Sammok S-Form (018310) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Sammok S-Form makes aluminum formwork (commonly called 'alform') and panel formwork used to pour and set concrete at building sites such as apartments, and it sells and leases them; most of its revenue comes from this business, so its workload is tied directly to apartment and building construction starts. In March 2026 a shareholder group's petition for permission to convene an extraordinary shareholder meeting brought a control dispute to the surface; a corporate-value enhancement plan raised the 2025 payout ratio to about 42%; and in May the largest shareholder, S-Form, bought 8.16% of issued shares (1.2 million shares) at ₩22,800 per share, lifting its stake to 77.63%, while a swing to a first-quarter operating loss was disclosed. What stands out lately is that the asset undervaluation of a P/B of 0.30x, a sound balance sheet, and a payout ratio of about 42% with a dividend yield of about 2.2% provide downside support, all strengths, while it sits in the middle of a construction downcycle with revenue and profit falling for a third year, the first-quarter operating loss means a recovery in core profit is not yet confirmed, and the ownership structure is in flux.
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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 “Machinery & Electrical Equipment” (Shipbuilding, Machinery, Defense & Power Equipment), a type typically read first through P/E.
Machinery and electrical-equipment makers build and sell industrial gear, and orders and shipments feed fairly directly into profit. Because revenue translates cleanly into current-year net income, price-to-earnings (P/E) is the natural 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 21.1% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 6.5% lower than a year earlier.
- ROE is 1.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.0%.
- 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 S-Form 38.8% (corporate)
Controlling bloc incl. related parties 69.46%
With the controlling bloc holding 69%, control is very secure but the free float is thin.
🔎 In-depth analysis Reading
Sammok S-Form makes money by making and either selling or leasing out aluminum formwork (commonly called 'alform') and panel formwork used to pour and set concrete at building sites such as apartments. Because most of its total revenue comes from this aluminum-formwork business, the company's workload is tied directly to apartment and building construction starts. Since it runs formwork not only by sale but also by lease (rental), when there are many sites both sales and rental income come in together, but when construction starts fall both sides are affected at once. In other words, it is a business that rides the construction cycle directly, and its core operations improve only when new housing sales and construction starts revive.
The latest close is ₩13,730 and the market capitalization is ₩201.8 billion. The price sits below its 20-day moving average (₩13,986) and below its 60-day moving average (₩16,179). 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 44.1, a neutral level. The one-month change is -8.3%, the three-month change is -25.4%, and the position relative to the 52-week high is -40.2%. Relative strength versus the KOSDAQ is 46 (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 46% of all stocks. Over the past three months it outpaced the index by 13.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The two valuation metrics show different pictures. The P/E (share price divided by one year's earnings) is 19.73x, which looks high relative to the size of profit, but that largely reflects last year's net profit shrinking sharply and making the denominator (earnings) small. A high P/E when profit is at a bottom is a natural phenomenon, so it is hard to read that alone as 'expensive.' The P/B (share price divided by net assets per share), by contrast, is 0.33x, meaning the share price (₩13,370) trades at about a third of net assets per share (BPS of about ₩44,457). On an asset-value basis this is a clear undervaluation zone. The balance sheet is also solid: the debt ratio (debt to equity) is about 117%, the current ratio (assets soon convertible to cash against debt due soon) is 442% for ample short-term liquidity, and the interest-coverage ratio is 4.65x. Profitability, however, is weak, with an ROE (annual return on equity) of just 1.6% and an operating margin of 2.0%. The dividend is ₩300 per share for a dividend yield of about 2.2% and a payout ratio of about 42%, maintaining a policy of returning a substantial part of profit to shareholders. In summary, assets and finances are undervalued and stable while profitability is weak, and the two coexist.
