SM Bexel에스엠벡셀

SM Bexel is barely profitable on a trailing basis, with a share price that has more than doubled over three months while fundamentals remain thin.

SM Bexel, a Korean auto parts and battery maker, reported trailing revenue of ₩141.5B to H1 2026 with a small operating profit of ₩0.7B and a net loss of ₩0.8B. Revenue has fallen for two straight years from its 2023 peak, and free cash flow is negative at -₩3.1B, though it holds ₩10.2B in cash against ₩4.3B of borrowings. The share price closed at ₩3,145 on 2026-10-27, well below its 52-week high of ₩4,150.

What stands out

• Trailing operating margin is about 0.5% and net margin is -0.6%, versus 4.7% operating margin in 2023.
• Annual revenue fell 12.9% in 2025 and 14.9% in 2024 after a 48.2% jump in 2023.
• The share price rose 116.7% over three months and 13.7% over one month, but is up only 6.8% over one year.
• The DCF-based fair value model gives a base value of ₩279 against the current price of ₩3,145, with a bear value of ₩0 and a bull value of ₩888; the data does not explain these figures further.
• Recent news centres on a satellite battery technology story and an IR event, and the data shows net foreign ownership falling slightly to 0.7%.

What to watch

• Upcoming results and any change to the negative trailing free cash flow and net loss in the next filings.
• Follow-up on the satellite battery technology claims and whether any filings or details confirm them, since the news items are headlines only.
• Continued filings on largest shareholder and insider holding changes, which appeared frequently in September 2026.