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
Mohenz, a ready-mixed concrete specialist, swung to an operating loss in 2025 before returning to profit in the second quarter of 2026, showing pronounced earnings volatility amid a prolonged construction downturn.
2025 consolidated revenue was KRW 81.16 billion with an operating loss of KRW 2.96 billion, swinging from the prior year's operating profit of KRW 2.73 billion.
Over the latest four quarters (Q3 2025-Q2 2026) the net loss attributable to owners was about KRW 2.05 billion, though Q2 2026 alone posted an operating profit of KRW 1.18 billion and net profit of KRW 0.59 billion.
A prolonged construction downturn and drawn-out real-estate project-financing (PF) distress are cited as the structural backdrop for shrinking ready-mixed concrete demand.
The 2026 SOC budget was set at KRW 27.5 trillion, up 7.9% year on year, cited as a factor that could partly offset weak private-sector construction.
The debt ratio fell from 71.0% in 2022 to 52.5% in 2024 before edging back up to 55.6% in 2025, and the company has not been paying dividends.
Mohenz was founded in 1970, listed on KOSDAQ in 1989, and changed its name from Hanil Heungup to Mohenz in 2000; it is a specialist in the manufacture and sale of ready-mixed concrete (remicon).
The parent company's core remicon business operates production sites in the Chungcheong region, including Cheonan, Seocheon, Boryeong and Dangjin, alongside a Seoul office.
Consolidated subsidiaries include Dukwon Industrial, which runs both remicon manufacturing and a specialty welding (Hardfacing) business, and Comotech. Dukwon Industrial operates remicon plants in Chuncheon, Wonju and Pyeongtaek plus a separate welding plant.
Dukwon's welding segment applies wear-resistant overlay welding to heavily worn industrial equipment parts (wear plates) to extend their service life, positioning it as a higher-value-add business distinct from the core remicon operation.
The vast majority of revenue is generated from remicon manufacturing and sales, with major customers being construction companies and project developers ordering for construction sites.
Management has stated policies of securing stable procurement of raw materials such as cement and aggregates, strengthening quality control, and minimizing bad debt through tighter credit screening and a higher share of cash transactions.
Due to the regionally concentrated nature of remicon production and delivery, the industry features competition among numerous small and mid-sized local producers nationwide, and Mohenz's operations are centered on the capital-region periphery and the Chungcheong area.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩23B | ₩400M | 1.9% |
| 2025Q3 | ₩20.4B | -₩300M | −1.3% |
| 2025Q4 | ₩21.8B | -₩1.8B | −8.1% |
| 2026Q1 | ₩17.8B | -₩700M | −4.2% |
| 2026Q2 | ₩22.1B | ₩1.2B | 5.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩90.1B | ₩3.6B | ₩1.9B | 4.0% | 7.3% | 71.0% |
| 2023 | ₩111.4B | ₩12.1B | ₩8.3B | 10.9% | 24.9% | 63.0% |
| 2024 | ₩100.5B | ₩2.7B | ₩600M | 2.7% | 1.8% | 52.5% |
| 2025 | ₩81.2B | -₩3B | -₩2.6B | −3.6% | −9.6% | 55.6% |
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
Mohenz's annual results have closely tracked the construction cycle.
In 2023 the company posted revenue of KRW 111.41 billion, operating profit of KRW 12.14 billion (operating margin 10.9%), and net profit attributable to owners of KRW 8.27 billion — the strongest performance of the past four years — but 2024 revenue fell to KRW 100.48 billion with operating profit shrinking sharply to KRW 2.73 billion (operating margin 2.7%).
In 2025, revenue declined further to KRW 81.16 billion, and the company posted an operating loss of KRW 2.96 billion and a net loss attributable to owners of KRW 2.63 billion, marking a clear swing into loss versus the prior year.
On a quarterly basis, losses began in the third quarter of 2025 (revenue KRW 20.42 billion, operating loss KRW 0.27 billion), widened to their largest in the fourth quarter of 2025 (revenue KRW 21.81 billion, operating loss KRW 1.76 billion, net loss attributable to owners KRW 1.81 billion), and continued into the first quarter of 2026 (revenue KRW 17.77 billion, operating loss KRW 0.75 billion).
However, the second quarter of 2026 saw revenue rise to KRW 22.15 billion with the company returning to profit, posting operating profit of KRW 1.18 billion and net profit attributable to owners of KRW 0.59 billion.
As a result, the cumulative net loss attributable to owners over the latest four quarters (Q3 2025-Q2 2026) stands at roughly KRW 2.05 billion, reflecting a highly uneven quarterly pattern.
