Korea Stock Market Insights

Tag: Sono International

T’way Air’s New Majority Shareholder: Is it a Turning Point?
Can T’way Air Take Off Again?

The recent change in T’way Air’s majority shareholder to Sono International has caught the attention of the airline industry. Facing financial difficulties such as capital impairment and continuous operating losses, will this change be a turning point for T’way Air? This article analyzes the background of the change, its positive and negative impacts, and key points for investors to consider.
What Happened?

On August 29, 2025, T’way Air’s majority shareholder changed to Sono International through a third-party allocation paid-in capital increase. This decision aims to secure operating funds and improve the company’s financial structure.

Why the Change?

T’way Air is facing serious financial difficulties, including capital impairment, continuous operating losses, and a high debt ratio. External factors such as rising exchange rates, rising oil prices, and high interest rates are exacerbating the situation. To overcome these challenges, T’way Air secured investment from and transferred management rights to Sono International.

What’s Next?

Positive Outlook
- Expected improvement in financial structure and resolution of capital impairment through secured funds
- Potential for enhanced management stability and expertise with Sono International’s involvement
- Expected synergy with Sono International’s travel and leisure business
Negative Outlook and Risks
- Uncertainty about actual financial and operational improvement despite secured funds
- Increased pressure on management performance under the new majority shareholder
- Intensifying competition in the LCC market and continued macroeconomic uncertainty
What Should Investors Do?

Investors considering T’way Air should carefully examine the following:
- Monitor the progress and results of the capital increase and the use of funds
- Check for improvements in operating performance and the new management’s strategy and execution capabilities
- Continuously assess the impact of macroeconomic variables such as exchange rates, oil prices, and interest rates
While the change in majority shareholder is a potentially positive sign, it’s crucial for investors to focus on long-term fundamental improvements rather than short-term stock price fluctuations.
Who is the new majority shareholder of T’way Air?

Sono International.

Why did the majority shareholder change?

The change occurred through a third-party allocation paid-in capital increase to secure operating funds and improve T’way Air’s financial structure.

What are T’way Air’s main financial challenges?

Capital impairment, continuous operating losses, and a high debt ratio. External challenges include rising exchange rates, oil prices, and interest rates.

What is the outlook for T’way Air after the change?

There are expectations for improved financial structure and management stability, but actual performance improvement remains uncertain. Risks include intensifying competition and macroeconomic uncertainty.
09/01/2025
T’way Holdings: Will the Change in Ownership Lead to a Turnaround? H1 2025 Report Analysis
Can T’way Holdings Finally Take Off?

T’way Holdings’ H1 2025 report is out. Despite positive developments like growth in the PHC pile business and a change in majority ownership, the continued struggles of T’way Air are holding the company back. This article analyzes T’way Holdings’ current situation and future prospects, highlighting key points for investors.
1. T’way Holdings H1 2025: What Happened?

T’way Holdings saw impressive revenue growth in the first half of 2025, reaching ₩2.3 billion, a 109.1% increase year-on-year. This growth was driven by the strong performance of the PHC pile business. However, significant losses from T’way Air resulted in a net loss of ₩15.6 billion, keeping the company in the red.

2. Why These Results?
- PHC Pile Business Growth: Revenue surged thanks to the recovering construction market and increased demand for large-diameter PHC piles.
- T’way Air’s Struggles: T’way Air’s poor performance significantly impacted T’way Holdings’ financial health.
- Change in Ownership: The change in majority ownership to Sono International brings hope for new growth drivers.
3. What’s Next for T’way Holdings?

The future of T’way Holdings remains uncertain. Continued growth in the PHC pile business and the new owner’s management capabilities could be positive factors. However, the biggest variable is whether T’way Air can turn things around. The uncertain macroeconomic environment also poses risks.

4. What Should Investors Do?
- Monitor PHC Pile Business Profitability: Investors should track revenue growth alongside improvements in profitability.
- Watch for T’way Air’s Turnaround: T’way Air’s recovery is crucial for T’way Holdings’ own rebound.
- Analyze the New Owner’s Strategy: Carefully assess the new owner’s business plans and execution capabilities.
Frequently Asked Questions

What is T’way Holdings’ main business?

