Samhyun's flagship is a '3-in-1' drive system that integrates the motor, controller and reducer into a single unit, and beyond conventional automotive electric power steering and actuators it is broadening into defense parts and robot drivetrains (in-wheel motors and humanoid-joint actuators), making it closer to a precision-drive-solutions company. In March it signed a ₩7.12 billion defense-parts supply contract (7.1% of 2024 revenue) with Hanwha Systems and decided to buy back and retire ₩3 billion of treasury shares, and in June it won an order for a mass-production prototype of a joint actuator from a global humanoid-robot company. What stands out lately is that its 3-in-1 technology is a core component that humanoid robots and defense need, with revenue backing and shareholder-return intent confirmed; on the other hand, the core business has thin operating margins and posted a first-quarter loss, making this year's earnings hard to pin down, so the speed at which the new businesses convert into revenue and profit will set the value.
At-a-glance assessment financial health · growth · profitability · valuation
- Operating profit barely covers the interest bill (interest coverage below 1x).
- Revenue fell 5.4% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 22.9% lower than a year earlier.
- ROE is 7.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 0.9%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Hwang Hee-jong 23.38% (individual)
Controlling bloc incl. related parties 68.5%
With the controlling bloc holding 68%, control is very secure but the free float is thin.
🔎 In-depth analysis
- Samhyun's flagship is not the motor (a part that produces force from electricity), the controller (a device that precisely commands the motor) or the reducer (gearing that lowers rotation speed and raises torque) sold separately, but a '3-in-1' drive system that fuses all three into a single block.
- This integrated structure builds the parts into one body, which makes it lighter and stronger while taking up less space.
- Traditionally the company earned revenue from vehicle parts such as automotive electric power steering and actuators, but recently it has been widening its axis into (1) defense parts (supplying Hanwha Systems with items such as antenna-pedestal units for Cheongung-family surface-to-air missiles) and (2) robot drivetrains (in-wheel motors for heavy-load autonomous robots and delivery robots, and joint actuators for humanoid robots).
- In other words, it looks like an auto-parts maker on the surface, but in substance it is closer to a company that sells 'precision drive solutions' to several industries.
- The latest close is ₩33,800 and market cap is ₩1.1 trillion.
- The price sits below its 20-day line (₩40,032) and below its 60-day line (₩48,352).
- Trading beneath both the short- and mid-term moving averages, the trend is on the soft side.
- The RSI (an auxiliary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 39.3, a neutral level.
- The one-month change is -31.4%, the three-month change is -26.0%, and the position versus the 52-week high is -53.8%.
- Relative strength against the KOSDAQ is 88 (on a 1-99 scale, computed from returns versus 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 11% of all stocks by strength.
- Over the past three months it lagged the index by 5.0%.
- Chart reading is best done alongside trading volume and filing dates.
- The valuation metrics look very high on the surface.
- The P/E ratio (how many years of net profit the price represents) is 102.95x, the P/B (how many times book net assets the price represents) is 8.17x, and the P/S (how many times revenue the price represents) is 11.7x.
- But these figures carry a big caveat: they are based on 'last year's results.' Operating profit in 2025 was just ₩0.8 billion, while net profit was ₩10.4 billion, meaning most of net profit came from non-operating income (financial income, valuation gains and the like earned outside the core business).
- Such income swings sharply year to year, so the P/E cannot be trusted at face value.
- ROE (how much is earned on equity in a year) is 7.9% and the operating margin is 0.9%, so core profitability is thin.
- On the balance sheet, the debt ratio (debt against equity) is 154%, but the current ratio (cash-like assets against debt due within a year) is 442%, so short-term liquidity is ample.
- In short, this company is priced more on 'the growth story ahead' than on 'the profit it earns now,' so it is hard to call it overvalued on the current P/E alone.
