SAMT (031330) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
SAMT does not manufacture anything itself; as an authorized distributor for Samsung Electronics, Samsung Electro-Mechanics and Samsung SDI, it takes in components such as DRAM and NAND and supplies them to manufacturers at home and abroad, a semiconductor and IT-component distributor whose transaction scale is large at ₩3.8 trillion a year but whose operating margin is typically in the low-single-digit percent range, expanding along with inventory-sale margins when memory prices rise. In March it posted record results of ₩3.8 trillion in revenue and ₩113.9 billion in operating profit and issued a corporate value-up plan setting a dividend floor of at least 15% of operating profit, and in the first quarter it demonstrated earnings well beyond its usual margin, with an operating margin in the 18% range. The notable point right now is that its effectively exclusive domestic distribution of Samsung components lets margin leverage kick in during memory shortages, with an ROE of 15.6% and a codified dividend floor, while the first-quarter margin owes much to inventory revaluation, so if memory prices stabilize or fall the margin could revert to its usual low-single-digit range.
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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 “Distribution & Wholesale/Retail” (Retail, Consumer Goods & Food), a type typically read first through P/E.
Retail and wholesale businesses run on relatively simple buy-and-sell margins, with sales and profits flowing steadily along with consumer demand. That makes price-to-earnings (P/E) — the share price against the profits the company earns — 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 is somewhat higher than equity (debt ratio 213.3%).
- Revenue rose 30.0% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 134.9% higher than a year earlier.
- ROE is 42.4% (total-net basis). It is above the sector average.
- Operating margin is 8.8%.
- The forward P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Samji Electronics 49.84% (corporate)
Controlling bloc incl. related parties 49.92%
With the controlling bloc holding 50%, the ownership structure is stable.
🔎 In-depth analysis Reading
SAMT does not make products itself; as an authorized distributor of Samsung Electronics, Samsung Electro-Mechanics and Samsung SDI, it takes in components and supplies them to manufacturers at home and abroad — a semiconductor and IT-component distributor. Its handled items center on memory semiconductors such as DRAM, NAND and MCP, and extend broadly to system semiconductors like modems and RF, display panels, and digital modules for smartphones and tablets. In 2021 it took over Samsung Electronics' semiconductor distribution business, rising to a position accounting for most of Samsung's domestic distributor revenue. With a "buy components, add margin, resell" structure, its transaction scale (₩3.8 trillion a year) is large but its operating margin is not thick, typically in the low-single-digit percent range. Instead, when the prices of handled products (especially memory) rise, the sale margin on held inventory expands with them, so profit effectively moves with the memory-price cycle. In Q1 2026, revenue split roughly 54% domestic with the rest overseas across China, the U.S., Hong Kong and others, and revenue tends to be concentrated among a small number of top customers.
The latest close is ₩10,060 and the market capitalization is ₩1.0 trillion. The price sits above its 20-day moving average (₩9,971) and below its 60-day moving average (₩12,824). 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 47.8, a neutral level. The one-month change is -5.4%, the three-month change is +27.3%, and the position relative to the 52-week high is -46.7%. Relative strength versus the KOSDAQ is 91 (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 86.7%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
On confirmed full-year results (2025), the P/E ratio (how many times one year's earnings the price represents) is 13.27x and the P/B (how many times the company's net assets the price represents) is 1.39x. But this company is at an earnings inflection that has just turned up, so this P/E, based only on last year's results, does not capture its current strength. Q1 2026 net profit alone was ₩242.0 billion, already more than triple last year's full-year figure (₩75.8 billion), so the multiple actually paid is far lower than it appears. ROE (how much it earns in a year on equity) is 15.6%, respectable for a distributor, and there is a dividend with a yield of 2.2% (₩230 per share). The debt ratio (debt relative to equity) looks high at 283%, but that is a structural feature of distribution, where liabilities of a working-capital nature such as purchase payables and receivables are large, and with an interest coverage ratio of 5.8x the interest burden is covered by profit.
