Samyoung Electronics Industrial, founded in 1968, is a specialist capacitor maker that earns money from a capacitor-product business (about 85% of quarterly revenue), making and selling aluminum electrolytic, solid, and hybrid capacitors in-house, and a capacitor-materials business (about 15%), with roughly 78% of revenue coming from exports. In March it disclosed a plan to set up a joint venture with Abico Electronics and Nippon Chemi-Con to expand into MLCCs and inductors, along with a high payout ratio of 111% for 2025, while in June it faced an injunction to suspend an auditor's duties filed by an activist fund and others and an advance notice of designation as an unfaithful-disclosure company over a late filing. What stands out lately is that with a P/B of 0.54x, a thick cushion of cash-like assets, and a payout ratio above 100%, the pressure for shareholder returns tied to the arrival of activism has grown, while it could weaken if the core business recovers slowly or a control dispute drags on and delays the execution of return catalysts.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 8.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 2.9% lower than a year earlier.
- ROE is 0.9% (controlling-interest basis). It is below the sector average.
- Operating margin is 6.2%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Nippon Chemi-Con 33.4% (corporate)
Controlling bloc incl. related parties 33.4%
With the controlling bloc holding 33%, the ownership structure is stable.
🔎 In-depth analysis
- Samyoung Electronics Industrial, founded in 1968, is a specialist maker of capacitors (passive electronic components that briefly store and then release current).
- Revenue splits into two main streams.
- First is the "capacitor product" business (about 85% of quarterly revenue), making and selling aluminum electrolytic, solid, and hybrid capacitors in-house; second is the "capacitor materials" business (about 15%), selling the materials used to make capacitors.
- As of the first quarter of 2026, about 78% of revenue is exports, and the Korean head office and Chinese production and sales entities are the two pillars (roughly ₩35.6 billion in Korea and ₩22.9 billion in China per quarter, before deducting intercompany transactions).
- Front-end demand is shifting from home appliances and TVs toward autonomous-driving cameras (ADAS), head-up displays (HUD), 5G communication equipment, servers, and robot, drone, and IoT devices, and the company has been localizing high-value hybrid capacitors using technology brought in from Nippon Chemi-Con.
- That said, the top three customers account for about 37% of revenue, so customer concentration is on the higher side.
- The latest close is ₩14,770 and the market cap is ₩295.4 billion.
- The price sits above its 20-day line (₩14,684) and above its 60-day line (₩14,450).
- Above both its short- and mid-term moving averages, the trend is on the healthy side.
- The RSI (a supplementary gauge that weighs upward versus downward strength over the past 14 days on a 0-100 scale) is 50.8, a neutral level.
- The one-month change is +17.5%, the three-month change is -0.1%, and the price stands -11.6% from its 52-week high.
- Relative strength versus the KOSPI is 49 (on a 1-99 scale that converts return versus the index over the past year, weighting recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 51% of all stocks by strength.
- Over the past three months it lagged the index by 22.1%.
- It is best to read the chart alongside trading volume and disclosure dates.
- This company's real picture lies in the P/B (how many times net assets the price is).
- A P/B of 0.54x means a company with ₩539.7 billion of equity can be bought for a market cap of ₩289.2 billion, roughly half its book net assets.
- It is the lowest even against the comparison group (Abico Electronics 0.97x, Samwha Electric 2.05x, Samwha Capacitor 4.94x).
- Its financial strength is also solid.
- With a current ratio of 18.7x and an interest-coverage ratio of 1,523x, it is effectively near debt-free with a thick layer of cash-like assets (the 104% debt ratio is mostly non-borrowing liabilities), its credit rating of AA- (Korea Enterprise Data) is sound, and its payout ratio exceeds 100%.
- The P/E (how many times one year's earnings the price is), by contrast, must be read separately.
- The headline P/E of 57x, and a similarly high multiple on this year's expected earnings, is high because the core earnings base itself is small, not because the price is burdensomely expensive.
- As an asset-heavy company in an earnings inflection phase, it is described more accurately by net-asset and cash value than by an earnings multiple.
- That said, an ROE (how much is earned in a year on equity) of 0.9%, a net margin of 3.4%, and an operating margin of 6.2% make clear that the efficiency of turning its accumulated assets into profit is still low, a clear weakness.
