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SNT Holdings · 036530 · Holding companies

SNT Holdings: Shares Near 52-Week Low While Earnings Stay Positive and Filings Show Mergers and Share Cancellations

Why this report

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SNT Holdings closed at ₩44,600 on 2026-10-16, down 34.8% over one year and close to its 52-week low of ₩43,900. Filed financials show a 13.2% operating margin and low multiples, while recent filings point to a merger decision and repeated share cancellations.

Written Oct 18, 2026 · Data as of Oct 16, 2026 · 0 views

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

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Thesis

The data supports a picture of a profitable holding company trading at modest multiples: P/E of 7.3, P/B of 0.5 and a dividend yield of 6.7%. Its P/B is below that of all five listed peers, though the peers are mostly financial groups and are not a like-for-like comparison. Against that, the share price has fallen 14.2% in three months, and trailing net income of ₩99.5B is below the 2025 level of ₩129.9B. Free cash flow over the trailing period is negative at about ₩19.9B. The data does not explain why the shares have weakened, and no news headlines are available. Filings show a merger decision (2026-09-01, amended 2026-09-04), several share cancellation decisions in September, and a cash dividend decision on 2026-08-12, but the details of these are not in the data provided.

Business overview

SNT Holdings is a holding company listed on the KOSPI since 2002-10-22 and founded in 1982. It has 16,303,886 listed shares and a market value of about ₩727.2B. Revenue has grown from ₩1.40T in 2021 to ₩2.24T in 2025, with one decline in 2024 of 4.0%. Operating margin rose from 8.9% in 2021 to 13.4% in 2025. A major sales or supply contract was also filed on 2026-09-02, with no details available here.

Financial analysis

These figures come from filed financial statements. Trailing twelve-month revenue to H1 2026 was ₩2.21T, operating income ₩291.9B and net income ₩99.5B, giving an operating margin of 13.2% and a net margin of 4.5%. ROE is 7.5%, down from 9.9% in 2025 and 12.4% in 2024. In 2025, revenue grew 22.8% to ₩2.24T, operating income was ₩300.7B and net income ₩129.9B, which was lower than ₩142.9B in 2024 despite higher revenue. The balance sheet looks light on debt: liabilities to equity are 33.1%, borrowings are only ₩441.6M and cash is ₩349.4B. Enterprise value is about ₩378.2B. Free cash flow is negative at about ₩19.9B.

Valuation

At present the shares trade at a P/E of 7.3, P/B of 0.5, P/S of 0.3 and a dividend yield of 6.7%. Year-end P/E was 6.8 in 2025, 2.6 in 2024 and 3.2 in 2023, so the earnings multiple is higher than in most recent years, while P/B of 0.5 compares with 0.3 to 0.6 at past year-ends. Peers show P/E from 3.2 to 9.0 and P/B from 0.7 to 1.9. EV/EBITDA is not available. The valuation model uses a sum-of-the-parts (NAV) method and gives a base estimate of ₩36,363 per share, with a bear case of ₩24,242 and a bull case of ₩50,908, based on TTM to H1 2026 and a 40% rate assumption. This is a model estimate based on the assumptions shown, not a target. The base case is below the ₩44,600 close, and only the bull case is above it.

Catalysts

  • The merger decision filed on 2026-09-01 and amended on 2026-09-04 could change the company's structure, though terms are not in the data.
  • Multiple share cancellation decisions between 2026-09-02 and 2026-09-29 reduce the share count, with details not provided.
  • A cash dividend decision on 2026-08-12 and a record date notice on 2026-09-14 are relevant given the 6.7% dividend yield.
  • On 2026-10-13, filings reported a change in the largest shareholder's holdings and a 5%+ holding report.
  • A major sales or supply contract was filed on 2026-09-02, and its size is not available.

Risks

  • Net income has fallen from ₩142.9B in 2024 to ₩129.9B in 2025 and a trailing ₩99.5B, and ROE has declined to 7.5%.
  • Free cash flow is negative at about ₩19.9B on a trailing basis.
  • The share price is 34.8% lower over one year and only about 1.6% above its 52-week low, showing weak sentiment.
  • Over the past 20 days foreign investors and institutions were net sellers while retail investors were net buyers, and foreign ownership slipped from 12.5% to 12.3%.
  • The merger and ownership changes carry uncertainty, since the filing details and any effect on earnings are not in the data.

Closing view

The evidence is mixed. The filed numbers show a profitable, low-debt company with a high dividend yield and a P/B of 0.5, but earnings and returns have softened and cash flow is negative. The share price is near a 52-week low and the model estimate of ₩36,363 sits below the current price, so the model does not point to a clear discount. The merger and share cancellation filings are the main items to watch, and their terms are not available in this data.

Model estimate of fair value

Bear
₩24,242
-47%
Base
₩36,363
-21%
Bull
₩50,908
+11%

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

Base case of the sum-of-the-parts (net asset value) model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 40%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 18, 2026InitiationStart of coverage (reader request)SNT Holdings: Shares Near 52-Week Low While Earnings Stay Positive and Filings Show Mergers and Share Cancellations

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