Sam-A Aluminium has rolled aluminium into thin foil since 1969. Alongside its long-standing food-packaging and industrial foil, the company's earnings and share price are now driven mainly by battery-grade aluminium foil (the cathode current collector) used in the cathodes of secondary batteries. 2025 was a loss-making trough, with revenue of ₩271.5 billion and a net loss of ₩24.9 billion amid a global slowdown in battery demand, and the first quarter of 2026 remained in the red as well, with revenue of ₩67.4 billion and an operating loss of ₩4.4 billion. The recent point of interest is that orders for battery aluminium foil aimed at energy storage systems (ESS) are rising, so if plant utilization climbs in the second half, losses could narrow and the company has room to swing back into profit. That said, the recovery is concentrated in the back half of the year, meaning the outcome hinges heavily on actual utilization and the pace of demand recovery, and the heavy debt-to-equity ratio of 207% is another thing to watch.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt is somewhat higher than equity (debt ratio 207.4%).
- The most recent full-year net result was a loss.
- Revenue rose 7.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 2.0% higher than a year earlier.
- ROE is -11.4% (controlling-interest basis). It is below the sector average.
- Operating margin is -6.5%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Nippon Toyo Aluminium 24.97% (corporate)
Controlling bloc incl. related parties 33.81%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis
- Sam-A Aluminium rolls aluminium ingots into thin foil and sells it.
- It makes money along two broad lines.
- One is traditional aluminium foil used for food packaging and industrial applications.
- The other is battery-grade aluminium foil that goes into the cathodes of secondary batteries.
- In a lithium-ion cell's cathode, this foil acts as the current collector that gathers the electric current; drawing it thin and uniform is technically demanding, which creates a barrier to entry.
- The company developed this battery foil for the first time in Korea in 1998.
- Over the past few years the battery share of total revenue has grown sharply, shifting the center of gravity of the business from traditional packaging materials to battery materials.
- The share price has swung sharply of late.
- Compared with six months ago it is still up +45%, but over the past month it has plunged -45%, giving back that advance.
- The current price of ₩33,400 sits well below both the 20-day line (about ₩44,900) and the 60-day line (about ₩63,300) - a spot where both the short- and medium-term trends have turned down.
- It is -65% below the 52-week high.
- The RSI (a gauge that measures the balance of recent upward and downward force on a 0-100 scale) reads 28, below the 30 level typically viewed as 'oversold.' The pattern reads as a rally on hopes of a battery-industry recovery that faded and was retraced as those hopes cooled.
- The chart is best read alongside trading volume and the dates on which disclosures were filed.
- Earnings are currently in the red.
- In 2025 the ROE (how much is earned in a year on shareholders' equity) was -11.4% and the operating margin was -6.5%, a stretch where production cost more than what the products sold for.
- As a result the P/E ratio (how many times one year's earnings the share price represents) cannot be calculated because earnings are negative.
- The P/B (how many times net asset value the share price represents) is 2.32x.
- The balance sheet is somewhat heavy.
- The debt-to-equity ratio (debt relative to equity) is 207%, and spending on battery-foil capacity expansion has built up net borrowings (total borrowings less cash) of ₩192.9 billion.
- The interest coverage ratio (the degree to which operating profit can cover interest) is -3.92, meaning that in the loss period operating profit alone cannot fully cover interest.
- Last year's free cash flow (operating cash generated less capital expenditure) was negative, because capital spending to prepare for demand ran ahead.
- EV/Sales (enterprise value including debt divided by revenue) is 2.88x, not a low figure relative to revenue.
- The current metrics show a 'loss-making trough,' so the key is how they change when earnings turn positive.
- Revenue is recovering gradually.
- 2025 revenue rose +7.8% from the prior year to ₩271.5 billion.
- The first quarter of 2026 also continued the uptrend, up +2.0% year on year.
- Earnings, however, are still at a trough.
- Net profit deepened from a ₩3.4 billion profit in 2023 to -₩9.4 billion in 2024 and -₩24.9 billion in 2025.
- This was the combined result of a downcycle in EV and ESS battery demand and the fixed-cost burden that came with capacity expansion.
- The key to recovery is ESS volume (ESS being large batteries that store power from solar and wind).
- As ESS battery demand revives, orders for battery aluminium foil are rising.
- Utilization is expected to climb in the second half to the point where the company's production capacity becomes tight.
- If this volume is actually booked as revenue, losses would narrow and a foothold for a swing to profit would emerge.
- In other words, while last year's loss alone looks bleak, this year can be seen as an inflection year in which utilization rises and profit and loss turn upward.
- The key is whether margins narrow from loss toward profit each quarter.
- Three strands of disclosures have recently set the direction.
- In a February 2026 disclosure on the change in its profit-and-loss structure, the company directly stated that the cause of the widened 2025 loss was 'a deterioration in profitability due to the global slump in secondary-battery demand.' In effect the company itself confirmed that battery foil is the key variable in earnings.
- In January 2026, conversion rights on ₩10 billion of convertible bonds were exercised, bringing the convertible-bond balance to zero and fixing the total number of shares outstanding at 15,123,455.
- The dilution burden from further conversion has disappeared.
- In February 2026, despite the loss, the company decided on a small year-end dividend of ₩25 per share.
- Subsequently, the March business report (for 2025) and the May first-quarter report confirmed through disclosure the loss-making trough in earnings.
- It is more accurate in substance to view this as a 'battery materials company.' The strong conditions are clear.
- If ESS and EV battery demand recovers, a company with the technology to reliably draw thin battery foil benefits from rising utilization.
- When earnings turn positive, the current loss-making metrics can improve quickly.