Operating cash flow also contracted sharply, from KRW 9.28 billion in 2023 to KRW 1.02 billion in 2024 and KRW 0.13 billion in 2025, indicating that cash generation weakened alongside the profit decline.
FnGuide attributed the deterioration to sluggish construction activity, rising PF loan delinquencies, and a sharp drop in remicon demand following the closure of mid-tier construction firms, while noting the company defended against further deterioration through intensive site-level management and minimizing receivables risk.
Korea's construction industry has faced a multi-year structural downturn since the 2022 Legoland default incident, compounded by high interest rates, surging construction costs, and real-estate project-financing (PF) distress.
The Korea Research Institute for Construction Policy (CERIK) has characterized 2026 as a year of 'passing through the bottom,' expecting the sector to move away from a sharp decline thanks to expanded public-sector orders and base effects, while private construction recovers only partially in housing and redevelopment projects.
In practice, the 2026 SOC budget was set at KRW 27.5 trillion, up 7.9% year on year, and CERIK projected 2026 construction order value at KRW 231.2 trillion, a 4.0% increase from its prior-year forecast.
However, remicon demand itself has shown no clear rebound: SamPyo's Market Research Center forecast 2025 remicon demand at 91.5 million cubic meters and 2026 demand at 91.1 million cubic meters, a further 0.4% year-on-year decline.
In the financial sector, real-estate PF loan delinquency rates have climbed to roughly a decade-high level, with bridge-loan delinquency approaching 47%, and the resulting funding strain on developers and contractors is cited as a factor constraining demand recovery for construction materials including remicon.
In this environment, given the industry's fragmented, regionally concentrated competitive structure among numerous small and mid-sized producers, receivables management and cost-control capability are cited as key variables separating relative performance among remicon producers.
No specific quantitative revenue or profit guidance from the company has been confirmed; the response strategy disclosed in filings is summarized as intensive site-level management, minimizing receivables risk, strengthening internal communication, and pursuing targets through regional market information sharing.
On the industry side, the expanded 2026 SOC budget and government measures to stabilize housing supply, including expanded public land supply, are cited as potential positives for future construction starts and order flow, though industry experts note that persistent weakness in leading indicators such as construction start area means any recovery may take time to be felt.
In the PF market, policy responses including additional capitalization of KAMCO's PF normalization support fund and expanded bank/insurer syndicated loans have been flagged, which could partially ease downside risk to construction material demand if the pace of resolving troubled project sites accelerates.
That said, brokerage and research-institute views generally see limited recovery in private housing with civil engineering and SOC-related work providing relative support, meaning that for a regionally based remicon supplier like Mohenz, the composition of its order book and receivables-management capability are likely to remain key determinants of results.
The company's specialty welding segment, which extends the service life of industrial equipment parts, appears to be expanding its application areas and could serve as a complementary business that partially diversifies away from the cyclical risk of the core construction-materials business.
A key point to monitor going forward is whether the return to profit in the second quarter of 2026 proves a temporary factor or the start of a more sustained recovery in subsequent quarters.
The current share price trades at a modest premium to the company's net asset value, a level that does not appear to deviate significantly from peers within the KOSDAQ construction-materials sector.
On the earnings side, however, the company recorded a net loss for full-year 2025 and on a cumulative basis over the latest four quarters, making profit-based valuation metrics difficult to apply meaningfully at this stage.
Given the pattern of a clear profit improvement in 2023 followed by a shrinking and then loss-making trend through 2024-2025, how the market values the stock going forward is likely to hinge on whether earnings show a renewed recovery trend.
As for dividends, the company has not been paying dividends recently, so a dividend-yield-based comparison carries little meaning at present.
The debt ratio showed an improving trend after 2022 before ticking back up slightly in 2025, which can partly be attributed to shareholders' equity contracting alongside the decline in profit.
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
In the second quarter of 2026, revenue rose to KRW 22.15 billion with an operating profit of KRW 1.18 billion and net profit attributable to owners of KRW 0.59 billion, breaking a streak of three consecutive quarterly losses.
The simultaneous recovery in both revenue and profit makes it worth watching whether subsequent quarters sustain this pattern, though a single quarter's result warrants caution before drawing trend conclusions.
The company has stated that intensive site-level management and minimizing receivables risk helped partially defend against further earnings deterioration amid the construction downturn.
Its stated policy of stronger credit screening and a higher share of cash transactions can be interpreted as an effort to curb bad-debt occurrence, which may help reduce trade-receivable risk in an environment marked by a wave of mid-tier construction company closures.
