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JONBUR Research · Initiation

Samhyun · 437730 · Auto parts

Samhyun: Share price up sharply while trailing results turn to losses and cash burn rises

Why this report

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

Samhyun, a KOSDAQ-listed auto parts company, closed at ₩44,050 on 2026-10-12, up 40.7% over three months and 61.9% over one year, with a market cap of about ₩1.4T. Filed statements show trailing revenue of ₩83.6B with an operating loss of ₩10.5B, and the stock trades at 11.8x book value, far above the peers listed.

Written Oct 13, 2026 · Data as of Oct 12, 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 price is 42.7% below its 52-week high of ₩76,900 but well above the low of ₩24,000. Over the same period, operating margin fell from 9.8% in 2023 to 0.8% in 2025 and -12.6% on a trailing basis to H1 2026. Free cash flow over that trailing period was -₩60.5B. The market appears to be pricing in something the filed numbers do not yet show, and the data does not say what. Support for the business comes from a low debt load (borrowings of ₩663M, liabilities to equity of 63.9%) and from filings that mention major sales or supply contract amendments, though no contract values are given. Investor flows, foreign ownership, short balance and news headlines are not available, so we cannot assess who is driving the move.

Business overview

Samhyun is an auto parts company founded on 1988-09-01 and listed on KOSDAQ on 2024-03-21, with 31,707,567 listed shares. The co-CEOs are 황성호 and 박기원. Revenue was ₩99.8B in 2023, ₩100.4B in 2024 (+0.6%) and ₩95.0B in 2025 (-5.4%). Trailing revenue to H1 2026 was ₩83.6B. Net income was ₩9.4B in 2023, ₩8.4B in 2024 and ₩10.4B in 2025, though 2025 operating income was only ₩0.8B, so the net profit did not come mainly from operations. The data does not explain the source of that gap.

Financial analysis

These figures come from filed financial statements (DART). Operating income fell from ₩9.8B in 2023 to ₩5.5B in 2024 and ₩0.8B in 2025, then to -₩10.5B on a trailing basis to H1 2026. Net income on that basis was -₩4.7B, a net margin of -5.6%. ROE declined from 19.5% in 2023 to 10.2% in 2024, 8.5% in 2025 and -4.0% trailing. The balance sheet is lightly levered, with cash of ₩8.0B against borrowings of ₩663M. Free cash flow was -₩60.5B trailing, much larger than the cash balance, so the data does not show how it was funded. A recent filing covers a decision to acquire own convertible bonds before maturity, which suggests convertible debt exists, but the amounts are not in the data.

Valuation

The price-to-earnings ratio is not available now because trailing earnings are negative. Year-end 2025 P/E was 168.2x and P/B 13.3x. Current P/B is 11.8x, price-to-sales is 16.7x, dividend yield is 0.1% and enterprise value is about ₩1.39T. Peers show P/B of 0.4x to 0.8x (Hyundai Mobis 0.6x, SL 0.8x, HL Mando 0.7x, Hyundai WIA 0.4x) and P/E of 5.8x to 19.1x; Kumho HT has no multiples available. Samhyun's multiples are far above all of them. The valuation model could not produce an estimate (fair_value_model is null), so there is no model figure to compare with the ₩44,050 share price.

Catalysts

  • The 2026-10-08 filing on acquiring own convertible bonds before maturity could change the company's capital structure, though the details are not in the data.
  • The amended major sales or supply contract filings on 2026-07-07 may relate to future revenue, but contract values are not shown.
  • The 2026-08-14 half-year report is the latest data point on whether losses and cash burn are continuing.
  • The July 2026 extraordinary shareholders' meeting and independent director filing show board changes that could affect governance.
  • Insider shareholding reports in June 2026 and a treasury share acquisition result report on 2026-06-04 show ownership and buyback activity.

Risks

  • Trailing operating loss of ₩10.5B and net loss of ₩4.7B show that profitability has deteriorated over several periods.
  • Trailing free cash flow of -₩60.5B far exceeds the ₩8.0B cash balance, so funding needs may arise.
  • A P/B of 11.8x against peers at 0.4x to 0.8x leaves the share price sensitive to any disappointment in results.
  • The share price has moved widely, from ₩24,000 to ₩76,900 over 52 weeks, which signals high volatility.
  • Investor flow, foreign ownership, short interest and news data are unavailable, which limits visibility into what is driving the share price.

Closing view

The filed numbers show a company with falling margins, trailing losses, heavy cash outflow and a modest debt load, while the market values it at multiples far above its listed peers and its own earnings history. The data does not contain the information needed to explain that gap, such as contract values, guidance or flow data, and the valuation model could not produce an estimate. Readers should weigh the strong price momentum against the weakening reported results and treat the missing data as a real limit on any conclusion.

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 13, 2026InitiationStart of coverage (300 largest)Samhyun: Share price up sharply while trailing results turn to losses and cash burn rises

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