PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
T'way Holdings, whose only operating business is now PHC concrete pile manufacturing, has become a Sono Trinity Group affiliate and continues to see its net profit swung heavily by core-business losses and equity-method volatility tied to its stake in Trinity Airways (formerly T'way Air).
In February 2025, a 46.26% stake in T'way Holdings held by Yerimdang was sold to Daemyung Sono Group (Sono International), changing the controlling shareholder.
Revenue from the core PHC pile business fell for four straight years, from KRW 11.47 billion in 2022 to KRW 5.03 billion in 2025, with operating losses persisting throughout.
T'way Holdings is a minority holder of a 28.02% stake in Trinity Airways (formerly T'way Air) and is exposed to dilution risk from the airline's repeated capital raises.
Trinity Airways, whose name change was approved at the March 2026 shareholders' meeting, is set to fully roll out the new brand from September 10, 2026.
An 80% capital reduction without compensation in April 2026 sharply cut paid-in capital and share count, aligning with the current share count of about 22.63 million shares.
T'way Holdings is a KOSPI-listed holding company established in 2013 to manufacture and sell PHC (pretensioned high-strength concrete) piles, and PHC piles remain effectively its only business today.
Production is carried out through a plant network in Asan (South Chungcheong), Iksan (North Jeolla), and Haman (South Gyeongsang), and the domestic PHC pile market has an oligopolistic structure in which the top seven producers hold more than 60% share.
The company built its holding-company structure by acquiring T'way Air in 2013, but in February 2025 a share purchase agreement was signed to sell a 46.26% stake in T'way Holdings held by Yerimdang to Daemyung Sono Group (Sono International) for KRW 250 billion, changing the controlling shareholder.
Through this deal, T'way Holdings' 28.02% stake in T'way Air (now Trinity Airways) also came under the Daemyung Sono Group umbrella. T'way Holdings has since stepped down from its former position as controlling shareholder of the airline and now plays a reduced role as a minority stakeholder.
Meanwhile, Daemyung Sono Group, which has since renamed itself Sono Trinity Group, confirmed at its airline subsidiary's March 2026 annual general meeting that T'way Air would be renamed 'Trinity Airways,' with the new brand set to be fully applied across the app, website, and airport counters from September 10, 2026.
The PHC pile business has seen continuously declining revenue amid a construction-sector slowdown, though large-scale industrial facilities such as semiconductor clusters and bio plants, along with social overhead capital projects, are seen as sustaining medium- to long-term demand.
In April 2026 the company carried out an 80% capital reduction without compensation to clear accumulated deficits, sharply cutting paid-in capital and the number of shares outstanding.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩2.3B | -₩1B | −44.9% |
| 2025Q3 | ₩1.1B | -₩600M | −59.4% |
| 2025Q4 | ₩600M | -₩500M | −87.6% |
| 2026Q1 | ₩1.1B | -₩300M | −30.2% |
| 2026Q2 | ₩1.3B | -₩300M | −26.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩11.5B | -₩1.9B | ₩53.1B | −16.2% | 32.2% | 27.9% |
| 2023 | ₩7.8B | -₩3B | ₩4.6B | −38.7% | 2.7% | 29.3% |
| 2024 | ₩5.2B | -₩5.2B | -₩20.8B | −99.6% | −13.9% | 26.0% |
| 2025 | ₩5B | -₩3.6B | -₩55.7B | −71.6% | −59.2% | 26.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue declined for four straight years, from KRW 11.47 billion in 2022 to KRW 7.77 billion in 2023, KRW 5.24 billion in 2024, and KRW 5.03 billion in 2025.
Operating loss widened from KRW -1.86 billion in 2022 to KRW -3.01 billion in 2023 and KRW -5.22 billion in 2024, before narrowing somewhat to KRW -3.61 billion in 2025.
By contrast, net income attributable to controlling shareholders was far more volatile, posting profits of KRW 53.07 billion in 2022 and KRW 4.56 billion in 2023 before swinging to losses of KRW -20.75 billion in 2024 and KRW -55.73 billion in 2025.
The fact that net-income swings dwarf the tens-of-billions-of-won scale of revenue and operating loss reflects the company's earlier injection of hundreds of billions of won into T'way Air's capital and the accumulated equity-method losses tied to the airline's own losses.
