Sammi Metal (012210) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Sammi Metal, founded in 1977, is a metal die-forging specialist that supplies large forged parts such as commercial-vehicle front axles and heavy-equipment spindles to customers like Hyundai Motor and Caterpillar (a cyclically sensitive axis), together with turbine blades for power plants and nuclear reactors (a policy- and order-cycle axis), a business with entry barriers. In March 2026 a supply contract for power-plant turbine blades and machine parts worth about ₩10.8 billion secured medium-term work visibility, and Q1 operating profit rose +62.7% and net profit +336.5%, confirming an earnings inflection, though in June it issued a ₩30.0 billion convertible bond (0% coupon). The point to note is that, if the power and nuclear order cycle and the Q1 earnings recovery continue through the year, a forward P/E of about 56x and a P/B of 1.75x could be justified; but the weaknesses are a debt ratio of 103.6% and interest coverage below 1x, dilution from the convertible bond, and a still-stagnant revenue top line.
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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 “Steel & Metals” (Chemicals, Refining, Steel & Materials), a type typically read first through P/B.
Steel and metals swing hard with raw-material prices and downstream demand, so profits balloon in upturns and can flip to losses in downturns. Because earnings are so volatile, price-to-book (P/B) — the share price against the value of plant and assets — is the first lens.
Price against assets alone says little about where the cycle stands. Reading it together with price against this year's expected earnings shows how far profits have recovered.
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
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 3.5% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 3.3% higher than a year earlier.
- ROE is 2.8% (total-net basis). It is above the sector average.
- Operating margin is 8.6%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Keumkang 73.45% (corporate)
Controlling bloc incl. related parties 73.45%
With the controlling bloc holding 73%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Sammi Metal, founded in 1977, is a specialist in metal die-forging (shaping a metal block by placing it in a die and striking it with a hammer) and holds one of the largest hammer-forging facilities in the country. Its earnings run along two streams. The first is large forged parts such as commercial-vehicle front axles (front-wheel axles) and heavy-equipment spindles and bosses, supplied to the likes of Hyundai Motor and Caterpillar. The second is turbine blades for power plants (the blades that spin a generator by the force of steam or water); after succeeding in localizing nuclear turbine blades in 1994, it built a record of supplying domestic reactors such as Shin-Kori and Shin-Hanul as well as overseas reactors. In other words, a cyclically sensitive 'auto and heavy-equipment parts' axis and a 'power and nuclear parts' axis tied to policy and order cycles sit together in one company. Nuclear turbine blades in particular require certification and a track record, an area not easy to enter, so this reference is the company's core strength.
The latest close is ₩6,660 and the market capitalization is ₩153.5 billion. The price sits above its 20-day moving average (₩6,156) and below its 60-day moving average (₩8,540). 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 49.8, a neutral level. The one-month change is -2.8%, the three-month change is -55.4%, and the position relative to the 52-week high is -64.0%. Relative strength versus the KOSDAQ is 56 (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 57% of all stocks. Over the past three months it lagged the index by 32.2%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The current P/E ratio (how many times one year's earnings the share price is) is 87.40x, high on the number alone. But this value is a trailing figure (based on the past 12 months) computed on a low base of ₩1.69 billion in confirmed 2025 net profit. At a company whose earnings are turning up off a bottom, a small denominator makes the trailing P/E look more expensive than it is, while the forward P/E on this year's expected earnings comes down. That is, at the same share price, the multiple burden shrinks considerably when viewed on recovered earnings. P/B (how many times net assets per share the share price is) is 1.63x, not excessive against asset value, and ROE (how much is earned in a year on equity) is a still-low 1.8%. The operating margin of 7.9% is around the manufacturing average. That said, the debt ratio (debt versus equity) is high at 203.6% and interest coverage (the degree to which operating profit can cover interest) is below 1x, so covering interest on operating profit alone is tight, a clear balance-sheet weakness. In sum, asset value and operating margin are unremarkable, but this is a stock that must be viewed together with the weight of debt against equity and the low, early-recovery ROE.
