Xi S&D (317400)
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.
Factual Summary
Xi S&D closed at KRW 10,100 on 2026-08-18 (+0.70% from the previous close), with a market cap of KRW 391.7 billion. After turning to an operating profit of KRW 11.3 billion in Q1 2026, the company remained profitable in Q2, bringing cumulative H1 operating profit to KRW 20.4 billion and net profit to KRW 18.364 billion — operating profit has already exceeded full-year 2025 operating profit (KRW 12.5 billion) (definitive Semiannual Report, DART filing no. 20260814000451). During the same period, the company disclosed a decision to transfer land and a building in Seocho-dong, Seoul for KRW 140.0 billion (filed 2026-06-25), with an expected disposal gain of approximately KRW 55.0 billion versus the KRW 85.1 billion book value. The largest shareholder is GS Engineering & Construction Corp., holding a 39.40% stake based on total shares issued (as of 2026-06-30, DART).
Context Note
After peaking at KRW 2.479 trillion in revenue in 2022, revenue declined for three consecutive years through 2025 (cumulative -44.0%), and the operating margin deteriorated to 0.15% in 2024 before turning around with consecutive profitable quarters in Q1 and Q2 2026. Over the same period, the share of related-party transactions with affiliates such as GS Engineering & Construction rose from 5.48% in 2022 to 14.85% in 2025 (뉴스드림, reported 2026-02-24, based on the Annual Report).
Business Overview
Xi S&D is a comprehensive real estate services company founded in 2000 and listed on KOSPI in 2019, and an affiliate of GS Engineering & Construction. Its business consists of four segments: Construction (high-tech factories, data centers, and clean rooms, carried out by subsidiary Xi C&A), Housing (self-developed housing projects), Home Solution (home network and CS), and PM (real estate asset management) (Annual Report, as of 2025-12-31).
| Segment | Description |
|---|---|
| Construction | Construction of high-tech factories, IDCs (data centers), clean rooms, and chemical plants; carried out by Xi C&A |
| Housing | Self-developed reconstruction and mid-sized housing projects |
| Home Solution | Home network (IoT smart home), apartment CS (customer service center), facility management |
| PM | Real estate asset management — the only segment classified as a real estate services business among the four |
Recent Restructuring Timeline
| Date | Event |
|---|---|
| 2025-06-24 | Extraordinary general meeting for the physical division (spin-off) of the housing management business |
| 2025-08-01 | Effective date of the physical division — establishment of newly formed, unlisted K-Housing, transferring the housing management business excluding operation of senior welfare housing |
| 2026-06-25 | Disclosure of decision to transfer Seocho-dong land and building for KRW 140.0 billion (transferee: Home Ace) |
| 2026-12-24 | Expected completion of final payment and registration for the Seocho-dong sale |
Whether the transfer of the K-Housing equity stake to Home Solution has been completed is not confirmed (as of the research date, 2026-08-19).
5-Year Financial Trend
| Period | Revenue (KRW billion) | Operating Margin | Net Margin | Debt Ratio |
|---|---|---|---|---|
| 2021 | 435.7 | 11.66% | 8.39% | 76.5% |
| 2022 | 2,479.0 | 8.02% | 6.13% | 170.4% |
| 2023 | 2,374.6 | 5.33% | 4.00% | 97.7% |
| 2024 | 1,578.2 | 0.15% | 0.42% | 95.9% |
| 2025 | 1,387.6 | 0.90% | 2.68% | 71.0% |
| 2026 H1 (cumulative) | 573.6 | 3.55% | 3.20% | 80.0% |
After peaking at KRW 2.479 trillion in 2022, revenue declined for three consecutive years through 2025, and the operating margin deteriorated to 0.15% in 2024 before recovering to 0.90% in 2025 and 3.55% in H1 2026 (in-house calculation based on the definitive financial statements, A). The debt ratio, after peaking at 170.4% in 2022, fell to 71.0% in 2025 before edging back up to 80.0% in H1 2026.
Whether a change in the scope of consolidation contributed to the sharp revenue increase from 2021 to 2022 is not confirmed. A revenue/operating-profit breakdown by business segment (Construction/Housing/Home Solution/PM) is also not confirmed.
