SNT Holdings is a holding company whose subsidiaries include SNT Dynamics, which makes defense transmissions and guns and artillery; SNT Motiv, which makes firearms and automotive motors; and SNT Energy, which makes plant and power-generation equipment. Defense is the center of profit, with auto parts and plant equipment providing support. In June 2026 an amended single-sale/supply-contract disclosure by a subsidiary confirmed the flow of defense orders, and May decisions on cash and in-kind dividends by several subsidiaries confirmed the holding company's cash source; the 2025 annual consolidated preliminary results were also disclosed in late April. The strengths are that defense-centered subsidiary earnings are in a multi-year upcycle, the company is in a net-cash position with a dividend yield above 6%, and the value of its listed-subsidiary stakes far exceeds its market cap. The cautions are that quarterly net profit swings with equity-method income and non-controlling-interest allocation, and that the timing of defense-export revenue recognition can shift with buyer countries' contract schedules.
At-a-glance assessment financial health · growth · profitability · valuation
- For financial companies, debt and interest costs are large by the nature of the business, so the debt ratio and interest coverage cannot be read on the same yardstick as an ordinary company.
- Revenue rose 22.8% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 3.0% higher than a year earlier.
- ROE is 9.4% (controlling-interest basis). It is above the sector average.
- Operating margin is 13.5%.
- Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Pyung-gyu 50.76% (individual)
Controlling bloc incl. related parties 64.47%
With the controlling bloc holding 64%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Fairly valued38% discount to NAV
💡 How to read a holding company · A holding company owns stakes in several subsidiaries. Its P/E swings with equity-method gains and losses on those stakes, so read it only as a rough guide. P/B is more meaningful because subsidiary stakes sit in equity, but book value carries them at low historical cost (so P/B looks higher than reality). The most accurate view is the price against the market value of those stakes (NAV) ↓
Valued against the net asset value (NAV) of its listed holdings rather than a consolidated P/E — see the in-depth valuation for the detailed basis.
Listed subsidiaries ownership
| SNT Energy | 54.36% |
| SNT Motiv | 45.12% |
| SNT Dynamics | 42.27% |
| SMEC | 13.65% |
🔎 In-depth analysis
- SNT Holdings does not make products itself.
- It is a holding company that owns shares in several subsidiaries and receives dividends from them.
- The substance that earns money lies in the subsidiaries.
- The largest is SNT Dynamics, which makes defense transmissions and guns and artillery.
- Added to that are SNT Motiv, which makes firearms such as pistols and rifles as well as automotive motors, and SNT Energy, which makes air-cooled heat exchangers for petrochemical plants and heat-recovery steam generators for power plants.
- In other words, defense is the center of profit, with auto parts and plant equipment providing support.
- The latest close is ₩48,000 and the market cap is ₩782.6 billion.
- The price sits below the 20-day line (₩50,178) and below the 60-day line (₩54,371).
- Trading below both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a gauge that scores upward versus downward momentum over the past 14 days on a 0-100 scale) is 41.7, a neutral level.
- The one-month change is -2.6%, the three-month change is -16.8%, and the position versus the 52-week high is -45.6%.
- Relative strength versus the KOSPI is 18 (1-99, based on the past year's return against the index with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 83% of all stocks by strength.
- Over the past three months it lagged the index by 34.8%.
- Chart reading is best done alongside volume and the dates of disclosures.
- The P/E (how many times one year's earnings the price represents) is 6.02x, below the market average.
- The P/B (how many times book net assets the price represents) is 0.57x, about half of book value.
- That said, a holding company records its subsidiary stakes at their original acquisition cost, low on the books.
- As a result, book net assets themselves are understated relative to actual value, creating an illusion that the P/B looks higher than it really is.
- Profitability is firm.
- ROE (how much is earned in a year on equity) is 9.4% and the operating margin is 13.5%.
- The cash position is especially good.
