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Samsung Electro-Mechanics (009150) 🔎 In-depth

KOSPI · Price as of 2026-08-06 · Updated 2026-08-09

Compiled and reviewed by Bing Bing · Figures are computed automatically from public filings and market data; the written analysis is drafted automatically and then rule-verified · Methodology · AI Disclosure · Report an error

Samsung Electro-Mechanics makes the components that go inside electronic devices, built on three pillars: MLCCs, the ultra-small parts that store and release electric current; package substrates that connect semiconductor chips to the mainboard; and camera modules for smartphones and cars. Second-quarter 2026 revenue was ₩3.4572 trillion and operating profit ₩440.4 billion, up 106.7% from a year earlier, with the operating margin jumping from 8.7% in the first quarter to 12.7% — so the first half alone accounted for 79% of last year's full-year operating profit. What stands out right now is that rising prices for high-capacity MLCCs used in AI servers feed straight through to profit and supply contracts covering 2027 have already been secured, yet the P/E on expected earnings is 43.8x, higher than that of comparable Korean component and substrate makers, meaning a good deal of that expectation is already in the price.

This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.

30-second brief

Earnings trend
still growing, but the pace has slowed.
Financials
debt levels look manageable.
Data as of
prices as of 2026-08-06, financials as of 2026 1분기.

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

Forward P/E (expected earnings)61.24x

This stock's effective sub-sector is “Semiconductor Components” (Semiconductors & IT Components), a type typically read first through forward P/E.

Semiconductor components track the ups and downs of the chip cycle and end-device demand, so earnings can change materially from here. Since the profit still to come drives the price more than past profit, forward P/E, based on expected earnings, is the first lens.

P/B (price-to-book)9.35x

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

Financial healthStable
  • Debt ratio, current ratio and interest burden all look healthy.
GrowthSlowing
  • Revenue rose 9.9% year over year, and the pace is slowing (3-year trend: rising).
  • Most recent quarter (Q1 2026) revenue was 17.2% higher than a year earlier.
ProfitabilityHealthy
  • ROE is 8.3% (controlling-interest basis). It is above the sector average.
  • Operating margin is 8.4%.
ValuationOvervalued
  • The forward P/E sits above the sector median, reflecting elevated expectations.

Ownership & governance As of 2025-12-31

Largest shareholder Samsung Electronics 23.69% (corporate)

Controlling bloc incl. related parties 23.8%

With the controlling bloc holding 24%, control is maintained but the free float is relatively large.

🔎 In-depth analysis Reading

🏢Business

Samsung Electro-Mechanics does not make finished products; it makes the parts that go inside electronic devices. The business splits three ways. The Components division makes passive parts such as MLCCs (multilayer ceramic capacitors) — pieces smaller than a grain of rice that store electric current and release it when needed, smoothing the flow of electricity. The Package Solution division makes precision substrates (FC-BGA) that seat semiconductor chips and connect them to the mainboard; the higher the chip's performance, as with AI accelerators or server CPUs, the larger and more layered the substrate has to be. The Optics Solution division makes camera modules for smartphones and cars. Breaking down first-quarter 2026 revenue of ₩3.2091 trillion: Components ₩1.4085 trillion (43.9%), Optics Solution ₩1.0756 trillion (33.5%) and Package Solution ₩725.0 billion (22.6%). The largest customer is Samsung Electronics and its subsidiaries, at about 30% of total revenue, with the remainder coming from overseas customers. Raw materials — MLCC powders and pastes, copper-clad laminates for substrates, and image sensors for cameras — are sourced externally. In other words, the company purchases materials, processes them and supplies the result, so profit rises quickly when selling prices go up and falls just as quickly when they come down.

📈Price & chart

The latest close is ₩1,229,000 and the market capitalization is ₩91.8 trillion. The price sits below its 20-day moving average (₩1,273,000) and below its 60-day moving average (₩1,575,817). 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 45.0, a neutral level. The one-month change is -25.4%, the three-month change is +34.8%, and the position relative to the 52-week high is -45.9%. Relative strength versus the KOSPI is 92 (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 92% of all stocks. Over the past three months it outpaced the index by 59.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.

