Simmtech Holdings does not make products itself; it is a holding company that owns a 32.43% stake in its core subsidiary Simmtech. Actual revenue comes from Simmtech, which makes semiconductor package substrates and PCBs for memory modules and supplies them to global memory makers, so the parent's results and share price are effectively linked to Simmtech's substrate cycle and share price. In 2026 a series of financing disclosures followed, including an April exchangeable bond issuance and a June acquisition of its own bonds, and a May fair disclosure of preliminary consolidated results confirmed a swing to profit in the first quarter. The point to watch now is that the market value of the listed subsidiary Simmtech stake is about ₩1.6 trillion, more than six times the parent's market cap of about ₩230 billion, so the NAV discount is very deep, and recovering demand for AI and HBM substrates supports the asset value—strengths—while at the same time the consolidated profit is still small, the debt ratio is high, and the holding-company discount is structural, so it swings together with the subsidiary's share price.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 6231.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 60.6%).
- The most recent full-year net result was a loss.
- Revenue rose 17.3% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 36.6% higher than a year earlier.
- ROE is -147.6% (controlling-interest basis). It is below the sector average.
- Operating margin is -2.2%.
- 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 Jeon Se-ho 36.81% (individual)
Controlling bloc incl. related parties 51.4%
With the controlling bloc holding 51%, control is very secure but the free float is thin.
Net asset value (NAV) assessment Undervalued84% 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
| Simmtech | 33.19% |
🔎 In-depth analysis
- Simmtech Holdings does not make products itself; it is a holding company that owns a 32.43% stake in its core subsidiary Simmtech (222800).
- The actual money is earned by the subsidiary Simmtech.
- Simmtech makes semiconductor package substrates and printed circuit boards (PCBs) for memory modules and supplies them to global memory chipmakers, with memory module PCBs, FC-CSP substrates, and SiP module substrates among its mainstays.
- Accordingly, this company's results and share price are effectively linked to Simmtech's substrate business cycle and to Simmtech's share price.
- As a holding company, its own parent revenue (brand fees, management advisory, and so on) is small, and most of the ₩1.5 trillion in consolidated revenue comes from the subsidiary Simmtech.
- The latest close is ₩3,435 and the market cap is ₩181.5 billion.
- The price sits below the 20-day line (₩4,240) and below the 60-day line (₩4,348).
- Being under both the short- and mid-term moving averages, the trend is on the depressed side.
- RSI (a supplementary gauge that weighs upward versus downward force over the past 14 days on a 0–100 scale) is 40.0, a neutral level.
- The one-month change is -23.4%, the three-month change is +35.5%, and the position versus the 52-week high is -44.1%.
- Relative strength versus the KOSDAQ is 91 (1–99, converting the past year's return versus the index with more weight on recent periods; higher means stronger than the market).
- That places it in roughly the top 8% of all stocks by strength.
- Over the past three months it outpaced the index by 62.0%.
- Chart reading is best done together with volume and disclosure dates.
- This stock shows its true value when read through the assets held (the subsidiary stake) rather than the income statement.
- On a consolidated basis 2025 was in the red, with an operating loss of ₩34.2 billion and a net loss of ₩37.8 billion, so the P/E ratio (how many times one year's earnings the price is) cannot be calculated.
- The P/B (how many times net assets the price is) prints high at 7.08x, but this is an optical effect from the thin standalone equity of the holding company, not a sign that it is truly expensive.
- The real value lies in the market value of the subsidiary stake the parent holds, and that market value (about ₩1.6 trillion) is more than six times the parent's market cap (about ₩230 billion).
- In other words, it trades at about an 84% discount to net asset value (NAV), well beyond the 30–50% discount a holding company usually receives—a clear undervaluation signal on an asset basis.
- That said, the high debt ratio and the fact that the subsidiary's recovery is still early should be weighed together.
- The direction of the recovery is distinct.
- Consolidated revenue was ₩1.528 trillion in 2025, up +17.3% year on year and rising for a third straight year, while the operating loss narrowed quickly from -₩206.3 billion in 2023 to -₩131.5 billion in 2024 to -₩34.2 billion in 2025.
- In the first quarter of 2026, revenue jumped +36.6% year on year and it swung to profit with operating profit of +₩0.96 billion and net profit of +₩0.20 billion.
- This is an inflection past shrinking losses into the early stage of profit.
- The driver of this recovery is clear: as memory chip demand revives with the spread of AI and HBM (high-bandwidth memory), orders for the package and module substrates the subsidiary Simmtech makes are rising, with utilization and unit prices improving together.
- A trend of double-digit revenue growth and losses shrinking to a quarter of the prior year in a single year reads more naturally as a phase where the industry cycle has passed the bottom and turned up, rather than a one-off rebound.
- In 2026, financing-related disclosures were concentrated.
- In April there was a decision to issue exchangeable bonds (EB) and its issuance result, followed in June by a decision to acquire its own bonds (share-related bonds), and an investor relations (IR) event was also held in April.
- In May, a fair disclosure of consolidated preliminary operating results confirmed the first-quarter swing to profit.
- An exchangeable bond is a bond that can be exchanged for held subsidiary shares and the like; it raises funds while potentially affecting future share supply and demand, so it cuts both ways.
- The strengths and cautions sit side by side.
- (Strengths) The market value of the listed subsidiary Simmtech stake (32.43%) is about ₩1.6 trillion, more than six times the parent's market cap of about ₩230 billion, so the discount to asset value is very deep.
- Even applying a step more conservative than the usual holding-company discount (30–50%), this is a level of undervaluation hard to explain.
- On top of this, recovering demand for AI and HBM package substrates is improving the subsidiary's cycle, and the first-quarter consolidated swing to profit supports this, so the asset value itself is firming.
