Samhwa Electric (009470) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Samhwa Electric specializes in capacitors used in the power sections of electronic products, with aluminum electrolytic capacitors as its mainstay; the lineup has widened into conductive polymer and supercapacitors, used in power supplies, industrial equipment, and automotive electronics, and adoption for auxiliary power in data-center servers and SSDs has been rising. After a February results-change filing confirmed a weak 2025 (revenue ₩230.1 billion, operating profit ₩12.0 billion), it continued a ₩600-per-share dividend (payout of about 42%), and a May quarterly report confirmed Q1 operating profit jumping nearly threefold. The point to watch is this: with its single-business focus on capacitors, margins respond quickly when power demand revives, and the disciplined valuation — ROE of 10% and a forward P/B of 1.93x — is a strength; on the other hand, revenue is still declining, so whether the earnings rebound reflects cost and mix improvement rather than genuine demand, and a debt ratio of 92%, should be watched by quarterly trend.
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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 1.3% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 6.9% lower than a year earlier.
- ROE is 10.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 6.3%.
- 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-ju 20.51% (individual)
Controlling bloc incl. related parties 25.53%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Samhwa Electric specializes in 'capacitors' (components that briefly store electricity and release it steadily) used in the power sections of electronic products. Per the business report, its mainstay is aluminum electrolytic capacitors, and the lineup has widened into conductive polymer capacitors and supercapacitors that deliver a large burst of power instantaneously. These parts go into power supplies, industrial equipment, and automotive electronics, and adoption for auxiliary power in data-center servers and SSDs has been rising recently. In other words, the company earns money not from the 'AI chip' itself but from the power-side components that keep that chip running stably, and with its concentration in a single item (capacitors), the flow of end-market demand (servers, automotive electronics, industrial) is reflected almost directly in results. Its headquarters and plant are in Cheongju, North Chungcheong Province, and it is an owner-based company in which the largest shareholder (Oh Young-ju) and related parties hold stakes. It is a different company from the similarly named Samhwa Capacitor (001820); whereas Samhwa Capacitor centers on MLCC and film capacitors, Samhwa Electric's core is electrolytic capacitors.
The latest close is ₩23,200 and the market capitalization is ₩153.4 billion. The price sits above its 20-day moving average (₩22,610) and below its 60-day moving average (₩29,884). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.7, a neutral level. The one-month change is -9.4%, the three-month change is -51.3%, and the position relative to the 52-week high is -58.9%. Relative strength versus the KOSPI is 7 (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 6% of all stocks. Over the past three months it lagged the index by 37.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio now visible (how many times a year's earnings the share price is) is 17.00x, and P/B (how many times equity the share price is) is 1.58x. ROE (how much it earns in a year on equity) is 10.0%, profitability above the peer average, with an operating margin of 5.2%, a net margin of 4.1%, and a payout of 42%. The debt ratio (debt against equity) of 192% is somewhat high, but a current ratio of 226% supports short-term liquidity. One important point is that the current P/E of 17.00x is a trailing figure calculated on 'last year's confirmed earnings.' 2025 was a weak year with profit down to about half of 2024, and using that reduced profit as the denominator creates the illusion, in the early stage of a recovery, of a multiple higher than the real strength. The forward P/B on this year's expected earnings is 1.71x, coming down below trailing as earnings return to a normal track. Weighing the mid-single-digit margin typical of a components name against ROE of 10% and a payout of 42%, the valuation reads not as burdensome but within a 'fair' range.
Five-year revenue ran ₩247.1 billion → ₩239.1 billion → ₩202.5 billion → ₩233.1 billion → ₩230.1 billion, moving up and down with no strong trend, and the last three years are mixed as well. Earnings swing more: after a good 2024 with operating profit of ₩24.8 billion, 2025 fell to ₩12.0 billion (-51%), and net profit dropped from ₩19.6 billion to ₩9.4 billion (-52%). In other words, 2024 was an unusually good year and 2025 declined on that base effect. The turn signal comes at the quarterly level. Q1 2026 revenue fell 6.9% year on year, but operating profit rose +190% and net profit +59%, with profitability turning first. It is the textbook look of the early recovery stage — revenue still weak while margins improve. The forward P/E on this year's expected earnings embeds the picture of this earnings rebound taking hold across the full year. The grounds are the structural demand as capacitor adoption for auxiliary power in data-center servers and SSDs rises, the steady base of automotive-electronics and industrial power parts, and the mix and profitability improvement confirmed in Q1. It reflects a trend in which quarterly profit has already jumped nearly threefold, not a simple fourfold extension of a single quarter's number. That said, revenue itself is still declining, so whether the earnings recovery is a cost-and-mix effect or a genuine demand expansion needs further confirmation via the revenue direction in the coming quarters.
Rather than direct order or large-contract filings, the recent key events are the plan, return, and results disclosures the company itself has issued. A February 2026 results-change filing first confirmed a weak 2025 (revenue ₩230.1 billion, operating profit ₩12.0 billion), and a ₩600-per-share cash dividend decision on February 25 (payout of about 42%) continued a relatively active shareholder return for a components name. The corporate value-up plan voluntarily filed on March 27 signals that the company has put forward capital efficiency (ROE) and return policy as its own management metrics. The May quarterly report then confirmed the Q1 earnings rebound in figures. The business-side crux is the structural demand as capacitor adoption for data-center and SSD power rises, which shows up slowly through quarterly margin improvement rather than through individual order filings.
