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 192%, should be watched by quarterly trend.
At-a-glance assessment financial health · growth · profitability · valuation
- 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 10.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 5.2%.
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
- 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 ₩24,250 and the market capitalization is ₩160.4 billion.
- The price sits below the 20-day line (₩30,345) and below the 60-day line (₩36,626).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (an indicator comparing upward and downward force over the past 14 days on a 0-100 scale) is 35.6, a neutral level.
- The one-month change is -19.2%, the three-month change is -30.9%, and the position versus the 52-week high is -57.0%.
- Relative strength versus the KOSPI is 11 (1-99, computed from returns against the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 90% of all stocks by strength.
- Over the past three months it lagged the index by 48.5%.
- Chart reading is best done alongside trading volume and filing dates.
- 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 1.71x.
- 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 192% 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 | 83.86x | 3.79x | 4.52% |
| Samhwa Electric | 17.00x | 1.71x | 10.03% |
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 ₩24,250 and the market capitalization is ₩160.4 billion. The price sits below its 20-day moving average (₩30,345) and below its 60-day moving average (₩36,626). 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 35.6, a neutral level. The one-month change is -19.2%, the three-month change is -30.9%, and the position relative to the 52-week high is -57.0%. Relative strength versus the KOSPI is 11 (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 10% of all stocks. Over the past three months it lagged the index by 48.5%. 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 -48.54% / 6M -51.84% / 12M -65.57%
Key metrics vs sector median
Valuation
The P/E of 17.00x is in line with the sector median (18.61x). The P/B of 1.71x is in line with the sector median (1.63x). 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 10.0%, above the sector average (7.0%). The operating margin is 5.2%. The debt ratio is 192.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $134.2M | $154.5M | $152.5M | -1.31% ↓ slower |
| Operating profit | $5.2M | $16.4M | $8.0M | -51.44% ↓ slower |
| Net profit | $3.7M | $13.0M | $6.3M | -51.91% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $163.8M | $158.5M | $134.2M | $154.5M | $152.5M |
| Operating profit | $14.5M | $9.0M | $5.2M | $16.4M | $8.0M |
| Net profit | $9.3M | $7.1M | $3.7M | $13.0M | $6.3M |
| 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 Q1 2026 · vs year-ago
Technical indicators
What stands out
- ROE of 10.0% points to solid profitability.
Points to watch
- Revenue fell 1.3% year over year (3-year trend: mixed).
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 | ㆍ (DART) | Confirmed | link |
| 2026 estimated net profit (forward) | approx. ₩10.0 billion(self-estimate) | — | Unverified | link |
Recent filings
- 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.