SNT Motiv (064960) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
SNT Motiv earns money along two lines. In auto parts, it supplies core components for the traction motors used in electric and hydrogen vehicles, along with engine parts, electrical components and airbags, to Hyundai Motor and Kia. In defense, it is effectively the sole supplier of the K2C1 rifle and machine guns to the Korean armed forces and exports machine guns to the Middle East. For 2025 the company kept its dividend at ₩1,700 per share (quarterly plus year-end, a payout ratio of 58%), and through its value-up plan it has formalized a push to expand overseas revenue, targeting the second half of 2026 to bring a U.S. production unit in Louisiana online. Defense revenue rose from ₩106.7 billion in 2021 to ₩165.3 billion in 2024. The strengths worth noting are a net-cash balance sheet with low debt, a dividend yield in the 6% range, two growth engines in EV motors and Korean defense, and a low forward valuation. The cautions are that the auto-parts business hinges on the pace of vehicle electrification and on Hyundai Motor and Kia volumes, that revenue slipped slightly in the most recent quarter, and that defense profit swings sharply from quarter to quarter depending on the timing of export contracts.
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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 “Automotive Electronics & Electrification Parts” (Automobiles & Parts), a type typically read first through forward P/E.
Automotive electrification and electronic components are growth-tilted businesses whose future results shift with the EV transition and new order wins, so expected profits explain the share price better than past earnings. That's why forward P/E — reflecting projected net income — comes before the trailing figure.
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 rose 3.9% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 4.7% lower than a year earlier.
- ROE is 7.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.2%.
- 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 SNT Holdings 45.12% (corporate)
Controlling bloc incl. related parties 46.29%
With the controlling bloc holding 46%, the ownership structure is stable.
🔎 In-depth analysis Reading
SNT Motiv earns money along two main lines. The first is auto parts. It supplies core components for the traction motors used in electric and hydrogen vehicles, plus engine parts, electrical components and airbags, to Hyundai Motor and Kia. The second is defense. The company is effectively the sole supplier of individual small arms such as the K2C1 rifle and machine guns to the Korean armed forces, and it has recently been exporting machine guns to the Middle East. In short, it straddles two tracks at once: the electrification of vehicles and the export of Korean defense products.
The latest close is ₩27,250 and the market capitalization is ₩723.2 billion. The price sits above its 20-day moving average (₩26,148) and below its 60-day moving average (₩28,229). 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 53.1, a neutral level. The one-month change is +4.0%, the three-month change is -20.1%, and the position relative to the 52-week high is -30.9%. Relative strength versus the KOSPI is 16 (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 16% of all stocks. Over the past three months it lagged the index by 2.9%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The valuation is on the low side. The P/E ratio (how many times one year of earnings the share price represents) is 10.39x, and the P/B (price relative to book equity) is 0.70x, meaning the stock trades below its book value. The balance sheet is solid. The debt ratio (borrowings relative to equity) is just 25.6%, and the company holds ₩233.4 billion more cash than total borrowings, a net-cash position. As a result, reflecting debt into enterprise value actually improves the picture: EV/EBIT (enterprise value divided by operating profit, a debt-adjusted cousin of the P/E) is 4.5x and EV/Sales (enterprise value over revenue) is 0.46x, both quite low. Profitability is ordinary, with an ROE (return on equity, how much is earned in a year on shareholders' equity) of 6.9%, but the standout is a dividend yield of 6.5% (₩1,700 per share, a 58% payout ratio).
Top-line growth is gradual. 2025 revenue was ₩1.0064 trillion, up 3.9% from the prior year, and operating profit rose 4.5%. Net profit, however, came to ₩69.6 billion, down 33% from the prior year's ₩104.3 billion — a base effect from large one-off gains in 2024. Given that net profit ran in the ₩80-87 billion range from 2021 to 2023, the ₩69.6 billion of 2025 looks closer to a trough. Indeed, in the first quarter of 2026 revenue fell 4.7% as auto parts softened somewhat, yet net profit rose 16.8% year on year to ₩24.9 billion. A rising share of higher-margin defense revenue, such as machine guns bound for the Middle East, appears to have improved the quality of earnings. If this trend holds, this year's net profit could well recover back into the ₩90 billion range. On that basis the forward P/E is about 7.5x, below the 10.0x calculated on last year's results.
Beyond earnings, shareholder returns and business expansion stand out. For 2025 the dividend, combining quarterly and year-end payments, held at a high ₩1,700 per share with a 58% payout ratio. Through its value-up plan the company has formalized a policy of expanding overseas revenue, including in the United States. As part of that, it plans to establish a production unit in Louisiana to make auto parts and defense products locally, targeting startup in the second half of 2026. Defense revenue has trended up from ₩106.7 billion in 2021 to ₩165.3 billion in 2024, with Middle East exports underpinning the move.