- Net debt (total borrowings minus cash; negative means net cash) is -₩318.9 billion, so cash exceeds debt.
- The FCF yield (actual cash generated relative to market cap) is a high 11.9%.
- EV/EBIT (enterprise value, which factors in debt and cash, divided by operating profit) is just 1.6x.
- In other words, once debt is accounted for, it looks even cheaper.
- The top line is clearly growing.
- 2025 revenue was ₩2.2357 trillion, up 22.8% from the prior year.
- Operating profit rose 30.1% to ₩300.7 billion.
- Operating profit has trended up for five straight years.
- Net profit fell 9.1% in 2025 to ₩129.9 billion from ₩142.9 billion the year before.
- This is a base effect from large one-off gains in 2024, not a deterioration in the underlying business.
- In the first quarter of 2026, operating profit again rose 21.7% year on year to ₩64.6 billion.
- The core of the growth is defense.
- SNT Dynamics' defense-transmission exports surged from about US$36 million in 2023 to about US$130 million in 2025, a spillover from the expansion of overseas orders for the K9 self-propelled howitzer and K2 tank.
- This flow is expected to continue in 2026.
- Reflecting this operating momentum, this year's net profit is expected to rise above last year's.
- In that case the forward P/E is about the low-5x range, actually lower than the 6.1x now visible.
- Recent disclosures center on the subsidiaries.
- In June 2026 a subsidiary's single-sale/supply contract was disclosed in amended form, showing that the flow of defense orders is continuing.
- In May 2026, decisions on cash and in-kind dividends by several subsidiaries were disclosed in succession, confirming that the dividends flowing up from subsidiaries are the holding company's cash source.
- In April 2026 a decision to acquire and dispose of shares in other companies was disclosed, a signal that the holding company is adjusting its equity structure.
- In late April, the 2025 annual consolidated preliminary results were also disclosed.
- The strengths are clear.
- Defense-centered subsidiary earnings are in a multi-year upcycle.
- Despite being a holding company, it is in a net-cash position, with a dividend yield above 6%.
- Above all, the value of the listed-subsidiary stakes it holds far exceeds the holding company's market cap.
- There are cautions too.
- The holding company's net profit can swing quarter to quarter with equity-method income from subsidiaries and non-controlling-interest allocation.
- For defense exports, the timing of revenue recognition can shift with the buyer countries' contract schedules.
- In sum, when defense orders and subsidiary earnings hold up, the undervaluation appeal comes into focus.
- Conversely, when an order gap or swings in equity-method income overlap, this is a stock whose earnings volatility rises.
🔎 Valuation vs peers Undervalued
In substance a holding company owning defense, auto-parts, and plant-equipment subsidiaries, so it is compared against its listed subsidiaries and similar holding companies.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SNT Dynamics | 17.63x | 1.25x | 7.10% |
| SNT Motiv | 9.64x | 0.66x | 6.87% |
| SNT Energy | 5.93x | 1.37x | 23.13% |
| SeAH Steel Holdings | 6.84x | 0.21x | 3.07% |
Judging a holding company by P/E and P/B alone creates misunderstanding. Because subsidiary stakes are recorded at acquisition cost, low, book value is understated relative to actual value, and the P/B looks higher than it really is. A holding company should therefore be viewed by the market value of the stakes it holds (NAV). Its three core subsidiaries (SNT Dynamics, SNT Motiv, SNT Energy) are all listed, so their stake values can be confirmed at market prices. SNT Holdings' combined stake value in these is about ₩1.3 trillion, far exceeding the holding company's market cap of about ₩0.79 trillion. That is roughly a 38% discount to NAV. It falls within the usual holding-company discount range (30-50%), but taking the net-cash position, high dividend, and defense cycle together, there is room to see it as near the lower end. Also, the 2025 trailing P/E of 6.1x rests on net profit depressed by the prior-year one-off base. On a forward basis reflecting first-quarter operating-profit growth and expanding defense exports, the P/E falls further, to about the low-5x range.
