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JONBUR Research · Initiation

Samyang Comtech · 484590 · Aerospace & Defense

Samyang Comtech: Share Price Down 65.7% Over a Year While Profit Margins Stay Near 17%

Why this report

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Samyang Comtech closed at ₩5,720 on 2026-10-29, down 21.4% in one month and 65.7% over one year, with a market value of about ₩235.7B. Filed results show an operating margin of 17.5% and a trailing P/E of 8.3, well below the listed peers shown.

Written Oct 30, 2026 · Data as of Oct 29, 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 small defense company whose share price has fallen far faster than its reported earnings. Trailing revenue of ₩152.4B is close to the 2025 full-year figure of ₩154.6B, and operating income of ₩26.7B is slightly above 2025's ₩26.6B. Net income of ₩28.5B exceeds operating income, so part of the profit may come from non-operating items; the data does not break this down.

What the data does not explain is the reason for the sharp price decline. The 52-week range runs from ₩4,710 to ₩17,980, and the current price is 68.2% below the high. Foreign ownership slipped from 4.4% to 3.9% in 60 days, and all three investor groups were net sellers over 20 days. Revenue growth is not available because only one annual period is in the data, and no guidance is provided.

Business overview

Samyang Comtech is listed on KOSDAQ in the Aerospace & Defense sector. It was founded on 1962-12-22 and listed on 2025-08-18, so the market history is short. There are 41,210,450 listed shares. The data shows 2025 revenue of ₩154.6B and TTM revenue to H1 2026 of ₩152.4B. The data gives no product or customer detail, so none is described here.

Financial analysis

These figures come from filed financial statements. In 2025, revenue was ₩154.6B, operating income ₩26.6B (17.2% margin), net income ₩22.7B and ROE 14.5%. On a trailing basis to H1 2026, revenue was ₩152.4B, operating income ₩26.7B (17.5% margin), net income ₩28.5B (18.7% margin) and ROE 17.1%.

The balance sheet looks moderate: liabilities to equity of 68.6%, cash of ₩7.5B and borrowings of ₩8.0B. Trailing free cash flow was ₩21.9B, which is positive and covers the borrowings. Dividend yield is shown as 0.0%, although a filing lists an interim dividend ex-date on 2026-09-28.

Valuation

At the current price, P/E is 8.3, P/B 1.4 and P/S 1.5. At the end of 2025, P/E was 23.3 and P/B 3.4, so the multiples have compressed sharply against the company's own recent history. EV/EBITDA is not available. Enterprise value is about ₩236.2B.

The peers shown trade at P/E of 16.8 to 66.8 and P/B of 2.5 to 5.9. Samyang Comtech is below all of them on both measures, though the peers are mostly much larger and the comparison is rough.

The valuation model (a 5-year discounted cash flow at a 7.3% rate, based on TTM to H1 2026) gives a base estimate of ₩8,301 per share, with a bear case of ₩5,458 and a bull case of ₩13,085. This is a model estimate based on the assumptions shown, not a target. The current price of ₩5,720 sits slightly above the bear case and 31.1% below the base case.

Catalysts

  • An investor relations event was filed on 2026-10-08, following one on 2026-09-15, and the company was also featured in Etoday's IR listing on 2026-10-13.
  • Insider shareholding reports were filed on 2026-10-26 and in a cluster on 2026-09-14, which shows insider holdings are being updated.
  • The next set of financial statements will show whether the roughly 17% operating margin holds.
  • An interim dividend ex-date on 2026-09-28 suggests shareholder payouts may be part of the company's approach.

Risks

  • The share price fell 21.4% in a month and 65.7% in a year, and the data does not give a reason, so the cause of the weakness remains unclear.
  • Net income is higher than operating income, so earnings may depend partly on non-operating items.
  • Foreign investors, institutions and retail investors were all net sellers over the last 20 days, and foreign ownership fell from 4.4% to 3.9%.
  • Only one full year of annual financials is available, so revenue growth and multi-year trends cannot be assessed.
  • The model estimate is sensitive to assumptions, as the range from ₩5,458 to ₩13,085 shows.

Closing view

The filed numbers show steady profitability, positive free cash flow and moderate leverage, while the share price has dropped sharply and the multiples now sit well below both the company's year-end 2025 levels and the peers shown. The model's base estimate of ₩8,301 is above the current price, but the range is wide and the data does not explain the price decline or show what drives net income above operating income. The evidence is mixed: solid reported results against weak market sentiment, with several open questions.

Model estimate of fair value

Bear
₩5,458
+1%
Base
₩8,301
+53%
Bull
₩13,085
+141%

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 7.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 30, 2026InitiationStart of coverage (reader request)Samyang Comtech: Share Price Down 65.7% Over a Year While Profit Margins Stay Near 17%

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