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JONBUR Research · Initiation

Sama Aluminium · 006110 · Steel & Materials

Sama Aluminium: Share Price Surges Even as Losses Persist and Valuation Multiples Climb

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Sama Aluminium's shares closed at ₩82,100 on 2026-10-19, up 223.2% over one year, while filed results show operating and net losses for the trailing period. The market capitalization is about ₩1.2T, and the price-to-book ratio of 5.6 is well above its peers.

Written Oct 19, 2026 · Data as of Oct 19, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data shows a large gap between the share price and reported earnings. The stock rose 37.5% in one month, 158.6% in three months and 223.2% in one year, and it sits below its 52-week high of ₩104,600 but far above the low of ₩21,700. Over the same period the company reported an operating loss of ₩14.5B and a net loss of ₩22.6B for the trailing twelve months to H1 2026.

What the data supports: revenue has grown to ₩302.3B, above every annual figure shown since 2021 except none, and it exceeds the 2022 level of ₩312.1B only if growth continues. Investor interest is visible in the price move and in a news item from Edaily on 2026-10-14 saying Shinhan initiated coverage describing the company as a beneficiary of an ESS cycle. That is a broker view reported in the news, not something the filings data confirms.

What it does not support: profitability. Margins are negative, free cash flow is negative, and the model estimate of value is not available. Institutions bought about ₩30.2B over 20 days while foreigners sold about ₩15.2B and retail sold about ₩16.0B.

Business overview

Sama Aluminium is listed on KOSPI in the Steel & Materials sector. It was founded on 1969-06-25 and listed on 1980-12-05, with 15,123,455 listed shares. The co-CEOs are 한남희 and 김진범. Market capitalization is ₩1.24T and enterprise value is ₩1.36T. Annual revenue was ₩252.0B in 2021, ₩312.1B in 2022, ₩268.0B in 2023, ₩251.7B in 2024 and ₩271.5B in 2025. The data does not describe products or customers.

Financial analysis

These figures come from filed financial statements. Revenue for the trailing twelve months to H1 2026 was ₩302.3B. Operating income was -₩14.5B (margin -4.8%) and net income was -₩22.6B (margin -7.5%). ROE was -9.7%.

The annual trend shows a deterioration from profit to loss. Operating income was ₩15.4B in 2021 (6.1% margin) and ₩22.6B in 2022 (7.2%), then ₩3.8B in 2023 (1.4%). It turned to -₩9.6B in 2024 (-3.8%) and -₩17.6B in 2025 (-6.5%). Net income was -₩24.9B in 2025. ROE moved from 13.2% in 2022 to -10.8% in 2025. Revenue growth was 7.8% in 2025 after -6.1% in 2024.

On the balance sheet, liabilities to equity were 139.9%, borrowings were ₩122.8B and cash was only ₩1.7B. Trailing free cash flow was -₩70.0B, so the company is consuming cash. The 5%+ holding report and a third-party collateral decision in March 2026 are also in the filings, though details are not given.

Valuation

The price-to-earnings ratio and EV/EBITDA are not available because earnings are negative. Price-to-book is 5.6 and price-to-sales is 4.1. The dividend yield is 0.0%. For comparison, the company's own year-end price-to-book was 1.7 in 2025, 2.1 in 2024, 6.3 in 2023, 4.5 in 2022 and 3.3 in 2021, so the current figure is near the high end of its own history.

Peers show lower book multiples: POSCO Holdings 0.4, Korea Zinc 1.8, Hyundai Steel 0.2, Poongsan 0.7 and SeAH Besteel Holdings 0.7. Several peers also have positive price-to-earnings ratios (9.0 to 21.2), which Sama Aluminium lacks.

The valuation model estimate (fair_value_model) is not available, so no model estimate per share can be compared with the ₩82,100 price. A broker target price of ₩102,000 was mentioned in news, but it is an outside opinion and not a model estimate.

Catalysts

  • The half-year report filed on 2026-08-14 is the latest financial update, and the next periodic filing will show whether losses have narrowed.
  • A trading plan report for executives and major shareholders was filed on 2026-10-01, which could point to share sales or purchases by insiders.
  • Edaily reported on 2026-10-14 that Shinhan initiated coverage with a ₩102,000 target, which may be keeping attention on the stock.
  • Institutions net bought about ₩30.2B over 20 days, showing continued domestic institutional demand.
  • A 5%+ holding report on 2026-07-01 shows changes in major shareholder positions.

Risks

  • The company is loss-making, with a trailing operating margin of -4.8% and net margin of -7.5%.
  • Free cash flow of -₩70.0B against cash of only ₩1.7B and borrowings of ₩122.8B raises financing needs.
  • Price-to-book of 5.6 is far above peers and the company's 2024 and 2025 levels, so the price depends on expectations the filed numbers do not yet show.
  • The share price rose 158.6% in three months, and large moves can reverse quickly.
  • Foreign ownership fell from 39.5% to 37.4% over 60 days and foreigners were net sellers over 20 days.

Closing view

The data shows a stock whose price has risen sharply while the filed financials have weakened. Losses have widened since 2023, cash flow is negative and leverage is moderate at 139.9% liabilities to equity. The price-to-book multiple is high versus peers and its own recent history, and no model estimate is available to anchor value. Recent institutional buying and broker coverage show interest, but nothing in the filings data yet confirms a return to profit. Investors should weigh the momentum against the reported losses and watch upcoming filings.

This report is informational and is not a recommendation.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Filings and data used

Report history

  1. Oct 19, 2026InitiationStart of coverage (300 largest)Sama Aluminium: Share Price Surges Even as Losses Persist and Valuation Multiples Climb

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information