Recent News Timeline
| Date | Content |
|---|---|
| 2026-04-03 | Signed a construction contract with Korea Trust for the street housing improvement project in Mangwon-dong, Mapo-gu, contract value KRW 46.7 billion |
| 2026-04-30 | Q1 2026 results — consolidated revenue of KRW 270.3 billion (-13.57% year-on-year), operating profit turned positive at KRW 11.3 billion |
| 2026-06-24 | Xi C&A held its 'Now & Beyond' vision declaration ceremony, positioning itself as a top-tier domestic industrial plant provider |
| 2026-06-25 | Disclosed decision to transfer Seocho-dong land and building for KRW 140.0 billion |
| 2026-07-04 | H1 new orders in the housing segment reached KRW 369.6 billion; full-year order target set at KRW 1.6 trillion |
| 2026-08-16 | Reported cumulative H1 operating profit of KRW 20.4 billion — profitable for a second consecutive quarter (KRW 11.3 billion in Q1 + KRW 9.0 billion in Q2) |
Coverage of a new 52-week high on August 11 (머니터링) is flagged separately as low-reliability, as it could not be confirmed against primary sources (exchange or official disclosures).
Competitor Comparison
| Company | Market Cap | PER | PBR | FY2025 Revenue |
|---|---|---|---|---|
| Xi S&D (317400) | KRW 391.7 billion | 10.55x–10.66x | 0.55x–0.56x | KRW 1,387.6 billion |
| HDC Labs (039570) | KRW 198.8 billion | 17.87x | 0.73x | KRW 645.7 billion |
| Kolon Global (003070) | KRW 255.5 billion | Negative (net loss) | 0.34x | KRW 2,684.4 billion |
Xi S&D operates a diversified business spanning construction, housing development, home network/CS, and PM, so no single-industry direct competitor exists. The business model most similar to Xi S&D's is HDC Labs, an HDC Group affiliate operating a home network, building management, and real estate asset management platform; in semiconductor clean room construction, subsidiary Xi C&A is cited alongside Samsung Engineering and SK Ecoplant as one of three domestic firms capable of such construction (thebell, orangeboard).
Governance and Capital Structure
As of 2026-06-30 · Source: DART Semiannual Report (filing no. 20260814000451), largest-shareholder status and total shares issued (A)
| Date | Event |
|---|---|
| 2024-07-31 | Acquired a 60% stake (2.4 million shares) in Xi C&A through the merger of GFS Co., Ltd. |
| 2025-03-25 | Appointment of outside directors Jang Il-hyeok and Kim Won |
| 2026-03-24 | Newly appointed outside director Park Hee-young |
Xi S&D is a member of the GS Group (business group 'GS,' comprising 8 listed and 92 unlisted affiliates), and through its 60%-owned subsidiary Xi C&A, consolidates five overseas construction sub-subsidiaries in China, Vietnam, Poland, the United States, and India (Annual Report, as of 2025-12-31). Over the past year, there has been no disclosed change in the largest shareholder's stake, total shares issued, or treasury share count.
Valuation (Factual Multiples)
Precise EPS/BPS and EV/EBITDA on a controlling-interest net profit and equity basis (excluding non-controlling interests) are not confirmed. Preferred shares (redeemable convertible preferred shares), totaling 10,246,000 shares, have no separate market price and were excluded from the market cap calculation.
Risk Factors
Macro Environment
| Factor | Current Value | Impact |
|---|---|---|
| Bank of Korea base rate | 2.75% (raised 2026-07-16) | Negative |
| Nationwide unsold housing units | 67,464 units (end of June 2026) | Negative |
| Rebar price | KRW 890,000–914,000 per ton (June 2026) | Negative |
| Reconstruction/redevelopment deregulation | Union consent ratio 75→70%, relocation-fund LTV 40→70% (August 2026) | Positive |
| Construction orders (April 2026, YoY) | +39.3% (civil engineering +93.6% · building +24.4%) | Mixed |
Xi S&D is a purely domestic construction and real estate services company, with essentially no direct transmission channel from external macro factors such as U.S. Federal Reserve rates, the dollar, or tariffs. On the other hand, the Bank of Korea's rate hike and the expansion of unsold housing units are negative factors for the self-developed housing segment, rising rebar prices are a negative factor for construction-contract costs, and the government's August 2026 deregulation of reconstruction and redevelopment is an offsetting positive factor that expands the urban-renewal project pipeline.
Supply and Demand Trends
For the research period (2026-07-18 to 2026-08-18), foreign, institutional, and retail net trading, securities lending balance, foreign ownership ratio and limit utilization, and margin trading balance are all unconfirmed — these could not be obtained due to the absence of installed data-collection tools, access-eligibility requirements, and constraints on web research access.
The trading volume of 2,216,608 shares on 2026-08-18 is a system-confirmed figure; a comparison against the recent one-month average is not confirmed.
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange · DART
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.