The core business's top line and profit have been in decline for a third year. Revenue fell from ₩439.4 billion (2023) to ₩401.9 billion (2024) to ₩317.0 billion (2025), down -21.1% in 2025 from the prior year. The drop in profit was even steeper, with operating profit going from ₩124.1 billion (2023) to ₩75.3 billion (2024) to ₩6.4 billion (2025), and net profit from ₩119.4 billion to ₩73.4 billion to ₩10.2 billion. Since formwork demand is tied directly to apartment construction starts, this trend mirrors the construction downcycle. In the first quarter of 2026 revenue fell -6.5% from the same period a year earlier and operating profit and loss swung to a loss of about -₩6.1 billion (net profit stayed positive at +₩1.2 billion thanks to non-operating income such as rentals and finance), showing that the core business's profit-generating power has not yet revived. The forward P/E based on this year's expected earnings is at a level similar to the prior-year P/E, meaning this year's profit is expected to continue a similar trend rather than rebound sharply from last year's weakness. For profit to recover in earnest, new housing sales and construction starts must revive so that formwork sales and leasing rise together. For reference, the trend over the next two to three years likewise depends on the construction-starts cycle, and it is too early to pin down a recovery timing on current data alone.
The center of recent disclosures is governance and control issues rather than core-business results. In March 2026 a shareholder group (Lee Bo-yeol and three others) petitioned for permission to convene an extraordinary shareholder meeting, bringing a control-related dispute to the surface, and related litigation rulings and indirect-compulsion filings followed in March and April. Around the same time the company voluntarily disclosed a 'corporate-value enhancement plan,' laying out profitability-focused management, business diversification, and expanded shareholder returns in response to the construction slowdown, and stated that it had raised the 2025 payout ratio to about 42% (a total dividend of about ₩4.3 billion). In May the largest shareholder, S-Form, ran a tender offer to buy 8.16% of issued shares (1.2 million shares) at ₩22,800 per share (2026.05.18-06.08), lifting its stake from 69.47% to 77.63%, with the company describing the aim as 'securing a stable management and decision-making structure.' The tender-offer price of ₩22,800 was above the market price at the time, but the tender-offer period has already ended. On the core-business side, a swing to a first-quarter 2026 operating loss was disclosed, confirming the effects of the off-season and the construction slowdown.
This stock has fairly clear strengths and weaknesses. The strengths are on the asset and balance-sheet side. The share price trades at a third of net assets per share (a P/B of 0.30x), a clear undervaluation zone on an asset-value basis; the debt and current ratios are sound for a solid balance sheet; and a payout ratio of about 42% and a dividend yield of about 2.2% show shareholder-return intent through disclosure. The weaknesses are profitability and the core-business cycle. It sits in the middle of a construction downcycle with revenue and profit falling for a third year, and the first quarter of 2026 swung to an operating loss, so a recovery in core profit is not yet confirmed. As net profit exceeding operating profit shows, a substantial part of profit leans on non-operating (rental and finance) income, and the ownership structure is in flux amid a control dispute and a tender offer, both factors to weigh. In sum, this is a stock with strong 'floor defense' backed by asset value, financial stability, and dividends. Its undervaluation appeal tends to come to the fore when new housing sales and construction starts revive to recover formwork demand and the ownership structure stabilizes; conversely, if the construction slump drags on, it is in a phase where the core business's profit recovery is delayed.
🔎 Valuation vs peers Inconclusive
Because the core business (formwork manufacturing and leasing for apartment construction sites) is directly linked to the construction-starts cycle, we treat builders with large construction exposure (Kyeryong Construction, Kumho Construction) and an industrial metals/equipment cycle stock (SIMPAC) as the real peer set.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Keryong Construction | 1.80x | 0.19x | 10.99% |
| Kumho E&C | 5.63x | 1.51x | 30.99% |
| SIMPAC | 15.00x | 0.47x | 2.21% |
(a) Position versus peers: the P/B (0.33x) is in an undervaluation zone similar to or lower than the construction peers on an asset-value basis, but the ROE (1.6%) is far lower than Kyeryong Construction and Kumho Construction, so on profitability it is inferior. (b) The P/E of 21.1x looks superficially higher than peers, but that is an optical effect from 2025 net profit plunging -86% and shrinking the denominator, so it is hard to call it 'expensive.' (c) The trailing P/E on last year's confirmed results is heavily distorted when profit is at a bottom, and the forward P/E is computed with the first-quarter operating loss and a bottom in non-operating income mixed in, so asset value (P/B) and whether the core business recovers must be weighed together. As the core business's profit recovery and governance stability are not yet confirmed, we do not declare it one way or the other and leave it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩13,730 and the market capitalization is ₩201.8 billion. The price sits below its 20-day moving average (₩13,986) and below its 60-day moving average (₩16,179). 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 44.1, a neutral level. The one-month change is -8.3%, the three-month change is -25.4%, and the position relative to the 52-week high is -40.2%. Relative strength versus the KOSDAQ is 46 (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 46% of all stocks. Over the past three months it outpaced the index by 13.0%. 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 +12.97% / 6M -2.78% / 12M -35.07%
Key metrics Computed vs sector median
Valuation
The P/E of 19.73x is above the sector median (14.98x). The P/B of 0.31x is below the sector median (0.78x).
