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That gap affects more than headline size. Shinwon’s revenue is overwhelmingly tied to construction projects, housing and related development, whereas Samsung C&T reports separate engineering-and-construction, trading-and-investment, fashion and resort groups. The practical differences for investors are project concentration, sensitivity to the domestic housing cycle, access to large bids, earnings volatility and the amount of diversification supporting each business.
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Shinwon and the major contractors at a glance
The table below uses the 2025 construction-capability assessment published by Korea’s Ministry of Land, Infrastructure and Transport (MOLIT), plus Shinwon’s FY2025 financial statements. The assessment amount is not a market capitalization or a forecast of shareholder returns.
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| Company | KRX ticker | 2025 capability rank | 2025 assessment amount | Comparable FY2025 revenue in the cited material | What the figure tells you |
|---|---|---|---|---|---|
| Samsung C&T | Not stated in the cited assessment material | 1 | KRW 34.7219 trillion | KRW 40.742 trillion total group revenue; KRW 14.148 trillion engineering-and-construction revenue | Largest assessed contractor and a diversified group |
| Hyundai E&C | Not stated in the cited assessment material | 2 | KRW 17.2485 trillion | Not stated in the cited material | Second-largest assessed contractor |
| Daewoo E&C | Not stated in the cited assessment material | 3 | KRW 11.8969 trillion | Not stated in the cited material | Third-largest assessed contractor |
| DL E&C | Not stated in the cited assessment material | 4 | KRW 11.2183 trillion | Not stated in the cited material | Top-five assessed contractor |
| GS E&C | Not stated in the cited assessment material | 5 | KRW 10.9454 trillion | Not stated in the cited material | Top-five assessed contractor |
| Shinwon Construction | 017000 | 93 | KRW 290.738 billion | KRW 211.31 billion | Small assessed contractor with concentrated construction exposure |
| HDC Hyundai Development | Not stated in the cited assessment material | 10 | KRW 5.8738 trillion | Not stated in the cited material | Large contractor ranked outside the top five |
Shinwon’s assessment amount is roughly 1/119 of Samsung C&T’s and about 1/41 of Hyundai E&C’s, based on the published figures. Those ratios describe assessed construction capability, not relative stock value.
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What Shinwon Construction actually does
Shinwon Construction Co., Ltd., known in Korean as 신원종합개발, is the company behind KRX ticker 017000. It is not ShinWon Corporation (KRX:009270), which is a separate listed company with a similar name. Confirming the ticker before reading financial statements or placing an order prevents the most basic comparison error.
Shinwon’s 2025 annual report describes an order-production business. Work is won project by project through bidding, contracts and development decisions rather than produced continuously for inventory. The report lists several operating areas:
- Civil engineering: roads, tunnels, bridges, subways, railways, airports and ports.
- Private building and housing: projects marketed under the 아침도시 and 어퍼하우스 brands.
- Industrial plants: facilities including quartzware and specialty-gas plants.
- Logistics: warehouse and distribution facilities.
- Leisure: leisure-related facilities and developments.
These activities are broader than a single apartment-builder label, but they remain primarily construction activities. The 2025 filing reported KRW 209.316 billion of construction revenue out of KRW 211.311 billion total revenue, or approximately 99.1% when calculated from the reported amounts. Civil, housing, plant, logistics and leisure work therefore drive the company’s results far more directly than non-construction businesses drive a diversified conglomerate.
Shinwon’s FY2025 financial profile
The annual report gives the following consolidated figures for the year ended in 2025:
| Measure | FY2025 amount | Interpretation |
|---|---|---|
| Revenue | KRW 211,310,547,626 (KRW 211.31 billion) | Small absolute revenue base relative to major listed contractors |
| Operating profit | KRW 8,599,532,119 (KRW 8.60 billion) | Approximately 4.07% operating margin, calculated from the reported revenue and operating profit |
| Net income | KRW 4,857,629,900 (KRW 4.86 billion) | Approximately 2.30% net margin, calculated from the reported revenue and net income |
| Assets | KRW 222,107,596,324 | Balance-sheet scale at year-end |
| Liabilities | KRW 110,009,755,024 | About 49.5% of assets, calculated from the reported figures |
| Equity | KRW 112,097,841,300 | Liabilities were approximately 0.98 times equity, calculated from the reported figures |
Year over year, Shinwon’s 2025 revenue fell 18.67%, operating profit fell 42.72% and net income fell 12.12% from 2024. The sharper operating-profit decline than revenue indicates that the company’s earnings are sensitive to project mix, completion timing, cost inflation and fixed-cost absorption. The figures alone do not identify which individual contract caused the change, so they should not be treated as a project-by-project diagnosis.
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How large is the scale gap?
