Samji Electronics carries a telecom-equipment name, but its actual money comes from distributing semiconductors and electronic components through its listed subsidiary SAMT. SAMT buys components such as memory and MLCCs from Samsung Electronics and Samsung Electro-Mechanics and resells them to IT and automotive-electronics makers at home and abroad, accounting for about 94% of Samji's consolidated revenue. Samji posted 2025 consolidated revenue of ₩4.2911 trillion and operating profit of ₩162.4 billion, and in the first quarter of 2026 a surge in AI-related memory prices lifted cumulative operating profit more than twelvefold year on year. The point worth noting is that Samji's market cap is almost equal to the value of the SAMT stake it holds, so assets beyond the subsidiary are in effect being valued at nothing — an undervalued zone — though the fact that the source of profit is heavily driven by the memory price cycle deserves caution.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 376.9%).
- Revenue rose 27.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 113.5% higher than a year earlier.
- ROE is 15.6% (controlling-interest basis).
- Operating margin is 3.8%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Lee Ki-nam 22.11% (individual)
Controlling bloc incl. related parties 46.11%
With the controlling bloc holding 46%, the ownership structure is stable.
🔎 In-depth analysis
- Judging by its name alone, Samji Electronics looks like a telecom-equipment company, but most of its actual business is the distribution of semiconductors and electronic components through a subsidiary.
- The core is its listed subsidiary SAMT, in which it holds a 49.82% stake.
- SAMT is a distribution company that buys components such as memory, system semiconductors (S.LSI), MLCCs (multilayer ceramic capacitors) and batteries from Samsung Electronics, Samsung Electro-Mechanics and Samsung SDI, and resells them to smartphone and automotive-electronics makers at home and abroad.
- This component distribution accounts for about 94% of Samji's consolidated revenue.
- The remainder is roughly 5% from a construction subsidiary (Seil E&S) and about 1% from the original telecom-equipment business.
- The share price is ₩33,700, below its 20-day (₩36,848) and 60-day (₩38,564) moving averages.
- It sits above the 120-day line (₩30,502), however, which reads as a short-term pullback within a medium-term uptrend.
- The stock fell 18.2% over the past month, but it is up 26.0% over three months and 129.4% over six months, so the medium-to-long-term gain is large.
- The RSI (a gauge of overheating versus depression on a 0-100 scale) is 40.5, slightly below neutral, and the price sits about 40% below its 52-week high.
- The valuation metrics are low relative to earnings and assets.
- The P/E ratio (how many times a year's earnings the price represents) is 7.3x and P/B (price relative to net assets) is 1.1x.
- ROE (how much the company earns in a year on its equity) is a healthy 15.6%.
- As is typical of distribution, the operating margin is low at 3.8%, but the model generates returns by turning capital over quickly.
- What stands out is the debt ratio (debt relative to equity) at 376.9%, which is high.
- This is a structural feature of distribution, a business that runs on large inventory and trade payables; the current ratio is 1.46, so short-term liquidity is covered.
- Once debt is included the picture shifts somewhat: EV/EBIT (enterprise value divided by operating profit — effectively a debt-aware P/E) is 5.6x, actually lower than the P/E.
- Net debt (total borrowings less cash) is about ₩376.9 billion.
- That said, because of the heavy inventory and receivables tied up, recent free cash flow (cash actually in hand) is negative — profits are being made, but as is typical of a distributor in its growth phase, cash is locked up in working capital.
- Growth is clear.
- Consolidated revenue rose from ₩2.5262 trillion in 2023 to ₩4.2911 trillion in 2025, a sizeable increase for two straight years (a two-year average of +30%).
- Operating profit more than doubled over the same period, from ₩78.3 billion to ₩162.4 billion.
- Net profit attributable to owners was ₩75.7 billion in 2025.
- The inflection point is 2026.
- On a cumulative first-quarter basis, revenue rose 113.5% year on year and operating profit jumped more than twelvefold.
- As demand from AI servers and devices drove memory prices sharply higher, both the volume and the margin of SAMT's Samsung-component distribution improved at once.
- If this continues, this year's net profit attributable to owners has room to roughly double from last year.
- In that case the 7.3x P/E on last year's earnings falls to the low single digits, around 3x, on this year's expected earnings.
- In other words, on this year's rather than last year's results, the current share price is priced far more cheaply.
- The 2025 business report was filed alongside the March 2026 annual general meeting, confirming record results.
- In April a 2025 year-end cash dividend was decided (₩550 per share, a yield of about 1.6% on the market price).
- Between March and May, Samji, the largest shareholder, sold a small quantity of its SAMT stake on the open market, adjusting its holding to 49.82% — a minor change with little effect on control.
- Meanwhile, subsidiary SAMT set out, in its 2026 corporate-value enhancement plan, profitability-focused management and diversification of the products it handles into areas such as semiconductors, displays, secondary batteries and Apple IT devices.
- The key to Samji Electronics is not its P/E but what it holds.
- Most of the company's value comes from its stake in the listed subsidiary SAMT.
- Samji's current market cap is roughly equal to the market value of the SAMT stake it holds.
- Put differently, the construction subsidiary, the telecom-equipment business, other assets and treasury shares (13.2%) are effectively being assigned no value.
- Add this year's surge in earnings and both the asset-value and the earnings-value angles point to undervaluation.
