Shinwon Construction Co., Ltd. (KRX:017000) is a small Korean contractor relative to the country’s major listed builders. Its 2025 construction-capability assessment was KRW 290.738 billion, ranking it 93rd, while Samsung C&T, Hyundai E&C and Daewoo E&C ranked first, second and third at KRW 34.7219 trillion, KRW 17.2485 trillion and KRW 11.8969 trillion. Shinwon also reported 2025 revenue of KRW 211.31 billion, operating profit of KRW 8.60 billion and net income of KRW 4.86 billion.
That gap changes how the shares should be analyzed. Shinwon’s revenue is overwhelmingly construction-related, so individual projects, housing conditions, financing and timing can have a large effect on results. The major groups have far greater bidding capacity and, in some cases, businesses outside construction that diversify earnings. The comparison below separates scale, profitability, business mix, financial resilience and investor exposure rather than treating every Korean construction stock as equivalent.
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Quick comparison: Shinwon and the large listed contractors
| Company | 2025 construction-capability assessment | 2025 rank | Reported business profile |
|---|---|---|---|
| Shinwon Construction (017000) | KRW 290.738 billion | 93 | Primarily construction, including civil works, housing, plants, logistics and leisure |
| Samsung C&T | KRW 34.7219 trillion | 1 | Engineering and construction plus trading and investment, fashion and resort groups |
| Hyundai E&C | KRW 17.2485 trillion | 2 | Large domestic and international engineering and construction contractor |
| Daewoo E&C | KRW 11.8969 trillion | 3 | Large contractor with housing, civil, plant and overseas capabilities |
| DL E&C | KRW 11.2183 trillion | 4 | Major listed construction group |
| GS E&C | KRW 10.9454 trillion | 5 | Major listed construction group |
| HDC Hyundai Development | KRW 5.8738 trillion | 10 | Large housing and development-oriented contractor |
The assessment figures are the Ministry of Land, Infrastructure and Transport’s 2025 construction-capability amounts, reported in hundred-million-won units in the underlying table and converted here to billions or trillions of won. They measure a contractor’s position and capacity in the construction market; they are not stock valuations, profit rankings or forecasts of shareholder returns.
What Shinwon Construction actually is
Do not confuse the two similarly named listed companies
This article concerns Shinwon Construction Co., Ltd., also known as Shinwon General Development (신원종합개발), ticker 017000. It is different from ShinWon Corporation, ticker 009270. Checking the ticker is essential when looking up financial statements, prices or announcements.
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A broad project list, but a concentrated financial base
Shinwon’s 2025 annual report describes civil-engineering work on roads, tunnels, bridges, subways, railways, airports and ports. Its private building and housing operations use the 아침도시 and 어퍼하우스 brands. The company also lists industrial plants, including quartzware and specialty-gas facilities, logistics warehouses and leisure facilities.
Those activities provide several project categories, but the financial statement remains highly concentrated in construction. Construction revenue was KRW 209.316 billion out of total revenue of KRW 211.311 billion for fiscal 2025. The other activities therefore represented only a small portion of reported sales in that year. A list of capabilities should not be mistaken for a diversified revenue stream.
Shinwon’s FY2025 financial profile
| Measure | FY2025 | Interpretation |
|---|---|---|
| Revenue | KRW 211,310,547,626 (KRW 211.31 billion) | Small scale relative to major listed contractors |
| Operating profit | KRW 8,599,532,119 (KRW 8.60 billion) | Approximately 4.07% operating margin, calculated from reported figures |
| Net income | KRW 4,857,629,900 (KRW 4.86 billion) | Approximately 2.30% net margin, calculated from reported figures |
| Assets | KRW 222,107,596,324 | Year-end balance-sheet total |
| Liabilities | KRW 110,009,755,024 | About 49.5% of assets, calculated from reported figures |
| Equity | KRW 112,097,841,300 | Liabilities were about 98.1% of equity, calculated from reported figures |
| Construction revenue | KRW 209,316,000,000 (approximately) | The dominant component of total sales |
Shinwon’s 2025 revenue fell 18.67% from 2024. Operating profit fell 42.72%, and net income fell 12.12%. The larger fall in operating profit than revenue indicates meaningful operating sensitivity: a weaker project mix, lower volume or higher costs can reduce profit faster than sales. The reported figures do not by themselves identify which individual projects caused the changes, so investors should consult subsequent filings for contract-level explanations.
