SAMG Entertainment plans and produces character intellectual property (IP) such as 'Catch! Teenieping' and 'Miniforce' in-house, distributes it as animation, and then extends it into merchandise (MD) like toys, figures, and apparel. In 2025, toys and fashion accessories made up about ₩107.6 billion, more than three-quarters of revenue, followed by licensing at about ₩26.5 billion, while overseas revenue of about ₩35.1 billion accounted for a quarter of the total. A March 2026 disclosure of a profit-structure change of 30% or more confirmed the 2025 swing to profit, a May IR explained the IP strategy, and follow-on handling of previously issued convertible bonds, including the retirement of the company's own CBs, means share count and capital changes should be watched alongside. On the plus side, revenue has grown every year over five years on its own IP, the company reached its first profit, and with an ROE of 37.1% and an operating margin of 16.0% at a forward P/E of 8.7x it is light versus peers; but 2025 net profit included non-operating gains, and Q1 showed slowing top line and profit, so quarterly results can swing sharply with the hit cycle.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 21.3% year over year, and the pace is slowing (3-year trend: rising).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 5.5% higher than a year earlier.
- ROE is 37.1% (controlling-interest basis). It is above the sector average.
- Operating margin is 16.0%.
- The P/E sits below the sector median.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Su-hun 14.94% (individual)
Controlling bloc incl. related parties 21.52%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- SAMG Entertainment earns money by planning and producing character intellectual property (IP) in-house.
- Its core IPs are 'Catch!
- Teenieping' and 'Miniforce,' popular with girls aged four to seven; it turns these characters into animation distributed to broadcast and OTT, and once popularity is confirmed extends them into merchandise (MD) such as toys, figures, apparel, and food and beverages.
- Indeed, in the 2025 revenue mix, toys and fashion accessories made up about ₩107.6 billion, more than three-quarters of total revenue, followed by licensing revenue of about ₩26.5 billion and service revenue of about ₩6.5 billion.
- In other words, the center of profit is goods sales using the characters rather than the animation content itself.
- Overseas revenue of about ₩35.1 billion accounts for a quarter of the total, meaning the share from markets such as China and Japan is also growing meaningfully.
- The recent closing price is ₩26,200 and market capitalization is ₩267.4 billion.
- The price sits above the 20-day line (₩24,988) but below the 60-day line (₩30,136).
- With the short- and medium-term trends diverging, the direction should be read separately.
- RSI (an auxiliary indicator that gauges upward versus downward momentum over the past 14 days on a 0-100 scale) is 52.0, a neutral level.
- The one-month change is +7.8%, the three-month change is -13.5%, and the position versus the 52-week high is -71.5%.
- Relative strength versus KOSDAQ is 42 (1-99, computed from returns against the index over the past year with recent periods weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 58% of all stocks by strength.
- Over the past three months it led the index by 10.0%.
- Chart reading is best done alongside trading volume and disclosure dates.
- The P/E (how many times one year's earnings the price represents) is 7.0x on the most recent annual profit, and the P/B (how many times net assets the price represents) is 3.24x.
- For an inflection stock whose earnings have just turned from loss to profit, the forward view, based on this year's expected profit rather than a single past year's figure, is closer to the company's true picture, and on that basis the stock does not look expensive.
- ROE (how much is earned in a year on equity) is very high at 37.1%, but with equity (about ₩81.0 billion) not large, a big profit pushes the ratio up, so rather than assuming this level continues every year it is better read as a signal that 'profitability has swung favorably.' The debt ratio (debt against equity) is 167%, an ordinary level, while the current ratio (assets convertible within a year against debt due within a year) is 266%, giving ample short-term liquidity.
- One thing to reference: 2025 net profit (₩30.1 billion) was larger than operating profit (₩22.6 billion) because non-operating gains were added, so for core profitability it is better to look at operating profit alongside.
- Revenue climbed steeply every year over five years: ₩38.4 billion in 2021, ₩68.3 billion in 2022, ₩95.1 billion in 2023, ₩116.4 billion in 2024, and ₩141.3 billion in 2025 (+21.3% year on year, a five-year revenue CAGR of about 39%).
- Profit was even more dramatic: after operating and net losses every year from 2021 to 2024, it swung to its first profit in 2025 with operating profit of ₩22.6 billion and net profit of ₩30.1 billion (a turnaround).
- The forward P/E of 8.7x on this year's expected profit forms at a low level versus peers because this profitable footing is expected to continue this year.
- Proven IPs like Teenieping and Miniforce steadily recoup money through toys and licensing, overseas revenue has grown to a quarter of the total, widening the market, and operating leverage from moving out of losses (the effect whereby rising revenue reduces the fixed-cost burden and lifts profit even more) provides support.
- That said, in the most recent Q1 2026 top-line growth slowed to +5.5% and profit fell, with operating profit -38.2% and net profit -18.6%.
- This illustrates a business whose quarterly results swing with new-IP hits and seasonality, so it is better read on an annual trend than on a single quarter.
- The disclosures show the flow of the character-IP business.
- A March 2026 disclosure of a 'change of 30% or more in revenue or profit structure' officially confirmed the 2025 swing to profit (operating and net profit turning from loss to profit), followed by the annual report the same month and the May quarterly report.
- In May the company held an IR to explain its business status and IP strategy directly.
- Meanwhile, in connection with previously issued convertible bonds (bonds exchangeable for shares), handling such as the retirement of the company's own CBs continued; because conversion can affect share count and capital, it is worth watching alongside.
- No disclosures of dividends or large single supply contracts were confirmed, so the core of current value lies in the core-business results of IP hits and goods sales.
- The strengths are distinct.