The revenue top line is stagnant. 2025 revenue was ₩73.8 billion, down 3.5% from the prior year, and the three-year trend is a gentle decline. Yet the direction of earnings is clearly turning. 2025 operating profit was ₩5.81 billion, up +30.5% year over year, and above all, cumulative Q1 2026 net profit was ₩1.25 billion, up +336.5% year over year, while operating profit jumped +62.7% to ₩1.60 billion. Q1 net profit alone reaches about 74% of last year's full-year net profit. The forward P/E on this year's expected earnings coming down also reflects this earnings recovery. The driver of the recovery is clear. As the power and nuclear order cycle revives, work is filling up in the high-barrier turbine-blade segment, and in March 2026 the company secured a new supply contract of about ₩10.8 billion (14.2% of recent revenue) in the power segment. With the auto and heavy-equipment forging segment and the power segment supporting each other, it is a picture of improving profitability even amid a stagnant top line. That revenue growth is absent is a limitation, but that earnings are passing a bottom and rising is backed by the numbers.
The recent filing flow shows 'improving orders' and 'balance-sheet review' proceeding together. In March 2026 a supply contract for power-plant turbine blades and machine parts worth about ₩10.8 billion (14.2% of recent revenue, contract term 2026-2028) secured medium-term work visibility in the power segment. The Q1 report disclosed in May confirmed the earnings inflection in figures, with operating profit up +62.7% and net profit up +336.5%. In June it issued a ₩30.0 billion convertible bond (a corporate bond carrying the right to convert into shares) via private placement; with a 0% coupon and yield to maturity there is no interest burden, and the funds go to facilities (₩15.0 billion) and working capital (₩15.0 billion). The conversion price of ₩13,043 is above the current price, so near-term conversion is unlikely, but if the share price rises later, about 2.3 million new shares (roughly a 10% stake) could be released, causing dilution. Around the same time a partial conversion of the existing 1st-series convertible bond also occurred, so dilution is best seen as already partly under way.
The strengths and weaknesses split fairly clearly. The strengths are (1) the high-barrier reference of turbine blades for nuclear and power, (2) a clear earnings inflection with operating and net profit both improving sharply in Q1 2026 following the 2025 operating-profit gain, and (3) medium-term work secured by the new ₩10.8 billion power-segment order. Reflecting the earnings recovery, the P/E that looked expensive at 95.9x on a trailing basis comes down to about 56x on this year's expected earnings, and P/B at 1.75x is not a heavy burden against asset value. The weaknesses are (1) a financial makeup with a 203.6% debt ratio and interest coverage below 1x, (2) future dilution from the ₩30.0 billion convertible bond, and (3) a still-stagnant revenue top line. In conclusion, if the power and nuclear order cycle and the earnings recovery confirmed in Q1 continue through the year, the current multiple is gradually justified and the appeal against asset value revives; conversely, if revenue growth fails to follow or the financial burden and dilution come to the fore, the recovery may slow. In short, 'the durability of the earnings recovery' and 'management of the balance sheet and dilution' are the key conditions that separate strength from weakness.
🔎 Valuation vs peers Overvalued
In keeping with the business substance of die-forging and power-plant parts, the peer set comprises a large-forging peer (Taewoong), a hammer-forging auto and heavy-equipment parts peer (Daechang Forging), and a power-equipment maker that shares the nuclear and power order cycle (Doosan Enerbility).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| TAEWOONG | 109.57x | 0.97x | 1.33% |
| Daechang Forging | 5.55x | 0.48x | 9.05% |
| Doosan Enerbility | 577.48x | 6.09x | 1.09% |
Sammi Metal's trailing P/E of 124.8x sits, together with large-forging peer Taewoong (147x), in the 'low earnings to high multiple' zone typical of companies whose earnings are at a bottom, and shows a similar grain to order-cycle-driven names like power-equipment maker Doosan Enerbility (753x). By contrast, hammer-forging peer Daechang Forging, which earns normally, trades at a P/E of 5.7x with an ROE of 8.9%, showing that with stable earnings a forging company's multiple can be far lower. In other words, the current multiple pre-reflects the expectation that 'the multiple will compress once earnings normalize.' That said, if the power cycle and earnings recovery continue there is room for this premium to be gradually filled in, so it is more apt to see it as a 'zone where expectations are already priced in' than to flatly call it expensive.