MOLIT’s 2025 construction-capability assessment placed the biggest listed contractors at the following levels:
| Rank | Company | Assessment amount | Multiple of Shinwon’s amount |
|---|---|---|---|
| 1 | Samsung C&T | KRW 34.7219 trillion | Approximately 119.5 times |
| 2 | Hyundai E&C | KRW 17.2485 trillion | Approximately 59.3 times |
| 3 | Daewoo E&C | KRW 11.8969 trillion | Approximately 40.9 times |
| 4 | DL E&C | KRW 11.2183 trillion | Approximately 38.6 times |
| 5 | GS E&C | KRW 10.9454 trillion | Approximately 37.7 times |
| 93 | Shinwon Construction | KRW 290.738 billion | 1 time |
The multiples are simple divisions of the published assessment amounts and are useful only for illustrating operating scale. They do not imply that a company with a higher assessment amount is a better investment, will earn a higher return, or has cheaper shares.
What Korea’s construction-capability ranking means
MOLIT’s annual assessment is a capability and market-position measure used in practical industry decisions. The ministry identifies uses including bidding eligibility, contractor selection, credit evaluation and review of guarantees. A higher amount can help a contractor qualify for or compete for larger projects, but the ranking is not an equity-valuation model.
What the ranking can tell an investor
- Access to work: A high-ranked contractor is positioned for larger public and private tenders that require substantial demonstrated capability.
- Counterparty perception: Banks, insurers, project owners and other counterparties may use capability information when evaluating credit or guarantees.
- Relative industry position: The list provides a consistent way to place Shinwon beside Korea’s largest contractors.
What it cannot tell an investor
- It does not rank stock-market valuation, expected total return or dividend prospects.
- It does not establish that a company is profitable; a large contractor can still report losses or weak cash flow.
- It does not show the timing, margin or risk of each project in a contractor’s backlog.
- It is not a substitute for reading debt, guarantees, cash flow, contract assets and housing exposure in the financial statements.
For that reason, Shinwon’s rank of 93 should be read as evidence of a smaller bidding and operating platform, not as a stand-alone buy or sell signal.
Why Samsung C&T is not a like-for-like revenue comparison
Samsung C&T’s FY2025 company release reported KRW 40.742 trillion of total revenue and KRW 3.293 trillion of operating profit. Its Engineering & Construction Group accounted for KRW 14.148 trillion of revenue and KRW 536 billion of operating profit. The release also reports separate trading-and-investment, fashion and resort groups.
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Comparing Shinwon’s KRW 211.31 billion of mostly construction revenue with Samsung C&T’s KRW 40.742 trillion total group revenue would mix unlike businesses. The more relevant construction comparison is Shinwon’s construction-related revenue against Samsung C&T’s KRW 14.148 trillion engineering-and-construction group, while remembering that even that group operates at vastly greater scale. Samsung’s non-construction groups can offset weakness in one segment; Shinwon has far less such insulation because approximately 99.1% of its 2025 revenue came from construction.
Business mix: concentration versus diversification
Shinwon’s concentration
Shinwon’s project list spans civil works, housing, industrial plants, logistics and leisure, but all of these businesses depend on winning, financing and completing individual developments or contracts. Housing and private development can be affected by presales, local prices, lending conditions and unsold inventory. Plant and logistics work can depend on a small number of customers and industrial investment cycles. Civil work may have different demand drivers, yet a delay in a major contract can still affect quarterly revenue recognition.
Major contractors’ breadth
The cited assessment establishes that Samsung C&T, Hyundai E&C, Daewoo E&C, DL E&C and GS E&C operate at much larger assessed scale. Samsung C&T’s disclosed group structure demonstrates one form of diversification: construction sits alongside trading-and-investment, fashion and resort operations. The available figures do not provide equivalent segment tables for every peer in this comparison, so it would be misleading to assign identical diversification benefits to all five companies. Their higher ranking does, however, indicate materially greater assessed capacity to pursue large projects than Shinwon.
Balance-sheet resilience and project obligations
Shinwon ended FY2025 with assets of KRW 222.108 billion, liabilities of KRW 110.010 billion and equity of KRW 112.098 billion. Calculated from those figures, liabilities were about 49.5% of assets and 0.98 times equity. These ratios describe the reported year-end balance sheet; they do not reveal maturity dates, interest rates, guarantees, contingent liabilities or the cash tied up in individual projects.
Construction investors should inspect those details because a contractor can show accounting profit while cash is absorbed by land, work in progress, receivables or advances. The most decision-relevant follow-up items are:
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- Cash and short-term financial assets versus current liabilities.
- Contract assets, contract liabilities and trade receivables, including aging.
- Borrowings, refinancing dates and interest expense.
- Project-finance guarantees, completion obligations and contingent liabilities.
- Land, development inventory and unsold housing exposure.
- Operating cash flow compared with operating profit over several years.
The cited Shinwon figures do not state each of these items, so no conclusion about liquidity or solvency beyond the reported assets, liabilities and equity is warranted.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Risk exposures that differ by company size
Domestic housing and development risk
Shinwon’s private housing and development work makes local housing demand, presales, financing availability and construction costs important. Because the company is small, one delayed or repriced development can have a noticeable effect on annual results. This is an inference from its concentrated revenue base and scale, not a company forecast.