The strengths are clear: a net-cash balance sheet with low debt, a dividend in the 6% range, and two growth engines in EV motors and Korean defense. With a low forward valuation, the undervaluation appeal could come to the fore if earnings are recovering from a trough. The cautions are also real. Auto parts depend on the pace of vehicle electrification and on Hyundai Motor and Kia volumes, and the slight revenue dip in the most recent quarter bears watching. Defense profit swings widely by quarter with the timing of export contracts. The U.S. plant is both a growth opportunity and an early-stage investment burden. In sum, the stock is strong if defense exports and the net-profit recovery continue, and weak if the auto-parts softness drags on or defense orders are delayed.
🔎 Valuation vs peers Undervalued
Compared jointly against auto-parts makers that supply EV traction motors and defense firms that handle small arms and machine guns; Hyundai Wia and HL Mando serve as auto-parts references, and Hanwha Systems and LIG Defense & Aerospace as defense references.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hyundai Wia | 17.25x | 0.47x | 0.89% |
| HL Mando | 24.03x | 0.85x | 4.19% |
| Hanwha Systems | 54.67x | 2.68x | 5.00% |
| LIG Defense & Aerospace | 60.96x | 10.23x | 20.46% |
Whether measured against the auto-parts peers (Hyundai Wia at 17.6x, HL Mando at 22.7x) or the defense peers (Hanwha Systems at 57.8x, LIG at 66.2x), SNT Motiv's forward P/E of 7.79x is low. Of course, with modest growth and a smaller scale, SNT Motiv is unlikely to command the multiples of the large defense names. Even so, factoring in its net cash, high dividend and sole-supplier position in defense, the current valuation looks like a spot that barely reflects any defense premium. Because last year's net profit was low on a one-off base, the trailing P/E of 10x can look somewhat high, but the key point is that on a forward basis, as earnings recover, it falls lower.
Price history Close · MA20 · MA60
The latest close is ₩27,250 and the market capitalization is ₩723.2 billion. The price sits above its 20-day moving average (₩26,148) and below its 60-day moving average (₩28,229). 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 53.1, a neutral level. The one-month change is +4.0%, the three-month change is -20.1%, and the position relative to the 52-week high is -30.9%. Relative strength versus the KOSPI is 16 (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 16% of all stocks. Over the past three months it lagged the index by 2.9%. 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 -2.95% / 6M -37.91% / 12M -58.63%
Key metrics Computed vs sector median
Valuation
The P/E of 10.39x is above the sector median (6.24x). The P/B of 0.70x is above the sector median (0.46x).
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 9.8%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.1%, above the sector average (5.0%). The operating margin is 10.2%. The debt ratio is 23.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $798.2M | $680.7M | $707.0M | +3.87% ↑ faster |
| Operating profit | $81.9M | $68.9M | $72.0M | +4.51% ↑ faster |
| Net profit | $61.1M | $73.3M | $48.9M | -33.27% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $661.6M | $734.0M | $798.2M | $680.7M | $707.0M |
| Operating profit | $64.3M | $78.6M | $81.9M | $68.9M | $72.0M |
| Net profit | $56.3M | $61.5M | $61.1M | $73.3M | $48.9M |
| Revenue CAGR | 4-yr avg 1.67% | ||||
Revenue rose 3.9% year over year (2023 ₩1.1 trillion → 2024 ₩968.9 billion → 2025 ₩1.0 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit rose 4.5% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 1.7%. The two-year revenue CAGR is -5.9%. In the most recent quarter (Q1 2026), revenue was 4.7% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 6.2%, is on the high side.
- The balance sheet is stable in terms of debt and liquidity.
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
- 2026-04-30EarningsQ1 2026 results disclosed. Revenue of ₩215.6 billion (-4.7% YoY) and operating profit of ₩21.5 billion (-6.4%), but net profit rose 16.8% year on year to ₩24.9 billion.Net profit rising despite falling revenue signals an improvement in the quality of earnings, read as contributions from a higher-margin mix such as defense and financial income on the net-cash position. Source
- 2026-05-12FilingQ1 2026 quarterly report filed.Quarterly results and segment and financial details were formally disclosed. Source
- 2026-01-29DividendYear-end cash and in-kind dividend approved. A combined ₩1,700 per share for the year (including quarterly dividends), sustaining a high payout at around a 58% ratio.A dividend yield in the 6% range at the current price. The generous shareholder return is a factor supporting the downside. Source
- 2025-05-28FilingValue-up plan disclosed. Sets out a direction to expand overseas revenue, including in the United States, and to secure local production and sales bases in auto parts and defense.Formalizes the medium- to long-term growth direction and the intent to enhance shareholder value, though no specific revenue or profit targets were provided. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-05-29Corporate governance report
- 2026-05-12PeriodicQuarterly report
- 2026-05-12DividendCash/stock dividend decision
- 2026-04-30Shareholders' meeting notice
- 2026-04-30EarningsFair-disclosure notice
- 2026-04-22Amended filing
- 2026-04-22Disclosure
- 2026-04-15Disclosure
- 2026-04-15Shareholders' meeting notice
- 2026-03-23Disclosure
- 2026-03-23Disclosure
- 2026-03-16Disclosure
📖 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.