- The top line has shrunk for three straight years (2025 revenue of ₩149.7 billion, -8.1% year on year).
- The grain of profit, though, differs by line item.
- Operating profit rose 26.6% to ₩9.2 billion in 2025 as cost efficiency improved, while net profit fell 53.9% to ₩5.1 billion.
- The net-profit drop owes more to swings in financial and non-operating items than to the core business.
- In the first quarter of 2026, revenue was -2.9%, operating profit -35.6%, and net profit -24%, still a stretch where core momentum is weak.
- The high P/E on this year's expected earnings sits in the same context, reflecting a low-earnings inflection phase.
- In other words, this company's growth story rests less on "core revenue growth" and more on "how it puts its thick assets to work through profit and shareholder returns." Expansion into automotive-electronics, semiconductor, and AI components via the joint venture (a target of ₩35 billion in JV revenue by 2028) and a corporate-value-up plan are the starting point, and whether these translate into actual profitability is the key variable for the future earnings path.
- Two streams are running together in 2026.
- One is an attempt at growth and returns.
- In a March 17 future-business and management-plan disclosure, the company said it would set up a comprehensive electronic-components joint venture with Abico Electronics and Nippon Chemi-Con, handling not only aluminum electrolytic capacitors but also MLCCs, varistors, electric-double-layer capacitors, and inductors, to expand into the automotive-electronics, semiconductor, and AI markets (the JV targets about ₩35 billion in revenue by 2028, with a Vietnam inductor plant and Southeast Asian bases planned).
- On March 27 it made a voluntary disclosure of a corporate-value-up plan featuring market and customer diversification and steady profitability improvement (a 2025 payout ratio of 111% and a dividend yield of 2.0%, meeting the criteria for a high-dividend company).
- The other stream is governance variables.
- On June 2, Cha Partners Asset Management and others filed an injunction to suspend the duties of the auditor appointed at the March general meeting (a control-dispute lawsuit), and because this lawsuit was disclosed late, the company received an advance notice of designation as an unfaithful-disclosure company on June 4 (objections accepted until June 15).
- The arrival of an activist fund is a factor that raises pressure for shareholder returns, but if the dispute drags on, near-term volatility can rise as well.
- This stock's strengths are clear.
- It trades at half its net assets (P/B of 0.54x), with the lowest P/B in its comparison group, the thickest cushion of cash-like assets, and a payout ratio above 100%.
- On asset value alone it is clearly in undervalued territory, and the key appeal is that the arrival of an activist fund together with a corporate-value-up plan is raising pressure to "turn accumulated assets into shareholder value." It works strongly when the joint venture and the expansion into automotive-electronics/AI components translate into profit, or when return catalysts such as bigger dividends or buybacks are actually executed.
- Conversely, it weakens when the core business recovers slowly and a control dispute drags on, delaying the execution of those return catalysts.
- The high headline P/E is because the core earnings base is small, not a risk signal in itself, and this is a stock whose true form comes into view through the lens of asset value - net assets, cash, and dividends - rather than an earnings multiple.
🔎 Valuation vs peers Undervalued
Domestic capacitor and passive-component makers - compared against Samwha Capacitor (MLCC-focused), Samwha Electric (electrolytic and conductive capacitors), and Abico Electronics, a JV partner and inductor/capacitor maker.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samhwa Capacitor | 83.86x | 3.79x | 4.52% |
| Samhwa Electric | 17.00x | 1.71x | 10.03% |
| Avico Electronics | 8.61x | 0.70x | 8.16% |
Its position versus the comparison group is the two extremes of "cheapest on assets, lowest on profitability." A P/B of 0.55x means it trades at half its net assets, overwhelmingly the lowest among peers, while its cash-like assets and dividend capacity are the thickest. The P/E, by contrast, is a trap. The headline P/E of 57x is inflated because 2025 net profit was halved, and on a forward basis the multiple actually rises further as earnings shrink more. In other words, this company is in an earnings inflection phase where the trailing P/E clearly has limits as a valuation gauge, and the comparison should be made on net-asset and cash value rather than the P/E. On asset value alone it is clearly in undervalued territory, but resolving that discount requires a recovery in core profitability or expanded shareholder returns, so rather than declaring it cheap outright, the key is whether the return catalysts (activism, the corporate-value-up plan) are executed.