📊Key metrics

For a component manufacturer whose profit swings sharply with selling prices and utilization, the usual approach is to look first at the P/E on this year's expected earnings (the forward P/E) rather than at past results. So that measure was re-checked against the latest confirmed results rather than relying on the stored value. On expected net profit attributable to controlling shareholders for this year, the forward P/E is 61.24x. The P/E on last year's results (how many times one year's earnings the share price represents), by contrast, is far higher at 130.00x (₩1,181,000 divided by 2025 earnings per share of ₩9,453). The reason for the wide gap is straightforward: 2025 net profit of ₩706.1 billion sat in the low part of the previous cycle. Indeed, in the first half of this year alone the company earned ₩720.9 billion of operating profit, already 79% of last year's full-year operating profit of ₩913.3 billion. On an asset basis, the P/B (how many times shareholders' equity the share price represents) is 9.35x, or 7.98x on a basis that reflects the equity this year will add. The balance sheet is sound: a debt-to-equity ratio of 50.3%, a current ratio (cash and equivalents against debts due within a year) of 1.86x, interest coverage (how many times operating profit covers interest) of 11.95x, and a net cash position with more cash than borrowings (net debt of about -₩424.0 billion). ROE (how much is earned in a year on shareholders' equity) was 7.4% in 2025, but if the pace behind first-half net profit attributable to controlling shareholders of ₩564.9 billion holds, it moves into double digits this year. Enterprise value (EV, market capitalization plus net debt) was also reviewed. The stored EV multiples reflect the higher share price at the time they were derived, so they were recalculated on the current market capitalization: with the company in net cash, EV is about ₩87.8 trillion, less than market capitalization, which works out at roughly 96x 2025 operating profit, about 7.8x revenue and about 48x operating profit before depreciation. The FCF yield (the cash actually kept, as a percentage of market capitalization) is thin at about 0.28%, reflecting a phase of heavy capacity investment in which most of the cash earned goes back into facilities. R&D spending ran at 7.2% of first-quarter revenue.

🚀Growth

Over five years the pattern is one of results being pressed down hard and then recovering. Revenue fell from ₩9.6750 trillion in 2021 to ₩8.8924 trillion in 2023 before recovering to ₩11.3145 trillion in 2025. Operating profit halved from ₩1.4869 trillion in 2021 to ₩660.5 billion in 2023, then rose to ₩913.3 billion in 2025, up 24.3% year on year. Over the five years available, the revenue CAGR (compound annual growth rate, the average pace of growth over several years) is 4.0%, but over just the last two years it accelerates to 12.8%. The rebound became clear in 2026. First-quarter revenue of ₩3.2091 trillion (+17.2% year on year) and operating profit of ₩280.6 billion (+39.9%) were followed by second-quarter revenue of ₩3.4572 trillion (+24.2%) and operating profit of ₩440.4 billion (+106.7%). First-half totals are revenue of ₩6.6663 trillion (+20.7%), operating profit of ₩720.9 billion (+74.3%) and net profit attributable to controlling shareholders of ₩564.9 billion (+114.4%). What stands out is that profit grew far faster than revenue: second-quarter revenue was only 7.7% above the first quarter while operating profit rose 57.0%, lifting the operating margin from 8.7% to 12.7%. The cause is selling prices. On a first-quarter basis, the average MLCC selling price was 8.1% higher than a year earlier and semiconductor package substrates 14.4% higher. When parts are scarce and prices rise, almost all of the added revenue drops through to profit. Three things underpin the view of the second half. First, on the second-quarter earnings call the company itself pointed to record third-quarter results and a tightening supply of high-capacity MLCCs for AI servers. Second, two MLCC supply contracts signed on June 29 and July 22 (₩749.1 billion combined) both cover volumes for the single year 2027, securing next year's business half a year ahead. Third, the silicon capacitor supply contract signed on May 20 (₩1.5570 trillion, covering 2027-2028) is equal to 13.8% of last year's revenue, a sign that the revenue base is widening beyond existing MLCCs. This year's profit was estimated on the assumption that the 12%-plus operating margin confirmed in the first half is maintained or edges a little higher in the second, and reflecting that estimate the P/E on this year's expected earnings is 43.8x.