The 2026 SOC budget was set at KRW 27.5 trillion, up 7.9% year on year, and CERIK forecast that expanded public-sector orders would lead construction orders into a gradual recovery in 2026.
If public infrastructure-driven orders increase, they could serve as a source of remicon demand that partially offsets housing-sector weakness. This is an industry-wide trend, however, and whether it translates into order wins for any specific company would need to be separately confirmed.
SamPyo's Market Research Center forecast 2026 remicon demand at 91.1 million cubic meters, a further 0.4% decline from 2025.
This suggests that, separate from the broader view that construction activity may be passing its trough, remicon demand itself shows no clear rebound, and with housing-sector declines being offset by non-residential and civil-engineering work, variance among individual producers could widen.
Financial-sector PF loan delinquency rates have risen to roughly a decade-high level, with bridge-loan delinquency approaching 47%, and funding strain among developers and contractors continues.
An increase in mid-tier construction company closures could raise the risk of delayed receivables collection or unpaid amounts. While government plans to expand PF normalization funds have been flagged, a slower-than-expected pace of resolving distressed sites could delay the timing of any industry recovery.
The company posted operating losses for three consecutive quarters from Q3 2025 through Q1 2026, with the loss particularly large in Q4 2025 at an operating loss of KRW 1.76 billion and a net loss attributable to owners of KRW 1.81 billion.
Even on a cumulative basis over the latest four quarters, the net loss attributable to owners stood at roughly KRW 2.05 billion, leaving it uncertain whether the Q2 2026 return to profit will prove to be a sustained trend.
The structure appears to produce large quarter-to-quarter variance depending on seasonal factors and the progress of individual construction sites.
Domestic construction investment has contracted for several consecutive years, and real-estate PF distress has not been fully resolved. A delayed construction recovery or the emergence of additional distress could simultaneously pressure both remicon demand and the health of trade receivables.
Public-sector orders are providing downside support, but the timing of any private housing-sector recovery remains uncertain.
The construction cost index remains near record-high levels, suggesting continued cost pressure from raw materials such as cement and fuel. The cement industry's 2026 capital expenditure plan was also reported to be lower than the prior year, suggesting a broadly conservative investment stance across the industry. If cost pressures are not sufficiently passed through to selling prices, margin pressure could recur.
Mohenz has a relatively small market capitalization even among KOSDAQ-listed companies, which can mean limited liquidity. Information accessibility and market attention may be lower than for larger-cap names, leaving room for greater share price variability. This characteristic is a factor investors should weigh separately from the company's underlying business risks.
The Q3 2026 quarterly report is due for disclosure around this time, offering a chance to check whether the Q2 2026 return to profit continues or reverses back into loss.
This period is when decisions on refinancing large maturing PF loans and the pace of resolving distressed project sites are expected, offering a gauge of whether broader construction-sector credit risk is easing.
This is the year-end remicon supply-price negotiation season, and the extent to which cement and fuel cost pressures are passed through to selling prices could affect margins in subsequent quarters.
Alongside the disclosure of the 2026 annual business report (confirmed full-year results), the 2027 SOC budget execution plan is expected to become concrete, allowing a joint check of whether annual profit has recovered and how strong policy support remains.
Mohenz is a KOSDAQ-listed building-materials company centered on remicon manufacturing and sales, and its results have shown clear sensitivity to the construction cycle — moving from solid profit in 2023 through shrinking earnings and a loss in 2024-2025, before returning to profit in the second quarter of 2026.
On a cumulative basis over the latest four quarters, the company remains in a net loss position attributable to owners, and it is still too early to judge whether the recent quarter's return to profit, following three consecutive loss-making quarters, represents a temporary rebound or the start of a trend reversal.
On the industry side, the government's expanded SOC budget and increased public-sector orders are cited as factors supporting the downside, but underlying remicon demand itself is projected to stagnate or decline slightly again in 2026, and the risk of prolonged real-estate PF distress has not been resolved.
The company has responded to the downturn with a defensive management approach centered on intensive site-level management and minimizing receivables risk, and its debt ratio, after improving from 2022 onward, ticked back up slightly in 2025.
With no dividends currently being paid, it is difficult to discuss investment appeal from a dividend-yield perspective. On balance, this is a name where both the structural adjustment underway in the construction and PF markets and the company's own quarter-to-quarter earnings volatility warrant continued observation.
Report written 2026-09-05 · Data as of 2026-09-04
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