Fact Summary
Kangdong C&L is a KOSDAQ-listed cement-and-leisure conglomerate that owns the 'Goryeo Cement' brand of Portland cement, based in Jangseong, Jeollanam-do. In July 2024 it entered the leisure business by acquiring Dianeos CC (golf course, resort, and water park) in Gyeongju, Gyeongsangbuk-do. Per the 2025 business report (standalone), revenue was KRW 71.8bn, operating profit KRW 7.4bn, and net income KRW 660mn, maintaining profitability from the prior year. However, in H1 2026 (cumulative), revenue was KRW 32.2bn with operating profit of KRW 1.7bn (in the black), yet net income turned negative again at -KRW 360mn. As of the reference date (2026-08-18), the closing price was KRW 1,240, down -1.74% from the prior trading day's close (KRW 1,262), on volume of 511,495 shares.
Price-Change Context Note
On 2026-06-18 and 06-19, the stock hit the daily upper limit two days in a row (KRW 1,859 → KRW 2,415) with no specific company-level disclosure, then plunged -14.08% on 06-22 and rebounded +11.32% on 06-23, showing short-term volatility. The reference-date close (KRW 1,240) is well below the 52-week intraday high of KRW 2,930. The debt-to-equity ratio (total liabilities / total equity) surged from 24.3% in 2023 to 227.6% in 2024 following the Dianeos CC acquisition, and stood at 217.7% as of H1 2026.
Business Overview
Kangdong C&L is a KOSDAQ-listed company that owns the 'Goryeo Cement' Portland cement production brand based in Jangseong, Jeollanam-do, and operates across three segments: cement, leisure, and leasing. In July 2024, it entered the leisure segment by acquiring Dianeos CC, a golf course, resort, and water park complex in Gyeongju, Gyeongsangbuk-do.
The exact revenue breakdown by segment (cement/leisure/leasing) is not available due to conflicting sources (2025 estimates of cement 47.8%/leisure 47.6% in one source vs. leisure 68.8%/cement 31.3% in another) — cross-referencing the original segment data in the 2025 business report is needed.
The cement segment's Jangseong plant is understood to have closed amid worsening earnings tied to environmental issues, among other factors, but the exact closure date is not available. The Dianeos CC acquisition price also differs by report (KRW 132.0bn vs. approx. KRW 350.0bn), so the exact final transaction amount is not available.
5-Year Financial Trend
| Period | Revenue | Operating Profit | Net Income |
|---|---|---|---|
| 2021 | KRW 65.7bn | KRW 3.7bn | KRW 4.6bn |
| 2022 | KRW 69.9bn | -KRW 12.6bn | -KRW 7.8bn |
| 2023 | KRW 50.5bn | -KRW 17.2bn | -KRW 15.8bn |
| 2024 | KRW 47.4bn | KRW 5.6bn | -KRW 7.7bn |
| 2025 | KRW 71.8bn | KRW 7.4bn | KRW 660mn |
| H1 2026 (cumulative) | KRW 32.2bn | KRW 1.7bn | -KRW 360mn |
The gap between 2025 operating profit (KRW 7.4bn) and net income (KRW 660mn), and the specific reason net income turned negative (-KRW 360mn) despite positive operating profit in H1 2026 (details of non-operating items such as financial costs), are not available.
Peer Comparison
Because the company operates two dissimilar businesses — cement and leisure (golf course/resort) — as a conglomerate, it is difficult to fully compare it against peers in a single industry group.
| Company | 2023 Revenue (web research) | Notes |
|---|---|---|
| Ssangyong C&E | approx. KRW 1.4538tn | Industry leader |
| Hanil Cement | approx. KRW 1.2637tn | Merger with Hanil Hyundai Cement pursued in 2025 (completion status not available) |
| Sampyo Cement | approx. KRW 775.9bn | - |
| Sungshin Cement | approx. KRW 758.3bn | - |
| Kangdong C&L (company-wide) | KRW 71.8bn (2025, cement + leisure + leasing combined) | Cement-only revenue not separately disclosed; revenue scale less than 1/10 of the top five peers |
Current market cap, PER, and PBR for leisure-segment (golf course/resort) peers (Golfzon Holdings, Golfzon, Ananti) were not obtained in the research and are not available.