Annual revenue grew for three straight years — ₩2.1 trillion in 2023 → ₩2.9 trillion in 2024 → ₩3.8 trillion in 2025 — and operating profit grew even faster over the same span, ₩53.5 billion → ₩67.4 billion → ₩113.9 billion (+69%), setting a record. Entering 2026, the profit structure shifted a notch. Q1 revenue jumped to ₩1.8 trillion (+134.9%), operating profit to ₩327.3 billion (+1,575%) and net profit to ₩242.0 billion (+1,932%), with the operating margin rising from the usual 3% to 18.2%. This resulted from a supply shortage — driven by memory output cuts and conservative capacity additions — that sent handled-product prices surging and expanded the sale margin on distribution inventory in stepwise fashion. The company itself offered guidance of "more than 30% growth versus the prior year as the supply shortage continues into 2026 on the back of profitability-focused, conservative capital spending." As long as the shortage phase holds, the profit level itself is in a range well above the past, and reflecting this earnings inflection, the multiple on this year's expected earnings (forward P/E) drops to the low-single digits — an entirely different picture from the 14x on last year's basis. Whether memory prices stay strong next quarter is the key to the trend.
The biggest event was the Q1 results disclosed in May 2026, which demonstrated profit well beyond the usual margin of distribution. In March, alongside the 2025 annual report showing record results of ₩3.8 trillion in revenue and ₩113.9 billion in operating profit, it issued a corporate value-up plan (voluntary disclosure) setting a floor of at least 15% of operating profit as dividends. At the regular shareholders' meeting a dividend of ₩230 per share was confirmed, and in late May a report of a large-holding change by major shareholder Samji Electronics emerged, becoming a supply-demand variable. The debt-guarantee and loan decisions in April and May are disclosures of a recurring nature given the affiliate and transaction structure. Overall, this is a phase in which strong earnings are being confirmed through disclosures.
The strengths are clear. With an effectively exclusive domestic distribution position for Samsung semiconductors and components, leverage kicks in during memory shortages, so a thin margin widens sharply as it did in the first quarter. The stock looks expensive on last year's P/E, but because earnings changed abruptly, on this year's expected earnings it is in fact in a low-multiple range. Profitability is also sound at an ROE of 15.6%, and a dividend floor (15% of operating profit) is codified. There are points to watch as well. The Q1 operating margin in the 18% range owes much to inventory revaluation from surging prices, so if memory prices stabilize or fall the margin could revert to the usual low-single-digit range, and profit would shrink with it. In other words, this company's results are tied as much to the memory cycle as to its own competitiveness. In sum, it is a structure that is strong while memory-price strength and shortage persist, and where profit converges to its usual level when legacy-memory demand softens and prices stabilize.
🔎 Valuation vs peers Undervalued
Though officially classified as "wholesale," its actual business is distributing Samsung-affiliated semiconductors and IT components, so listed semiconductor distributors were chosen as peers — Mirae Semiconductor being the closest as a fellow Samsung memory distributor, with Macus and Uniquest being non-memory-focused distributors.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Mirae Semiconductor | 16.00x | 1.69x | 24.84% |
| Macus | 12.06x | 2.37x | 19.34% |
| Uniquest | 5.97x | 0.48x | 8.88% |
(a) Within the peer set, fellow Samsung memory distributor Mirae Semiconductor (P/E 17.7x), non-memory distributor Macus (8.6x) and Uniquest (6.3x) are all on last year's results. (b) SAMT's P/E of 14x on last year's basis is within that range too, but the decisive difference is that this company is at an earnings inflection where profit changed abruptly in Q1 2026. Q1 net profit of ₩242.0 billion already exceeded triple last year's full-year figure (₩75.8 billion), and even conservatively assuming margins normalize in the second half, the multiple on this year's expected earnings falls to the low-single digits. (c) So placed alongside peers on last year's results it looks ordinary, but on a forward basis reflecting the earnings inflection its multiple is the lowest of any peer. This low forward multiple assumes "continued memory shortage and price strength"; if prices stabilize or fall, the margin reverts to the usual low-single-digit range and profit can shrink, so it must be read together with the cycle phase. On that premise, we judge the current price to be in a range valued low relative to this year's earnings strength.