The strengths are clear. With its concentration in the single core business of capacitors, margins respond quickly when data-center and automotive-electronics power demand revives, and Q1 operating profit indeed jumped nearly threefold, showing that potential in figures. With ROE of 10% and a payout of 42%, it has the basics of profitability and returns, and this year's forward P/B of 1.93x is, within the same industry, actually a more restrained position than the peer Samhwa Capacitor (P/E 109x, P/B 4.94x), where capacitor-cycle expectations are loaded to the extreme. An early-recovery earnings name looks expensive measured only on last year's weak profit, but on normalized earnings it reads closer to undervalued. There are things to confirm as well. Revenue is still declining, so whether the earnings rebound stops at cost-and-mix improvement or leads to a genuine demand expansion needs more observation by quarterly trend, and the debt ratio of 92% is somewhat high. In short, it is strong when a quarter arrives in which data-center and automotive-electronics power demand carries through to revenue growth, and weak if the revenue softness runs long and the earnings rebound proves a temporary effect.
🔎 Valuation vs peers Fairly valued
A peer with capacitor components as its core business. The similarly named Samhwa Capacitor (001820) centers on MLCC and film capacitors — a different product lineup — but is the closest peer in that it shares the capacitor-industry cycle.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Samhwa Capacitor | 62.96x | 2.83x | 4.92% |
| Samhwa Electric | 16.26x | 1.58x | 10.43% |
Compared with Samhwa Capacitor, where capacitor-cycle expectations are loaded to the extreme at a P/E of 157x and a P/B of 7x, Samhwa Electric's P/E of 30x and P/B of 3x are actually a restrained level within the same industry. That said, on absolute figures alone they run above the components-name average. Here the trailing P/E of 30x uses weak 2025 profit as the denominator, so it has the limitation of looking pricier than reality in a recovery phase, and if the Q1 earnings rebound carries through the year, this year's expected-earnings multiple comes in below it. If the earnings recovery is confirmed as a trend the current price can be justified, but if the revenue softness continues it is a burdensome zone, so we see it as 'Fairly valued.'
Price history Close · MA20 · MA60
The latest close is ₩23,200 and the market capitalization is ₩153.4 billion. The price sits above its 20-day moving average (₩22,610) and below its 60-day moving average (₩29,884). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 46.7, a neutral level. The one-month change is -9.4%, the three-month change is -51.3%, and the position relative to the 52-week high is -58.9%. Relative strength versus the KOSPI is 7 (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 6% of all stocks. Over the past three months it lagged the index by 37.8%. 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 -37.84% / 6M -63.45% / 12M -56.07%
Key metrics Computed vs sector median
Valuation
The P/E of 16.26x is in line with the sector median (15.45x). The P/B of 1.58x is above the sector median (0.86x). 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.
Profitability & financials
Return on equity (ROE) is 10.4%, above the sector average (4.0%). The operating margin is 6.3%. The debt ratio is 65.8%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $142.2M | $163.8M | $161.6M | -1.31% ↓ slower |
| Operating profit | $5.5M | $17.4M | $8.5M | -51.44% ↓ slower |
| Net profit | $3.9M | $13.8M | $6.6M | -51.91% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $173.6M | $168.0M | $142.2M | $163.8M | $161.6M |
| Operating profit | $15.3M | $9.6M | $5.5M | $17.4M | $8.5M |
| Net profit | $9.9M | $7.5M | $3.9M | $13.8M | $6.6M |
| Revenue CAGR | 4-yr avg -1.77% | ||||
Revenue fell 1.3% year over year (2023 ₩202.5 billion → 2024 ₩233.1 billion → 2025 ₩230.1 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 51.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -1.8%. The two-year revenue CAGR is 6.6%. In the most recent quarter (Q1 2026), revenue was 6.9% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- ROE of 10.4% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 1.3% 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 (voluntary filing) submitted — capital efficiency and shareholder returns presented as the company's management metricsA factor that raises medium-term expectations for the durability of the return policy, such as ROE and dividends. Source
- 2026-02-25DividendCash dividend decision — ₩600 per share, payout of about 42% (dividend yield about 1.4%)A stable-return signal in the short term, though the dividend yield itself is not high. Source
- 2026-02-12EarningsRevenue and profit/loss structure change filing — 2025 revenue ₩230.1 billion (-1.3%), operating profit ₩12.0 billion (-51%), net profit ₩9.4 billion (-52%)Confirms a year of decline on the base effect versus the 2024 peak. Source
- 2026-05-15EarningsQ1 2026 quarterly report — revenue ₩57.4 billion (-6.9% YoY), operating profit ₩3.38 billion (+190% YoY), net profit ₩1.83 billion (+59% YoY)Margins rebound first amid revenue softness, confirming an early-recovery signal. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 revenue | ₩230,067,797,956 | 2025 revenue ₩230.1 billion | Confirmed | link |
| Q1 2026 operating profit change | ₩3.4 billion, +190% | 2026 1 (DART) | Confirmed | link |
| Dividend per share | ₩600 | cash/stock dividend declared (DART) | Confirmed | link |
| 2026 estimated net profit (forward) | approx. ₩10.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-15PeriodicQuarterly report
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-13Amended filing
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-02-25Amended filing
- 2026-02-25DividendCash/stock dividend decision
📖 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.