Samhwa Capacitor (001820) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samhwa Capacitor makes the capacitors that go into electronic products, with MLCCs (multilayer ceramic capacitors), used by the thousands in smartphone, appliance and automotive circuits, accounting for more than half of total revenue, alongside power capacitors and film capacitors. Over the past few years it has been shifting its product mix from commodity demand toward higher-value areas such as automotive electronics and industrial uses, and on March 27 a corporate value-up plan laid out a direction of strengthening electronics and industrial products and expanding overseas sales channels while keeping the payout ratio in the low-40% range. What stands out lately is that its position as one of the few domestic MLCC makers, a solid net-cash balance sheet and an earnings rebound off the trough are strengths; on the other hand, having nearly tripled over the past half year, much of the recovery hope is already in the price, so whether actual earnings recovery keeps up with expectations is the key.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Passive Components (MLCC, etc.)” (Semiconductors & IT Components · Electronic Components), a type typically read first through P/E.
Passive components such as MLCCs see volumes and prices move with device demand, but their recurring-demand model lets earnings accumulate fairly steadily. That is why trailing P/E, built on actually reported profit, is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 0.3% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 0.6% higher than a year earlier.
- ROE is 4.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 4.3%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Oh Young-joo 16.16% (individual)
Controlling bloc incl. related parties 28.15%
With the controlling bloc holding 28%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Samhwa Capacitor makes the capacitors (parts that briefly store electricity and release it) that go into electronic products. The core product is the MLCC (multilayer ceramic capacitor), a tiny part used by the thousands in smartphone, appliance and automotive circuits. This MLCC accounts for more than half of total revenue, and the company also makes power capacitors (DCC) and film capacitors. Over the past few years it has been shifting its product mix away from commodity demand such as smartphones toward higher-value areas such as automotive electronics and industrial uses.
The latest close is ₩75,900 and the market capitalization is ₩789.0 billion. The price sits below its 20-day moving average (₩82,520) and below its 60-day moving average (₩106,907). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 42.5, a neutral level. The one-month change is -29.6%, the three-month change is +13.5%, and the position relative to the 52-week high is -60.1%. Relative strength versus the KOSPI is 85 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 86% of all stocks. Over the past three months it outpaced the index by 33.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation metrics look very expensive on the surface. The P/E ratio (how many years of net profit the price represents) is 62.96x and the P/B (how many times book equity the price represents) is 2.83x. But the 101x P/E should be read together with the fact that it is inflated because 2025 net profit fell to a trough. Profitability is still in the early stage of recovery. ROE (how much is earned on equity in a year) is 4.5% and the operating margin is 4.4%, on the low side. The balance sheet, by contrast, is solid. The current ratio (cash-like assets against debt due within a year) is a comfortable 4x. Net debt is negative, a net-cash state, with cash about ₩38.9 billion greater than debt. That said, against current earnings the EV/EBIT (enterprise value including debt divided by operating profit, an extended form of the P/E) is still a heavy 96x. The FCF yield (actual cash earned relative to market cap) is also low at 0.7%. This shows earnings are passing through a trough.
Over the long run earnings have come through a downcycle. Net profit fell from a peak in 2021-2022 (in the ₩28 billion range) to ₩12.5 billion in 2025. Looking at 2025 alone, revenue was roughly flat at ₩294.5 billion. But it was a trough year, with operating profit down 28% and net profit down 43%. The sign of change came in the first quarter of 2026. Revenue edged up (+0.6%) to ₩72.9 billion, and net profit rose 30% year on year to ₩5.2 billion. High-spec MLCC demand is reviving as AI servers and automotive electronics expand, and the company has set these two markets as its growth axes. That said, first-quarter operating profit still slipped (-2.5%), so the earnings recovery in the core business has only just begun.
The filing most worth watching is the corporate value-up plan the company issued of its own accord on March 27. In it the company laid out a direction of strengthening its product mix around electronics and industrial uses and widening its sales channels into overseas markets. On shareholder returns, it also included a dividend policy of keeping the payout ratio (the share of net profit paid out as dividends) in the low-40% range. In May it filed a governance report and the first-quarter report. In March it concluded the regular shareholders' meeting. Rather than individual filings such as large orders or capital spending, this value-up plan and the quarterly results are the key material for reading the company's direction.
