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
SG&G's owner net profit has risen sharply in 2025-2026, but the gain is mostly driven by non-operating, one-off items, while its core logistics and auto-parts businesses show slowing revenue and operating profit.
2025 revenue fell 6.0% year-on-year to KRW 47.70 billion, while owner net profit rose 68% to KRW 27.20 billion.
Q2 2026 owner net profit reached KRW 68.41 billion, about 47 times the quarter's operating profit of KRW 1.44 billion, pointing to a very large non-operating, one-off contribution.
The auto-parts manufacturing segment has been affected by weaker demand from its automaker customer and a soft vehicle market, while the logistics segment has also seen lower cargo volumes.
The debt ratio declined from 20.6% in 2022 to 17.3% in 2025, indicating a steadily more conservative balance sheet.
The controlling shareholder and related parties raised their combined stake to 51.53% through open-market purchases in February 2026.
SG&G was founded in 1993, listed on KOSDAQ in 2000, and pivoted into logistics after merging with logistics firm Nedex in 2007, later adding auto parts in 2009 and mold/nuclear power plant parts in 2013, building a diversified structure.
Its two main pillars are 3PL and international logistics (including air and sea freight forwarding) and auto-parts manufacturing (seats, air-conditioning parts, molds, and nuclear power plant components).
The auto-parts segment's main customer is an automaker, and recent disclosures show this segment's revenue tracking demand swings at Korea GM.
The company belongs to the SG Group, and in the past its consolidated results also included the group's core seat-parts affiliate (KM&I), an apparel export/fashion affiliate (SG World), and a spinning affiliate (SG Chungnam Spinning).
However, SG&G's current consolidated revenue scale (KRW 47.7 billion in 2025) is far smaller than the group's historical combined scale, suggesting the current consolidation scope is a narrower mix centered on logistics and smaller-scale parts manufacturing.
In terms of competitive positioning, the 3PL/international logistics business competes with numerous logistics providers, while the auto-parts business appears to be one of several vendors within an automaker's supplier ecosystem.
Controlling shareholder Lee Eui-beom and related parties (including SGK and Prime I&T Holdings) held a combined 51.53% stake as of February 2026. Given the group's relatively complex web of affiliate ownership and transactions, the scale of related-party dealings warrants ongoing monitoring.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩12.5B | ₩900M | 6.9% |
| 2025Q3 | ₩10.6B | ₩800M | 7.7% |
| 2025Q4 | ₩13.1B | ₩1B | 7.7% |
| 2026Q1 | ₩12.5B | ₩1.9B | 15.5% |
| 2026Q2 | ₩12.8B | ₩1.4B | 11.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩42.7B | ₩1.9B | ₩51.6B | 4.4% | 16.5% | 20.6% |
| 2023 | ₩41.9B | ₩3B | ₩20B | 7.0% | 5.8% | 18.8% |
| 2024 | ₩50.8B | ₩6.4B | ₩16.2B | 12.6% | 4.3% | 19.2% |
| 2025 | ₩47.7B | ₩3.7B | ₩27.2B | 7.7% | 6.5% | 17.3% |
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
2025 consolidated revenue was KRW 47.70 billion, down 6.0% from KRW 50.76 billion in 2024, while operating profit fell 42.7% to KRW 3.67 billion from KRW 6.41 billion, pushing the operating margin down from 12.6% to 7.7%.
Owner net profit, however, rose 68.1% to KRW 27.20 billion from KRW 16.18 billion, moving in the opposite direction from revenue and operating profit.
Looking back further, 2023 (revenue KRW 41.90 billion, operating profit KRW 2.95 billion, net profit KRW 19.97 billion) and 2022 (revenue KRW 42.72 billion, operating profit KRW 1.87 billion, net profit KRW 51.64 billion) show operating profit fluctuating between roughly KRW 3-6.4 billion annually, while net profit has swung far more widely and repeatedly.
