Samwha Capacitor삼화콘덴서

Samwha Capacitor's shares have surged over the past year, but its profits have shrunk from their 2021-2023 peak and the stock now trades at a high valuation.

Samwha Capacitor is South Korea's only full-line capacitor maker, with about 66% of sales exported. Trailing revenue is about ₩299B with a 5.3% operating margin, and the balance sheet carries no borrowings and about ₩44B of cash. The share price is ₩115,900, up 247% over one year but down 20.1% over one month, with a market value of about ₩1.2T.

What stands out

• Revenue has been roughly flat at ₩263B to ₩295B over 2021-2025, while operating margin fell from 12.7% in 2021 to 4.4% in 2025.
• Trailing net income of ₩19.1B is above trailing operating income of ₩15.8B, so the filings show non-operating items helping profit; the data does not explain the source.
• At 63 times earnings, 4.2 times book and about 4 times sales, the valuation is well above the company's own DCF base value of ₩23,478, which is a model output and not a forecast.
• Foreign ownership rose from 10.6% to 11.6% over about 60 days, while institutions and retail sold over the last 20 days, and a JP Morgan stake above 5% was reported.
• The company has filed several 5%+ holding reports and a corporate value-up plan in 2026, but the data does not say what these changes mean for the business.

What to watch

• The next quarterly or annual results, to see whether margins recover from the low single digits.
• Further 5%+ holding reports and changes in largest shareholder holdings, given the recent flows.
• The sharp price swing, with the 52-week range running from ₩27,750 to ₩196,800; the data does not name specific risks beyond the filings and headlines.