- The end of convertible-bond dilution, which removes one source of uncertainty in the capital structure, is also a strength.
- The cautionary conditions are equally distinct.
- Because the recovery is concentrated in the second half, if ESS demand recovery is delayed or utilization fails to rise as expected, the timing of the swing to profit slips further out.
- The 207% debt-to-equity ratio and ₩192.9 billion in net borrowings become a burden the longer the industry recovery is delayed.
- In sum, this stock is strong in phases where a battery-industry recovery and rising utilization are confirmed, and weak in phases where demand recovery is delayed or the expansion burden shows up first.
- Last year's loss is a picture of the trough, and the real judgment comes from utilization and the direction of profit and loss in the second half of this year.
🔎 Valuation vs peers Inconclusive
On the surface it is classified under 'steel and primary metals,' but in substance it is an aluminium-foil and secondary-battery materials company; the peer set is Joil Aluminum, which also makes battery aluminium foil, the rolled-aluminium names Namsun Aluminum and Aluko, and Dongwon Systems in battery aluminium exterior materials; the figures are the site's own calculations based on the current price.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cho-il Aluminium | 14.06x | 0.54x | 3.80% |
| Namsun Aluminum | 36.67x | 0.47x | 1.30% |
| Aluko | 10.09x | 0.48x | 4.80% |
| Dongwon Systems | 10.86x | 0.68x | 6.20% |
This is a stretch where a firm valuation is hard to pin down. Because earnings are in the red, the P/E cannot be calculated, and the P/B of 2.32x is clearly higher than Joil Aluminum (0.54x), Namsun Aluminum (0.47x), Aluko (0.48x) and Dongwon Systems (0.68x). This premium, however, is a figure created by the overlap of growth expectations as a 'battery materials company' and a trough phase in which the loss has depressed return on net assets. Rather than declaring the stock 'expensive' on the multiple of net assets alone, one should first watch whether rising utilization in the second half confirms a swing to profit. If it turns profitable, the valuation is re-set on an earnings basis and the picture changes; if the recovery is delayed, the current P/B premium remains a burden. On top of that, with the share price having plunged -45% over the past month, the gap between expectations and results is narrowing, so rather than nailing it down as under- or over-valued, an inconclusive call is the right one.
Price history Close · MA20 · MA60
The latest close is ₩33,400 and the market capitalization is ₩505.1 billion. The price sits below its 20-day moving average (₩44,882) and below its 60-day moving average (₩63,288). 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 28.3, near oversold territory. The one-month change is -45.3%, the three-month change is -7.6%, and the position relative to the 52-week high is -65.3%. Relative strength versus the KOSPI is 58 (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 58% of all stocks. Over the past three months it lagged the index by 36.3%. 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 -36.26% / 6M -13.63% / 12M -24.76%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 2.32x is above the sector median (0.50x).
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 -11.4%, below the sector average (2.0%). The operating margin is -6.5%. The debt ratio is 207.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $177.6M | $166.8M | $179.9M | +7.84% ↑ faster |
| Operating profit | $2.5M | -$6.4M | -$11.7M | — |
| Net profit | $2.3M | -$6.2M | -$16.5M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $167.7M | $206.8M | $177.6M | $166.8M | $179.9M |
| Operating profit | $10.2M | $15.0M | $2.5M | -$6.4M | -$11.7M |
| Net profit | $8.1M | $11.4M | $2.3M | -$6.2M | -$16.5M |
| Revenue CAGR | 4-yr avg 1.78% | ||||
Revenue rose 7.8% year over year (2023 ₩268.0 billion → 2024 ₩251.7 billion → 2025 ₩271.5 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.8%. The two-year revenue CAGR is 0.6%. In the most recent quarter (Q1 2026), revenue was 2.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-02-02Earnings2025 consolidated revenue of ₩271.5 billion (+7.8%); operating loss widened to ₩17.6 billion, with the company citing 'a deterioration in profitability due to the global slump in secondary-battery demand'The company officially confirmed that battery foil is the key variable in earnings. Revenue rose but margins collapsed, deepening the loss - a near-term weakness - while whether battery demand recovers determines the medium-term direction. Source
- 2026-01-27FilingExercise of conversion rights on ₩10 billion of convertible bonds issued 411,539 new shares, wrapping up dilution with a zero convertible-bond balance (total shares outstanding fixed at 15,123,455)Potential dilution was reflected in the actual share count and the burden of further conversion disappeared, resolving one source of capital-structure uncertainty. Source
- 2026-02-04DividendDecided on a 2025 year-end cash dividend of ₩25 per share (dividend yield of 0.1%)The company maintained a small dividend even amid a full-year loss. The dividend itself is small, so it is closer to a reference point for gauging the shareholder-return stance than a core variable in an investment decision. Source
- 2026-05-15EarningsFirst-quarter 2026 report filed - revenue of ₩67.4 billion (+2.0%), with an operating loss of ₩4.4 billion and a net loss of ₩5.5 billion as the loss continuedThrough the first half the company is still in a loss period. This confirms that rising utilization in the second half, when ESS volume ramps up, is the key to a recovery in profit and loss. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 full-year revenue | ₩271.5 billion | 271,458,652 | Confirmed | link |
| Total shares outstanding | 15,123,455 | 15,123,455 | Confirmed | link |
| First-quarter 2026 revenue and profit/loss | revenue ₩67.4 billion / ₩4.4 billion / ₩5.5 billion | 2026 1 | Confirmed | link |
| Whether the company swings to profit in full-year 2026 | — | — | Unverified | — |
Recent filings
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Amended filing
- 2026-03-26Disclosure
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-02-25Disclosure
- 2026-02-25Shareholders' meeting notice
- 2026-02-23Shareholders' 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.