Quarterly, net loss reached KRW -28.41 billion in Q3 2025 before turning to a KRW 2.42 billion profit in Q4, then swinging back to a large KRW -36.42 billion loss in Q1 2026 and a KRW 2.74 billion profit again in Q2 2026, an extremely volatile pattern.
This pattern shows that with the core PHC pile business generating little cash, non-operating factors such as equity-method valuation gains/losses and asset impairments are driving the direction of net income.
Operating cash flow (CFO) was also negative for four consecutive years from 2022 to 2025 (KRW -1.73 billion, -1.38 billion, -3.52 billion, and -4.02 billion), indicating a continuing structure of cash outflow from core operations.
Amid this earnings trend, the company carried out an 80% capital reduction without compensation in April 2026 to clear accumulated deficits, a move that simplified the accounting capital structure but had no bearing on improving cash-generating capacity.
The PHC pile industry is a representative cyclical sector closely tied to the construction cycle, with an oligopolistic structure in which the top seven domestic producers hold more than 60% of the market.
Because the products are heavy and transport costs are high, the market is largely domestic-demand driven, and revenue is heavily influenced by national policy directions such as apartment presales and large-scale plant projects.
Although PHC demand has weakened in recent years amid a slowdown in private construction activity, large-scale industrial facilities such as semiconductor clusters and bio plants, along with social overhead capital projects, are seen as sustaining medium- to long-term demand.
Meanwhile, the low-cost carrier (LCC) segment in which T'way Holdings holds a stake faces oversupply, with the number of passenger aircraft operated by domestic carriers in 2025 reaching the highest level since 2019, a key factor cited as undermining sector-wide profitability.
Trinity Airways (formerly T'way Air) had cash reserves as of the end of the third quarter of 2025 but again faced concerns over complete capital impairment in the second half, prompting a capital reduction and successive rounds of capital raises, convertible bonds, and bonds with warrants.
Industry restructuring is scheduled, including the Korean Air-Asiana Airlines business combination in December 2026 and the integration of Jin Air, Air Busan, and Air Seoul in the first quarter of 2027, which is cited as a factor that could partially ease supply competition from 2027 onward.
However, since T'way Holdings is now a minority stakeholder (28.02%) with no controlling influence over Trinity Airways, changes in the aviation industry environment feed through to T'way Holdings only in a limited way, via equity-method gains or losses.
The rebranding to Trinity Airways was approved at the March 2026 shareholders' meeting and has proceeded through regulatory approval procedures, with the new brand set to be fully applied across the app, website, and airport counters from September 10, 2026.
The airline code (TW), flight numbers, and operating schedules will remain unchanged, with only on-the-ground elements such as uniforms being replaced in stages.
Trinity Airways has stated it will introduce a Selective Service Carrier (SSC) model that differentiates service by route characteristics, with plans to progressively expand premium check-in counters, in-flight meals, lounges, and a mileage program on medium- and long-haul routes.
Management has indicated a policy of first reducing the scale of operating losses before pursuing gradual earnings improvement.
In the PHC pile segment, the industry view is that medium- to long-term demand will be sustained as large-scale industrial facilities such as semiconductor clusters and bio plants, along with social overhead capital projects, continue to be pursued.
At the holding-company level, Sono Trinity Group has laid out a specific vision for its airline subsidiary but has said little about the strategic direction for T'way Holdings itself, leaving open questions about whether the PHC business will be restructured or collaboration with affiliated construction firms will be strengthened.
With minority shareholders holding more than 50% of the stock, any future restructuring such as mergers among affiliates could bring cash burdens from appraisal-rights exercises into focus as a variable to watch.
Given that net income has swung sharply between profit and loss over the past several years, the usual price-to-earnings ratio yardstick is difficult to apply cleanly in this case.
The share price trades at a level well below the company's own calculated book value per share, placing it in a discount range relative to net assets.
Even looking across the most recent four quarters combined, net income remains in negative territory, suggesting that the value of the airline stake (28.02% of Trinity Airways) and any improvement in the core PHC business's profit and loss are likely to have a greater influence on share price movement than earnings-based valuation metrics alone.
There have been no recent dividend payments, so it is premature to discuss dividend appeal. Because the April 2026 80% capital reduction sharply cut both paid-in capital and share count, comparing pre-reduction metrics directly with the current period is not appropriate.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Large-scale industrial facilities such as semiconductor clusters and bio plants, along with social overhead capital projects, are seen as sustaining medium- to long-term demand for PHC piles. Should private-sector construction activity recover, the core business's revenue decline and loss scale could ease.