- Revenue moved from ₩99.8 billion in 2023 to ₩100.4 billion in 2024 to ₩95.0 billion in 2025, stagnant to slightly down, while operating profit fell three years running from ₩9.8 billion to ₩5.5 billion to ₩0.8 billion, thinning the core margin.
- Net profit actually rose to ₩10.4 billion on the back of non-operating income, but that is not a recovery of the core business.
- In the first quarter of 2026 revenue was ₩18.8 billion (-22.9% year on year) with an operating loss of ₩2.5 billion and a net loss of ₩2.7 billion, a swing into the red.
- This suggests the company is in a 'cost-front-loaded phase' before the robot and defense businesses ramp into revenue in earnest.
- The picture ahead rests on whether (1) the Hanwha Systems defense contract signed in March (₩7.1 billion, through 2029) is booked sequentially as revenue, and (2) the mass-production prototype order for a global humanoid-robot joint actuator that the company announced in June turns into actual mass production, which could reshape the revenue mix.
- The company said it plans to produce that robot volume at a second Changwon plant in 2027.
- That said, the timing and scale of this new-business revenue and profit have not yet been confirmed in official company figures.
- The recent filings read in three strands.
- First, on March 31 the company signed a ₩7.12 billion defense-parts supply contract (7.1% of 2024 revenue) with Hanwha Systems, securing a defense revenue base.
- Second, on March 17 it decided to acquire ₩3 billion of treasury shares and by June 4 had actually bought 58,115 shares to 'retire' them (reducing the share count to lift shareholder value); coming amid a sharp price correction, the move reads as the company viewing the current price as low.
- Third, in June the company announced it had won an order for a mass-production prototype of a joint actuator from a global humanoid-robot company.
- If it leads to mass production it would be the first case of a Korean company supplying core joint parts to a world-class robot maker.
- That said, no official company forecast filing with specific annual targets for the robot and defense businesses has yet been confirmed.
- The strengths are clear.
- The 3-in-1 drive technology that integrates motor, controller and reducer is a core component that the growth industries of humanoid robots and defense need.
- In fact a revenue basis has been secured in the Hanwha Systems defense contract, and June brought progress with the mass-production prototype order for a global robot company's joint actuator.
- The treasury-share retirement also showed intent on shareholder returns.
- The cautions are just as clear.
- The core operating margin is thin, net profit is swayed by non-operating income so results are volatile, and with a first-quarter 2026 loss this year's earnings are hard to estimate with confidence.
- In the end this is not a stock to judge on 'how many times last year's profit,' but a growth story whose value is set by how quickly the robot and defense businesses convert into actual revenue and profit.
- If the new-business mass production and orders come into view it is strong; if that conversion is delayed and losses persist, the current high valuation becomes a burden.
🔎 Valuation vs peers Inconclusive
Drive-component makers that supply motors, precision reducers and drivetrains for robots and precision equipment, together with finished-robot makers, a group that reflects robot and growth-theme valuation rather than pure auto parts.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| SPG | 174.84x | 6.19x | 3.54% |
| Robostar | 0.00x | 7.64x | -5.99% |
The P/E of 106.9x and P/B of 8.5x are high on the surface, but the peer group, such as SPG (P/E 179.7x, P/B 6.36x) and Robostar (loss-making, P/B 8.97x), consists of robot-drivetrain theme names that commonly trade at high multiples. Samhyun's multiple likewise reflects hopes for the robot and defense businesses rather than 'last year's profit,' and last year's net profit (₩10.4 billion) was itself swayed by non-operating income, so the P/E has weak informational value. The problem is that the first quarter of 2026 swung into a loss, so forward earnings cannot be pinned down reliably. Because the speed at which the new businesses convert into revenue and profit is the key variable separating the valuation, calling it undervalued or overvalued now would be less accurate than deeming it inconclusive.