📰Recent news & filings

Filings over the past three months come down to two threads: confirmation of the profit rebound, and securing volume and capacity for 2027 and beyond. On July 30 the company issued a fair disclosure of preliminary consolidated second-quarter results, confirming revenue of ₩3.4572 trillion, operating profit of ₩440.4 billion and net profit attributable to controlling shareholders of ₩315.7 billion. On the order side, two MLCC supply contracts were disclosed on June 30 and July 23, at ₩454.0 billion (USD 294 million) and ₩295.1 billion (USD 200 million) respectively. Both run from January 1 to December 31, 2027, covering next year's volumes. Earlier, on May 20, the company disclosed a silicon capacitor supply contract worth ₩1.5570 trillion (USD 1.0354 billion) running from 2027 to 2028 and equal to 13.8% of last year's revenue — the largest of the recent batch. None of the three carry a contract deposit or advance payment, the counterparty is described only as 'a large global company,' and the counterparty and detailed terms are withheld until each contract period ends. In other words, this is volume to be delivered and paid for over time, not cash already in hand. Capacity plans also moved. On July 2 the company filed a medium- to long-term investment plan of about ₩8 trillion for 2026-2040 to build a global manufacturing hub for high-performance package substrates in Sejong, and on July 3 another of about ₩15 trillion over the same period to establish a base in Busan for AI data center server package substrates and high-value MLCC mother lines. The board also decided on July 2 to establish a glass substrate joint venture, tentatively named Glassem, with Dongwoo Fine-Chem, a subsidiary of Japan's Sumitomo Chemical, acquiring a 66.2% stake for ₩319.1 billion (₩239.1 billion in cash and ₩80.0 billion in kind). The contribution date is September 1, and provisions covering the unwinding of stakes five years after establishment were agreed at the same time. On shareholder returns, a voluntary disclosure of the corporate value-up plan on March 19 confirmed that a payout ratio of at least 20% will be maintained. The 2025 dividend was ₩2,350 per share for a 25.2% payout ratio and ₩177.6 billion of total dividends, up 30.5% from the previous year. Because the share price has risen sharply, however, the dividend yield at the current price is around 0.2%.

🧭Bottom line

Start with the supporting points. The way profit is growing is favorable: in the second quarter, revenue rose 7.7% from the prior quarter while operating profit rose 57.0%, meaning almost all of the price increase stayed in profit. High-capacity MLCCs and high-performance package substrates for AI servers can be made in only a limited number of places, so when supply is tight, pricing power tilts toward the manufacturer. On top of that, 2027 volumes have been locked in by contract, and the Sejong and Busan expansions and the glass substrate joint venture prepare for the next cycle. The net cash position also leaves room to fund investment of this size internally. The cautions are equally clear. First, a great deal is already in the price. The 43.8x P/E on this year's expected earnings is the highest among the Korean component and substrate companies used for comparison (Samwha Capacitor 40.8x, Daeduck Electronics 37.9x, Isu Petasys 28.1x, LG Innotek 17.0x) and is more than four times the market-wide median forward P/E of about 10.7x. With 2027 volumes being contracted half a year in advance, the natural reading is that today's market capitalization already reflects earnings power from next year onward rather than this year's profit. Second, profit in this business depends heavily on selling prices and utilization: if the pace of AI investment slows or added capacity relieves the shortage, the decline can be as fast as the ascent was. Third, about 30% of revenue comes from Samsung Electronics and its subsidiaries, so customer concentration is high. Fourth, the announced ₩23 trillion of long-term investment and the glass substrate venture are still plans and decisions rather than results, and the company itself said the scale and schedule may change with market conditions. Fifth, the share price is highly volatile, moving -14.6% on July 30 and +29.9% the next trading day. In short, this is a company whose profit improves rapidly while component supply is tight and AI demand continues, but the current price already assumes that improvement runs for a considerable time.

🔎 Valuation vs peers Overvalued

The two pillars — MLCCs and semiconductor package substrates — were compared separately: Samwha Capacitor as the closest listed Korean business on the MLCC side, Daeduck Electronics and Isu Petasys (which makes AI server substrates) on the substrate side, and LG Innotek as a large-cap electronic component maker. Given the wide difference in scale, these serve to locate the shares rather than to compare absolute valuations.

PeerP/EP/BROE
Samhwa Capacitor62.96x2.83x4.92%
Daeduck Electronics103.29x5.35x5.31%
ISU Petasys38.01x7.66x21.68%
LG Innotek38.42x2.16x7.97%

Start with position. The 43.8x P/E on this year's expected earnings is higher than the same measure at all four comparison companies: Samwha Capacitor 40.8x, Daeduck Electronics 37.9x, Isu Petasys 28.1x and LG Innotek 17.0x. Against the market-wide median forward P/E of about 10.7x, the gap is more than fourfold. Next, the nature of the premium. The reasons the shares carry a higher multiple rest on verifiable facts: a second-quarter operating margin of 12.7%, above most of the comparison companies; supply contracts for 2027 already secured in writing; and a net cash position that leaves room to push ahead with an expansion program on the order of ₩23 trillion without external borrowing. Finally, the limits of the reference basis. The 124.93x P/E on last year's results is inflated because 2025 net profit sat in the low part of the cycle, so it cannot be used as it stands. The 43.8x recalculated on this year's basis is closer to reality, resting on confirmed first-half results (operating profit of ₩720.9 billion and net profit attributable to controlling shareholders of ₩564.9 billion) and the assumption that the margin holds in the second half. Even so, 43.8x is the highest position in the comparison group, and with 2027 volumes being contracted half a year in advance, today's market capitalization already reflects earnings power from next year onward rather than this year's profit. That is why the shares are marked 'Overvalued' — not as a verdict that they are expensive or cheap, but to say that the current price already assumes the earnings improvement continues.