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩1.8 trillion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩10,060 and the market capitalization is ₩1.0 trillion. The price sits above its 20-day moving average (₩9,971) and below its 60-day moving average (₩12,824). 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 47.8, a neutral level. The one-month change is -5.4%, the three-month change is +27.3%, and the position relative to the 52-week high is -46.7%. Relative strength versus the KOSDAQ is 91 (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 86.7%. 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 +86.70% / 6M +201.93% / 12M +229.58%
Key metrics Computed vs sector median
Valuation
The P/E of 13.27x is above the sector median (10.99x). The P/B of 1.39x is above the sector median (0.62x). 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 42.4%, above the sector average (2.0%). The operating margin is 8.8%. The debt ratio is 213.3%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.5B | $2.0B | $2.6B | +30.01% ↓ slower |
| Operating profit | $37.6M | $47.3M | $80.0M | +69.07% ↑ faster |
| Net profit | $23.1M | $38.2M | $53.3M | +39.49% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.8B | $1.5B | $2.0B | $2.6B |
| Operating profit | $59.3M | $55.3M | $37.6M | $47.3M | $80.0M |
| Net profit | $42.2M | $40.6M | $23.1M | $38.2M | $53.3M |
| Revenue CAGR | 4-yr avg 13.90% | ||||
Revenue rose 30.0% year over year (2023 ₩2.1 trillion → 2024 ₩2.9 trillion → 2025 ₩3.8 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 69.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 13.9%. The two-year revenue CAGR is 32.3%. In the most recent quarter (Q1 2026), revenue was 134.9% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- ROE of 42.4% points to solid profitability.
- Revenue grew 30.0% year over year, a sign of growth.
Points to watch
- The figures shown are based on the last annual report as of the writing date, so it is best to review the latest quarterly results and filings alongside them.
Recent news & events searched · sourced
- 2026-05-15EarningsQ1 2026 consolidated revenue ₩1.7954 trillion (+134.9% YoY), operating profit ₩327.3 billion (+1,575%), net profit ₩242.0 billion (+1,932%). Operating margin of 18.2%, far above the usual level for distribution.Short term: confirms a sharp expansion of distribution margins from the memory shortage. Medium term: one quarter's net profit exceeded triple last year's full-year figure, exposing the gap between last year's valuation and actual earnings strength — material for a re-valuation. Source
- 2026-03-17Earnings2025 annual report (consolidated): revenue ₩3.7566 trillion (+30.0%), operating profit ₩113.9 billion (+69.1%), net profit ₩75.8 billion (+39.5%), ROE 15.6% — a record.Medium term: a record year that became the starting line for the 2026 surge. Confirms the trend of top-line expansion feeding into profit following the takeover of the Samsung distribution business. Source
- 2026-03-25FilingCorporate value-up plan (voluntary disclosure): laying out a growth direction of profitability-focused management and global-network expansion, with a minimum dividend-payout target of 15% of operating profit.Medium term: codifies a floor for shareholder returns. Material suggesting room to expand the dividend base in a phase of sharply higher profit. Source
- 2026-03-25DividendAt the regular shareholders' meeting, a year-end dividend of ₩230 per share for fiscal 2025 was confirmed (yield about 2.2%, payout ratio about 29.6%).Medium term: a stability factor showing the capacity to maintain and expand the dividend along with profit growth. Source
- 2026-05-28UpdateMajor shareholder Samji Electronics filed a report on a change in large-holding status (related to a reduction in its stake).Short term: a change in major-shareholder supply-demand can be a share-price factor. A supply-demand event separate from business fundamentals. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 annual revenue | ₩3.76 trillion | 3₩756.6 billion | Confirmed | link |
| Q1 2026 consolidated results | revenue 17,954·operating profit 3,273·net profit 2,420 | — | Confirmed | link |
| Dividend per share (2025) | ₩230 | ₩230 | Confirmed | link |
| 2026 expected net profit (forward) | approx. ₩440.0 billion(self-estimate) | — | Unverified | link |
Recent filings Source
- 2026-05-28OwnershipOwnership-change filing
- 2026-05-27Disclosure
- 2026-05-20OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-03-31Disclosure
- 2026-03-31Disclosure
- 2026-03-25Disclosure
- 2026-03-25Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-10Shareholders' 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.