Over the most recent four quarters (Q3 2025 through Q2 2026), revenue moved in a relatively narrow band of KRW 10.6-13.2 billion and operating profit stayed fairly stable between KRW 0.8-1.9 billion, but owner net profit varied dramatically: KRW 17.25 billion in Q3 2025, KRW 0.80 billion in Q4 2025, KRW 8.88 billion in Q1 2026, and KRW 68.41 billion in Q2 2026.
Notably, Q2 2026's net profit of KRW 68.41 billion was about 47 times that quarter's operating profit of KRW 1.44 billion, suggesting a large non-operating gain unrelated to core operations.
This pattern has appeared before, indicating that one-off gains tied to affiliate-investment disposals or changes in consolidation scope have repeatedly had an outsized effect on net profit.
Operating cash flow stayed positive every year — KRW 2.56 billion (2022), KRW 1.32 billion (2023), KRW 7.97 billion (2024), and KRW 4.39 billion (2025) — though with considerable year-to-year variation.
Owner's equity grew steadily from KRW 313.59 billion in 2022 to KRW 416.66 billion in 2025, while the debt ratio eased from 20.6% to 17.3% over the same period, reflecting a gradually improving balance sheet.
SG&G's auto-parts business is directly tied to the production and sales cycle of a domestic automaker. That automaker reportedly saw a double-digit revenue decline in 2025 along with a sharp drop in operating profit, reflecting clear sector weakness.
However, another automaker within the same broader group posted record export volume in the first half of 2026 and logged its fourth consecutive year of profit, indicating performance is diverging among domestic automakers.
The 3PL/international logistics segment is generally viewed as a long-term growth industry driven by global trade and IT advances, but recent results show cargo-volume declines weighing on performance.
Some views suggest that an economic recovery could bring a rebound in auto-parts demand alongside growth in the third-party logistics market, though this remains an unrealized outlook rather than a confirmed trend.
External variables such as U.S. auto tariff policy and shifts in automakers' global production allocation are cited as factors that could continue to affect domestic suppliers' results.
As a small-cap company, SG&G is relatively disadvantaged in capital strength and scale compared with larger parts makers or integrated logistics firms in its industry.
On KOSDAQ, it is classified under the transportation equipment/parts (auto parts) sector, and as such its stock is heavily influenced by individual-name supply-demand and liquidity dynamics.
No explicit revenue or profit guidance from SG&G itself has been identified. Based on recent disclosure trends, however, the auto-parts segment's results are likely to hinge on whether its automaker customer's demand recovers, while the logistics segment will depend on cargo-volume trends.
The fact that another brand within the same broader automotive group posted its highest export volume in 12 years in the first half of 2026 could serve as a reference point suggesting overall automotive demand has not collapsed entirely, though whether this improvement extends to SG&G's direct customer requires separate confirmation.
Key items to watch going forward include: (1) whether auto-parts segment revenue has passed a trough and is rebounding; (2) whether logistics segment cargo volumes are stabilizing; and (3) what specifically drove the large non-operating gains recurring in recent quarters, and whether such items are likely to recur.
No per-share dividend has been confirmed in recent disclosures, so the direction of shareholder-return policy also warrants attention. Continued on-market share purchases by the controlling shareholder side could hint at further governance- or group-restructuring-related disclosures ahead.
Overall, confirming the trajectory of core operations and clarifying the nature of non-operating gains appear to be the central tasks for interpreting future results.
Since recent quarterly net profit has been inflated by large one-off gains, the profitability-based multiples the stock currently trades at may present a different picture from core-business earning power once those one-off items are stripped out.
The price-to-book ratio appears to sit at a sizable discount to net assets, which can be interpreted as reflecting a combination of the liquidity discount typically attached to small-cap KOSDAQ names, governance-related uncertainty, and low visibility into core-business earnings.
No confirmed per-share dividend has been disclosed recently, leaving little track record to reference on a dividend-yield basis.
The stock's trading multiples have historically swung across a wide band in line with its volatile earnings, so it may be more informative to track the trend in operating-profit-based core earning power than to rely on a single-point profitability multiple.