- (Cautions) The consolidated profit is still small, so the durability of the earnings recovery needs to be confirmed through quarterly results, and the debt ratio is high.
- The holding-company discount is structural and does not narrow at once, and if the subsidiary's share price falls, the parent's value swings with it.
- In sum, the structure is strong when the subsidiary's cycle recovery and the narrowing of the NAV discount proceed together, and weak when the subsidiary's results turn down again or the holding discount becomes entrenched.
🔎 Valuation vs peers Inconclusive
The listed subsidiary Simmtech (222800), which runs the same semiconductor package substrate business, is the most direct basis for comparison and assessment, and given the holding-company nature we view it through the net asset value (NAV) of the held stake rather than P/E.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Simmtech | — | 7.67x | -28.52% |
This company is in the red, so it has no P/E, and its P/B carries a large standalone-basis optical distortion, so it should be viewed through asset value rather than profit and loss. The most direct comparison is the subsidiary Simmtech itself. Multiplying Simmtech's market cap (about ₩4.8 trillion) by the parent's 32.43% stake gives a stake value alone of about ₩1.6 trillion, whereas the parent's market cap is only about ₩256.5 billion, so it trades at a discount in the 80% range to NAV. On asset value alone there is large room for undervaluation, but the holding-company discount is typically 30–50%, structural, and not easily resolved, and with the subsidiary still early in recovering from a loss (ROE -28.5%), the stake value itself is highly volatile. Last year's confirmed (trailing) results were a loss, so a multiple judgment is impossible, and this year's forecast (forward) profit is still small, so it is hard to conclude. Therefore, rather than declaring it cheap or expensive, an inconclusive stance—watching whether the subsidiary's cycle recovery and the narrowing of the holding discount come together—is appropriate.
Price history Close · MA20 · MA60
The latest close is ₩3,435 and the market capitalization is ₩181.5 billion. The price sits below its 20-day moving average (₩4,240) and below its 60-day moving average (₩4,348). 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 40.0, a neutral level. The one-month change is -23.4%, the three-month change is +35.5%, and the position relative to the 52-week high is -44.1%. 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 62.0%. 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 +62.02% / 6M +61.55% / 12M +100.12%
Key metrics vs whole-market median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 7.08x is above the whole-market median (1.15x).
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 -147.6%, below the whole-market average (5.0%). The operating margin is -2.2%. The debt ratio is 6231.4%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $724.4M | $863.0M | $1.0B | +17.35% ↓ slower |
| Operating profit | -$136.7M | -$87.2M | -$22.7M | — |
| Net profit | -$65.4M | -$51.8M | -$25.1M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $905.4M | $1.1B | $724.4M | $863.0M | $1.0B |
| Operating profit | $113.2M | $198.7M | -$136.7M | -$87.2M | -$22.7M |
| Net profit | $18.2M | $22.0M | -$65.4M | -$51.8M | -$25.1M |
| Revenue CAGR | 4-yr avg 2.84% | ||||
Revenue rose 17.3% year over year (2023 ₩1.1 trillion → 2024 ₩1.3 trillion → 2025 ₩1.5 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating results are in the red, so a swing back to profit matters more than the growth rate here. Over the 5 years on record, revenue compound annual growth (CAGR) is 2.8%. The two-year revenue CAGR is 18.2%. In the most recent quarter (Q1 2026), revenue was 36.6% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
- Revenue grew 17.3% year over year, a sign of growth.
Points to watch
- Debt far exceeds equity (debt ratio 6231.4%).
- Assets that can be turned to cash within a year fall short of near-term liabilities (current ratio 60.6%).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-05-06EarningsFair disclosure of consolidated preliminary operating results — first-quarter revenue up about +36.6% year on year, with operating and net profit swinging to a slight profitShort term: confirming the inflection from shrinking losses into the early stage of profit improves sentiment. Mid term: whether the profit persists is the key to a re-valuation. Source
- 2026-04-10FilingMaterial fact report (decision to issue exchangeable bonds) — raising funds through bonds exchangeable for held shares and the likeShort term: reinforces financial flexibility by securing funds. Mid term: a factor in share supply/demand and stake value if exchange is claimed. Source
- 2026-04-22FilingSecurities issuance result (voluntary disclosure) — issuance of the first and second exchangeable bond tranches completeShort term: wraps up the financing process. Mid term: the future exchangeable volume remains a potential overhang factor. Source
- 2026-06-05FilingDecision to acquire share-related bonds — a decision related to acquiring its own bondsShort term: a signal of tidying up the bond-related financial structure. Mid term: needs checking from the angle of managing debt and interest burden. Source
- 2026-04-15IRDisclosure of an investor relations (IR) event — explaining the business status and future plansShort term: communication from the company eases information asymmetry. Mid term: shapes market expectations for the subsidiary's cycle and plans. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Simmtech Holdings' stake in Simmtech (222800) | approx. 33% | 32.43% | Confirmed | link |
| First-quarter 2026 consolidated swing to profit | operating profit +9.6, net profit +2.0, revenue +36.6% YoY (base) | — | Confirmed | link |
| 2025 consolidated loss (P/E not calculable) | net profit -378, EPS -₩715.8, PER null (base) | 2025 | Confirmed | link |
Recent filings
- 2026-06-05Disclosure
- 2026-05-14PeriodicQuarterly report
- 2026-05-06EarningsFair-disclosure notice
- 2026-04-22Disclosure
- 2026-04-22Disclosure
- 2026-04-15Disclosure
- 2026-04-10Material-fact report
- 2026-04-10Material-fact report
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18Disclosure
- 2026-03-18PeriodicAnnual business report
📖 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.