Price history Close · MA20 · MA60
The latest close is ₩33,800 and the market capitalization is ₩1.1 trillion. The price sits below its 20-day moving average (₩40,032) and below its 60-day moving average (₩48,352). 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 39.3, a neutral level. The one-month change is -31.4%, the three-month change is -26.0%, and the position relative to the 52-week high is -53.8%. Relative strength versus the KOSDAQ is 88 (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 89% of all stocks. Over the past three months it lagged the index by 5.0%. 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 -5.03% / 6M -26.68% / 12M +152.40%
Key metrics vs sector median
Valuation
The P/E of 102.95x is above the sector median (7.76x). The P/B of 8.17x is above the sector median (0.56x).
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 7.9%, in line with the sector average (7.0%). The operating margin is 0.9%. The debt ratio is 154.1%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $66.2M | $66.6M | $63.0M | -5.38% ↓ slower |
| Operating profit | $6.5M | $3.7M | $533,754 | -85.40% ↓ slower |
| Net profit | $6.3M | $5.5M | $6.9M | +24.31% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $66.2M | $66.6M | $63.0M |
| Operating profit | — | — | $6.5M | $3.7M | $533,754 |
| Net profit | — | — | $6.3M | $5.5M | $6.9M |
| Revenue CAGR | 2-yr avg -2.44% | ||||
Revenue fell 5.4% year over year (2023 ₩99.8 billion → 2024 ₩100.4 billion → 2025 ₩95.0 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 85.4% year over year. The decline widened. Over the 3 years on record, revenue compound annual growth (CAGR) is -2.4%. The two-year revenue CAGR is -2.4%. In the most recent quarter (Q1 2026), revenue was 22.9% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- —
Points to watch
- Revenue fell 5.4% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-31UpdateSigned a defense-parts supply contract with Hanwha Systems for antenna-pedestal units for Iraq's MSAM (Cheongung-family) plus seven other items. Contract value ₩7.12 billion (7.1% of 2024 revenue), term 2026-03-31 to 2029-06-06, 100% cash on completion, in-house production.Adds a defense revenue base to an auto-parts-centric mix, supporting business diversification. Recognized sequentially over three years, so it contributes to mid-term revenue visibility rather than short-term results. Source
- 2026-03-17FilingDecided to acquire ₩3 billion (about 62,434 shares) of treasury stock. Purpose is to lift shareholder value through retirement after acquisition, via direct on-market purchase on the KOSDAQ.A treasury-share purchase for retirement made during a deep price correction, signaling reduced free float and intent on shareholder returns. Source
- 2026-06-04FilingReport on the result of the treasury-share acquisition. Completed on-market purchase of 58,115 common shares between 2026-03-20 and 05-28 (at roughly ₩48,000-61,000 per share).Actually carried out the decided treasury-share purchase, fixing the amount to be retired. The scale is modest against about 31.7 million shares outstanding, but it confirms execution on shareholder returns. Source
- 2026-06-15UpdateCompany announced it had won a mass-production prototype order for a joint actuator from a global humanoid-robot company. It is based on the 3-in-1 structure integrating motor, controller and reducer, and if mass-produced would be made at a second Changwon plant in 2027.A foothold that opens a new revenue axis in robots. But a prototype is not a stage that confirms mass production, so whether a follow-on mass-production contract materializes is the key. Source
- 2026-05-15EarningsFiled the Q1 2026 quarterly report. Revenue ₩18.8 billion (-22.9% year on year), operating loss ₩2.5 billion and net loss ₩2.7 billion, a swing into the red.Core revenue decline and front-loaded new-business costs worsened short-term profitability. Suggests the company is in the phase before robot and defense revenue ramps in earnest. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-04TreasuryTreasury-stock acquisition decision
- 2026-05-29Disclosure
- 2026-05-29Shareholders' meeting notice
- 2026-05-15PeriodicQuarterly report
- 2026-03-31Single supply/sales contract
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-17TreasuryMaterial-fact report
- 2026-03-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-12Shareholders' 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.