1. What Happened? Starcorinc’s Semi-Annual Report Analysis

Starcorinc’s semi-annual report, released on August 14, 2025, showed revenue of ₩7.6 billion (a 5.73% increase year-on-year), operating loss of ₩800 million, and net loss of ₩2.3 billion. Despite growth in the shipbuilding sector, net income fell short of expectations, indicating financial difficulties.

2. Why This Situation? Causes of the Financial Crisis

Starcorinc’s financial crisis stems from multiple factors:

  • Soaring Debt-to-Equity Ratio: Increased from 285.56% at the end of 2024 to 915.19% in the first half of 2025.
  • Worsening Operating Cash Flow: -₩1.8 billion, indicating a lack of cash generation from operations.
  • Struggling Mobile Game Business: Intensifying global competition and regulations have hurt profitability.
  • Delisting Risk: Impairment losses on receivables other than trade receivables exceeding 50% of equity have placed the company under review for delisting.

3. What to Do? Investor Action Plan

Investing in Starcorinc carries extremely high risk. While there are positive factors like the improving shipbuilding market, the severe financial crisis and delisting possibility require extreme caution.

  • Risk Management: Fully understand the potential for losses before investing.
  • Continuous Monitoring: Closely watch the delisting decision and the actual results of financial improvement efforts.
  • Expert Advice: Seek professional advice before making any investment decisions.