yoon Chang-young | 2026-03 | 2029-03 |
| Other Non-Standing Director | Kang Han-shin | 2026-03 | 2029-03 |
| Outside Director (Audit Committee Member) | Jung Sang-ho | 2021-03 (reappointed 2026-03) | 2027-03 |
| Outside Director | Shin Hyun-seok | 2024-03 | 2027-03 |
| Outside Director | Park Kye-hyun | 2021-08 | 2027-03 |
| Outside Director | Shim Seung-taek | 2024-03 | 2027-03 |
The largest shareholder is HL Holdings (23.78%). On 2024-03-20, Chairman Chung Mong-won transferred part of his holdings to HL Holdings via gift, shifting the largest-shareholder status from an individual to the holding company. The board consists of 8 members — 4 inside directors and 4 outside directors — and at the 46th Annual General Meeting on 2026-03-26, Representative Director Hong Seok-hwa was reappointed for a three-year term.
Risk Factors
- Real estate PF contingent liabilities: KRW 321.7 billion at end-H1 2026 (+32.5% vs. prior year-end). Bridge loans for other businesses were fully repaid by end-2025, and redevelopment-project bridge loans are managed at around KRW 8.6 billion (Bloter, Media Pen).
- Industry-wide unsold housing: nationwide unsold units totaled 67,464 (end-June 2026, +3.4% MoM); unsold units after completion totaled 29,786 (+1.5% MoM), rising for a fourth consecutive month (Ministry of Land, Infrastructure and Transport, Stat Nuri).
- Interest rate sensitivity: The Bank of Korea raised its base rate from 2.50% to 2.75% on 2026-07-16, and the debt ratio rose from 239.6% at end-2025 to 260% at end-Q1 2026 (Financial News).
- Raw material prices: The benchmark rebar price was held at KRW 923,000 per ton in Q3 2026, while the ready-mix concrete price in the metropolitan area rose 4.3% YoY to KRW 99,600 per m³ (SteelN, Sankun Blog).
- Slowing new orders: New orders in Q1 2026 fell 55% YoY to KRW 113.5 billion (from KRW 251.6 billion), while the order backlog remained at a record KRW 6.2287 trillion (Newsway).
- Safety management: A 2026-02-27 media report noted a 'deficient' rating in the Ministry of Land, Infrastructure and Transport's safety management level evaluation; specific evaluation items and follow-up actions are not available (Newsway).
- Business portfolio concentration: 68.65% of FY2025 consolidated revenue came from the Development & Construction segment, resulting in relatively high sensitivity to housing-market conditions, interest rates, and unsold-inventory levels.
Valuation (Factual Multiples)
EV/EBITDA cannot be calculated due to unavailable depreciation and net debt details.
Macro Environment
| Factor | Current Value (as of) | Impact Channel (Summary) |
|---|---|---|
| Bank of Korea base rate | 2.75% (raised 2026-07-16) | Channel for rising funding costs and interim (progress) loan rates |
| Government's Aug. 13 PF & housing-supply measures | PF guarantees & funding: KRW 26.3tn → KRW 47.8tn+α | Supports bridge-loan-to-main-PF conversion; supplies 230,000+α units in the metropolitan area |
| Nationwide unsold housing | 67,464 units (end-June 2026) | Channel delaying inflow of pre-sale proceeds |
| Benchmark rebar price | KRW 923,000/ton (held flat in Q3) | Cost-stabilizing factor |
| Metropolitan ready-mix concrete price | KRW 99,600/m³ (+4.3% YoY) | Factor pressuring cost ratio upward |
On 2026-08-13, the government announced measures to expand real estate PF guarantees and funding from KRW 26.3 trillion to KRW 47.8 trillion+α and to supply an additional 230,000+α units in the metropolitan area. This works to support the conversion of bridge loans into main PF, while the base-rate hike in July of the same year and the rise in unsold housing act in the opposite direction in terms of funding costs and receivables collection (EToday, Financial News).
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Fact Highlights
Generated by FomoLog Agent · Data source: Korea Exchange (KRX) · DART
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