Sammi Metal Products삼미금속

Sammi Metal Products is a small hot-forging maker whose shares have swung sharply, with weak returns and negative free cash flow over the latest twelve months.

Sammi Metal Products makes forged metal parts, mainly front axles and steering knuckles for commercial vehicles, and has supplied Hyundai's commercial vehicles for over 40 years. Trailing results to H1 2026 show revenue of ₩74.1B, operating income of ₩6.6B and net income of ₩1.3B, with a net margin of 1.8%. The stock closed at ₩8,080, down 35% over the past month but up 55.4% over one year, and the company carries borrowings of ₩55.4B against cash of ₩38.9B.

What stands out

• Revenue fell 3.5% in 2025 to ₩73.8B, and the trailing figures show operating margin of 8.9% but net margin of only 1.8%.
• Net income dropped from ₩3.5B in 2024 to ₩1.7B in 2025 and ₩1.3B on a trailing basis, while 2024 net income was boosted relative to operations.
• Trailing free cash flow is negative at ₩9.4B, and liabilities are 122.6% of equity.
• Valuation is high against earnings: trailing P/E is 138.2, P/B is 1.8, and the company pays no dividend.
• The company's own DCF-based fair value model gives a base of ₩1,440, a bear of ₩406 and a bull of ₩3,054, which is far below the current price in the base case; the data does not include analyst ratings or price targets.
• Filings in 2026 include a convertible bond issuance, a conversion of rights, 5%+ holding reports and a new facility investment disclosure, and no news headlines were provided.

What to watch

• The next quarterly results and whether margins and free cash flow improve from the trailing levels.
• The amended new facility investment filing and how the convertible bonds and conversion activity affect share count and debt.
• Foreign ownership, which fell from 1.3% to 1.1% over 60 days, and the large swings in the share price since the late-2025 listing.