Founded in 1959, Samyoung is Korea's only maker of capacitor film, the core material inside the capacitors used in electronics and power equipment. Capacitor film (about 40%) is the center, backed by BOPP packaging film (about 25%), PVC wrap (about 8%) and power/plant heavy-industry work (about 22%), a structure whose use expands as more electricity-handling equipment such as EVs, solar power and ESS is deployed. In February a change-in-earnings-structure disclosure announced a large improvement in 2025 results and a ₩30-per-share dividend (payout ratio of about 7.5%), the May first-quarter report confirmed strong results, and in February the company answered a market-fluctuation inquiry disclosure with 'no confirmed information.' What stands out is that its position as the only domestic producer, structurally growing demand for capacitor film, a fourth straight year of operating-profit recovery and a forward P/E that has fallen to about 11.2x are strengths, while a debt ratio of 224.8% and a current ratio of 1.04 leave limited financial headroom and net profit carries frequent one-off swings.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 224.8%).
- Revenue rose 21.6% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 54.5% higher than a year earlier.
- ROE is 14.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 9.7%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Seok-jun 23.11% (individual)
Controlling bloc incl. related parties 25.47%
With the controlling bloc holding 25%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Founded in 1959, Samyoung is Korea's only maker of capacitor film, the core material of the capacitor (a part that briefly stores and releases electricity) used inside electronics and power equipment.
- Revenue comes in roughly four branches: capacitor film is the largest at about 40%, BOPP film used in food and industrial packaging is about 25%, household and industrial PVC wrap is about 8%, and the heavy-industry division that builds power and plant equipment is about 22%.
- In other words, power/electronics-part materials are the main business, supported by packaging materials and heavy industry in a combined structure.
- Capacitor film is a part whose use grows as more 'electricity-handling equipment' is deployed, such as DC-Link capacitors in EVs, inverters for solar and wind power, and energy storage systems (ESS), so the company's results move in step with power and renewable-energy investment.
- The latest close is ₩5,790 and market capitalization is ₩196.9 billion.
- The price sits below the 20-day line (₩7,169) and below the 60-day line (₩9,344).
- Being under both the short- and mid-term moving averages, the trend is on the subdued side.
- The RSI (an auxiliary gauge that scores the strength of gains versus declines over the past 14 days on a 0-100 scale) is 30.1, a neutral level.
- The one-month change is -29.1%, the three-month change is -15.7%, and the position versus the 52-week high is -57.0%.
- Relative strength against the KOSPI is 38 (on a 1-99 scale, converted from returns against the index over the past year with more recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 62% of all stocks by strength.
- Over the past three months it lagged the index by 36.9%.
- Chart reading is best done alongside trading volume and disclosure dates.
- On confirmed 2025 results, the P/E (how many times the price is of one year's profit) is 14.95x and the P/B (how many times the price is of the company's net assets) is 2.23x.
- ROE (how much is earned in a year on equity) is 14.9%, on the high side versus materials firms in the same industry, and with an operating margin of 9.7% and a net margin of 8.6% profitability is stable.
- The debt ratio (debt relative to equity) is somewhat high at 224.8%, but with interest coverage (how many times operating profit can cover interest) of 9.4x there is room to service interest.
- The current ratio (assets convertible to cash versus debt due within a year) is tight at 1.04, so working capital is a point to watch.
- One important point is that the P/E of 17.9x is on last year's confirmed (trailing) earnings.
- For a company whose profit is growing quickly, like Samyoung, a multiple computed on last year's numbers tends to look more expensive than reality.
- Reflecting this year's expected earnings flow (forward), the P/E falls to about 11.2x, similar to or even below comparable film-materials firms.
- Put another way, 'it only looks high because it is on last year's numbers; on this year's earnings it is not expensive' is closer to the truth.
- The top line grew to ₩153.2 billion in 2025, up 21.6% over the prior year, and the pace of that growth is accelerating (+2.8% the year before).
- Operating profit rose even faster than revenue at ₩14.9 billion (+63.9%), meaning a structure in which profit follows more sharply as revenue grows is at work.