Price history Close · MA20 · MA60
The latest close is ₩48,000 and the market capitalization is ₩782.6 billion. The price sits below its 20-day moving average (₩50,178) and below its 60-day moving average (₩54,371). 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 41.7, a neutral level. The one-month change is -2.6%, the three-month change is -16.8%, and the position relative to the 52-week high is -45.6%. Relative strength versus the KOSPI is 18 (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 17% of all stocks. Over the past three months it lagged the index by 34.8%. 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 -34.81% / 6M -43.26% / 12M -62.77%
Key metrics vs sector median
Valuation
The P/E of 6.02x is in line with the sector median (6.67x). The P/B of 0.57x is above the sector median (0.49x).
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 9.4%, above the sector average (5.0%). The operating margin is 13.5%. The debt ratio is 236.7%, but for financial firms deposits and insurance liabilities count as debt, so it cannot be read on the same yardstick as an ordinary company.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.3B | $1.2B | $1.5B | +22.81% ↑ faster |
| Operating profit | $118.6M | $153.2M | $199.3M | +30.06% ↑ faster |
| Net profit | $57.9M | $94.7M | $86.1M | -9.10% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $930.6M | $1.1B | $1.3B | $1.2B | $1.5B |
| Operating profit | $83.2M | $95.9M | $118.6M | $153.2M | $199.3M |
| Net profit | $51.2M | $34.1M | $57.9M | $94.7M | $86.1M |
| Revenue CAGR | 4-yr avg 12.33% | ||||
Revenue rose 22.8% year over year (2023 ₩1.9 trillion → 2024 ₩1.8 trillion → 2025 ₩2.2 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 30.1% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 12.3%. The two-year revenue CAGR is 8.6%. In the most recent quarter (Q1 2026), revenue was 3.0% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 6.2%, is on the high side.
- Revenue grew 22.8% 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
- 2026-06-08FilingAmended disclosure of a subsidiary's single-sale/supply contract. An extension of the flow of defense-related orders.Widens visibility on subsidiary revenue. Positive over the medium term for the holding company's consolidated results and dividend capacity. Source
- 2026-05-12DividendDisclosure of cash and in-kind dividend decisions by multiple subsidiaries. Confirms the subsidiary dividend flow that funds the holding company's dividend.The basis for maintaining the holding company's dividend yield in the 6% range. A stable inflow of cash. Source
- 2026-04-30EarningsFair disclosure of 2025 annual preliminary operating results on a consolidated basis. Revenue ₩2.2357 trillion, operating profit ₩300.7 billion.Confirms top-line growth of 22.8% and operating-profit growth of 30.1%. Evidence of defense-centered growth. Source
- 2026-04-22FilingDisclosure of a decision to acquire and dispose of shares and investment securities in other companies. The holding company adjusting its equity structure.A signal of portfolio reshaping. Could affect the composition of held-stake value (NAV). Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| First-quarter 2026 consolidated results | revenue 4,805·operating profit 646·net profit 477 | (2026.03) | Confirmed | link |
| 2025 annual consolidated results | revenue 22,357·operating profit 3,007 | — | Confirmed | link |
| Estimated 2026 forward net profit | approx. 1,500(forward PER approx. 5.3x) | — | Unverified | link |
Recent filings
- 2026-06-08Single supply/sales contract (amended)
- 2026-05-29Corporate governance report
- 2026-05-12DividendCash/stock dividend decision (amended)
- 2026-05-12PeriodicQuarterly report
- 2026-05-12DividendCash/stock dividend decision
- 2026-05-12DividendCash/stock dividend decision
- 2026-05-12DividendCash/stock dividend decision
- 2026-05-12DividendCash/stock dividend decision
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-27OwnershipOwnership-change filing
- 2026-04-22Disclosure
- 2026-04-22Amended filing
📖 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.