- The favorable condition is clear: while AI demand keeps memory prices firm, distribution volume and margin improve together.
- The caution is equally clear: because the source of profit is Samsung's memory price cycle, if prices turn, both volume and margin slow together.
- And given the holding-style structure, consolidating the subsidiary's results tends to make net profit swing widely, while holding companies typically trade at a discount to the value of their subsidiaries — a point to bear in mind.
🔎 Valuation vs peers Undervalued
Because most of Samji's value comes from its stake in the listed subsidiary SAMT (031330), a comparison of stake value against the subsidiary is the most direct benchmark; note that pure holding-style companies in Korea typically trade at a discount to the value of their subsidiaries.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SAMT | 14.64x | 2.28x | 15.60% |
For Samji Electronics, it is more accurate to look at the market value of the assets it holds — its net asset value (NAV) — than at an earnings multiple (P/E). On the recent strength of listed subsidiary SAMT (P/E 14.6x, P/B 2.3x), the value of Samji's 49.82% stake alone is about ₩553.0 billion, roughly equal to Samji's own market cap. In other words, the market is explaining the entire market cap with the subsidiary stake alone, assigning almost no value to the construction subsidiary, the telecom business, other assets or treasury shares (13.2%). The reason the 1.1x P/B on book equity looks low is that the subsidiary stake is carried on the books at its low acquisition cost. The 7.3x P/E on last year's earnings is below the distribution-sector average, and with earnings surging from the first quarter of this year, the multiple falls further on expected earnings. The signals of undervaluation are consistent across both asset value and earnings value.
Price history Close · MA20 · MA60
The latest close is ₩33,700 and the market capitalization is ₩549.9 billion. The price sits below its 20-day moving average (₩36,848) and below its 60-day moving average (₩38,564). 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 40.5, a neutral level. The one-month change is -18.2%, the three-month change is +26.0%, and the position relative to the 52-week high is -40.2%. Relative strength versus the KOSDAQ is 95 (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 96% of all stocks. Over the past three months it outpaced the index by 58.4%. 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 +58.41% / 6M +150.46% / 12M +190.02%
Key metrics vs sector median
Valuation
The P/E of 7.27x is below the sector median (16.19x). The P/B of 1.14x is in line with the sector median (1.32x). 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 15.6%. The operating margin is 3.8%. The debt ratio is 376.9%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $1.7B | $2.2B | $2.8B | +27.72% ↓ slower |
| Operating profit | $51.9M | $76.6M | $107.7M | +40.51% ↓ slower |
| Net profit | $21.0M | $40.8M | $50.1M | +22.95% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.9B | $1.7B | $2.2B | $2.8B |
| Operating profit | $62.5M | $58.7M | $51.9M | $76.6M | $107.7M |
| Net profit | $20.3M | $31.9M | $21.0M | $40.8M | $50.1M |
| Revenue CAGR | 4-yr avg 14.65% | ||||
Revenue rose 27.7% year over year (2023 ₩2.5 trillion → 2024 ₩3.4 trillion → 2025 ₩4.3 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 40.5% year over year. The pace of that profit growth is gradually easing. Over the 5 years on record, revenue compound annual growth (CAGR) is 14.6%. The two-year revenue CAGR is 30.3%. In the most recent quarter (Q1 2026), revenue was 113.5% 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.
- ROE of 15.6% points to solid profitability.
- Revenue grew 27.7% 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
- 2026-03-17Earnings2025 business report filed. Consolidated revenue of ₩4.2911 trillion, operating profit of ₩162.4 billion and net profit attributable to owners of ₩75.7 billion confirmed record results.The strength of SAMT-led electronic-component distribution was confirmed in the results. A medium-term step up in earnings power. Source
- 2026-05-15EarningsQ1 2026 report filed. Cumulative revenue up 113.5% year on year and operating profit up more than twelvefold. Electronic-component distribution (SAMT) accounts for about 94% of consolidated revenue.A simultaneous improvement in distribution volume and margin driven by surging AI-memory prices. The basis for this year's earnings inflection. Source
- 2026-04-24Dividend2025 year-end cash dividend decided. ₩550 per share (yield of about 1.6% on the market price), payout ratio of about 10.8%.The dividend relative to earnings is still low, with most profit reinvested in the business as is typical of a distributor in its growth phase. Source
- 2026-05-18FilingThe largest shareholder, Samji Electronics, sold a small quantity of its SAMT stake on the open market, adjusting its holding to 49.82% (large-shareholding report).A minor change with no effect on control. Not a meaningful change to the subsidiary's ownership structure. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 net profit attributable to owners | ₩75.7 billion | ₩75.7 billion | Confirmed | link |
| Share of revenue from electronic-component distribution | revenue approx. 94% | 94.26% | Confirmed | link |
| SAMT ownership stake | 49.82% | 49.82% | Confirmed | link |
| 2026 net profit attributable to owners (outlook) | approx. ₩155.0 billion(self-estimate) | — | Unverified | link |
Recent filings
- 2026-05-18OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report
- 2026-04-30Disclosure
- 2026-04-24DividendCash/stock dividend decision (amended)
- 2026-04-03Disclosure
- 2026-03-25Disclosure
- 2026-03-25Shareholders' meeting notice
- 2026-03-17PeriodicAnnual business report
- 2026-03-16Audit report
- 2026-03-16OwnershipOwnership-change filing
- 2026-03-10Disclosure
- 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.