- Indeed operating profit has climbed like a staircase for four straight years off the bottom, from about ₩1.0 billion in 2022 to ₩6.0 billion in 2023, ₩9.1 billion in 2024 and ₩14.9 billion in 2025.
- Net profit (₩13.2 billion, +63.3%) swung year to year, from ₩18.6 billion in 2023 to ₩8.1 billion in 2024 and ₩13.2 billion in 2025, an effect of one-off items unrelated to operations mixing in, so the company's true underlying strength is better seen on the steadily rising operating-profit side.
- In the first quarter of 2026 it posted revenue +54.5%, operating profit +165% and net profit +139% year over year, a quarterly record-level result.
- The reason this year's expected earnings are set this high is clear: investment in the equipment that uses capacitor film, such as EVs, solar power, wind power, ESS and data-center power, is rising simultaneously, laying down thick demand, and as the only domestic producer the added demand flows straight through to the top line and margins.
- Part of the first-quarter surge rests on a weak first quarter last year as a base, but even accounting for that, the staircase-like operating-profit recovery built over four years is more naturally read as a demand-backed trend than a one-quarter effect.
- Recent disclosures center on results, dividends and governance.
- In February 2026 the company announced a large improvement in full-year 2025 results with a disclosure that revenue and profit/loss structure changed by 30% or more, and at the same time decided a cash/in-kind dividend (₩30 per share for 2025, a payout ratio of about 7.5%, still low, so return capacity is a point to keep watching).
- In March the annual general meeting and the business and audit reports were filed, and in May the first-quarter 2026 report came out, confirming the strong results in figures.
- In June it disclosed the corporate governance report.
- Separately, in February it answered the exchange's inquiry disclosure on a 'significant market fluctuation' with 'no confirmed material information,' a trace showing the share price moved sharply over a short period.
- Overall, regular results and dividends drive the flow rather than surprise disclosures such as new orders or large contracts.
- Samyoung's strengths are clear.
- It is in a phase where demand for capacitor film is structurally growing as more 'electricity-handling equipment' such as EVs, renewables, ESS and data-center power is deployed, and as the only domestic producer both its top line and margins are improving together.
- Operating profit has recovered like a staircase for four straight years off the bottom, and that pace quickened further in the first quarter of this year.
- On valuation too, on confirmed last-year earnings the P/E of 17.9x and P/B of 2.67x look somewhat high, but on this year's expected earnings the P/E falls to about 11.2x, similar to or below same-industry materials stocks.
- In other words, considering growth and profitability together, the current price carries a reasonable value rather than excessive expectations.
- Points to watch together: with a debt ratio of 224.8% and a current ratio of 1.04, financial headroom is limited, so capital spending and borrowing must be viewed together, and net profit carries frequent one-off swings, so it is better not to overreact to a single quarterly number.
- In short, as long as power/materials demand continues and earnings improvement persists, it is a strong phase where growth and valuation support each other; the stock can weaken when the industry cools or quarterly profit wobbles on one-off items.
🔎 Valuation vs peers Fairly valued
As Korea's only capacitor-film maker, Samyoung has no fully identical peer set. On the film/packaging-materials side, which is about half of its business, Dongwon Systems (a film/packaging-materials maker) is taken as the primary peer, and it is measured against the average position of film-materials stocks in general.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dongwon Systems | 10.86x | 0.68x | 6.23% |
The current P/E of 14.95x, P/B of 3.2x and ROE of 14.9% are clearly higher than the film/packaging-materials peer set (for example Dongwon Systems at P/E 11.2x, P/B 0.69x, ROE 6.2%). But this premium is partly justified by an ROE more than double the peer's, a much faster pace of revenue and profit growth, and the scarcity of being a core material with few substitutes. The crux is the limitation that 21.6x is on last year's confirmed (trailing) earnings; when profit rises quickly through an inflection, as this year, the multiple on this year's expected earnings flow (forward) falls sharply even at the same price. On balance, it looks expensive on last year's numbers alone but is not unreasonable once this year's earnings improvement is considered, so it reads as Fairly valued. That said, the P/B of 3.2x carries considerable expectation, so if the industry or quarterly profit wobbles the discount can widen quickly.