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The 2025 ranking and the scale gap
| Rank | Company | Assessment amount |
|---|---|---|
| 1 | Samsung C&T | KRW 34.7219 trillion |
| 2 | Hyundai E&C | KRW 17.2485 trillion |
| 3 | Daewoo E&C | KRW 11.8969 trillion |
| 4 | DL E&C | KRW 11.2183 trillion |
| 5 | GS E&C | KRW 10.9454 trillion |
| 10 | HDC Hyundai Development | KRW 5.8738 trillion |
| 93 | Shinwon Construction | KRW 290.738 billion |
Samsung C&T’s assessment amount is roughly 119 times Shinwon’s, based on the two reported 2025 figures. Hyundai E&C’s is roughly 59 times larger, and Daewoo E&C’s roughly 41 times larger. These ratios describe the scale of assessed construction capability, not expected stock performance.
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How the ministry says the ranking is used
The Ministry of Land, Infrastructure and Transport says the annual construction-capability assessment supports bidding eligibility, contractor selection, credit evaluation and guarantee review. A high rank can therefore help a contractor qualify for and win larger or more complex work and obtain supporting guarantees. It does not guarantee that every project will be profitable, that a company will avoid accidents or delays, or that its shares will rise.
Why rank is not a valuation metric
The assessment is an industry-position measure. Equity investors still need to examine order quality, margins, working capital, debt, cash flow, provisions, backlog conversion and the price already reflected in the shares. A company can move up the ranking while earning weak returns, or remain profitable at a lower rank through disciplined project selection.
Revenue and earnings are not directly interchangeable
Shinwon’s mostly construction revenue
For Shinwon, the 2025 total of KRW 211.31 billion is close to a construction-revenue figure because KRW 209.316 billion came from construction. This makes the company’s sales particularly sensitive to starts, completions, progress recognition, presales and the timing of a small number of contracts.
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Samsung C&T’s consolidated diversification
Samsung C&T reported FY2025 total revenue of KRW 40.742 trillion and operating profit of KRW 3.293 trillion. Its Engineering & Construction Group alone generated KRW 14.148 trillion of revenue and KRW 536 billion of operating profit. The company also reports separate trading-and-investment, fashion and resort groups.
Rank #3
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Comparing Samsung C&T’s KRW 40.742 trillion consolidated revenue with Shinwon’s KRW 211.31 billion as if both represented the same business would mislead. Samsung’s total includes non-construction groups, whereas Shinwon’s total is overwhelmingly construction. For a construction-only comparison, use the Engineering & Construction segment where available, then examine each company’s segment definitions and consolidation policy.
Business mix and economic exposure
Shinwon: domestic project concentration
- Housing and private buildings: Results can be affected by local home prices, presales, permitting, mortgage conditions and project-finance availability.
- Civil engineering: Roads, tunnels, bridges, rail and ports expose the company to public budgets, tender schedules and contract margins.
- Industrial plants and logistics: Quartzware, specialty-gas facilities and warehouses add industrial-capital-spending exposure, but the 2025 statement does not show these activities as a large share of sales.
- Leisure facilities: These projects can depend on discretionary demand and local development conditions.
Because the company is small, one delayed start, cost overrun or loss-making contract can have a noticeable effect on annual results. This is an inference from the disclosed scale and concentration, not a statement of company guidance.
Major contractors: broader access and different risks
Samsung C&T, Hyundai E&C, Daewoo E&C, DL E&C and GS E&C can bid for projects beyond the practical reach of a rank-93 contractor. Their portfolios may include large civil works, buildings, industrial plants, energy facilities and overseas projects. HDC Hyundai Development is also much larger by the assessment measure, although its exposure may differ from the more internationally diversified groups.
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Scale can spread fixed costs and customer risk, but it does not eliminate construction risk. Large contractors can face sizeable single-project provisions, commodity and labor inflation, foreign-exchange movements, geopolitical exposure, subcontractor failures and claims. International work also introduces execution and repatriation risks that a mainly domestic contractor may experience less directly.
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Balance-sheet resilience: the numbers to inspect
Shinwon ended FY2025 with KRW 222.108 billion of assets, KRW 110.010 billion of liabilities and KRW 112.098 billion of equity. The calculated liability-to-asset ratio is about 49.5%, and liabilities were about 98.1% of equity. These are accounting snapshots, not a complete liquidity test.
Construction investors should read the notes for cash and restricted cash, short-term borrowings, contract assets and liabilities, guarantees, project-finance commitments, retention receivables, inventories and provisions. A contractor can show positive equity while cash is tied up in unfinished projects or receivables. Conversely, a temporary increase in liabilities may fund a profitable project. The direction and composition of working capital matter more than a single ratio.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Shinwon’s earnings can be more volatile
Order-production economics
Shinwon’s annual report characterizes construction as an order-production industry: demand is difficult to forecast, and bidding competitiveness, economic cycles and market conditions materially affect results. Revenue is recognized as projects progress, so the timing of awards, starts, changes and completions can shift sales between reporting periods.