₩1,229,000 -9.37%
Market cap $64.5B

Price history Close · MA20 · MA60

Close MA20MA60

The latest close is ₩1,229,000 and the market capitalization is ₩91.8 trillion. The price sits below its 20-day moving average (₩1,273,000) and below its 60-day moving average (₩1,575,817). 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 45.0, a neutral level. The one-month change is -25.4%, the three-month change is +34.8%, and the position relative to the 52-week high is -45.9%. Relative strength versus the KOSPI is 92 (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 92% of all stocks. Over the past three months it outpaced the index by 59.4%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.

Relative performance stock vs index · start = 100

92Relative strength vs KOSPI1–99 · last 12 months’ return vs the index, recency-weighted · higher = stronger than the marketTop 8% strength

Excess return vs index · 3M +59.43% / 6M +241.39% / 12M +318.20%

StockKOSPI

Key metrics Computed vs whole-market median

Valuation

P/E (trailing)130.00x
Forward P/E61.24x
P/B9.35x
Forward P/B8.39x
P/S8.11x
EPS₩9,454
BPS (book value/share)₩131,396
Dividend yield0.19%
DPS₩2,350

The P/E of 130.00x is above the whole-market median (12.97x). The P/B of 9.35x is above the whole-market median (0.84x). 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)

Net debt-$297.9M
EV (enterprise value)$64.2B
EV/EBIT91.99x
EV/EBITDA49.68x
EV/Sales7.75x
FCF (free cash flow)$171.2M
FCF yield0.27%

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

ROE8.33%
Operating margin8.43%
Net margin6.93%
Debt ratio56.75%
Payout ratio25.20%

Return on equity (ROE) is 8.3%, above the whole-market average (3.0%). The operating margin is 8.4%. The debt ratio is 56.8%, so the financial structure is stable.

Growth FY2025 · annual report (consolidated)

Item202320242025YoY
Revenue$6.2B$7.2B$7.9B+9.91% ↓ slower
Operating profit$464.0M$516.3M$641.6M+24.26% ↑ faster
Net profit$297.1M$477.1M$496.0M+3.97% ↓ slower
5-year20212022202320242025
Revenue$6.8B$6.6B$6.2B$7.2B$7.9B
Operating profit$1.0B$830.9M$464.0M$516.3M$641.6M
Net profit$741.4M$709.3M$297.1M$477.1M$496.0M
Revenue CAGR4-yr avg 3.99%

Revenue rose 9.9% year over year (2023 ₩8.9 trillion → 2024 ₩10.3 trillion → 2025 ₩11.3 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 24.3% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.0%. The two-year revenue CAGR is 12.8%. In the most recent quarter (Q1 2026), revenue was 17.2% higher than the same period a year earlier.

Latest quarterly results Source Q1 2026 · vs year-ago

Revenue$2.3B
Revenue YoY+17.18%
Operating profit$197.1M
Op. profit YoY+39.90%
Net profit$177.5M
Net profit YoY+78.45%

Technical indicators Computed

RSI (14)45.0
MA20₩1,273,000
MA60₩1,575,817
1-month-25.42%
3-month+34.76%
vs 52-wk high-45.86%

What stands out

  • The balance sheet is stable in terms of debt and liquidity.

Points to watch

  • Revenue rose 9.9% year over year, and the pace is slowing (3-year trend: rising).
  • The price is high versus peers, so expectations already appear priced in.

Recent news & events searched · sourced

Figure cross-check computed ↔ external

MetricComputedExternalStatusSource
Q2 2026 operating profitbase 2026 1₩440.4 billionMismatchlink
Basis for Q1 2026 net profit₩252.7 billionnet profit ₩252.7 billion / net profit ₩249.2 billionConfirmedlink
Recalculation of the sub-sector's key metric (forward P/E)43.8xUnverified
Combined value of MLCC supply contracts applying to 2027base₩749.1 billion(2026-06-30 ₩454.0 billion + 2026-07-23 ₩295.1 billion)Confirmedlink
2025 payout ratio and total dividends25.2%25.2%, ₩177.7 billionConfirmedlink
Enterprise value (EV) multiplesEV ₩143.4 trillion, EV/operating profit 157.05x, EV/revenue 12.68xEV approx. ₩87.8 trillion, approx. 96x·approx. 7.8xMismatchlink
Complete review of recent filings (February to August 2026)base 2026-06-057 30Confirmedlink

Recent filings Source

📖 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.