Sama Aluminium삼아알미늄

Sama Aluminium's shares have surged on battery-foil hopes, but the company is still loss-making at the operating and net level.

Sama Aluminium makes aluminium foil, battery current collector foil, and packaging materials, with a rolling segment as its largest revenue source. For the trailing twelve months to H1 2026 it reported revenue of ₩302B, an operating loss of ₩14.5B and a net loss of ₩22.6B, with borrowings of ₩230B against cash of only ₩1.7B. The share price has risen sharply over the past year, to ₩80,800 on 2026-10-21, against a 52-week low of ₩21,700 and high of ₩104,600.

What stands out

• Revenue has moved around ₩250B to ₩310B over 2021 to 2025, but operating income turned negative in 2024 and 2025, with a 2025 operating margin of -6.5%.
• TTM free cash flow is about -₩70B and liabilities are 139.9% of equity, so the balance sheet carries significant debt.
• The share price is up 220% over one year and 155% over three months, while the year-end P/B has risen to 5.5 and the company pays no dividend.
• A 14 October 2026 brokerage note named the company as a beneficiary of ESS battery demand and set a target price of ₩102,000; this is a press report of a broker view, not a forecast from this summary.
• Foreign ownership fell from 39.4% to 37% over 60 days, while institutions were net buyers over the last 20 days and foreign and retail investors were net sellers.

What to watch

• The Q3 2026 quarterly report and whether operating losses narrow from the H1 2026 level.
• Progress on battery current collector foil orders, since the share price rise depends on that business story; the data does not give order figures.
• Further collateral provisions or borrowing changes, given that borrowings are about ₩230B against minimal cash.