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Private housing and development work can be profitable when presales and financing remain available, but it is exposed to unsold inventory, higher interest rates, tighter lending and weaker local demand. A small contractor has fewer concurrent projects over which to spread these effects.
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Input and execution risk
Materials, labor, subcontracting and schedule changes can compress margins after a fixed-price contract is signed. Industrial and civil projects may also require specialized execution. Investors should compare contract provisions, cost-to-complete estimates and provisions over time rather than relying on revenue growth alone.
How to compare Shinwon with a major Korean construction stock
- Confirm identity and period. Verify that the filing is for Shinwon Construction, ticker 017000, not ShinWon Corporation 009270. Align fiscal years and note whether figures are consolidated or segment-level.
- Start with the capability assessment. Use the 2025 rank and amount to understand bidding position. Treat it as market capacity, not a buy or sell signal.
- Separate construction from other businesses. For diversified groups, isolate engineering-and-construction revenue and profit before comparing them with Shinwon’s largely construction-based totals.
- Build a margin history. Track revenue, operating profit and net income for several periods. Investigate cases where profit falls faster than sales, as happened at Shinwon in 2025.
- Read the cash-flow and contract notes. Check operating cash flow, receivables, contract assets, advances, guarantees, project-finance exposure and provisions. These often reveal stress before the income statement does.
- Map the exposure. Identify the share of housing, public works, plants, logistics, overseas projects and non-construction operations. Then match those exposures to interest rates, public spending, industrial investment, commodity costs and foreign-exchange conditions.
- Only then examine valuation. Market price, market capitalization, price-to-book, earnings multiples and analyst estimates change after each reporting date. Use current market data rather than assuming that the 2025 operating comparison remains a current valuation.
Common comparison mistakes
- Treating the rank as a stock forecast: The ministry ranking supports procurement and credit decisions; it does not predict returns.
- Comparing consolidated sales without adjusting for segments: Samsung C&T’s total includes trading and investment, fashion and resort businesses.
- Calling Shinwon diversified because it lists many project types: In FY2025, construction generated approximately 99% of reported revenue.
- Ignoring project timing: A single year can reflect contract starts or completions rather than a durable trend.
- Looking only at accounting profit: Cash collection, guarantees, advances and cost-to-complete estimates can alter the risk picture.
- Using stale market data: Prices, market capitalizations, valuation multiples, backlogs and analyst forecasts can change materially after the 2025 disclosures.
- Confusing the company name: Shinwon Construction (017000) and ShinWon Corporation (009270) are separate listed companies.
Which type of investor exposure is each company?
Shinwon Construction
Shinwon represents a smaller-company construction exposure. Its potential appeal to an investor would come from evaluating specific project execution, improvement in margins, new orders or housing conditions. The trade-off is concentration: the 2025 revenue base was about KRW 211 billion, and a few contracts or financing events can materially affect results.
Large general contractors
The top-ranked groups offer greater scale, access to large tenders, broader geographic or sector coverage and, in Samsung C&T’s case, significant non-construction operations. Those features can reduce reliance on any one domestic project or housing market, but they also create more complicated consolidated accounts and additional overseas, industrial, commodity and currency exposures.
Neither profile is automatically safer or more profitable. The relevant question is whether the company’s project pipeline, balance sheet and valuation compensate for the risks attached to its particular mix.
Keeping the comparison current
The figures above describe FY2025 results and the 2025 construction-capability assessment. Before making an investment decision, update the analysis with the latest annual or quarterly filing, the newest ministry assessment, current order backlog, cash-flow data and current market price. Recheck segment definitions whenever a group changes reporting structure, acquires a business or disposes of one.
Bottom line
Shinwon Construction is not a scaled-down version of Samsung C&T or the other top-ranked Korean contractors. It ranked 93rd with a KRW 290.738 billion 2025 capability assessment and generated KRW 211.31 billion of revenue, almost all from construction. Samsung C&T, Hyundai E&C and Daewoo E&C operated at multi-trillion-won assessment levels, while Samsung C&T also earned material revenue from non-construction groups. The practical difference for investors is concentration versus scale and diversification: Shinwon requires close attention to individual projects, housing and financing conditions, while the major groups require analysis of larger, more complex portfolios. Use the capability ranking to understand market position, then rely on comparable segment earnings, cash flow, balance-sheet commitments and up-to-date valuation data to assess the shares.
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