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.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 1.4%, above the sector average (1.0%). The operating margin is 2.0%. The debt ratio is 19.1%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $308.7M | $282.3M | $222.7M | -21.13% ↓ slower |
| Operating profit | $87.2M | $52.9M | $4.5M | -91.44% ↓ slower |
| Net profit | $83.9M | $51.6M | $7.2M | -86.06% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $147.5M | $237.2M | $308.7M | $282.3M | $222.7M |
| Operating profit | $2.6M | $47.8M | $87.2M | $52.9M | $4.5M |
| Net profit | $21.3M | $41.1M | $83.9M | $51.6M | $7.2M |
| Revenue CAGR | 4-yr avg 10.85% | ||||
Revenue fell 21.1% year over year (2023 ₩439.4 billion → 2024 ₩401.9 billion → 2025 ₩317.0 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 91.4% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 10.8%. The two-year revenue CAGR is -15.1%. In the most recent quarter (Q1 2026), revenue was 6.5% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 21.1% year over year (3-year trend: falling).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-05-18FilingThe largest shareholder, S-Form, filed a tender offer to buy 8.16% of issued shares (1.2 million shares) at ₩22,800 per share (2026.05.18-06.08), moving to lift its stake from 69.47% to 77.63%. The aim is to secure a stable management and decision-making structure.Near term: a signal of management stability that affects supply and demand. Medium term: an event that decides the direction of the governance variable through strengthened control by the largest shareholder, though the market price after the tender offer ended sits well below the tender-offer price. Source
- 2026-04-06UpdateLitigation related to the control dispute (an indirect-compulsion petition and the like) was disclosed. The dispute, stemming from an earlier petition by some shareholders for permission to convene an extraordinary shareholder meeting, moved into legal proceedings.Near term: governance uncertainty widens share-price volatility. Medium term: depending on the outcome of the dispute, it affects management stability and the speed of decision-making. Source
- 2026-04-01IRAnnouncement of the corporate-value enhancement plan (voluntary disclosure). It lays out profitability-focused management and business diversification in response to the construction slowdown, along with expanded overseas orders and stronger shareholder returns. The 2025 payout ratio was raised to about 42.18%, with a total dividend of about ₩4.32 billion.Near term: confirms intent to expand shareholder returns. Medium term: whether the core business recovers and diversification is executed will determine the plan's feasibility. Source
- 2026-05-15EarningsFirst-quarter 2026 report filed. Revenue of about ₩73.25 billion (-6.5% versus the same period a year earlier), operating profit and loss of about -₩6.1 billion (a swing to an operating loss), and net profit of about ₩1.18 billion (staying positive on non-operating income).Near term: the off-season and construction slowdown confirm a core-business loss. Medium term: whether the construction-starts seasonality recovers in the second through fourth quarters is the key to annual profit. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 payout ratio | approx. 42.18% (base payout_ratio 0.4218) | 42.18% | Confirmed | link |
| 2025 net profit | approx. 102.3 (base fundamentals.net_income) | (2025.12) | Confirmed | link |
| Largest shareholder's tender-offer price and stake | ₩13,730 / | ₩22,800, 69.47%→77.63% | Confirmed | link |
| This year's forward net profit (on a forward basis) | self-estimate | — | Unverified | link |
Recent filings Source
- 2026-05-18Disclosure
- 2026-05-18Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-06Litigation disclosure
- 2026-04-01Disclosure
- 2026-04-01Disclosure
- 2026-03-31Shareholders' meeting notice
- 2026-03-30Disclosure
- 2026-03-30Litigation disclosure
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-18Disclosure
📖 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.