T’way Holdings’ primary business is the manufacturing and distribution of PHC piles.

How did T’way Holdings perform in the first half of 2025?

While revenue increased, the company recorded a net loss due to losses from T’way Air.

Who is the majority shareholder of T’way Holdings?

The majority shareholder changed to Sono International in June 2025.
08/21/2025
T’way Holdings (004870) Q2 2025 Earnings Analysis: Revenue Growth But Profits Remain Elusive
Can T’way Holdings Escape the Red Despite Revenue Growth?

T’way Holdings has released its Q2 2025 earnings. While revenue surpassed market expectations, both operating and net income remained in the red. What’s the outlook for T’way Holdings after the recent change in majority shareholder to Sono International? This article analyzes T’way Holdings’ Q2 results and offers investment strategies.
What Happened?

T’way Holdings reported KRW 2.3 billion in revenue for Q2 2025, significantly exceeding the market expectation of KRW 1.1 billion. However, operating income and net income remained negative at KRW -1 billion and KRW -15.6 billion, respectively.

Why These Results?

The revenue increase is attributed to higher sales volume in the PHC pile business. However, the challenging industry environment, losses from investments in affiliates, and increased costs prevented profitability improvements.

What’s Next?
- Short-term Outlook: Revenue growth is positive, but continued losses limit upward momentum for the stock price. The possibility of a construction market slowdown is also a concern.
- Long-term Outlook: Sono International’s business strategy and T’way Holdings’ ability to improve profitability are key variables. Growth potential exists if successful restructuring and a construction market recovery occur.
What Should Investors Do?
- Monitor Q3 earnings to confirm continued revenue growth and potential profitability improvements.
- Pay attention to Sono International’s specific business plans and the performance of T’way Air.
- Consider construction market indicators, litigation risks, and volatility in raw material prices and exchange rates.
What is T’way Holdings’ main business?

T’way Holdings’ primary business is manufacturing and selling PHC piles.

What was T’way Holdings’ revenue in Q2 2025?

KRW 2.3 billion.

Who is the largest shareholder of T’way Holdings?

Sono International.
08/21/2025
T’way Air’s $110M Rights Offering: A Flight to Recovery or a Nosedive?
T’way Air Announces $110 Million Rights Offering: Opportunity or Threat?

Struggling with chronic losses, T’way Air has announced a $110 million rights offering. Will this move provide the lift the airline needs, or is it a sign of impending descent? This article provides an in-depth analysis of the rights offering, its impact on investors, and key considerations for making informed investment decisions.
1. What Happened?

T’way Air announced a rights offering on August 7, 2025, aiming to raise approximately $110 million. They will issue 56,788,849 common shares at KRW 1,937 per share, with Sono International and Sono Square as major investors. The payment date is set for August 28th and the listing date for September 15th.

2. Why the Rights Offering?

T’way Air faces significant financial challenges, including persistent losses and a high debt-to-equity ratio of 4,353%. The rights offering aims to strengthen its financial position and secure funds for future growth initiatives such as replacing aging aircraft, acquiring new aircraft, and expanding routes.

3. Impact on Investors
- Positive Impacts: Improved financial health, increased investment capacity, enhanced operational stability, potential synergies with related companies.
- Negative Impacts: Potential share dilution, costs associated with the offering, possible short-term stock price decline.
4. Investor Action Plan

T’way Air’s rights offering presents both opportunities and risks. Consider the following before making investment decisions:
- The specifics and feasibility of the fund utilization plan
- Changes in the aviation market environment (oil prices, exchange rates, etc.)
- Competitiveness and profitability improvement efforts compared to competitors
- Synergies with related companies
- Share dilution effects
Frequently Asked Questions

How will the rights offering affect T’way Air’s stock price?

In the short term, there may be downward pressure due to concerns about share dilution, but in the long term, it could positively impact financial health and growth.

Should I invest in T’way Air?

Careful investment decisions are necessary, considering factors like the use of funds and the aviation market conditions.

What is a rights offering?

It’s a way for a company to raise capital by issuing new shares.
08/07/2025