Project concentration
At a revenue base of KRW 211.31 billion, a single contract can represent a meaningful share of annual sales. Project timing can move revenue between reporting periods, while cost overruns can reduce margins quickly. Larger contractors also face project risk, but their wider project portfolios can reduce the effect of any one job on consolidated results.
Public infrastructure and industrial cycles
Civil work is linked to public budgets and infrastructure tenders. Industrial plants and logistics facilities depend on corporate capital expenditure. Those drivers differ from housing, giving Shinwon some activity diversity, but they do not create the same financial diversification as Samsung C&T’s separately reported non-construction groups.
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Materials, labor, subcontractor pricing and schedule delays can compress margins when contract prices are fixed or difficult to renegotiate. A small contractor may have less purchasing leverage and less ability to absorb a loss-making project. Investors should track changes in gross margin, provisions and contract estimates rather than relying only on revenue growth.
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Overseas execution
The supplied company information identifies Shinwon’s listed activities but does not quantify an overseas-revenue share. Do not assume that Shinwon has the same geographic diversification as a major contractor. For each peer, check the latest filing for overseas revenue, currency exposure, guarantees and country-specific risks before making that comparison.
A practical framework for comparing the stocks
Use the following sequence so that the construction-capability ranking does not become the entire investment thesis.
- Verify the issuer and period. Confirm that the security is Shinwon Construction, KRX 017000, not ShinWon Corporation, KRX 009270. Match every peer figure to the same fiscal year and consolidated or segment basis.
- Separate operating scale from valuation. Record the MOLIT rank and assessment amount, then separately collect share price, market capitalization, enterprise value and valuation multiples as of the same date. The assessment does not supply those market measures.
- Reconcile revenue definitions. For Shinwon, start with construction revenue of KRW 209.316 billion and total revenue of KRW 211.311 billion. For Samsung C&T, distinguish KRW 40.742 trillion group revenue from KRW 14.148 trillion engineering-and-construction revenue.
- Measure earnings quality. Review revenue, operating profit, net income, operating margin, net margin and operating cash flow over several years. Shinwon’s 2025 declines of 18.67%, 42.72% and 12.12% show why one-year profit is insufficient.
- Map the project portfolio. Identify housing, civil, plant, logistics, leisure and overseas work; then estimate how much revenue and backlog each category represents. Concentration matters even when the company lists several business lines.
- Stress the balance sheet. Examine debt maturities, guarantees, contract assets, receivables, development inventory and unsold units. Compare required cash outflows with available liquidity and expected collections.
- Check the order book and conversion. A large backlog is useful only if it can be completed at acceptable margins and converted into cash. Look for cancellations, delays, loss provisions and changes in estimated total contract cost.
- Apply a housing-cycle scenario. Test weaker presales, higher financing costs, slower approvals and lower selling prices against the company’s capital commitments. Run a separate scenario for public infrastructure or industrial-capex delays.
- Assess governance and disclosure. Read notes on related-party transactions, guarantees, contingent liabilities and auditor opinions. Small-cap construction shares can require more work because a few projects can dominate reported results.
Which investor profile fits each type of contractor?
A small, construction-focused company such as Shinwon may appeal to an investor who is prepared to analyze individual projects, accept greater earnings variability and monitor housing and financing conditions closely. The potential thesis would depend on specific evidence such as profitable project execution, improving backlog quality or successful development completions; the 2025 figures alone do not establish those outcomes.
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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →A major contractor offers a different exposure. The high assessment ranks indicate a much larger bidding platform, and Samsung C&T’s segment disclosures show how non-construction businesses can diversify group revenue and profit. That breadth may reduce dependence on one housing project, but it does not remove construction-cycle, execution, leverage or valuation risk. A large company can also trade at a valuation that already reflects its perceived stability.
Investors should therefore decide first whether they want concentrated small-company construction exposure or a larger contractor with broader project and, in some cases, non-construction operations. Only then should they compare valuation, dividends, growth expectations and portfolio fit.
Important limits on the comparison
- The capability amounts are from the 2025 assessment and can change in later annual assessments.
- Shinwon’s financial figures are FY2025 results; later filings may revise the trend or reveal new obligations.
- Share prices, market capitalizations, valuation multiples, backlogs and analyst estimates change after the reporting date and are not supplied here.
- Samsung C&T’s total revenue includes groups outside engineering and construction, so it must not be compared with Shinwon’s construction revenue without adjusting the basis.
- Assessment rank measures industry capability and bidding position, not profitability, valuation or a guaranteed investment return.
The central distinction remains scale and concentration: Shinwon is a rank-93 contractor with KRW 211.31 billion of 2025 revenue and a predominantly construction-based business, while the leading Korean names operate with assessment amounts measured in tens of trillions of won and, in Samsung C&T’s case, multiple non-construction divisions. That is the starting point for a proper stock comparison, not the conclusion of one.
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