- On its own IP (Teenieping, Miniforce), revenue grew rapidly every year over five years and it reached its first profit in 2025, with the overseas share rising to a quarter.
- Profitability (ROE 37.1%, operating margin 16.0%) is good and short-term finances are stable.
- Above all, the forward P/E of 8.7x on this year's expected profit is lower than peers in the same 'IP-to-goods' business, so for a company that has just passed an earnings inflection the price is not heavy.
- Cautions are noted too.
- 2025 net profit included non-operating gains, so core profitability is better confirmed on an operating-profit basis, and Q1 2026 showed both a top-line slowdown and profit decline.
- Share-count changes from past CB conversions are also worth examining.
- In sum, this company is strong 'when goods and licensing recoupment from proven IP, new hits, and overseas expansion continue,' and weak 'when core IP popularity cools or new hits lag and margins are pressured.' Given the nature of the character business, quarterly results can swing sharply with the hit cycle, and it should be read on that premise.
🔎 Valuation vs peers Inconclusive
Compared not against music-label-centered entertainment but against the business substance of monetizing in-house character IP into toys and goods; Aurora (toys and character IP) is the most similar, and as an IP-hit-based content maker, large entertainment names are treated only as contextual reference.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Aurora World | 9.30x | 1.15x | 12.40% |
| JYP Entertainment | 10.94x | 2.83x | 25.87% |
| YG Entertainment | 20.79x | 1.49x | 7.19% |
Against Aurora (P/E about 9x), the most similar business, the trailing P/E of 9.5x sits at a spot that is neither notably expensive nor cheap. The P/B of 3.24x is higher than Aurora's (1.1x), which can be seen as a premium reflecting the high ROE, though that ROE is itself inflated by thin equity and one-off gains. The key points are that 2025 profit included non-operating elements, which can make the trailing P/E look lower than reality, and that the Q1 2026 profit decline means the multiple can rise further on a this-year expected-profit basis. Because profit swings sharply with the IP-hit cycle, it is hard to firmly judge cheap or expensive from a single P/E.
Price history Close · MA20 · MA60
The latest close is ₩26,200 and the market capitalization is ₩267.4 billion. The price sits above its 20-day moving average (₩24,988) and below its 60-day moving average (₩30,136). 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 52.0, a neutral level. The one-month change is +7.8%, the three-month change is -13.5%, and the position relative to the 52-week high is -71.5%. Relative strength versus the KOSDAQ is 42 (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 42% of all stocks. Over the past three months it outpaced the index by 10.0%. 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 +9.98% / 6M -20.64% / 12M -64.96%
Key metrics vs whole-market median
Valuation
The P/E of 8.73x is below the whole-market median (13.81x). The P/B of 3.24x 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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 37.1%, above the whole-market average (5.0%). The operating margin is 16.0%. The debt ratio is 167.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $63.0M | $77.2M | $93.6M | +21.31% ↓ slower |
| Operating profit | -$6.2M | -$4.0M | $15.0M | — |
| Net profit | -$11.4M | -$12.9M | $19.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $25.4M | $45.3M | $63.0M | $77.2M | $93.6M |
| Operating profit | $2.2M | -$241,204 | -$6.2M | -$4.0M | $15.0M |
| Net profit | -$7.3M | -$15.2M | -$11.4M | -$12.9M | $19.9M |
| Revenue CAGR | 4-yr avg 38.51% | ||||
Revenue rose 21.3% year over year (2023 ₩95.1 billion → 2024 ₩116.4 billion → 2025 ₩141.3 billion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 38.5%. The two-year revenue CAGR is 21.9%. In the most recent quarter (Q1 2026), revenue was 5.5% 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 37.1% points to solid profitability.
- Revenue grew 21.3% year over year, a sign of growth.
- 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
- 2026-03-16EarningsDisclosure of a 2025 revenue/profit-structure change of 30% or more — officially confirms operating and net profit turning from loss to profitNear term: the first annual profit marks a fundamental turning point. Medium term: the durability of the profit (the share of non-operating gains) needs verifying in coming results. Source
- 2026-03-23Filing2025 annual report filed — confirms a revenue mix centered on toys and fashion accessories (about ₩107.6 billion) and licensing (about ₩26.5 billion) and about ₩35.1 billion overseasMedium term: confirms a business structure in which more than three-quarters of revenue comes from goods (MD) and the overseas share reaches a quarter. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed — revenue +5.5% but operating profit -38.2% and net profit -18.6%, a profit declineNear term: a margin-slowdown signal warranting a growth check. Medium term: suggests quarterly results can swing with the hit cycle. Source
- 2026-05-15IRIR held — the company directly explained its business status and IP strategyMedium term: a communication channel to confirm the company's official direction on new IP and overseas expansion. Source
- 2026-03-03UpdateDecision to retire the company's own convertible bonds (second series) and related CB handling — a matter affecting share count and capitalMedium term: conversion of convertible bonds can raise the number of shares outstanding and dilute per-share value, so the flow should be monitored. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| 2025 swing to profit (operating and net profit from loss to profit) | operating profit 226, net profit 301 | 30% | Confirmed | link |
| Q1 2026 earnings direction | revenue 377(+5.5%), operating profit 39(-38.2%), net profit 46(-18.6%) | (2026.03) | Confirmed | link |
| 2025 revenue mix | approx. 1,076, approx. 265, approx. 65, approx. 351 | (2025.12) | Confirmed | link |
| Trailing P/E | 9.45x | — | Unverified | link |
Recent filings
- 2026-06-10OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-27Disclosure
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-03Amended filing
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-16Disclosure
- 2026-03-16Shareholders' meeting notice
- 2026-03-16EarningsAmended filing
- 2026-03-04Amended 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.