Price history Close · MA20 · MA60
The latest close is ₩6,660 and the market capitalization is ₩153.5 billion. The price sits above its 20-day moving average (₩6,156) and below its 60-day moving average (₩8,540). 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 49.8, a neutral level. The one-month change is -2.8%, the three-month change is -55.4%, and the position relative to the 52-week high is -64.0%. Relative strength versus the KOSDAQ is 56 (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 57% of all stocks. Over the past three months it lagged the index by 32.2%. 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 -32.18% / 6M -43.50% / 12M +62.45%
Key metrics Computed vs sector median
Valuation
The P/E of 87.40x is above the sector median (14.98x). The P/B of 1.63x is above the sector median (0.78x). 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 2.8%, above the sector average (1.0%). The operating margin is 8.6%. The debt ratio is 115.4%, so the financial structure is moderate.
Growth FY2025 · annual report (separate)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $54.0M | $53.7M | $51.8M | -3.46% ↓ slower |
| Operating profit | $4.2M | $3.1M | $4.1M | +30.49% ↑ faster |
| Net profit | $660,329 | $2.4M | $1.2M | -51.22% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $54.0M | $53.7M | $51.8M |
| Operating profit | — | — | $4.2M | $3.1M | $4.1M |
| Net profit | — | — | $660,329 | $2.4M | $1.2M |
| Revenue CAGR | 2-yr avg -2.00% | ||||
Revenue fell 3.5% year over year (2023 ₩76.8 billion → 2024 ₩76.4 billion → 2025 ₩73.8 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit rose 30.5% year over year. Profit is growing at an accelerating pace. Over the 3 years on record, revenue compound annual growth (CAGR) is -2.0%. The two-year revenue CAGR is -2.0%. In the most recent quarter (Q1 2026), revenue was 3.3% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- Revenue fell 3.5% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-31UpdateSigned a supply contract for power-plant turbine blades and machine parts worth about ₩10.8 billion (14.15% of recent revenue, contract term 2026-03-30 to 2028-03-31).Secures medium-term revenue visibility in the power segment. A single-contract size at 14% of annual revenue is meaningful, but with the term spread over two years the contribution to any one year's results is limited. Source
- 2026-06-01FilingDecision to issue a ₩30.0 billion 4th-series unsecured private convertible bond (₩15.0 billion for facilities, ₩15.0 billion for working capital, 0% coupon and yield to maturity, conversion price ₩13,043, maturity 2031-06-10).Securing investment and working funds with no interest cost is positive for short-term liquidity, but with the conversion price above the current price it is a factor for about a 10% dilution should the share price rise later. Source
- 2026-06-05FilingExercise of the conversion right on the 1st-series convertible bond (conversion of part of the existing convertible bond into shares).A case showing that dilution from an existing convertible bond converting into shares and increasing the share count is actually under way. A signal to review the dilution trend together with the new ₩30.0 billion convertible bond. Source
- 2026-05-14EarningsQ1 2026 report disclosure: cumulative revenue ₩18.26 billion (+3.3%), operating profit ₩1.60 billion (+62.7%), net profit ₩1.25 billion (+336.5%).Operating and net profit improved sharply at once, a sign of an earnings inflection. But because Q1 net profit contains non-operating factors, the annual recovery scale should be read conservatively. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/E (price / earnings per share) | 124.8x | ₩9,510 ÷ EPS ₩76.2 = 124.8x | Confirmed | link |
| Supply-contract amount / share of recent revenue | approx. ₩10.8 billion / 14.15% | contract value ₩10,812,952,150, revenue ₩76,441,344,507 14.15% | Confirmed | link |
| Convertible-bond issue size and terms | ₩30.0 billion, ₩13,043 | ₩30,000,000,000, ₩13,043, · 0%, 2031-06-10 | Confirmed | link |
| Forward P/E on estimated 2026 net profit | approx. 70x | — | Unverified | — |
Recent filings Source
- 2026-06-05Disclosure
- 2026-06-02OwnershipOfficers'/major-shareholders' holdings report
- 2026-06-01Material-fact report
- 2026-05-14PeriodicQuarterly report
- 2026-03-31Single supply/sales contract
- 2026-03-20Disclosure
- 2026-03-19Shareholders' meeting notice
- 2026-03-11PeriodicAnnual business report
- 2026-03-11Audit report
- 2026-03-04Shareholders' meeting notice
- 2026-03-04Shareholders' 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.