Price history Close · MA20 · MA60
The latest close is ₩5,790 and the market capitalization is ₩196.9 billion. The price sits below its 20-day moving average (₩7,169) and below its 60-day moving average (₩9,344). 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 30.1, a neutral level. The one-month change is -29.1%, the three-month change is -15.7%, and the position relative to the 52-week high is -57.0%. Relative strength versus the KOSPI is 38 (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 38% of all stocks. Over the past three months it lagged the index by 36.9%. 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 -36.90% / 6M -42.23% / 12M -36.14%
Key metrics vs sector median
Valuation
The P/E of 14.95x is above the sector median (12.90x). The P/B of 2.23x is above the sector median (0.75x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.712x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 14.9%, above the sector average (6.0%). The operating margin is 9.7%. The debt ratio is 224.8%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $81.2M | $83.5M | $101.5M | +21.56% ↑ faster |
| Operating profit | $4.0M | $6.0M | $9.9M | +63.94% ↑ faster |
| Net profit | $12.3M | $5.3M | $8.7M | +63.34% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $88.3M | $97.9M | $81.2M | $83.5M | $101.5M |
| Operating profit | $1.7M | $688,820 | $4.0M | $6.0M | $9.9M |
| Net profit | $2.4M | $720,281 | $12.3M | $5.3M | $8.7M |
| Revenue CAGR | 4-yr avg 3.55% | ||||
Revenue rose 21.6% year over year (2023 ₩122.6 billion → 2024 ₩126.0 billion → 2025 ₩153.2 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit rose 63.9% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 3.5%. The two-year revenue CAGR is 11.8%. In the most recent quarter (Q1 2026), revenue was 54.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 14.9% points to solid profitability.
- Revenue grew 21.6% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-27EarningsDisclosure of a 30%-plus change in 2025 revenue and profit/loss structure, confirming a large full-year improvementHighlights short-term earnings momentum. The escape of operating profit from the bottom is confirmed in the annual figures. Source
- 2026-03-10DividendDecision on cash/in-kind dividend (corrected filing), ₩30 per share for 2025, a payout ratio of about 7.5%An early stage of shareholder returns. The dividend size is still small, so return capacity relative to earnings growth is a further point to watch. Source
- 2026-05-14FilingFiled the first-quarter 2026 report, confirming a simultaneous surge in revenue, operating profit and net profitReconfirms the medium-term earnings-improvement trend in quarterly figures. However, it partly includes a base effect from a weak first quarter last year. Source
- 2026-02-12UpdateAnswered the exchange's 'significant market fluctuation' inquiry with an unconfirmed responseA signal showing short-term price volatility was large. Answering with no confirmed material information means no additional catalyst was confirmed. Source
- 2026-06-01FilingDisclosure of the corporate governance reportA periodic disclosure regarding governance transparency. The direct effect on results and the share price is limited. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual earnings improvement | revenue 1,532(+21.6%)·operating profit 149(+63.9%)·net profit 132(+63.3%) | revenue· 30% | Confirmed | link |
| First-quarter 2026 earnings surge | revenue 484(+54.5%)·operating profit 60(+165%)·net profit 52(+139%) | 1 (2026.05.14) | Confirmed | link |
| 2025 dividend (₩30 per share) | DPS ₩30,x 0.36%, approx. 7.5% | — | Confirmed | link |
Recent filings
- 2026-06-01Corporate governance report
- 2026-05-14PeriodicQuarterly report
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-13Disclosure
- 2026-03-10DividendCash/stock dividend decision (amended)
- 2026-02-27Shareholders' meeting notice
- 2026-02-27DividendCash/stock dividend decision
- 2026-02-27Shareholders' meeting notice
- 2026-02-27EarningsEarnings filing
- 2026-02-12Disclosure
📖 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.