Sono Trinity Group is attempting to raise brand value by rebranding as Trinity Airways and introducing an SSC model, premium services, and a mileage program. If this rebranding takes hold successfully, it could have a positive bearing on the long-term value of T'way Holdings' stake.
An 80% capital reduction without compensation in April 2026 cleared accumulated deficits and simplified the accounting capital structure. This could somewhat ease the accounting burden or improve negotiating position in any future capital raises.
PHC pile revenue fell for four straight years, from KRW 11.47 billion in 2022 to KRW 5.03 billion in 2025, with operating losses persisting each year.
The company directly disclosed in its Q1 2026 report that indications of asset impairment had arisen due to continued operating losses in the PHC business, and further impairment cannot be ruled out if the construction slowdown persists.
To address concerns over complete capital impairment, Trinity Airways (formerly T'way Air) carried out a KRW 110 billion capital raise in August 2025, followed by a further KRW 191.2 billion raise combining a KRW 100 billion third-party allotment and a KRW 91.2 billion rights offering.
Such repeated capital raises can dilute both the relative value and the ownership percentage of T'way Holdings' 28.02% stake.
While Sono Trinity Group has laid out a specific vision for its airline subsidiary, it has said little about the strategic direction for T'way Holdings itself, leaving the company's identity and role as a holding entity ambiguous.
Having been reduced from a controlling shareholder to a minority stakeholder, the direction of any strategic realignment remains uncertain.
Operating cash flow was negative for four consecutive years from 2022 to 2025, and net income attributable to controlling shareholders has swung by tens of billions of won on a quarterly basis.
With the core business generating minimal cash, the possibility of further capital raises or renewed asset impairment issues cannot be ruled out.
The PHC business operates in a domestic-demand-driven market that is entirely subject to construction-cycle fluctuations, with revenue heavily dependent on apartment presale trends and large-scale plant policy directions.
The aviation industry in which the company holds a stake is also exposed to structural risks including oversupply from an increasing aircraft fleet and pressure from high fuel prices and exchange rates.
Minority shareholders (those holding less than 1% each) own more than 50% of the stock, meaning that any future restructuring such as a merger among affiliates could trigger cash burdens from appraisal-rights exercises.
The fact that Daemyung Sono (Sono Trinity) Group has not yet disclosed a specific strategic direction for T'way Holdings is also a source of uncertainty.
Trinity Airways' (formerly T'way Air) new brand name is set to be fully applied across the app, website, and airport counters, warranting a check on whether the brand transition concludes smoothly.
T'way Holdings' Q3 2026 results are expected to be disclosed, allowing a check on the PHC segment's profit-and-loss trend and any equity-method effects.
It is worth monitoring whether Trinity Airways pursues further capital raises (rights offerings, convertible bonds, bonds with warrants, etc.) and the resulting degree of dilution to T'way Holdings' ownership stake.
The impact of construction starts and orders for large-scale projects such as semiconductor clusters and social overhead capital on PHC pile demand should be monitored.
Since being brought under Daemyung Sono Group (now Sono Trinity Group) in 2025, T'way Holdings has become a company defined by two axes: a shrunken core PHC pile manufacturing business and a 28.02% stake in Trinity Airways (formerly T'way Air).
The core PHC business has seen revenue decline and operating losses for four consecutive years, and asset impairment indications have emerged amid the construction slowdown.
Meanwhile, net income attributable to controlling shareholders has swung by tens of billions of won on both an annual and quarterly basis due to equity-method effects from the airline stake, making it difficult to explain earnings direction from the core business alone.
The April 2026 80% capital reduction simplified the capital structure but had no bearing on cash-generating ability, and while Sono Trinity Group has articulated a specific vision for its airline subsidiary, it has not disclosed a strategy for the holding company itself.
Dilution from Trinity Airways' repeated capital raises and a governance structure in which minority shareholders hold more than 50% of the stock remain variables to watch going forward.
Overall, the company's future trajectory is likely to be shaped by two factors: whether the core PHC business's profitability improves, and how the value and ownership percentage of the Trinity Airways stake evolve.
Report written 2026-09-05 · Data as of 2026-09-04
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