Owner's equity has grown steadily each year even as the operating margin fell from 12.6% in 2024 to 7.7% in 2025, so the gap between net-asset scale and actual operating profitability is also worth weighing.
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
The debt ratio fell from 20.6% in 2022 to 17.3% in 2025, and owner's equity grew from KRW 313.59 billion to KRW 416.66 billion over the same period.
Operating cash flow also stayed positive in all four years, showing a clear improvement in financial stability, which could provide a favorable base for future restructuring or investment capacity.
Controlling shareholder Lee Eui-beom and related parties raised their stake to 51.53% through open-market purchases in February 2026. This disclosure shows the owner side buying shares directly in the market, though it should also be considered alongside the possibility that the purpose is to reinforce control.
Another brand within the domestic automotive group saw exports account for 61.6% of total sales in the first half of 2026, marking its highest level in 12 years.
This serves as a reference point showing that overall domestic automotive demand has not disappeared, and could be linked to potential volume recovery across supplier parts makers more broadly.
2025 revenue fell 6.0% year-on-year and operating profit dropped 42.7%, while cumulative Q3 2025 figures also showed a 7.6% revenue decline and a 46.9% drop in operating profit.
The auto-parts manufacturing segment has been directly affected by weaker demand from its automaker customer and a soft vehicle market, while the logistics segment has also faced declining cargo volumes.
The recent surge in quarterly net profit is estimated to have come mostly from non-operating items unrelated to operating profit, with Q2 2026 net profit reaching about 47 times that quarter's operating profit.
Because such one-off gains are not confirmed to be recurring, it remains uncertain whether similarly large net profit will repeat in future quarters.
As a small-cap KOSDAQ stock, trading volume is limited and price volatility around individual events can be relatively pronounced. The complex web of intra-group transactions and equity relationships can also create a lag before outside investors can fully parse the detailed composition of earnings.
The auto-parts manufacturing segment's revenue appears tied to demand from a specific automaker, which saw a double-digit revenue decline in 2025. External variables at the customer level, such as tariffs or changes in global production allocation, could pass through directly into SG&G's results.
Equity and transaction relationships among SG Group affiliates are complex, and in the past related-party transactions have accounted for a significant share of total revenue in certain periods. Changes in affiliates' performance or equity policy could affect SG&G's consolidation scope and earnings structure.
Large non-operating gains or losses tied to investment-asset reclassification or affiliate disposals have recurred at multiple points in the past. Because the timing and scale of such items are difficult to anticipate, the reliability of quarterly earnings forecasts can be reduced.
The Q3 2026 quarterly report is due around this time; it will show whether the recently recurring large non-operating gains reappear, and whether core auto-parts and logistics revenue and operating profit have passed a trough.
Monthly production and export volume announcements from the automaker customer and related group brands should be tracked to gauge whether parts demand is recovering.
The specific line items behind large net-profit swings such as Q2 2026 should be checked through DART disclosures (footnotes, related-party transactions, etc.) to assess whether they are one-off and how likely they are to recur.
There is a possibility of further disclosures on the controlling shareholder's stake changes or group restructuring, so ongoing monitoring of major-shareholder reports is warranted.
SG&G is a small-cap KOSDAQ company built around two pillars — logistics (3PL/international logistics) and auto-parts manufacturing — whose owner net profit has risen sharply since 2025, largely due to reliance on large, non-operating one-off gains rather than improvement in core operations.
In fact, revenue and operating profit declined over the same period, and cumulative Q3 2025 figures also showed both metrics falling together. On the balance-sheet side, stability has improved, with the debt ratio steadily declining and owner's equity growing consistently.
In contrast, the auto-parts segment carries a structural feature of high dependence on a single automaker customer, leaving results sensitive to that customer's demand swings.
Continued open-market share purchases by the controlling shareholder side are a verifiable market fact, though their purpose and future implications warrant separate observation.
Key items to watch ahead include whether core-business revenue and operating profit recover, and the specific nature and sustainability of the recurring large one-off gains. This report is prepared for informational purposes only and does not constitute a buy or sell recommendation.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.