The strengths are clear: its position as one of the few domestic MLCC makers, a solid net-cash balance sheet, and earnings that have passed a trough and turned toward recovery. The structural growth axes of automotive electronics and AI demand also mesh with the company's shifting product mix. The point to watch is the share price. It has nearly tripled over the past half year, so much of the recovery hope is already in the price. At the current earnings level the valuation is heavy, so whether actual earnings recovery keeps up with expectations is the key. In sum, if the MLCC cycle and automotive-electronics revenue clearly revive it is a strong stock; conversely, if the recovery is slow or a correction follows the sharp run-up, it can weaken.
🔎 Valuation vs peers Inconclusive
A comparison based on a domestic MLCC (multilayer ceramic capacitor) manufacturing base, taking Samsung Electro-Mechanics, which is the same business in substance, as the core peer while also checking the valuation position across the capacitor cycle.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samsung Electro-Mechanics | 130.00x | 9.35x | 8.33% |
The surface trailing P/E of 101x and P/B of 4.6x look very high. But that P/E is a distorted figure stemming from 2025 net profit falling to a trough (₩12.5 billion). Samsung Electro-Mechanics, which is in the same MLCC business, also has a trailing P/E above 200x, showing that the capacitor cycle as a whole is in an earnings-trough phase. In other words, it is hard to call it overvalued on the trailing P/E alone. On the other hand, the P/B of 4.6x is far below Samsung Electro-Mechanics (15x). That said, even on 2026 expected earnings the forward P/E is still a heavy 50-something, so it requires the earnings recovery to proceed as fast as hoped to be justified. Until the pace of earnings recovery is confirmed it is hard to conclude either way, so judgment is held.
Price history Close · MA20 · MA60
The latest close is ₩75,900 and the market capitalization is ₩789.0 billion. The price sits below its 20-day moving average (₩82,520) and below its 60-day moving average (₩106,907). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 42.5, a neutral level. The one-month change is -29.6%, the three-month change is +13.5%, and the position relative to the 52-week high is -60.1%. Relative strength versus the KOSPI is 85 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 86% of all stocks. Over the past three months it outpaced the index by 33.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +32.97% / 6M +97.57% / 12M +45.03%
Key metrics Computed vs sector median
Valuation
The P/E of 62.96x is above the sector median (15.45x). The P/B of 2.83x is above the sector median (0.86x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is 4.9%, above the sector average (4.0%). The operating margin is 4.3%. The debt ratio is 24.6%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $197.2M | $207.5M | $206.9M | -0.31% ↓ slower |
| Operating profit | $16.6M | $12.5M | $9.0M | -27.89% ↓ slower |
| Net profit | $14.6M | $15.3M | $8.8M | -42.58% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $184.2M | $185.1M | $197.2M | $207.5M | $206.9M |
| Operating profit | $23.3M | $21.4M | $16.6M | $12.5M | $9.0M |
| Net profit | $20.0M | $20.5M | $14.6M | $15.3M | $8.8M |
| Revenue CAGR | 4-yr avg 2.95% | ||||
Revenue fell 0.3% year over year (2023 ₩280.8 billion → 2024 ₩295.4 billion → 2025 ₩294.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 27.9% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.9%. The two-year revenue CAGR is 2.4%. In the most recent quarter (Q1 2026), revenue was 0.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 0.3% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-27FilingCorporate value-up plan filed voluntarily, laying out a stronger product mix around electronics and industrial uses, wider overseas sales channels, and a policy of keeping the payout ratio in the low-40% rangeThe company itself set out its growth axes (electronics and industrial) and shareholder-return direction, a basis for gauging medium- to long-term direction and a dividend floor. Source
- 2026-05-15EarningsQ1 2026 report: revenue ₩72.9 billion (+0.6%), operating profit ₩4.7 billion (-2.5%), net profit ₩5.2 billion (+29.6% year on year)Net profit rebounded double digits, confirming the start of an earnings recovery. But operating profit still slipped, so the core-business recovery is at an early stage. Source
- 2026-03-19Earnings2025 annual report: revenue ₩294.5 billion (-0.3%), operating profit ₩12.9 billion (-27.9%), net profit ₩12.5 billion (-42.6%), confirming a cycle troughConfirms 2025 as an earnings-trough year, explaining that the current high trailing P/E stems from that trough profit. Source
- 2026-05-29FilingCorporate governance report filed, disclosing governance status including the board and shareholder returnsNot a direct earnings driver, but a reference item confirming consistency in shareholder policy alongside the value-up plan. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-10Shareholders' meeting notice
- 2026-03-10Disclosure
- 2026-03-10Shareholders' meeting notice
- 2026-02-25Shareholders' meeting notice
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.