Valuation
The PBR is somewhat higher than cement-sector peers (0.37x–0.42x), and the PER of 115.3x is a statistical distortion arising from the small absolute size of FY2025 net income, so a direct comparison with peers (9x–24x) is not very meaningful.
Ownership & Capital Structure
| Date | Event |
|---|---|
| 2024-07-01 | Third-party allotment rights offering of 28,951,936 shares issued (funding for the leisure-segment acquisition) |
| 2024-12-10 | Share transfer agreement entailing a change of largest shareholder signed (preliminary disclosure) |
| 2025-01-09 | Largest shareholder name changed (Kang Dae-wan → Kangdong Remicon HS; no change in combined group ownership stake) |
| 2025-03-26 | Co-CEOs changed (transitioned to a Koo Hee-taek/Lee Hoon-chang system) |
| 2025-08-11 | Decision to dispose of 23,000 treasury shares (for merit payments to registered officers and long-tenured employees) |
| 2026-03-26 | Co-CEOs changed (Park Eul-seong/Lee Hoon-chang system) and outside director Lee Hyun-seok newly appointed (outside-director ratio 0%→25%) |
| 2026-07-24 | Combined related-party ownership stake changed to 68.63% (adjustment of specially related parties following officer appointments/dismissals, etc.) |
Kangdong C&L has no consolidated subsidiaries (only standalone financial statements are prepared), and its equity investment in another company (Kangdong REITs, 19%) was fully disposed of during 2025, leaving no current balance. The cross-shareholding structure among affiliated remicon/ascon manufacturing entities is not available, as they are unlisted companies.
Supply & Demand (Trading Flows)
One-month cumulative trading-flow trends, the short-selling ratio and balance, and margin loan balances were not obtained during the research and are not available.
Macro Environment
| Factor | Value as of reference date | Transmission channel to Kangdong C&L |
|---|---|---|
| USD/KRW exchange rate | KRW 1,413.0 (2026-08-18) | Won depreciation raises the settlement cost pressure of imported bituminous coal and other fuel purchases |
| International thermal coal (Newcastle) price | USD 129.75/MT (2026-08-18) | The international price of the main fuel for the cement kiln process directly affects manufacturing costs |
| Domestic industrial electricity rate restructuring (2026) | Summer daytime peak-load rates cut · late-night off-peak rates raised | Given cement kilns' 24-hour operation, reduced benefit from low late-night rates points toward higher power cost burden |
| Domestic cement shipments | Approx. 18.88 million tonnes in H1 2026 (-17.4% YoY) | Lowest level in 34 years, directly affecting real cement demand and plant utilization |
| Cement/ready-mix price negotiations (for 2026) | Delayed settlement (undetermined) | Whether cost increases are passed through to selling prices will determine the direction of margins |
| Bank of Korea base rate | 2.75% (held since the July 2026 hike) | Affects construction financing and leisure consumer loan rates, indirectly influencing demand in both segments |
Factors to Note
- Sharp rise in financial leverage: the debt-to-equity ratio rose from 24.3% in 2023 to 217.7% in H1 2026, and the item-level composition of the sharp debt increase (KRW 283.2bn) (long-term borrowings vs. assumed membership deposits vs. other) is not available.
- Structural weakness in the core cement business: domestic cement shipments in H1 2026 fell -17.4% YoY to their lowest level in 34 years, and plant utilization remains in the 50% range.
- New entry into the leisure segment: Dianeos CC, acquired in July 2024, is in its first to second year, and H1 2026 revenue reached only about 45% of full-year 2025 revenue; the impact of seasonality on H1 results is not available.
- Lack of transparency in acquisition terms: the Dianeos CC acquisition price differs by report (KRW 132.0bn vs. approx. KRW 350.0bn), so the final transaction amount and scope of assumed liabilities are not clearly confirmed.
- Share price volatility: after hitting the daily upper limit two days in a row in June 2026, followed by a sharp drop and rebound, the reference-date close (KRW 1,240) is well below the 52-week intraday high (KRW 2,930), and some of the specific reasons for these price swings are not available.
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Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR