Sammok S-Form삼목에스폼

Sammok S-Form's trailing profit has turned thin as revenue and operating income fell sharply through the first half of 2026.

The company makes construction formwork in Korea, India and Malaysia and sells or rents it to builders. Trailing revenue is about ₩302.8B, but operating income is negative at about -₩19.2B, so the small net profit of about ₩5.2B appears to rest on non-operating items. The shares trade near ₩14,780, down 27.9% over the past year.

What stands out

• Revenue fell 21.1% in 2025 to ₩317.0B, after peaking at ₩439.4B in 2023, and the trailing figures show further weakness.
• Operating margin has dropped from 28.3% in 2023 to 2% in 2025 and -6.3% on a trailing basis, so core operations are loss-making at present.
• Trailing free cash flow is -₩6.9B, and the company holds ₩38.9B of cash against ₩10.0B of borrowings, with liabilities at 20.5% of equity.
• The discounted cash flow model gives a base value of ₩26,090, above the current price, but the bear case is ₩16,762 and the model is an estimate, not a forecast.
• Filings include a value-up plan, a buyback trust contract, a tender offer and several lawsuit filings, while the news feed for the period is empty.

What to watch

• Upcoming full-year results and whether operating income returns to positive territory after the trailing loss.
• Details of the buyback trust contract and the tender offer, and how they affect the share count and shareholders.
• The outcome of the lawsuits listed in recent filings, which the data does not describe in detail.