Price history Close · MA20 · MA60
The latest close is ₩14,770 and the market capitalization is ₩295.4 billion. The price sits above its 20-day moving average (₩14,684) and above its 60-day moving average (₩14,450). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.8, a neutral level. The one-month change is +17.5%, the three-month change is -0.1%, and the position relative to the 52-week high is -11.6%. Relative strength versus the KOSPI is 49 (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 49% of all stocks. Over the past three months it lagged the index by 22.1%. 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 -22.10% / 6M -11.95% / 12M -44.04%
Key metrics vs sector median
Valuation
The P/E of 57.70x is above the sector median (18.61x). The P/B of 0.55x is below the sector median (1.63x).
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 10.4%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 0.9%, below the sector average (7.0%). The operating margin is 6.2%. The debt ratio is 104.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $117.5M | $108.0M | $99.2M | -8.13% ↓ slower |
| Operating profit | $4.3M | $4.8M | $6.1M | +26.56% ↑ faster |
| Net profit | $9.2M | $7.4M | $3.4M | -53.90% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $158.3M | $151.0M | $117.5M | $108.0M | $99.2M |
| Operating profit | $10.4M | $10.8M | $4.3M | $4.8M | $6.1M |
| Net profit | $11.3M | $12.0M | $9.2M | $7.4M | $3.4M |
| Revenue CAGR | 4-yr avg -11.02% | ||||
Revenue fell 8.1% year over year (2023 ₩177.3 billion → 2024 ₩163.0 billion → 2025 ₩149.7 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit rose 26.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is -11.0%. The two-year revenue CAGR is -8.1%. In the most recent quarter (Q1 2026), revenue was 2.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 8.1% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-17FilingPursuing a comprehensive electronic-components joint venture with Abico Electronics and Nippon Chemi-Con (future-business and management-plan fair disclosure). JV targets about ₩35 billion in revenue by 2028, with a Vietnam inductor plant and Southeast Asian sales bases planned, expected investment of ₩1.88 billion.Mid-term: an attempt to diversify into automotive-electronics, semiconductor, and AI components offers growth expectations, but with a small investment size and JV revenue targeted for 2028, the near-term earnings contribution is limited. Source
- 2026-03-27FilingVoluntary disclosure of a corporate-value-up plan. Sets goals of market and customer diversification, governance-improvement efforts, and steady profitability improvement, and meets high-dividend-company criteria (2025 payout ratio of 111%, dividends of about ₩5.7 billion).Mid-term: favorable for expectations of resolving the low P/B and strengthening shareholder returns, but with only the gist stated and no separate attachment, specific numeric targets are limited. Source
- 2026-06-02UpdateCha Partners Asset Management and one other filed an injunction to suspend the duties of the auditor appointed at the March regular general meeting (a control-dispute lawsuit, case no. 2026 Kahap 50165, Seongnam Branch of Suwon District Court).Near-term: volatility widens as governance conflict surfaces. Activist pressure can be a factor that spurs shareholder returns, but a prolonged dispute increases uncertainty. Source
- 2026-06-04UpdateAdvance notice of designation as an unfaithful-disclosure company (type: disclosure non-fulfillment) on grounds of a late filing of the control-dispute lawsuit (June 1). Cumulative penalty points over the past year 0; objection possible (until June 15).Near-term: a burden on governance and disclosure trust. If the assessed penalty points reach 10 or more, a one-day trading suspension is possible on the designation date. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue and net profit (consolidated) | revenue 1,497 , net profit 51.2 , operating profit 92.4 | (2025.12) | Confirmed | link |
| First-quarter 2026 results (cumulative) | revenue 392(-2.9% YoY), operating profit 21.4(-35.6%), net profit 35.0(-24.0%) | (2026.03) . 1 revenue 39,192 | Confirmed | link |
| 2025 payout ratio and dividend per share | DPS ₩300,x 111%, 2.0% | 2025 111%, approx. 57.0 | Confirmed | link |
| Approximate expected net profit for 2026 | approx. 39 | — | Unverified | link |
Recent filings
- 2026-06-04Disclosure
- 2026-06-02Litigation disclosure
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Disclosure
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-18OwnershipLargest-shareholder ownership change report
- 2026-03-17Fair-disclosure notice (amended)
- 2026-03-17Disclosure
📖 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.