Samwha Capacitor: J.P. Morgan Securities PLC Reports New 5.08% Holding

What happened

A 5%+ holding report was filed on 2026-10-22. It shows J.P.MORGANSECURITIESPLC as a new holder with 5.08% of the company, up from below the 5% reporting threshold. The data does not flag the holder as an activist. The filing excerpt is not available, so the purpose of the holding, the number of shares, the cost and whether it is a long position or hedging-related are not known from the data.

Context: the share price closed at ₩119,100 on 2026-10-21, down 18.4% over one month but up 37.8% over three months and 255.0% over one year. Foreign ownership was 11.7%, up from 8.5% sixty days earlier, and foreign investors were net buyers of about ₩101.0B over the last 20 trading days. A 5%+ holding report was also filed on 2026-10-02, and several others were filed earlier this year; their details are not in the data.

What it changes for the thesis

The previous report (2026-10-13) described a large gap between price momentum and reported earnings, and noted that the reasons behind the price move could not be confirmed. This filing adds a data point on who holds the shares but does not explain the move. Rising foreign ownership is consistent with foreign buying, though the data does not link the J.P. Morgan stake to it. Fundamentals are unchanged: trailing revenue of ₩299.0B, operating margin of 5.3%, net income of ₩19.1B, no borrowings and liabilities to equity of 23.0%.

What it changes for the valuation

The previous report had no model estimate. The model now gives a DCF-based estimate of ₩17,624 (bear), ₩23,323 (base) and ₩31,819 (bull) per share, using a 12.1% discount rate and trailing figures to H1 2026. This is a model estimate based on the assumptions shown, not a price target. The share price of ₩119,100 is well above even the bull case, which indicates the market is pricing in much stronger earnings or other factors than the model assumes. The model estimate is driven by the filed numbers, so the holding report does not change it.

At the current price the P/E is 64.7x (81.6x previously), P/B 4.3x, P/S 4.1x and dividend yield 0.4%. EV/EBITDA is not available. Peers range from 14.5x to 86.6x on P/E and 1.5x to 8.5x on P/B.

Closing view

The new 5.08% J.P. Morgan holding is a notable ownership change, and it fits with the rise in foreign ownership. But the filing details are not available, so its intent cannot be judged. The filed earnings are unchanged, and the model estimate is far below the market price, which leaves the gap flagged in the previous report open. The evidence shows who is holding more shares, not why the price is where it is or what comes next.

Model estimate of fair value

Bear

₩17,624

-85%

Base

₩23,323

-80%

Bull

₩31,819

-73%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 12.1%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

• New 5%+ holder: J.P.MORGANSECURITIESPLC at 5.08%Oct 22, 2026
• 5%+ holding reportOct 2, 2026
• Half-year report (Jun 2026)Aug 14, 2026
• 5%+ holding reportAug 4, 2026
• 5%+ holding reportJul 1, 2026
• Change in largest shareholder's holdingsJun 23, 2026
• 5%+ holding reportJun 23, 2026
• Disclosure of Corporate Governance ReportMay 29, 2026
• Quarterly report (Mar 2026)May 15, 2026
• 5%+ holding reportApr 1, 2026
• Corporate value-up planMar 27, 2026
• Annual general meeting resultsMar 27, 2026
• Daily prices up to 2026-10-21
• Financial statements, trailing 12 months as of H1 2026
• Our fair value model, statements as of TTM to H1 2026

Report history

1. Oct 22, 2026Update note5%+ holder changeSamwha Capacitor: J.P. Morgan Securities PLC Reports New 5.08% Holding
2. Oct 13, 2026InitiationStart of coverage (300 largest)Samwha Capacitor: Share Price Up Sharply While Earnings Remain Below 2021–2022 Levels